112 Mail-Right Show We Interview Corey Thompson of GBT Investments
We Interview Corey Thompson of GBT Investments. who changed career path from oil man to becoming a professional property investor and how he become the Texas king and owner with his business partner help of number of lease to own houses and other properties . Corey gives us some great insights on how he built the business up over the past couple of years.
Here’s A Full Transcript of Our Interview with Corey
Thomas: Welcome back my friends to the Mail Right Real Estate Agent Podcast show. We’re on episode 112 and we have a fantastic guest today from Texas. We have Corey Thompson of GBT Investments. Corey, welcome to the show.
Corey: Thanks for having me.
Thomas: You are welcome Sir. We’re going to dive into some questions here in a minute. I want to let Jonathan have an opportunity to introduce himself.
Jonathan: Oh, hi there folks. I’m the founder of Mail Right. We’re a software based company that provides quality leads for your Facebook. Back to you Thomas.
Thomas: And I’m Thomas J. Nelson. I’m a Residential Realtor and Investor here in San Diego California where I’m never too busy for your referrals. And we’re going to dive into some questions today with Corey from GBT Investments. Corey, I want to start out with a very rudimentary question. What’s GBT?
Corey: Grows Back Texas.
Thomas: Oh, okay. So that’s where you’re based?
Corey: Yes Sir. That’s where we were born and raised. It’s a town of about 3,000 people here in Central Texas. A little bit East of Waco. So we just, when me and my partner, we went to high school together and that’s just kind of where we landed on a name.
Thomas: Got you. Now before we dive into things. How are you guys as far as the hurricanes and everything?
Corey: We actually have an Owner Finance property in Corpus. And we just put another one under contract down there which is about 400 miles South of us.
Corey: We’re going to be going down there within the next couple weeks and taking some supplies and everything to the Corpus area. So we’ve got several different churches and stuff here in our area that are making donations that we’re going to take down there. My partner lives in Katy. So his house almost flooded. It got all the way into his garage but spared. His in-laws also live an area that had a mandatory evacuation. They had a two-story house but they were fine. We know some investors that have a lot of properties that are underwater. So our thoughts and prayers are always with the people of Houston. But Texas comes together. We had tons of people from our home town go down there and help out and we sent some resources down there for them too.
Thomas: That’s good to hear. Well, you’ve got our prayers and best wishes coming to you from California and Nevada from Jonathan and I.
Corey: Thank you.
Thomas: All right. Well, let’s get into what GBT Investments is all about. Let’s start with what is your primary focus? How do you create income for yourselves? And how are you creating income for your clients?
Corey: What we do? Well, our clients are probably, that do the best are hard money lenders. We have a ton of private lenders that we utilize. We give them interest only. We use the BRRRR method to buy and hold rentals in the Waco market. It’s an area that we can get to, it’s relatively close. And then, of course, in our home town we have, I think we’re holding right at 50 doors right now is where we’re at within our rental portfolio and owner finance notes. The value we bring for most of our clients which would be tenants and people that want an Owner Finance houses, we maintain our properties very well. And then, on the back side of that, if we take out a hard money loan or something like that, we’re normally getting into the properties at about 50 percent of what they’re worth. So there’s a ton of equity there. We don’t ever want to default on a loan. But if we do have to sell for whatever reason, they’re protected. Or if they end up with a property, they’re normally sitting at a 2 percent rent property because that’s how we buy.
Thomas: Now how are you able to purchase property at 50 percent on the equity dollar?
Corey: We use a lot of bandit signs for our marketing. And we invest in our neighborhood and Waco. I don’t know why people don’t like it, but it’s got kind of a negative connotation around where probably were Mexican-American. And we had a 7 unit apartment complex there that we were able to buy for $45,000.
Thomas: For context, pardon my interruption. But for context, what would that street value be? Or what would the retail value be of that same complex?
Corey: We are cashing out of it tomorrow on a bank loan. The bank appraisal came back at $153,000 down from $173,000.
Corey: And the thing about that this is people will always look and say, “Why did you go in there and do that property owner that way?”. And we didn’t. She called us off a bandit sign. She said she wanted to sell it. We asked her how much. She said 45,000. And we brought a contract to her. The gross rents on it were 2,300 a month at the time. One unit’s still vacant. We’re going to rehab it and get a tenant in there. But it’s a property that whenever you look at it from the street, it’s not impressive. It looked like it needed a lot of work. We put a fresh coat of paint on the outside from the insurance. They wanted us to do that. We’re going to put a roof on it. The electrical’s already been done. We just got to finish it up. The previous owner had done it. It’s something that just looked intimidating to a lot of people. But for us, if we’re buying this at 45, could we sell it for 45 tomorrow? Absolutely. Anybody would pay that for it just for the rental income. So it wasn’t a high risk for us. And now we’re just slowing doing a rehab on it after we get the bank loan tomorrow. The bank’s loaning us $120,000 against that property. So that’ll give you an idea. We’re leaving after we pay our lender because the way we structure our deal with our lender is they get 12 percent regardless if stay in a loan for 3 months or a year. They get 12 percent for the year. Our investors are going to do very well because we’ve only had that property about 4 months now and we’re getting the bank loan on it. And we’ll put some of that money back into it. But overall, that’ll just be for our own preventative maintenance. I don’t ever anticipate selling that property. It’s just too good of a property.
Thomas: So let me ask you about the financing though. What you’re doing is, are you hard money loaning to buy them and then you’re out after 3 or 4 months typically?
Corey: Yes Sir. I mean we don’t have to. The bank doesn’t require that they season at all. So it’s just we take multiple properties into the bank at once. So we try to get 6 properties before we go to the bank for a loan. So we kind of stretch that out with different private money lenders.
Thomas: I see.
Corey: They’re just friends and family. And we’re using their RIAs or whatever money they had lying around.
Corey: We those properties. We’ve only had another one on a bank loan for, or on a hard money loan for a little less than a month that’s going into that same loan. That one, we’re in it at 35 and it’s rented for 800 a month after the $45,000 appraisal. So we didn’t hit our 50 percent mark there. But for the purchase price to rent, it’s greater than 2 percent which is what we look at it. And it’s a Section 8 tenant. I think the answer to that is we buy in a neighborhood that other people drive through and say, “I don’t want no part in this”. We realize how, where Section 8 looks. If you’ve got central heating a/c, new windows, things like that. They’ll pay more money for rent because the utility bills for the client are less. So we kind of learned that and then we’re able to pick up these properties for $10,000, $15,000. Go put 20 in them and about the minimum Section 8 rent for a 3 one is $800 a month. So we’ve got another one that’s 1,000. We’ve got another one that’s 1,100 a month. It’s greater the market rent because that property that’s rented for 1,100 a month would probably only do 800 without Section 8. The other ones would probably go 600 if not Section 8. So we offer it out at that and it Section 8 approved. And I think people don’t put a deal with those tenants are great tenants.
Thomas: Yeah. Let’s talk about that for a second in case some of our listeners don’t understand what we’re talking about Section 8. And Corey, fill in the blanks here. I’m going to give a really broad scope description of it. Essentially, it’s a government funded supplement to a low income family. And they have to meet a certain criteria to qualify and they have to maintain that criteria to stay in the program which in California is like a 4 or 5-year waiting list to get on it. So they take it very seriously. For the landlord, it is a large percentage of the rent guaranteed because it’s being paid by the government program and it’s supplemented by the income and payment of the tenant. And what I’ve seen is 70, 80 percent covered typically on Section 8’s that I’ve dealt with on my rental properties which I have taken sectioning before. And I’ll tell you, the last Section 8 person I took to get rid of the stigma was a nurse working in a hospital where my nieces were born. We’re not talking about people that just came off the streets. We’re talking about people that are in jobs that are required to have them living in an area that’s completely out of their budget normally. But the commute to live where they could afford would be ridiculous to work at that job.
Corey: Yeah. You’re absolutely 100 percent correct. And when you’re in single family housing, it seems and I don’t know if there’s a rule to this or whatever, but most of the people that are eligible for single family housing or have a stipend big enough to get a single family house have been in the system, in the program for a long time. They’ve been in for years. So you’re getting somebody who just jumped in, might have fell out or flunk out or tear your property up. You’re getting somebody with a long rental history. One of our tenants has been in their previous property for 9 years. One thing that Section 8 does do is they come by and inspect the property yearly and you have to make repairs. Our yearly inspections, when we go in and do the rehab, we’re putting in new hot water heaters, brand new a/c units, new roofs, painting. Year to date we’ve had two of them in the program for a while now, for a couple years and we’ve not had to do any repairs to them whenever they’ve come by for the yearly inspection because we’ve gotten all the deferred maintenance out of the way at the front end. For us, we did not know about it. That’s the funny part about this investor game is I was trying to wholesale a property in East Waco. And when I called a guy, seen a sign and was talking to him, his eyes lit up when I told him the price and I was like, “Wait. Why are you so excited about this? Nobody likes this neighborhood”. Then he explained to me what I just explained to you all. And I was like, “Well, I’m not selling this to you then”. You know what I mean? So anyways, we did it. We ended up with $27,000 in that property and we got it rented for 700 a month. And it kind of opened our eyes to all that we had been ignoring in that neighborhood because we had a ton of leads for less than $10,000 there that we just never wanted to do because at the time we didn’t want to be landlords.
Corey: But your business progresses. You go through a couple of Winters of starving trying to flip houses and you realize you have a couple of rentals which you looked at as your failures because I couldn’t flip them, so now I’m renting them. And they’re paying your bills and you’re like, “Hey. I should probably pay more attention to this than trying to flip a house and make $30,000 a month”.
Thomas: Yeah. There’s a season for flipping. It certainly has a valid time. I’ve seen investors do well with it. But then, right now, it’s a more challenging time to do fix and flip in Southern California. So I’m talking to people more about buy and hold. And that’s the school I come from. I mean we’ve done rehab and buy and hold since I could hold a hammer. I’ve never really been part of the fix and flip scene as an investor. I’ve only done it to represent investors as a realtor and watch that happen really successfully during the great recession that we went through back in ’06. So my question to you though is, going back a little, you’re talking about clients or sellers that are willing to sell their home for 50, 60 cents on the dollar type of thing. What are you finding their situation? What is their situation? In other words, that puts them in this position where what you’re actually offering them is helpful and not detrimental. Because you mentioned how people were judging you on how could you take advantage. But if they looked at it out of context they might feel that way. But if it’s in context, you were actually helping her. But why? Explain why that was helping her and people like her.
Corey: landlords. People who became landlords because that was the first house they bought. They lived there their entire lives. And then they got more money and the house was paid for so they just started renting it out. At that point in time, they didn’t mind it. They had good tenants. But as years progressed, they didn’t hold back any money or do any deferred maintenance and the property just started eating them up. And then it got to a point to where they’re just like, “Hey. I can wash my hands of this”. Every one of these properties is that way. The previous owner of complex lived at the 7 plex. She had owned it and she had lived there. It had served its purpose. I never asked her why 45. You know what I mean. It wasn’t really my decision. We paid her what she wanted. I would say every property is like that. We don’t really negotiate with the seller. If they have a price in mind and it meets up with us, then that’s what we do. On our East Waco properties, the appraisals were the scary part because we didn’t know at the time what a property would appraise for there. So we had to look at it like we can park our cash here and not worry about it. But when we went to the bank for a loan, that’s when we found out we had really really really hit a grand slam with this model. For instance, I listen to a Podcast and a guy talked about creating a taxable event when you flip a property.
Corey: And he buys and holds. He has a day job so he’s making huge amounts of money. And he just takes that and buys real estate with it. Where every now and then he goes back and shares the sheet. He borrows money against the property. It doesn’t create a taxable event. When I heard that, I was like, “Hey”. So I started looking at the numbers on our flips and basically you’re selling a property for 87 cents on the dollar when you’re flipping it because you’ve got closing costs, holding costs, everything else. So you’re selling it for 87 cents on the dollar and I can argue this point with investors all over the country all day in these different Facebook groups. So you’re flipping someone at 87 cents and you don’t get any long-term benefits of it. Or you can season it, if the bank requires seasoning, borrow 80 percent against it or a 7 percent spread, but you don’t have to pay taxes. You know what I mean. So if you were buying a property deep enough to make money on a flip, you’re going to make more money if you either find a credit partner, find a way to borrow your equity back out of it, take that money, put it in the bank and go do it again, than you would if you’re just a traditional flip investor. And I think for some people it’s hard for them to wrap their mind around that at first. But if you have the credit to do it, there’s no reason why you should ever flip a property unless it’s just something that’s so high priced that it doesn’t make sense to rent. We don’t deal in that market. We don’t buy 200,000, well, in our market, $200,000 is probably like a $700,000 house in you all’s market. But we just don’t’ deal in that market for rentals. So we wouldn’t entertain buying one. We definitely buy one to Owner Finance. We don’t really want to top we bought either. On those, we would always probably wholesale and do something different with them for somebody that likes that model. But for us, we like anything less $100,000 that we can get 2 percent rent on and that’s it.
Jonathan: I think Thomas we’d better go for our break.
Thomas: Oh, yeah. Okay.
Jonathan: And then when we come back we’re going to learn some more from Corey Thompson. And invested in the front lines I would say. I think he’s got a lot of really interesting advice to you who might be thinking or have a client that’s thinking of investing in property in the present climate. We’ll be back in a minute.
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Jonathan: We’re coming back. Got my great co-host Thomas. And we’ve been talking to Corey. And we’ve been learning a fair bit, haven’t we Thomas? Back to you Thomas.
Thomas: All right. So Corey, tell me a little bit about your company. How many people on your team? And are you all working out of the same office? How are you set up?
Corey: Our team fluctuates. My brother helps us with some of our marketing, with some of our direct mail marketing and helps us with our bandit sign campaigns. It’s friends and family. My business partner, his mother is our Property Manager. She gets a pay check when neither one of us do. But anyways, that’s it. And then there’s my business partner who really is the, Jacob, Jacob Gorrell does 90 percent of the work. I end up getting a lot of the recognition. But Jacob’s in the back doing all the stuff that I mean I could not. He keeps the books. He lets me know who paid rent and who hasn’t paid rent. It’s like a full-time job what he’s doing in the background. And then I’m out evaluating properties, putting eyes on leads, making offers and stuff like that. It’s a really good team because he’s down in Houston. He’s in Katy. I’m up close to Dallas. There’s a couple hundreds miles difference between us. But it gives us a big footprint. That we do properties in Corpus. We do Owner Finance down there, Subject-to Owner Finance which is what my mentor, an attorney here in Dallas named Scott Horne, has taught me. But it’s just a great way to pick up cash flow. So we’ll do those in spread out markets. We’ve got Owner Finance notes all the way from Fort Worth. We’ve got one down in Corpus. We’re about to have two in Corpus and sprinkle it out everywhere in between. That’s something that gives us an opportunity to generate cash flow for very little capital. Because most of the time, we get all of our capital back out of it when we get our down payment. People ask all the time what’s our specialty? I don’t know that I have an answer. We love the BRRRR method for buy rentals.
Thomas: What is that method?
Corey: I think BRRRR stands for Buy Rehab Refinance. I don’t know. But what it is, is you buy with cash and then you borrow your money back out of it.
Corey: As a rental, if you get a bank, the bank is the key player in this. If you get a bank that’ll do a loan to value loan versus a loan to cost, then you need to tap out that resource. We did it here in town. They won’t loan us any more money. So we had to go bank shopping.
Thomas: They probably have memories of 2006 to 2011, people getting a little over extended.
Corey: They do. Really for them, they changed ownership. The attorneys that own that bank, or started that bank, it’s kind of funny because he’s our title attorney here in town, it’s small town stuff, they sold the bank and the new bank came in. And we just didn’t have the, I don’t know, the stroke I guess you could say. But through networking, we found another bank. And we took in our portfolio and said, “Hey. Would you loan on this?”. And when they came back and told us what they would loan on it, our jaw drop and we’re like, “How many more of these loans will you all do?”. And they said, “Well, as many as, we’ll probably do another five or six for you all. We’ll do one every 6 months”. And we said, “Hey. We can now build a business model around this”. Where before it was kind of mystery shopping. You know what I mean. It’s like, “Hey. If we go buy these six rentals, are we going to be able to get them on a bank loan?” The way the books look when you’re doing Subject-to, it can mess up your. We’re going to need to break some of those off onto their own entity. We need to do that for asset protection too. There’s some different things that we have to do whenever we go to get bank loans because when you’re buying a property Owner Finance for 100 percent of what it’s worth and then you’re selling it Owner Finance and just making money on the interest rate spread. You’re paying out 6 percent interest but you’re charging your buyer 10 percent interest. So you’re making a couple hundred bucks a month. But when you do that on your books, there’s no equity there. You’ve got value for value Deed of Trust. There’s nothing added to your net worth. And it’s actually kind of a detriment even though you Owner Financed that house from a lady in Corsicana and that she’s holding a debt. So we learned some of the hard things about structuring the books and things to stay in the good bank. I guess we could talk about that all day on its own episode.
Thomas: Well, let’s talk about a couple things that you brought up. I never like to assume everyone listening knows everything we’re discussing. So let’s just go over the basics of Owner Financing and Subject-to. Let’s start with Owner Financing. It’s literally what you’re saying. But describe it a little so people understand it.
Corey: So what we do, every house that we go to we make two offers. We make a cash offer an Owner Finance offer.
Corey: If we go into a property and they’re like, “Hey”. And it’s really what fits their needs. I need $50,000 cash right now and I’ve got a house that’s worth a hundred. Obviously, we’re going to make that deal. But if I need $50,000 cash right now and the property is only worth 70, you’re probably not going to buy that. So you’re in a negotiation where, “Hey. How can I fit this need?”. It’s asking more questions, “Hey. What do you need today?”. “Well, I only need really 10 grand”. “Would you Owner Finance me this house for 70 and I give you 10,000.? And then I pay you 6 percent interest and it’s protected by your asset, your house. You can foreclose on me if I don’t pay”.
Corey: Got a little steady stream of income and your most pressing need, the $10,000 is in your pocket and you don’t have to take a low ball offer.
Corey: We will then go sell that property. We might raise the price a little bit. We might raise it to 75, 80 to try to get a little bit of equity spread. But we don’t typically do that too much because we know we can make money, between 6 percent and 10 percent on that. And we can pick our 10,000 that put down back up from the in buyer. So it’s just a way for us to add maybe $100, $150 a month cash flow that gets us through the Winter months and we don’t have to spend a lot of capital to do it. And in our it kept us off the books of the banks. They wouldn’t be able to see that debt, except for whenever you go apply for a bank loan. They want to look at your books and then they see that.
Thomas: Before we get too far down the road, I want to jump back to the Subject-to strategy. Will you talk about that?
Corey: Subject-to is, I have a property that I owe money on from a bank. You might not have any equity or the equity you do have, the property might need a bunch of work to actually get that equity. So what we’ll do, we’ll just take over payment on the property. The property gets deeded to us. The deed comes to us. But the original loan stays in place. We’re not assuming it. Assuming it is I’m now responsible. The original seller stays responsible for that debt. So now we’re making payments on the property and the debt stays in the previous owner’s name. Depending on where the property’s at will be our exit strategy. If it’s here local, we’ll rent it out. If it’s somewhere way off like Corpus, then we’ll sell it Owner Finance and wrap their mortgage. In Texas, it’s a legal transaction. I don’t know about the other states. I think proper disclosure is always what you have to do. You have to notify the bank. You have to do different things. We’re able to do that and stay in good graces of the Real Estate laws here in Texas. They did have some legislature that they tried to get through this last session. So they are coming after it. But it is a great way to buy a property if you don’t have a lot of money at first because you can recapture that capital and get the down payment.
Thomas: And I would imagine the strategy between seller finance notes versus a Subject-to would depend on the seller situation. And as you said, also the equity situation. But what do you find is a harder sell?
Corey: They’re both about the same. To be perfectly 1,000 percent honest most of the time the people that are most amicable to a Subject-to are going through a divorce. It’s something where neither one of them want each other to walk away with that equity. And they also don’t want to tank each other’s credit. They’re selfish enough to want to hold on to that credit. We actually started marketing divorces for that reason. We were working foreclosures and the more foreclosures we worked, the more we realized that divorces were where we were able to actually pull off a Subject-to transaction. So we started marketing divorces. We get those lists from a company called rebogateway.com. They have divorce, different counties. You pay for it county by county. In some counties, they divorce lists. We did some interesting marketing on that at first and it was not pretty. I wrote a letter that said, “Divorce sucks. But just because you’re losing your marriage doesn’t mean you have to lose your credit”. What I did not realize is, a lot of people go file for divorce but they don’t tell their spouse. So I was getting a ton of calls being like, “Hey. I’m going through a divorce? Where’d you find that out at?”. I’m like, “Oh, man”. So anyways, if you’re going to market divorces, my word of advice is, market it like any other property. Just write letters. Do not bring up the word “divorce” because you do not want to be the person on point announcing to a lot of people that they’re going through a divorce.
Thomas: That’s good advice. I think you struck a cord with my co-host here. Let me ask you this. The strategies that you’re using. I would imagine there’s a lot of people looking to get into investing today that might be listening to this show. How did you learn these strategies that you, do you now these strategies before you got started? Or were these all strategies you learned along the way? And was there trial and error? Speak on that a little bit. The journey that you’ve been on.
Corey: Oh. Lots of trial and error. I worked in an industry where I was making $30,000 a month. And I was only working 14 days out of the month. I was extremely blessed. I thought I would do that the rest of my life and save some money and retire. I had no concept of money or investing. I wouldn’t invest in anything. My idea was to save. And I got laid off from it. And so, at that point in time, I had to figure something out. My business partner Jacob Gorrell had been looking into investing in real estate and he asked me to help him buy some rental properties. I wanted to flip. He understood the value of rental properties and we took off. And I knew nothing about real estate. The very first week, because I had my own money and that. Sorry I got a phone call. But that makes a difference in your confidence. When you’re playing with your own cash, I guess you’re more willing to lose it, is the way I look at it. Because if I fail at this, it’s my money, I can do what I want with it was my mentality. We made three offers on three houses the very first week I was in real estate, I guess you could say. From the time we made the decision, we went to a networking event, stood on the sidewalk. I said, “Hey. Are we going to go do this?”. He said, “Yes”. The next week I went to an auction, met an investor, showed me two properties here in my home town that were for sale. We bought both of them. And then, I got on Craigslist, found another one that was 2 and a half hours aways from us and we bought it too. Paid cash for all of them. Paid cash for the rehabs. Right there, early on, had this little house that we were doing here in my home town and some people pulled up and asked, “Hey. Would you Owner Finance this?”. I don’t know what that means. But, “Yeah. Probably. How much money down do you have?”.”Well, we’ve got $25,000 down”. Well, we had $23,000 in the property. So it was a no brainer for us that we’re going to Owner Finance it to these people. We Owner Finance it to them for $47,000. We get them a really sweet interest rate. We’ve been making $200 a month off that property ever since. Doesn’t sound like a lot of money. But get 100 of them and now you’re doing something.
Corey: And you don’t have to deal with tenants or toilets. So it introduced us to that strategy. As we continued on, we started listening to Podcasts and doing different things. Got introduced to a guy named Grant Cardone. Started listening to some of his stuff and changed my whole mindset and started looking at it as a business and learning, you would spend this money to do this marketing and then you wouldn’t close any deals and it’s like, “Where was it falling short?”. Well, somebody calls me and like, “Hey. I want to sell my house”. “Cool. I want to buy it. How much do you want?”. “10,000”. “Okay. Well, I don’t have 10,000. Thanks for calling”. Click. You know what I mean. Instead of trying to find out a way to monetize that lead. And also developing a pitch, for lack of a better word. Learning how to pitch a foreclosure. Learning how to pitch a divorce. Learning how to build value in your own offer to where as you’re making that offer, you know look, “What advantage do I have over all other investors? I’m not a wholesaler. I will wholesale. But if I wholesale, I’m going to tell you, the seller, that’s what I’m doing. I’m to let you in on this. Hey. I’m going to go make $10,000 selling this contract. If you’re not happy about that, we don’t need to do business”. But also building the value of it and saying, “Hey. Look, if I put this property under contract, I guarantee you I’m going to find somebody to buy it or I’m going to close on it”. So when I go in to make my offer, I would tell people and if I go in and put a property on a contract, I will put $1,000 down on the option all day long because I feel like I know what I’m doing. If somebody comes in here and makes you an offer and they buy a $1,000 option period, they’re not a serious buyer. People would call me back 3 days later, “Hey man. Nobody will pay that $1,000 option period”. “Well, hell no they won’t”. You know what I mean. I knew they won’t because they’re all trying to be wholesalers.
Uh-oh. baby. Can you give me a minute? My daughter’s walking up. So anyways, here in the office. So, yeah. As we journeyed through it, we learned a lot of lessons and we learned them with the flips. Baby, you can’t play with that right here. She’s got her Doc Mcstuffins bag out. She’s about to give me a shot or something. We learned a lot from trying to flip our way to, thank you baby, to success. It became a lot like work. And at the end of it, we weren’t making the money we thought we were going to make. So we had to develop a new strategy. And we went for the passive income because that’s what everybody who’s getting wealthy in real estate is doing. They’re not flipping their way to wealth. They’re applying rentals.
Thomas: Well said.
Jonathan: I think that’s a good end to this interview Thomas. And I probably agree with that. Would you like to wrap it up Thomas?
Thomas: Okay. Well, Corey, I want to thank you for coming on and sharing your knowledge with us. If folks want to get a hold of you, either for advice on starting a business like yours in their area. Or if they’re in Texas and they want to do business with you, how would they get a hold of you?
Corey: I’ve got this page that’s called Roughneck To Real Estate. We’re trying to grow that page. We do a little marketing class. It’s not much. We don’t really even charge for it. I mean we did the last one for free. It’s just a way for us to grow our network. And I also have a Facebook group called Roughneck To Real Estate where I go live in the group all the time and that we do. I did that because my personal Facebook, people were finding me that I was marketing to and I was giving advice to investors on there, on live video. And it was working out for me because when you’re talking about how you’re buying these properties and your sellers are finding you on Facebook talking about it, it’s not a very good thing. So I moved everything, all of that to that closed Facebook group. But anybody can talk in there. I mean we’re not real regulated in there. But that’s where we do most of our advice giving and that sort of thing.
Thomas: Okay. And I should mention gbtinvestments.com website as well as they can find you on YouTube under GBT Investments. And that G – B – T Investments. All right. Corey Thompson, thank you so much for joining us today. We appreciate it. And Jonathan, do you want to sign out on your end?
Jonathan: Yes. Thanks folks. I’ve really enjoyed this episode. It’s brought a smile to my face. But you can tell that you’re in the front line and you’re doing this every day. You could tell straight away. And I think it’s given some insights to our audience that you can still make some money out of real estate. You’ve just got to be a bit creative and think a bit out of the box. So I’ve really enjoyed the episode. And we’ll be back next week with another guest about giving you some insights or some training, how to become a better Real Estate Agent or Property Professional. See you next week folks. Bye.
Thomas: Bye bye.