Episode Transcript
Frank Hereda (00:03.566)
Welcome everybody to another episode of focused free fit. It's your favorite coach, coach Frank. And today we have a special guest, Scott Stanfield. Welcome to the podcast.
Scott Stanfield (00:18.253)
Thank you. Thank you for having me.
Frank Hereda (00:20.376)
Absolutely. I think it's going to be a really good discussion today. I'm excited to hear about your background. I started off in the engineering field, so I'm excited to talk about how you started off in engineering. couldn't hack it. I couldn't hack it. You clearly did. So we'll talk about that, but, yeah, I'm excited to see, you know, how you got from where you were to where you are today. So, you know, this channel is, is a lot for the entrepreneur and the investor and those that
Scott Stanfield (00:30.602)
Okay, next one.
Frank Hereda (00:49.828)
want to stay in shape. And so we kind of cover a lot of different topics, but I think we're going to, we're going to talk about a lot of those today. So as everybody on this podcast, we always start a little bit about, tell us about your early years, tell us where you grew up, tell us about family life. And, and then we'll kind of go from there. Tell us about yourself.
Scott Stanfield (01:09.452)
Yeah, sure. So nothing overly, I guess, crazy or anything. I grew up in Hilliard, Ohio. It's a suburb of Columbus. my parents were more blue collar and really my family was blue collar. My dad worked heavy construction. My mom worked at a doctor's office. I had a great high school job. I worked at a Dairy Queen.
five and a half years, probably the best job I've ever had. The owner was fantastic. He was an older gentleman. He was a Korean War veteran. And I spent a lot of time at his house helping him with other projects and just, literally, I could go work on his garden and then he would make steak and potatoes for lunch. So when you're a young person and you're being fed well like that, it's, you're happy.
Frank Hereda (01:44.634)
Yeah
Frank Hereda (01:58.362)
Wow.
Frank Hereda (02:04.026)
That's a thing. Yeah.
Scott Stanfield (02:06.184)
But anyways, he was a very, very nice man, very fair, did a lot for the community. It was a great experience. I guess high school, I wasn't really the best student. I just didn't really care much. It wasn't that I didn't care, it more I just wasn't interested in, I guess, academics at that time. And when I graduated, I realized, kind of have to figure out something. You can't just do nothing.
And so that's when I got interested in really applying myself when it come to school. I went to a university called Wright State. It's in the Dayton area. It's right by Wright Patterson Air Force Base. And at that time, you know, when I first started my undergraduate, I really never had success in school. So I just decided, well, if you're to be good at something, spend all your time on it. And so that's what I did. I spent all my time studying and I had
great success, my grades were fantastic. They're right state and then, and that really opened doors too. know, my grades were really high. took a lot of pride in what I was doing. And so I had professors approach me and say, Hey, are you working for anybody? Like, no, actually I'm not. And so that's how I got started with co -opping. And this was at the base there. So this is in the Air Force research labs. And the first project.
that I worked on was actually in the materials directorate. And so my background's mechanical, but this was a little bit different, but that was good. I got to experience some other stuff. And I did that until the professor went on sabbatical. That was about one year. And then I literally was turning in a project and the professor asked me, you working for anybody? And I wasn't. And so his name was Jim Menard.
Frank Hereda (03:34.724)
mechanical.
Frank Hereda (03:55.629)
You
Scott Stanfield (03:59.556)
And so I started working for him. It was another co -op position at the base. And that really opened a lot of roads for me. I ended up doing my PhD with Dr. Menard, a great, great, great person. Had a lot of really good people around me, very smart people, humble people. I learned a lot. And when I finished my PhD, the gentleman that we were doing work for,
at the time, his name was Roger Kimmel, and was on my dissertation committee, and he asked me if I was working, and I told him, no, I was tired, I just hadn't really applied for work. A PhD really wears you out. It's not just the work, if you've done one, then you know, if you haven't, you just hear about it and go, okay, but it does, it makes you tired, and I just hadn't really applied, and he...
Frank Hereda (04:41.464)
I can only imagine.
Scott Stanfield (04:56.308)
had some interesting stuff that was going on. He was a nice man, smart man. And so that's how I got started with the Air Force. And I spent quite a few years there working in the labs on all kinds of very just different projects, interesting projects, projects that you would never get to work on unless it was for the US government. Nobody else has the budget to take on something like that that may yield no profit. So clearly not a company that's going to do this. has to be. Yeah, exactly.
Frank Hereda (05:13.872)
Mm -hmm.
Frank Hereda (05:20.309)
Right? Yeah. You just said the key word, no profit.
Scott Stanfield (05:26.0)
And the profit was really in just developing technology for the Air Force. So this would have been hypersonics. I was involved in a lot of flight testing and just different things like that. And so it was really interesting stuff. And that was also the first time I started having money. When you're a student, you're hungry. You don't have any extra money and you tend to eat really cheap, just trying to save a little bit so you can pay for gas. Usually at the end of the...
quarter I would go and find all my change. So I had like nickel day where I'd literally go to the gas station just drop a pile nickels. I need $9 .85 worth of gas please. Yeah, and that's how it goes. then so when I started working, that was the first time I had extra money. And the first two paychecks I blew. I bought some just stuff for my base and I bought a pool table, home theater system.
Frank Hereda (06:01.412)
Bye.
Frank Hereda (06:05.217)
Yeah, that's about right.
Scott Stanfield (06:23.158)
Nice seating, a bar.
Frank Hereda (06:23.502)
Yeah, but Scott, are necessary items. Come on. Those are needs, not wants. Yeah, those are needs, not wants.
Scott Stanfield (06:27.144)
it really was. It was therapeutic. Yeah, I called those. Yeah, it was a need, I guess. But it was also one. was just nice to do something for myself like that. And then after that, I got serious. And so I started looking at how I was going to use this extra money. And I wanted to invest, wanted to build something for my future. And I looked at stocks and
And I looked at real estate and real estate really gravitated towards me. I liked the idea of having a hard asset that produced income. And I didn't know really all what that meant at that time. And I really started reading and just researching it, putting together financial models, models to do some forecasting, et cetera. And that's really how I got moving. I bought properties, I guess, more the traditional way.
This was source your own deal type thing and then self -manage, et cetera. And that was great, except I was working a lot of hours, about 60 hour weeks. So that quickly just wasn't feasible for my schedule. And so that's really how I switched directions to what I do now.
Frank Hereda (07:30.448)
Sure.
Frank Hereda (07:40.666)
So, lot to unpack, because we went all the way from being born to now you're in real estate. let me ask you, yeah, I know, yeah, no, well, you got a lot going on. So,
Scott Stanfield (07:44.248)
Yeah, you asked for all of it, so I gave it to you.
Frank Hereda (07:56.664)
It sounds like when you were growing up, normal family, parents never really talked about money, did they? Did they talk about, okay. I just find if, yeah, okay, that's fair.
Scott Stanfield (08:03.052)
No, you have to have money to talk about it. Yeah, I have three sisters so that, the money you were making was really just going into supporting the family.
Frank Hereda (08:15.428)
Gotcha. And what do you think changed for you? Like, obviously your parents were probably at some point at the same stage, right? And they didn't have that thought of, what do I do with my extra money? Maybe real estate. Like, they skipped that. Like, a lot of our parents skipped that stage, or people just skipped that stage. is it because they were younger? What do you think about that? I'm just curious, because I think it's interesting that you're like, what should I do with my money? And then you just...
Scott Stanfield (08:39.794)
yeah, so...
Frank Hereda (08:43.92)
gravitated towards real estate. was it the predictability about real estate? Because you're an engineer. What do you think it was?
Scott Stanfield (08:50.488)
Yeah, so first off I'll talk about my parents a little bit. They didn't have extra money. Their jobs were not high earners. They had four kids. And so for them, looking at how you were going to invest never really entered the equation. You also have to look at that era. Most people that time felt, if you just get a job at General Motors, you're set for life because there's a pension. All you got to do is just work hard and...
So there was a different mindset back then too. You didn't have this idea of entrepreneurship, this idea of really investing for something in the future. Now some people did, but that was a small percentage. Now I always had this idea that I wanted to at least try once to be rich. Now I had no idea what that meant, right? And I was awfully young and I well, maybe I'll just have a subway store and I'll own that somehow.
Frank Hereda (09:40.014)
Sure.
Frank Hereda (09:46.638)
Yeah. Yeah.
Scott Stanfield (09:46.806)
magically or something like that. So basically I was looking at the idea of having a business. So I was always open to the idea of, I guess, something more, even though I wasn't really looking for it. I just kind of did my own thing. So that's more on that first part where you were asking about my parents and their mindset. Now with me, and I think you also asked me about, I'm sorry, apologize.
Frank Hereda (10:12.366)
No, it's okay. gravity? What gravity? How'd you gravitate to real estate?
Scott Stanfield (10:15.658)
Yeah, so my answer has actually changed as I've done this. So when I first got started on it, it was something I could understand. And stocks, for those who don't know, the reason why prices go up is not based on fundamentals. Everybody think, well, yeah, the company's going great. Their earnings are great. I'll go buy their stock. So you do get a little bit of that. That's not really what it is. And we probably shouldn't call it the stock market. We should call it the stock algorithm.
Unfortunately, I don't really want to go too deep into that for people who are interested. They can Google and read a little bit about it. even at that time, you know, I was looking at stocks, it just didn't make a whole lot of sense to me. And it really felt like buying something and relying on others. And I didn't want that. And with real estate, it's completely different. It's a hard asset. It's something you own. You have control over. It's your business, your processes.
And the end result is your earnings or your failure, right? It could be either one. And that's what really steered me that way. And now looking at it with a little bit different eyes today, there's a lot of reasons that I'm glad I went this route. When you look at real estate, it's not liquid. You can't just sell that on a click of a button. And some people think that's a bad thing. I love it. And the reason why I like it, real estate pricing and how it
behaves, it's more supply and demand and fundamentals. So this is actual fundamental economic data really drives real estate. It doesn't with stocks. So stocks are a lot harder because there's this other element to it that frankly you just don't have any control over. And with real estate, it's slower because it's not liquid. It's governed more by fundamentals. So now it's
to me at least feels a little more predictable and that doesn't mean you can't have a crash that you never saw coming. It's just, it's something that's a little bit easier to wrap your mind around and it moves at a speed that is just a little more conducive to what I want. like to really think about things before I make a choice. I don't have to just look at it and be impulsive and hit the buy or sell button. If I was a day trader for example, right? So anyway, so that.
Frank Hereda (12:32.484)
Right, yeah. Yeah.
Scott Stanfield (12:36.278)
That's really my answer on why I like real estate. Now, I do other stuff just so that people realize I do write algorithms. I do trade options with algorithms. I've done that for years. It's trading now as we're talking and not watching or anything like that. But so I do that. But realize that's because I have an actual plan that I have tested. I know the statistics for and it works. Otherwise, I wouldn't do it.
Frank Hereda (13:02.81)
Sure. Well, and it sounds like that fits your... that fits you. Like, I could see that. You you're numbers person, you're an engineer, that's not shocking to me. But... but... for sure. But you're... but you're diversifying as well. So, and I think that everyone should consider that. It doesn't have to be the same things you're doing, but they should diversify, even if they're in real estate.
Scott Stanfield (13:10.301)
Yes. Yeah. No, no, I'm very numbers -oriented. Yeah.
Scott Stanfield (13:20.344)
Correct.
Scott Stanfield (13:25.26)
Yeah, they need to diversify. can't just be in real estate. And even if you are in just real estate, you should look at how you're going to diversify your real estate portfolio. That is very, very important.
Frank Hereda (13:37.498)
How do you, so let's go back to when you made that decision. So you get into, you say, you know what, I have this extra money, I'm gonna put it in real estate. What do you do then? How did you decide where and how much you needed and all that kind
Scott Stanfield (13:42.103)
Mm
Scott Stanfield (13:45.645)
Mm
Scott Stanfield (13:49.654)
Yeah, so...
Scott Stanfield (13:53.696)
Yeah, so really the market's going to tell you how much you need. First, you've got to figure out where you're going to invest, right? And you have to then have some idea of what the price points are that you're targeting. And of course, at that point, you're going to have to find the lender and that sort of thing. I mean, nobody's buying in cash. If you are buying in cash, you really probably shouldn't be buying in cash. kind of actually have more capital at risk.
Frank Hereda (14:17.146)
Well, you eliminate your risk, but you eliminate your ROI too. I mean, lower it. I should say lower it.
Scott Stanfield (14:23.324)
If you buy in cash, you actually have more capital at risk, although it is a lower risk position in my opinion. But you also expose yourself to some other things. I like having that inflation hedge with a mortgage, for example. But it is a debt instrument, and you do have to be smart how you use a debt instrument. You can very quickly get in trouble with that. And so you have to have a plan. You can't just do it willy -nilly. You have to understand the risks. And you have to
Frank Hereda (14:26.394)
That's true.
Scott Stanfield (14:51.874)
you maybe put a little more money down or something like that, or make sure you source the right deal that has the right financials and things like that. yeah, so if you're getting started and you're looking at how you're going to get into the market, you have to figure out where you're going to invest. You have to figure out exactly what the price points are and then how much money you need to put down. And then you need a reserve fund. And so that's really the key. You need a reserve. You have to have an understanding of where you're investing in the price points.
and how much money it's going to take. And if you're not, well, I don't know how to figure out how much money, call a lender. Find out. They'll tell you. They want to give you a loan. That's their business.
Frank Hereda (15:27.598)
Yeah. Yeah.
Frank Hereda (15:32.366)
Yeah. Let me ask you a question. So it brings up a lot of questions here. Okay. So let's, let's take it. Let's break it down step by step for people that may not be in the real estate game or want to get in the real estate game, or maybe in the middle of this situation right now. So you brought up debt and I think it's a good conversation to have. you look at someone like, I'll throw an extreme case, Robert Kiyosaki out there. He's got. Yeah. Yeah. He, you know, he's, that's his message. Right. And so people hear that and they're like, okay, but he's got.
Scott Stanfield (15:35.298)
Mm -hmm.
Scott Stanfield (15:46.466)
Mm
Scott Stanfield (15:54.809)
Billions of dollars of debt, Yeah.
Frank Hereda (16:02.48)
3 billion in debt and he might make 3 .5 billion in income. So he's got that 500 cash flow. But he's like, hey, debt is good as long as it's the right debt. And I think what he's trying to say is as long as it cash flows and you're over that number, that's essentially what he's saying. So how much debt is too much debt? mean, everybody's got a different risk tolerance, but how do you know where that is? It's like, okay, I get one.
single family rental, I have $150 ,000 in debt, I'm cash flowing $2 ,000 a year, let's say. How much debt do you keep? I mean, to get financially free, that's gonna take a lot of debt if you keep that process up. So what would you say to that person that's like, how much debt do I get? Do I pay every fifth property off? Like, what would be the strategy?
Scott Stanfield (16:39.714)
Mm -hmm.
Scott Stanfield (16:46.23)
It is.
Scott Stanfield (16:54.924)
Yeah, so unfortunately the real answer is not simple and it depends on the person. Everybody has different risk tolerance. It's that simple. And so you need to figure out how much debt is good for you. So what you really need to do is understand how to do the math, right? You need to understand the financial numbers and understand that financial model. And I know people don't sometimes to do some math.
Frank Hereda (17:00.022)
Yeah.
Frank Hereda (17:24.12)
All the people that don't like numbers or want to punch you in the face right now.
Scott Stanfield (17:27.576)
I understand, but you know, the thing is that there's a lot of people out there that do like numbers that write calculators for you. I have one on my website, for example, it's free. And there are other people that do the same thing. Use those resources. Maybe go through it once so you understand it and then be like, okay, I understand it, but I don't have to do it. There's a calculator. And use that as your tool. You don't have to maybe go through all the rigor that somebody else did to get that same answer. But the point is,
Frank Hereda (17:33.296)
for sure.
Scott Stanfield (17:57.738)
You need to understand the financial model of the instrument you're looking at. So if it is a house or if it is a duplex or something else, you have to understand it. And then you need to have a model that's realistic. It doesn't have to be spot on. Models are never reality. You just need it to be close enough so that you can make an informed decision. And then at that point, it's like, OK, well, there's several things that can happen.
What are these different risk sources, right? And that's gonna potentially strain, maybe you don't collect rent for a month, right? What are you gonna do in that situation? Well, you have a reserve fund, so how much reserve fund do you need to make it where you can sleep at night, right? That goes back to your risk tolerance. And the reality is, you can then look at how much debt you're comfortable taking on based on the numbers and the model you have in front of you. If you're,
you know, maybe you have a really good high income paying job, so it's a way to hedge your risk. You're like, well, I have a good reserve fund, plus I have this very stable job that, you know, I'm making all this extra money. I'm more than happy to take on this debt because I know that worst case scenario, even if there's some issue with my reserve fund, I have a lot of extra income every month where I could float, you know, my properties or whatever to...
So it really does come down to your specific situation, your risk tolerance, your objectives, your goals. Your goals may not be like Katsaki where you're like, well, I want $3 billion worth of debts that I can create $5 billion worth of revenue. But realize too that he doesn't just have revenue coming from housing. He has revenues coming from his education business. He has revenue coming from YouTube, his social media presence. So all these revenue sources are independent.
Frank Hereda (19:46.042)
True.
Scott Stanfield (19:50.538)
of each other essentially. And because of that, it hedges his risk. So why can he take on a lot of debt? Because he has revenue streams from independent sources that helps minimize his debt risk. realize when you have debt like that, you have leverage. And if you don't know what leverage is, read about it because that is the key to getting rich.
Frank Hereda (19:50.641)
That's very true.
Frank Hereda (20:04.976)
100 % true.
Yeah, no for sure.
Frank Hereda (20:16.113)
And, wow, there's, there's so many lessons from what you just said. I would, I would venture to say also that it takes, there's nothing that happens fast. I've been doing real estate for a long time and, you know, I've realized every day something I don't know and, or I learned something new and, and I'm like, holy cow. And it just keeps it's like that lifelong journey of learning. But
Scott Stanfield (20:27.67)
No.
Scott Stanfield (20:42.426)
it never ends. It really doesn't. For people thinking, this guy seems like he knows so much. I might know a little more than you or maybe less, but the reality is I don't know everything. And every day I'm learning something new and I'm thinking about it and I'm incorporating it into my business. Everybody's doing that.
Frank Hereda (20:43.362)
It never ends. It honestly never ends. then...
Frank Hereda (20:59.46)
Yeah. Yeah, it's very true. Is there anything that you would recommend? Is there any, before we leave the topic of like single family investing, and I'm assuming, let's talk about what you are investing in. Is it single families that you're doing? in, okay.
Scott Stanfield (21:10.552)
Mm
Scott Stanfield (21:14.488)
yeah, sure. Yeah, it is. And there's a lot of reasons for it. So obviously the barrier is lower because it takes less money to get into a lower purchase price. I also just like the asset class. And so yeah, do. have a lot of single family rentals that are located all over the country, seven different states, I guess, not all 50, but there are some states I don't want property in. Obviously I prefer...
Frank Hereda (21:39.788)
Sure.
Scott Stanfield (21:42.188)
you know, states that are landlord friendly. I want my manager to be able to manage things like that. yeah, so my focus is actually single family homes. And the reason's pretty simple. That's what was good in the market when I was doing this. I always just look at the market, take what the market gives me. I don't try to force something. And so I did spend time looking at multifamily, but the price per door, it just never made sense. Or at least not for my risk tolerance and my goals and objectives. Not when I could go.
and buy single family homes and realized I actually source my deals through turnkey providers. And I know it's a mixed bag with a lot of investors. I've done very well with that. And it's because I really, really focus on what the risks are for that strategy and how I'm going to minimize those risks. The money will come. As long as you know how to minimize the risks, everything else takes care of itself. And so I have done really, really well with that.
strategy and it is single family and will I always be in single family? No, I won't. I'll have single family homes but like right now I'm not buying. I'm not a buyer in this market and I'm not buying multi either but there a time will come when I will be a buyer again maybe it'll be single family or it'll be multi -family. It just depends on what the market is going to give me.
Frank Hereda (23:05.476)
That's an interesting statement you said. Well, first of all, you made a discipline statement, which was doesn't fit my parameters, which I love because everybody should take something from that. You know, the last couple of years, everybody's been investing in multifamily, but there's a lot of people who are like, it just doesn't make sense. Why is everyone investing in multifamily? And I think if it doesn't work for you and the numbers you're looking for, then you just don't do it. And that's what makes investing easier. It doesn't make it easy. It makes it easier.
Scott Stanfield (23:10.85)
Correct.
Scott Stanfield (23:31.71)
It does. No, doesn't make it easy. Right.
Frank Hereda (23:34.125)
Yeah, if you have your parameters, your buy box, if you will, or whatever you want to call it.
Scott Stanfield (23:37.534)
Mm -hmm. It keeps your emotions on the sideline. It makes it where you're not getting wrapped up into the deal like, I got to make this work. And you realize when you set purchase criteria, you're doing that when you're not trying to buy something. You already have those set, established. And then after that, you got to stick to them. And you just simply stick to those parameters. And when you have the opportunity, take action.
And that's what I've done.
Frank Hereda (24:07.77)
So yeah, okay. So there's a couple of other things that I wanted to ask. So you mentioned before we go to the you buying property right now, we'll get to that in a second. But I'm familiar with the Ohio area. grew up, my family lives in Cleveland area. So, you know, if you think about places all over the country, there's different strategies, right? If you're going to buy a single family, but I'm wondering if yours is similar to, hey, I want to buy a single family home.
Scott Stanfield (24:15.05)
Sure.
Scott Stanfield (24:18.828)
Mm
Scott Stanfield (24:25.478)
Okay.
Frank Hereda (24:36.942)
in a place is landlord friendly, you know, whatever your list is taxes or make sense and all that other jazz. But what about like buying under the medium price home nationally? Do you focus on anything like that or no? You're just like, Hey, if this makes sense, I don't care about the price or, or no.
Scott Stanfield (24:54.006)
Yeah, so to start with, I have a whole system that I buy metropolitan areas and the system's really about economic indicators. First, I'm looking at population, population growth, right? So we're looking at demand. Then I want to know if that demand is more likely to be renters or more likely to be homeowners, right? So now I'm looking at things like affordability index and the percentage of renters in a metropolitan area.
like to have a reference. What do I use for reference? It's a histogram of all the metropolitan areas. And then I just look at where I want my properties to be on that histogram. And I go from there to looking at, you know, is this sustainable? Right. So is this going to continue going into the future? So for that, I look at job growth, right? Future job growth, recent job growth, and then also the gross domestic product. And maybe people don't know what those are, but you can look them up and
once you understand what they are, they're not hard concepts really, you can look at that histogram and be like, well yeah, I want the gross domestic product of the growth in that for the cities I'm investing in to be greater than the US average, right? It's really not that hard. And then what you do is you end up with a list of cities. Now that I have a list of cities, that's how I have my cities. for properties, then it comes down to two things. There's a couple of economic indicators that I look at.
But more importantly, I just look at the financial part of it. And I don't look to try to buy it below market. I know a lot of people do that. I look to having something that is rent ready, right? That's the turnkey part. And isn't going to cost me a lot of maintenance. is the renovations have been done well with the right type of materials, right? I want to make sure it has a new roof. All those big ticket items have been addressed. And then I'm happy buying it at the appraised value. And there's a very good reason for that.
And I know that's not what they tell you, all the gurus, they tell you, shop for this house that you can buy for instant equity. I'm in it for the long haul. And for people who don't know, appreciation for single family homes, the historical average is about 3 .8%. Well, I have a leverage position at 3 .8%, which is going to be for a 20 % down payment, it's about 16 .5 % annual. I'm good with that.
Frank Hereda (27:02.938)
Mm
Frank Hereda (27:22.284)
Explain that to people explain to people what what you just said because I think we just lost a lot of people So let's go a little deeper here
Scott Stanfield (27:24.042)
Yes, yes.
Scott Stanfield (27:28.696)
I apologize. Sometimes I get real happy about it. I'm like, yeah, let's talk. No, think about this. Right, so this is called leverage. This is what I alluded to earlier. So at 3 .8%, that's if you buy it in cash, all of your cash. So let's say you borrow some money from the bank. So now you only have 20 % of the purchase price.
Frank Hereda (27:32.462)
That's okay. Yeah, but it's a very important point that I want everyone to get.
Scott Stanfield (27:58.328)
and from your out -of -pocket money that you're buying this house with. The rest of it is the bank's money. So when you get a 3 .8 % return, that's 3 .8 % of the value of the house. That would be that whole purchase price. So say $100 ,000. That's $20 ,000. Right? Or I'm sorry, 3 .8%. So $3 ,800. I was getting ahead, right? The down payment is only $20 ,000, right? So you have $20 ,000 in the deal.
Frank Hereda (28:22.49)
Yeah.
Scott Stanfield (28:28.792)
but you just made $3 ,800. So divide $3 ,800 by $20 ,000. It's not going to be that, yeah, it's not going to be 3 .8%. It's going to be a larger value.
Frank Hereda (28:46.254)
Yeah, and essentially what we're saying, what you're saying is you're borrowing money from the bank and then you're earning interest on that money too and just this then just the small amount of money you're putting down. So if the bank gives you if you buy a hundred thousand dollar home and you put twenty thousand down, you're not just making the appreciate the interest on the twenty thousand you put down, you're making it on the bank's eighty that they also lent you to buy the home. So you make it on the whole hundred thousand.
Scott Stanfield (28:48.951)
Yes.
Right.
Yes, exactly.
Scott Stanfield (29:01.325)
Mm -hmm.
Scott Stanfield (29:15.16)
Right, and if you were to do that math, it's gonna be about 16 and a half percent. And that's really the power of using a mortgage. And sometimes I get really buried in the details. Apologize to those who are listening, but right.
Frank Hereda (29:28.908)
No, it's but I just want to make sure that what you're saying is gold I just want to make sure everybody caught it because you were going right through yeah
Scott Stanfield (29:34.584)
Yeah, I want them to understand that. It's so key. This is really how you grow your net worth. This is how your portfolio expands. Where do you think the money comes from when you go to buy another house? It's coming from your equity. Cash flow is covering your expenses. And there'll be a little bit extra if you're doing this the correct way. Typically, I'm getting about a 10%, 12 % return on my money annually from cash flow. So again, that's also leveraged.
Frank Hereda (30:03.854)
Yep. Yeah.
Scott Stanfield (30:04.224)
I'll let people maybe look at the math on that one or just use my calculator or somebody else's calculator, but the reality is it's leverage. And then there's other pieces to that too, right? When you have a mortgage, what's happening? You're taking that money, you're paying the mortgage, and part of that's going to the cost of the loan, right, the interest, but you also have another piece, and that's paying down the balance, right? And so you actually have a return coming from paying down that loan.
And then there's another silent return from these houses too, right? That's depreciation. Yeah, and I don't know if you want me to go into that, but essentially what it does is it just lowers your taxes. And to give you an idea, let's say your house, you have a depreciation expense of $4 ,000. You essentially have to have $4 ,000 of taxable income before they're going to start taxing you.
Frank Hereda (30:35.952)
That's the biggie.
Scott Stanfield (30:59.108)
That's how depreciation works. So that would be essentially that profit and that loan pay down piece that I was talking
Frank Hereda (31:05.946)
Well, so you have depreciation, is lowering your taxes. You might disagree with this. think you'll agree. Lowering your taxes is probably the number one thing to focus on when trying to build wealth. So how do you eliminate taxes in real estate is definitely one of the best ways that, and I would say probably owning a business, the top two. I gotta believe. Would you agree?
Scott Stanfield (31:10.249)
the
Scott Stanfield (31:14.998)
Scott Stanfield (31:18.284)
Yep. Yep.
Scott Stanfield (31:26.924)
Yeah. definitely. So here's the thing about taxes. Ask anybody what their largest bill is, and they're going to be, it's my mortgage or, it's, you know, child care. No, it's not. It's taxes. Taxes is your absolute largest bill. It's not even close. And so you really want to attack taxes and how, for example, how I actually adjust my portfolio.
how I choose how I'm refinance and what properties that I'm searching for after I've started my portfolio is all about lowering my effective tax rate. That's actually the parameter I care about when I'm making adjustments to my portfolio. It's not the only one, right? I'm also looking at the economy and where we're at and what I need to do that way. So there's some economic indicators, but when I'm a buyer and when I'm trying to do things with my portfolio, I'm adding properties that
Frank Hereda (32:12.686)
Yeah.
Scott Stanfield (32:24.182)
make sense financially that's going to help me with taxes. And that's really, that's how I choose to do it. Other people may do it differently, but.
Frank Hereda (32:31.824)
Yeah.
So I just find it interesting. mean, it's definitely a strategy and it's a consistent strategy, but your play is cash flow. Your play is depreciation and your play is appreciation over time. Those are the three you really are focused on. And obviously the tax savings when you buy an investment, new single family home, that helps too.
Scott Stanfield (32:43.766)
Yep. Yep.
Scott Stanfield (32:50.976)
Over time, right?
Scott Stanfield (32:57.33)
hey, I wouldn't turn it away. Yeah.
Frank Hereda (33:00.354)
Yeah, sure. Right. Okay. So let's get to the one statement that you made a little bit ago, because I'm really interested on your take. So you said, I'm not a buyer right now. So I want to know why, and I want to know when you think you will be a buyer again, and what needs to change for you to become a buyer again.
Scott Stanfield (33:06.242)
Sure. Yep.
Scott Stanfield (33:13.569)
Okay.
Sure.
Scott Stanfield (33:20.184)
Yeah, so I'm actually able to find turnkey properties that are profitable in this market. Not as profitable as they used to be. For example, if I look at the total return, it's about 20 22 % per year annual, where I was buying more in that 30, 35 % range, but realize that, again, I don't really like those numbers well, but it is still profitable. That's not why I'm not buying.
I'm not buying, in fact, the last property I was January of 2022. And at that time, I felt we were in the last quarter of the expansion phase of the real estate market cycle. And my parameters, that is my criteria, right, that I established before, once I hit that final quarter of the expansion phase, or even going into hyper supply, I'm done buying. And now what I'm doing is I'm focusing on getting ready for problems in the market.
And so my last properties were January of 22. They were two new builds. They were in Alabama, actually over by Tuscaloosa. Anyways, and they've done really well. I've actually from being in that last quarter of the expansion phase, I still have some appreciation about 35K on each house. So that worked out really well. And that's actually what I want. My whole goal is to get ready for a recession. And to do that, I want my loan to value ratio to go
down and I'm using that last bit of appreciation in the market that's coming with that final part of the expansion phase to help push value. That's lowering my, again, sorry, lowering the value ratio. Well, it's basically just debt. But essentially I'm now down around 50 % or lower. I'm focusing on saving money, building reserves. Yes, my total portfolio. Yeah.
Frank Hereda (35:09.072)
For your total portfolio, mean? 50, okay, gotcha. 50 % LTV for your total portfolio, gotcha. Gotcha.
Scott Stanfield (35:15.544)
Correct, yes, 50 % LTV for whole portfolio. It's actually a little lower than that, which is perfect for the current environment that we're in. And that's why I did it. It was where we were at in the market cycle. And again, I'm glad I made that choice. So at this point, I'm really just focusing on saving funds, letting my loans pay themselves down, letting that last bit of expansion with little bit of appreciation help.
Again, with my numbers, that gives me flexibility in case something does happen that I don't foresee, which is always the case. There's always something you can't know. And so this gives me the flexibility to adjust. If I have to sell, I can still sell and not lose money because I do have that equity there. So I did refinance. I capture all those low interest rates. They're all 30 -year fixed. I those are historically low interest rates. And so I knew, get them fixed and be done with it.
Frank Hereda (35:51.214)
Yeah, right.
Scott Stanfield (36:13.664)
And so that's exactly what I did. Now, when will I be a buyer again? We have issues that need to be resolved. Look at this. Yeah.
Frank Hereda (36:21.564)
Well, we know that. but like what I'm curious to know. So we let's talk it out because I think this is really good in conversation to have. So obviously we don't know for sure what's coming. I would make the case. Yeah, we have no idea. Anybody that says they do, they're they're lying. Absolutely. If I had to guess and I am nobody that should be making these kind of assumptions or guessing for the public. But but but but if I if I did, yeah, but if I did.
Scott Stanfield (36:27.04)
Mm -hmm. Sure. yeah. No, I like it. This is...
Nope. Hang on.
Scott Stanfield (36:44.412)
You're as good as anybody else. It's like a weatherman.
Frank Hereda (36:50.616)
I would say, and I'm interested to hear what you think compared to this, I think the Fed will probably make a cut in September, which we all know is not interest rates, it's the Fed rate. They're different. I don't think, we may hit high fives maybe towards fall next year, but I think anytime from now till we get there is a buy time. If you need a home,
Scott Stanfield (37:00.63)
It's the Fed rate. They are different.
Scott Stanfield (37:16.193)
if you need it.
Frank Hereda (37:16.4)
On the investment side, you could probably make a different case, but I'm curious to know what you think you're gonna be looking for to say, okay, these changes that I want are taking place, and this is interesting because one thing we need for a, I hate to use this word, because I don't think we're having this, but you look at the GFC in 2007, eight, nine, right? You had millions of distressed sellers, and we don't have that now. If anything, we have a shortage. So the only way we have a real
Scott Stanfield (37:27.565)
Mm
Scott Stanfield (37:40.588)
Mm -hmm.
Right, we have a shortage.
Frank Hereda (37:45.41)
A big problem is if you have all these distressed sellers. Now, there might be opportunity and that may be what you're talking about. So I'm just curious to know what you're looking for.
Scott Stanfield (37:54.7)
Yeah, so I do think there's opportunity. And if I was buying right now, I would really be buying to position myself for the next expansion. Right? And so I'm really looking at houses that I think would do well with the current environment and how bad the current environment could potentially get. So I would want things like two -year leases and good cash flow and that sort. But essentially, yeah, I would be buying to position myself for the next expansion phase.
And so what's key about that? Well, you kind of hit on it already. Actually, you did hit on it already. Who here thinks we have enough supply of houses? We don't. And realize that we didn't when the government said enough and they raised the Fed rate, right? They're the ones that actually created this slow moving environment. It's government induced. It's not induced by fundamentals. I mean, I guess it kind of is, right? We have these high interest rates, but not
Frank Hereda (38:33.358)
Yeah, yeah.
Scott Stanfield (38:54.936)
real supply and demand. There's a lot of people out there that want to be a homeowner and can't do it in this environment. And as soon as that environment changes, they're going to try to be homeowners again. So you're going to have a lot of demand. So when we get into recovery and expansion, it's going to look very different than did when we came out of the last recession, 2008, 2009, right? That was when we're starting to finally really bottom out and then go towards recovery.
this time I think there's gonna be a lot of expansion so what should you look for if you think there's going to be this expansion phase of the appreciation you want to get your asset number up as high as you can right if you're gonna apply 4 % annual appreciation to a number you want that number big and the only way to really do that is obviously to take loans and buy right debt but now you have to weigh it against these risks that's why I mentioned having you
Frank Hereda (39:43.194)
Duh duh duh.
Scott Stanfield (39:50.4)
two -year lease, right, with good cash flow. You're minimizing your risk, waiting for what you think is coming in a few years. And so that's actually how I'm trying to position my portfolio to take advantage of what I think the market is doing right now and realize this could change, right? In a week, I may have a different opinion because the market is dynamic. It's always changing and you have to think about it.
Frank Hereda (39:51.465)
That's why you said two -year leases. you're minimizing your risk.
Scott Stanfield (40:18.518)
that way and think about how you're going to include that in your business. And that's really what that statement meant, right? This is an example of us doing that. And so that's really what I'm looking at. And so am I a buyer? Well, yeah, somebody came to me and said, hey, I've got this house that's appraising at some wonderful number, 300K, but I just don't want it anymore and I'll sell it to you for this.
And it's going to cash flow like that when I do the number low. Well, yeah, I guess I am a buyer in this market. So there are always opportunities out there where I could be a buyer. I'm just not actively looking for them. Instead, I'm focusing on some other stuff that I think is important right now. When will I be a buyer? Because you asked that question too. I'm trying to hit all your questions. I'm just slow.
Frank Hereda (40:43.215)
Yeah.
Frank Hereda (40:48.325)
Yeah.
Frank Hereda (40:59.268)
Would you -
Yeah, yeah, yeah. You're doing good. I have a bad habit of asking five questions at once.
Scott Stanfield (41:10.016)
I like it. I can keep my head on it. And if I forget a question, I'll just ask.
Frank Hereda (41:14.564)
Yeah. Do you think interest rates is enough? I mean, I would say the job market needs to be like right now, the difference I see is, you know, rates of, said this a couple months ago though, to a lot of my coaching clients, said, I could make the case that rates go down and you don't see a crazy frenzy because other things are, people are feeling it in the economy in other ways. So they're, just not running to the, to the, buy a house. But if, if that changes, I think that that, if, if, if inflation comes down or whatever you want to call it, that's
Scott Stanfield (41:33.781)
they're feeling it. Yep.
Yeah.
Frank Hereda (41:44.142)
It gets easier for people out there. That and low interest rates, that's the storm we want.
Scott Stanfield (41:50.349)
Right. I mean, I guess there is some softening, right? Commodities are actually dropping in price right now. And for those who don't know that, that may not be a good thing, actually. But I don't know if I want to open that can of worms. That's a pretty big side tangent. But essentially, I should go. I lost track of what I wanted to say there. I apologize.
Frank Hereda (41:59.034)
That's right, yeah.
Frank Hereda (42:06.19)
Yeah.
Frank Hereda (42:11.758)
No, I was just talking about like, if things get better, in the economy and rates go down, that's what we're looking for. Cause rates have come down, but there's a lot of people still on the sidelines.
Scott Stanfield (42:18.486)
Right, rates have come down. But look, there are so many potential catalysts for problems that are there waiting that have to be resolved. There's office space, there's retail, there's a lot of, no, it hasn't, and it's going to. And that's exactly why I'm not buying. And those are some of the things I'm waiting to see. I want to see resolution on these big issues and realize I'm maybe in a different spot than other people. I have a portfolio. It is performing. It is well positioned.
Frank Hereda (42:25.423)
Yes.
That hasn't really even hit its stride yet.
Scott Stanfield (42:47.788)
I don't really want to be aggressive. I'm happy with where I'm at and letting time kind of sort these things out. yeah, and again, it goes back to taking what the market gives and looking at what you have and just positioning yourself. And so yeah, that's one of the things I'm looking for, though. I want to see some of these potential catalysts resolve themselves out. I want to see maybe if we do go into a full blown recession.
Frank Hereda (42:55.472)
think that's a point.
Scott Stanfield (43:16.44)
realize that you're going to see a lot more than a 0 .25 % drop from the Fed if we get into a true recession. They're going to try to stimulate the economy. So if I start seeing rates coming down and coming down hard, now I'm going to start smiling because now people are going to be afraid to do stuff. But what's really happening is we're going to get into expansion. And I'll give you a great example that most people are going to be familiar with. What happened during the pandemic?
Frank Hereda (43:31.257)
Yeah.
Scott Stanfield (43:44.086)
Government went to wartime spending levels. What resulted? A major expansion. So if we do get into a recession and the Fed does start dropping the rates and dropping it aggressively to stimulate the market, what they're really doing is they're infusing cash into the market and that will lead to an expansion. And so at that point, I know recovery is really just right around the door and I'm gonna start really pricing stuff and looking aggressively for houses that are gonna help get my asset number up.
Frank Hereda (43:44.442)
Mm
Scott Stanfield (44:14.384)
So that's the value of my assets that can take advantage of that expansion. That's really what I'm doing. That's when I'm going to be a buyer again and currently what I'm looking at.
Frank Hereda (44:24.89)
So I heard you mentioned one earlier, but I wouldn't be a good host if I didn't really drive a little bit harder and say, hey, Scott, what are the top three markets you would actually like to buy real estate in?
Scott Stanfield (44:29.431)
Ha!
Scott Stanfield (44:37.324)
I actually really like Arkansas and nobody is thinking about that. so Little Rock, it's a state capital. So you have government jobs. If I'm worried about a recession and I'm mentioning it because if people are looking to buy, I do like state capitals in this environment because you do have government jobs along with some other industries. Yeah. And those jobs tend to be very stable when the economy takes a downturn. And remember, you're supplying housing, right? So you're
Frank Hereda (44:40.387)
Okay.
Frank Hereda (44:56.89)
That's interesting point.
Scott Stanfield (45:06.712)
The is housing and you need demand. You need people that still have money that can pay rent. I do like state capitals. think if I was buying right now, I would look for state capitals that have upside. Why Arkansas? It's still in that sunbelt. If you start to look at some of the population growth and that sort of economic growth, it really looks like it's at the beginning of maybe doing something good. To give you an example, think about like
Some of the other some better areas have already, you everybody knows about it, right? Texas has been crazy, right? Arkansas, Alabama, obviously Huntsville is already pretty hot, but there are other areas in Alabama that are getting ready to, I think, really expand. And so I would focus there so that when you get into maybe what will be a great expansion, right, when we get to this next recovery, I'm sorry, expansion phase, you're going to be in markets that are really kind of at the bottom and ready to really take off.
Frank Hereda (45:41.742)
Yeah, Florida.
Scott Stanfield (46:04.384)
and realize that the price points here are still lower than other places. So the cash flow is going to be there while you're being patient waiting for this appreciation.
Frank Hereda (46:14.36)
Interesting. I have a buddy who's doing a lot of land tax deeds in Arkansas. So interesting you say that.
Scott Stanfield (46:23.778)
Mm -hmm. Okay.
Yeah, so those are two of my favorite markets and I have others obviously that I look at, those are two that are really on my radar and I have property in both states. So full disclosure, I am there, I am invested there.
Frank Hereda (46:34.372)
Yeah.
Interesting. Yeah.
Frank Hereda (46:42.8)
Yeah. Well, even in Ohio, I think there, you know, Austin, Texas has been really a hot bed. That's been for a while. They just took it. Well, even with a 20, 30 % dip late in the last like six months to a year, you still wouldn't.
Scott Stanfield (46:49.398)
Yep, I wouldn't touch it. It's too hot.
Mm -hmm. No, let me back up. If I could find something that made sense, problem is everybody is going over that market hard and looking for stuff. And so I got to compete with that and it's hard to do that.
Frank Hereda (47:11.14)
Gotcha.
Frank Hereda (47:16.014)
Well, if you don't have to and you can go to some place that's not on the radar, then that makes sense.
Scott Stanfield (47:18.582)
Yep. And that typically is how I prefer. I don't want to get into a bidding war. And so that's why I try to avoid those extreme growth areas. I just you get into this auction price modeling. Sticking to my criteria, I know them and be sending out tons and tons of offers and never winning. So I just prefer to avoid that. Like I said, I can go somewhere else and get the property that I want. And even if
Frank Hereda (47:37.944)
Yeah. Yeah.
Scott Stanfield (47:47.65)
Texas goes bananas, right? And there's all this appreciation and realize that as long as I'm in a good area, I'm gonna be riding on the coattails of it anyways. The rest of the areas, the whole country, if it's a good decent area, is going to come up with it. That's just how markets work. So I'm fine just riding the coattails, I guess.
Frank Hereda (48:10.958)
Yeah, right. Well, hey, they both pay. So
Let's kind of wrap up with, tell me about, I know you're big on checklists. I would call that, yeah, I would call that SOPs, which is basically the same thing. So what would you say is a checklist that, know, it doesn't matter where you go in state, out of state, you know, whatever your market is, what is, is there a specific checklist? What, what is it that you're like, Hey, these are the most important. This is for the framework. If you're going to buy.
Scott Stanfield (48:21.334)
Yeah, I am.
Scott Stanfield (48:26.934)
Yep, it is.
Frank Hereda (48:44.868)
What's the checklist we're talking about?
Scott Stanfield (48:47.234)
Yeah, so for evaluating a house, evaluating a misproblem, I have checklists for all these different processes. And there's a lot of reasons for them, right? I don't want to forget something, right? And I also, as I learn something, maybe I realize I make mistakes, make a lot of them. What's crucial about the mistakes is that I learn from them. And how do I make sure I don't repeat them? I come up with a criteria and I put it in my checklist.
Frank Hereda (48:54.094)
Okay.
Scott Stanfield (49:14.89)
And so that's why I use checklists. It's basically just a working version of my business plan. That's really what it is. And so you asked me for some key components to that. so again, for evaluating which metropolitan I want to invest in or...
Frank Hereda (49:35.268)
Let's, well, yeah, I guess that's not a, that's not a fair question because it's pretty broad. well, yeah, yeah. Well, well, first, before you give us, I'll, I'll, I'll refine it, but where can they go? Well, to get the checklists for all of these, if they can, go to your website, can they buy your book? What's the best way to get those checklists? And then I'll have you refine one of them.
Scott Stanfield (49:39.689)
no, that's all right. We'll just narrow it down and then I'll nail it or try to.
Mm -hmm. Sure.
Scott Stanfield (49:53.065)
and
Scott Stanfield (49:56.78)
Yeah, yeah. So right now, the only way to get all of them is through my book. And it won't stay that way. It's just I'm one person. So I'm trying to create educational videos I can put on YouTube. It's just free so people have access to it. I just, you know, I've recorded a few. I'm getting ready to record a bunch more. For those who are looking for entertainment, this is not entertainment. These are very dry PowerPoints. I've got them illustrated so that the concepts flow well and you can
Frank Hereda (50:02.746)
Okay.
Scott Stanfield (50:26.604)
visually see them, right? So I think that really helps learning, but they're geared towards learning. I want to teach this and I'm not charging to teach it. You need your money to invest, but I do sell a book. So right now all the checklists are available in the book, along with how they came to be, all the detail that goes into maybe more detail than somebody wants, but I would be doing a disservice if I didn't put all that information in there.
Frank Hereda (50:55.758)
What's the book called? And we'll put the link in the show notes, but what's the book called?
Scott Stanfield (50:55.818)
When it comes... yeah, sure. the book is called Passive Profits, The Turnkey Rental Investor's Guide. You can go to my website. You can find it there. It's a little cheaper there. You can also go to Amazon. It's on Amazon. So it's really however you would want that book. If you were to go to my website, there are resources there, blog articles that are covering a lot of this. And I'm using the blog as a way to...
because again, the market's dynamic is a way to update the information as the market changes. I haven't gotten to that part just yet. I've released about 21 blog articles so far, and that's been more geared towards just fundamental information for the business, but realize my goal with that long -term is to get more into current events and really keep things up to date with what's going on in the market. And then obviously YouTube, I have the channel, I'm uploading videos, haven't uploaded them yet.
and this will help you find these checklists. And I'll go through all the detail that went into it. I'm actually really looking forward to seeing the comments come back. What can I learn to help, not just help other people help me. There are smart people out there that have thought about this problem in a different way. And I'm really looking forward to seeing what people say. There may be topics I never even thought about that now I can go and read about and learn.
Frank Hereda (52:21.157)
Yeah.
Scott Stanfield (52:23.554)
For me, it's great too, and so that's really how you can learn more.
Frank Hereda (52:28.09)
I'll leave, won't, we won't even refine it. I think I'll just let people go get the book if they have questions about, because there's so many and I don't know who, know, there's, everyone's going to be different to everybody, but I will say having a checklist for what you do is, is the only way you got to have, you got to have a system and a process and that is one. And it keeps you on track from one doing the right things every single time and consistency. And then you just adjust it if you want to change it or update it. So.
Scott Stanfield (52:33.309)
Sure. Yeah.
Scott Stanfield (52:45.322)
is
Scott Stanfield (52:53.132)
Yes.
Right, and even outsourcing, like if you don't want to do that activity anymore, how are you going to bring somebody who doesn't know anything about it and train them? You're going to provide them a checklist. And if you put a person under a system like that, now they can perform it. And what's the end result going to be? The same as you would have got because you have this rigorous guidelines that you're utilizing, or these action items that are in your checklist. So there's a lot of value to it.
Frank Hereda (53:03.834)
That's right.
Frank Hereda (53:23.918)
Love it. Love it. Any parting words of wisdom for the audience on anything real estate that you would leave with them before we end.
Scott Stanfield (53:33.686)
Yeah, right now is a great time to be learning, maybe not investing. Learn and then once you're ready and things are right and you see an opportunity, don't analyze it to death. Take action. That's really what you got to do. And you can beat a problem to death forever, but eventually you have to actually take action. So take action and you don't have to do this all on your own.
Frank Hereda (53:55.918)
Yeah.
Scott Stanfield (54:01.868)
There are so many places you can go and get information. You can email me, for example. If you go to the website, email me. I answer emails. I answer all emails. if you have questions, ask. Go to message boards and ask. There are REA groups in every city. Join. Ask. You don't have to go about it doing it the way I did with the niche I selected. I went that way because it fit with my resources.
and the times ahead. So yeah, just get started. Just try to figure out how you're going to include that in your day -to -day life, whether you're going to meetings or not. Learn and then realize that at that point, opportunities are just going to present themselves.
Frank Hereda (54:47.738)
I agree. would say, I I took from what you just said, action, take action, but also, you know, no, it's true though. I mean, that's, that was a piece of what you said. And I also think I would add to what you said, which is you got to do the practice. You got to put the work in first, which you're saying learn and study. I agree. And it's practice those deals, like fine deals on the internet, fine deals that are out there.
Scott Stanfield (54:52.726)
Yeah, I got windy.
Frank Hereda (55:11.63)
and then work the numbers so you know that when the time is right, you will know when that deal presents itself because you know what it looks like. But if you don't know what it looks like and you don't go out and practice it and apply it, you'll never know.
Scott Stanfield (55:21.026)
You'll never see it. You'll miss the opportunity. And thing is about life, you don't get a lot of opportunities, like real opportunities. You have to figure out how you're gonna really see them. And then when they do present themselves, you gotta pounce on it.
Frank Hereda (55:25.701)
Yeah.
Frank Hereda (55:38.458)
Totally agree. Good stuff today, man. I appreciate you being on. We'll put the links and the, the show notes and, you might have to have a part two here, man. we've got lots we didn't touch on.
Scott Stanfield (55:41.132)
You
Scott Stanfield (55:44.802)
Mm
Scott Stanfield (55:48.928)
Hey, I'm all for it. Yeah, I mean, if people come back with feedback and questions and they want to see something, you know, I would love to do this again. I think it would be great, especially if we're reaching people and, you know, and it's something that can help them.
Frank Hereda (56:03.418)
Heck yeah, I agree. Awesome. All right, well, everybody, we'll catch you on the next episode. Scott, thanks for being here. yeah, absolutely. And we'll catch you guys on the next episode. All right, everybody, bye.
Scott Stanfield (56:12.187)
Thank you very much.
Scott Stanfield (56:20.172)
Thank you.
INFO:
Frank Hereda (Business Coach): www.frankhereda.com
Scott Stanfield: www.scottastanfield.com
