Today I tell you about a new business for sale and give you all the details about how it works and what you could gain from it. I begin by updating you on my businesses I have running right now and how that’s going. Then I give my take of the benefits of being an entrepreneur vs being a CEO from my own experiences doing both. I then talk about a business I found called saunas.com that went up for sale recently, and then another motorcycle parts company and I break down the math on how much this business is making and how much you could be making in the future if you acquired this business.Entrepreneur vs CEO 3:12What you should be doing 10:32Business for sale 12:26“Be thinking about ten years because ten years is going to come exactly ten years from now and when that does show up you want to be in a much, much better spot and if you diversified your income and you started that process now, you can build quite an empire over the next ten years. That my friend is where you should be focusing your energy today. 9:36Reach Out To Keith, Get Help and Resources: https://dincpie.com/

Diversified Income Experiment | Passive Income

CEO VS Entrepreneur | We Break Down the Math on a New Business for Sale

I start off today talking about how I’ve moved to Mexico for a month with my family and where my businesses are at, being ventures that can be run remotely. Then I talk about Turo, the rental car company I use to rent my own vehicles. I tell a story about a funny experience I had while trying to rent a car from a company that tried to rip me off versus a great experience I had while renting from another business, and then I get into the details of my Turo business. Turo 3:19Car rental story 5:35About Turo 10:24“I entered my 2015 GMC Yukon XL Denali out of my city and it says I should expect earnings per month of $1200. 93 dollars per day, 13 days of the month and I would make 1200 dollars.” 11:41Reach Out To Keith, Get Help and Resources: https://dincpie.com/

Using TURO to Rent Your Own Vehicle | We’re Top 200 Podcast Now

In this episode I tell about an opportunity that I’m providing where I will help you develop and refine your entrepreneurial pursuits. The plan is for you to speak with your superiors/HR department at your work and have them help support and launch you into these endeavors. I tell how this is going to work and what you will be able to benefit from with this program. What you should do 1:07Cost 3:13“Companies have an obligation to help you fulfill your own potential in your own career and you’ve given your amount of time to that company and you’ve done what you can for that company for whatever period of time that you’ve worked there. Maybe that’s 5 years and maybe that’s 20 years, maybe it’s longer than that. Companies are generally super willing and generous in being able to help you launch into new career endeavors. 3:44Reach Out To Keith, Get Help and Resources: https://dincpie.com/

Help for Sale | Let Me Help You Refine Your Entrepreneurial Plans

I have been through the franchise process 7 times and finally I found one that is a good fit called Smash My Trash. This business takes the trash in large dumpsters and condenses it so that construction companies can save on hauling large amounts of garbage. I tell about how much it cost me to get into the business, how it works and what I’ve been able to do so far, and then where I’m planning on going with it. How it works 0:54Entry fee 4:10My plan 10:38Total expense vs. total revenue 18:28“It’s selling out fast. I think it’s like the fastest growing franchise in America right now. Somebody told me this stat recently, and I believe it. I was franchisee number 19 and I think there are 400 now.” 13:44Reach Out To Keith, Get Help and Resources: https://dincpie.com/

How’s My New Franchise Doing? | I Tell All Right Here

In this episode, I talk of a more positive experience I’ve had with long term rentals, namely a duplex I bought in Idaho. When looking for a property, you want to find an area where you have a large pool of potential renter candidates and you want it to be in a neighborhood that has low crime rates. I give advice on what to look for in your long term rental, and then things I was able to do and things you can do to help increase your rental income. What I was able to make 3:10What to look for when finding a property 4:10Appreciation amount 7:15Increasing the rent 9:36“Make sure you’re buying in the right neighborhoods. Make sure you’re buying in an area that you think is likely to appreciate. I’m not talking about California appreciation of 20% plus a year, I’m just talking about, is this thing going to be worth 3% more next year than it is this year? And over time, remember the rule of 72 is the numbers double, like if you have a place that does 7% interest, in ten years that thing is going to double the value.” 14:20Reach Out To Keith, Get Help and Resources: https://dincpie.com/

Long Term Rentals, Part 4 | Boise, Idaho

Today I tell more about the lessons I’ve learned from long term rentals and what NOT to do. Don’t get me wrong, I have had my share of successes in long term rentals that have been quite beneficial to me, but that’s not what I’m touching on today. I found a duplex in Cincinnati for about $400,000 that caught my attention and decided to go ahead and buy it. There was an inspection done on the house, but what I should have done was get someone else, in addition to the original inspector, to redo the inspection. There was another buyer who didn’t end up buying the place and I didn’t look into the reasons why he didn’t end up going through with it. Turns out even though there was an inspection, which said there was work that had to be done, it didn’t mean that the work had actually been done or that it had been done correctly. This ended up costing me around $100,000 extra.Successes I’ve had with long term rentals 1:04I found a rental 4:47The Lesson I learned 10:32“You want to learn a tough lesson? Go buy a property and don’t verify that the stuff has been fixed that was in the inspection report. And go spend a hundred grand in cash out of your own pocket to fix this sh*t in a house that isn’t even your primary residence. It’s just a place that you could live 5 days a week while you’re there doing your job.” 16:41Reach Out To Keith, Get Help and Resources: https://dincpie.com/

Long Term Rentals Part 3 | Cincinnati, Ohio

In this episode I talk about what’s been going on with the 6-plex I bought in Missouri. I bought this thing for $125,000 from a man that claimed he had the rental history and that it was making a great income. There was an issue he mentioned which was that the furnace needed to be replaced, but I made him an offer of 125, and he didn’t even negotiate. I never saw the property and had someone else go look at the property for me, but he didn’t even have keys so he was only able to see it from the outside. The previous owner was very shady and kept avoiding showing the property, all of these being red flags. There are 4 things you should do when buying a property: 1) Go see the property. 2) Get keys to all of the units and schedule appointments through the current owner to see them. 3) Make sure you get bank statements. 4) Get tax returns from the seller. The story 1:14Why I thought this was OK 3:22Utility bills 10:03Closing day 11:22Finding Tenants 14:41“Talk to some property managers about the ability to rent, like how long do units stay vacant? What would I expect in terms of a vacancy rate? And what are the rates that I can expect to charge now and in a year from now? Is the market growing if I’m charging 300 this month this year, can I charge three and a quarter next year?” 8:52Reach Out To Keith, Get Help and Resources: https://dincpie.com/

Long Term Rentals PART 2 | 6-plex in Independence MO

Today I talk about long term rentals, which are very different from short term in that it takes a bit longer to bring in revenue. I talk about a guy I know who, through a trick he used with the bank, was able to acquire 10 homes in one year and rent them all out and begin building his real estate empire. I discuss the time I bought some cheaper houses to rent them out and the difficulties that came with that, such as terrible tenants and being unable to sell the home due to buyers not having the qualifications for them. If you need 20 grand a month 1:48The direction you may end up going with long term rentals 5:22Avoid these mistakes 7:03“Work with a property manager in the neighborhood where you think you’re going to go, and do this kind of project. And make sure this is a neighborhood where people really respect their homes. Maybe a really great blue collar neighborhood that people are maybe buying their houses, maybe they’re renting their houses, but there is true pride of ownership. Like you drive down the street and you see people taking care of their lawns. You see that people have their houses painted and you see that they generally have a level of upkeep that you would expect in a nicer neighborhood.” 11:32Reach Out To Keith, Get Help and Resources: https://dincpie.com/

Long Term Rental Success and Failure | Part 1

I give an update on the progress I have made on this path of creating this side business for short term rentals. It’s a simple business, but has a whole lot of potential for growing your income, much of it being passive. I tell about my personal Sprinter Van and what I’ve done to make the thing ready for rent, and then how much this has cost me as well as how much revenue I will be able to bring in. I discuss the potential capital you could make with this business and how lucrative this could actually become. Story of the Sprinter Van specialist 2:30My Sprinter Van 5:28The math on cost versus revenue 9:10 “$245 a night. We just looked for the next year and 6 nights are available out of the 365. That’s 359 nights that it’s booked. That my friends is $87,955. For simple math that’s 88,000 dollars. Now you’re gonna have some insurance on this thing and you’re probably going to have some repairs, but you can charge that back to the customer… In two years you could pay for this vehicle. You could pay it off!” 14:00Reach Out To Keith, Get Help and Resources: https://dincpie.com/

My Sprinter Van | Here’s the Math

Today I tell a funny little story that happened to my laundromat. A stranger called my team member, telling her I was upset and owed the stranger a lot of money. She was told to go and open the safe and bring the money to the stranger. Unable to open the safe, she had to go to drastic measures to access the contents within this safe. Start of laundromat story 0:54 When Betty realized it was a scam 10:36“First of all, I don’t keep any money in the safe. So, it’s got a couple keys, like a flashlight, and some paperwork that I left behind, resumes--Ihttps://dincpie.com/

Someone Stole My Safe! | Super FUNNY Story

In this episode I interview John Lee Dumas, also known as JLD, the host of the very successful podcast Entrepreneurs On Fire. John interviews successful and even famous entrepreneurs who give great advice on life and how to be successful. JLD started his career in the military, and then went into the financial sector of business, but felt unfulfilled in this field of work until he heard interviews being done with entrepreneurs and realized that’s what he wanted to do. One thing JLD always says, which is also a quote from Jim Rohn, is “You are the average of the five people you spend the most time with.” We start off talking about people John has interviewed on his podcast including Tony Robbins, Tim Ferriss, and a large number of others, and those people’s different personalities. John tells us about the people he spends his time with and how that group will change and evolve over time. About John 0:16Welcome to JLD 3:44How often he changes the five people he spends his time with 9:44Yourbigidea.io 12:23“You need to come up with a unique, specific to you, big idea, and once you have that big idea that’s your zone of fire that excites you, that you’re passionate about, but you’re also giving value to the world. Then you can go off and conquer your specific niche.” 12:01https://www.eofire.com/@johnleedumasReach Out To Keith, Get Help and Resources: https://dincpie.com/

From the Entrepreneurs On Fire Podcast | John Lee Dumas

Today I talk about renting out a Mercedes Benz Sprinter Van, another small business idea I have had. These are typically used to haul people around, such as executives or small business field trips. The other use for these is to turn them into recreational vehicles and up fitting them so they have a bed, a kitchen, and a bathroom, all packed into the space of the Sprinter Van. I got myself a Sprinter 2500 and am going to fit it out as a sleeper van and will hopefully be able to make $6,000 per month with this thing. I talk about how much some guys are making with this business and the amount of success this business sees, and then the potential you or I would be able to make in the future. Another use for these vans 1:43The math for my business 2:42My cost and earning potential 4:38“When I look on Outdoorsy, and I look at Sprinter Van and what it’s rented out for, it’s rented out for the next 30 or 40, 50, 60 days. The next two months. And I’ve talked to some guys that have rental fleets of these deals and they’ve told me ‘Listen I just can’t get enough of them.’ They’re capital intensive.” 7:28Reach Out To Keith, Get Help and Resources: https://dincpie.com/

Sprinter Van as a Short Term Rental | A Business Idea with Potential

We begin today by talking about school and the way it has changed throughout the years. There are vocational schools that teach you in the trades, such as how to be a welder, carpenter, plumber, beautician, butcher, auto mechanic, and so on. Unfortunately, college education has become oversold while vocational training is now undersold. I then tell a story about when I received a phone call from Washington asking if I could participate in helping them identify folks who could define what the workforce of the future looks like. After spending some time in the Oval Office, I discovered many things didn’t happen in The White House as they are reported. I met with many workers while there, who were very skilled in their vocations that are getting paid 200,000+ per year. These were people who went into the trades rather than to college. I give options of what people can do after high school that can lead to great success or failure, depending on which path you take for the career that’s right for you. I mention the fact that there needs to be an apprenticeship program for high school graduates and kids that would do much better in a vocational career as opposed to a career that requires a college education. Call from The White House 3:36 What to do if the President of the United States calls you 5:48 3 options of what you can do after high school 9:39 The main point 13:34“College education is the primary path today. I know it has been for a long time, but I think we’re at a point where college education is almost being oversold and vocational education is being undersold. And the demands in the workplace are being heavily dominated by the needs for folks with vocational educations and a skilled trade.” 2:56Reach Out To Keith, Get Help and Resources: https://dincpie.com/

I Met With POTUS | Defining the Workforce of the Future

I start off today talking about Entrepreneurs On Fire, a great podcast to get you fired up about your business. I give some tips on how you can create a clear picture of what path you should be taking to realize your goals and ambitions. I suggest setting up an hour for yourself when you can set a goal, and then write down and visualize what your life will actually look like when you have accomplished this goal. Set up intervals of smaller goals that will help you reach your goals so you can have successes in quick succession. Entrepreneurs On Fire 1:33Start with this step 3:52Step two 5:20Step three 7:28“Define your goal, man. Define what it is that you really wanna do. Take it seriously. Carve out an hour where you’re just gonna sit down and actually write down the thing that you want to accomplish. And then I want you to actually write or draw what that looks like in your life because the brain is about visualization. And visualization is what can help you realize the things that you want to accomplish.” 3:01Reach Out To Keith, Get Help and Resources: https://dincpie.com/

Set Some Goals and Get It Done | Let’s Have Some Fun

I have an Amazon business, but due to my other business ventures that have been booming as of late, I have not found the time to tend to this business. From January 1st, 2019 until July 2020, I’ve been selling on Amazon and learning how the market works, finding suppliers that cut costs on my end by half and making my business profitable from the product I sell. I let you guys know how much I’m asking for this business and that this is a first come first serve deal. If you are interested, contact me at harry@dincpie.com. Amazon businesses can do really well and many make millions of dollars just from selling online. This business has a lot of potential and for someone who has the time, which isn’t a lot, to run the business, there is a lot of success to be had here. What I sell on Amazon 1:10The volume of product that I sell 5:14How much I’m asking for my business 9:46Get a hold of me 10:45“If you can sell an average of 100 of these to 111 a month, and you’re making $28 a piece, you’re making nearly $3,000 call $2,500 a month. That’s a pretty good gig. And let’s just say you’re making $2,000 a month net, that’s how much you’re putting in your pocket, you’re going to make $24,000 a year.” 9:12Reach me at: harry@dincpie.comhttps://www.linkedin.com/in/keithleimbach/Reach Out To Keith, Get Help and Resources: https://dincpie.com/

I’m Selling My Amazon Business | Exclusive to My Listeners

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Diversified Income Experiment | Passive Income

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