What do you want to be when you grow up? Do you dream about making millions of dollars and driving luxury vehicles? That’s a great goal; unless you “major in” student loan debt. Today, Toby Mathis of Anderson Business Advisors talks to Clay and Evan Manship. They’re the owners and founders of Mainstay Property Group, which exclusively sells Indianapolis real estate and offers to consult, coaching, and advising through the process. They’re also familiar with figuring out life and a way to deal with their six-figure student loan debt.
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- Mainstay’s mantra is to provide value via equity through wholesale transactions: Clay and Evan have completed about 1,200 property transactions
- Rich Dad Poor Dad transformed how they looked at life; instead of working 100 hours a week as investment bankers, they could own buy and sell houses
- Bought first house in 2013 for $2,400, put $1,000 down to make monthly mortgage payment $94, leased it for $650 a month, and selling it now for $120,000
- Graduating from negative net worth, going door-to-door to raise private capital, living in their parents’ home to owning several homes and a successful real estate business
- 270 rejections for 23 year olds who didn’t know what they were doing; then, along comes Jeb (#271) on BiggerPockets.com with $30 grand
- Lesson Learned: Build a portfolio and niche by identifying a service to procure investment opportunities to help build other people’s portfolios
- Cafeteria Service: Evan and Clay’s “secret sauce” is procuring properties
- Wholesaling isn’t about waiting for deals, but going out and finding them; keep business model moving by starting the process
- First Faceplant on First House Flipped: Bought house for $125 and put $125 into it, but made newbie mistake of over-leveraging money and lost $36,000
- Tuition and Textbook Mismanagement: Paid a lot of money for a college degree, but paid a lot less for one year to flip property degree
- Evan and Clay’s communication process with people who buy properties from them: What are you looking for? How can we customize a solution that achieves those goals?
- Advice for getting into real estate: Know the game you’re playing before you can get good at it, get to First Base, don’t be afraid to swing the bat, and build the best team
- Why do you need a degree? What’s the return? Millennials are renting, not buying houses because of so much student debt
- Passionate about non-profit organization to implement financial education into high schools and lead students down the path of financial independence or wealth generation
Full Episode Transcript
Toby: Hey, guys! Welcome to the Anderson Business Advisors podcast. This is Toby Mathis. I’m joined by Clay and Evan Manship from Indianapolis. Welcome, guys.... Read Full Transcript
Toby Mathis, is a founding partner of Anderson Law Group and current manager of Anderson’s Las Vegas office. He has helped Anderson grow its practice from one of business and estate planning to a thriving tax practice and national registered agent service with more than 18,000 clients. In his work as an attorney, he has focused exclusively in areas of small business, taxation, and trusts. In addition, Toby was the past director and host of the longest-running local business radio program on KNUU in Las Vegas “The BOSS Business Brief”. He sits on the board of directors for several companies and was recently appointed to the local board of Entrepreneurs’ Organization, a worldwide association of owners of successful businesses. He has authored more than 100 articles on small business topics and has written several books on good business practices, including first and second editions of Tax-Wise Business Ownership and 12 Steps to Running a Successful Business.