Unlocking the Secrets of the Car Rental Business with Michael Onuoha | Digital Social Hour #76

To be honest with you too, in the car ventilator business,

I get scared of buying certain cars.

People want to steal them.

I've heard too many horror stories.

I got friends in the car vundo business.

People ran out their hellcats and they take everything.

They gut them.

They'll swap out your tires.

They'll swap out everything in the car.

Have you ever had a car get stolen?

Oh, yeah, I've had that happen before.

What happened?

We knew she was lying.

She came, she ran in the car.

She filed a police report claiming it was stolen from her, but we knew she stole it.

Yeah.

Welcome back, guys, to the digital social hour.

I'm your host, Sean Kelly.

Got an amazing guest for you guys today.

Mike, the businessman.

Yes, sir.

And how's it going?

Man, I'm doing great, man.

I'm happy to be here, Sean.

Thanks for having me out.

I'm gonna have you.

The car rental king.

Yes, sir.

Yes, sir.

Let's talk about it.

How many cars you got now?

Man, for me, it's quality over quantity, bro.

I got like 12 luxury and exotics, but then I have a small fleet of economy cars also.

Nice.

And what was the first one you got?

First one I got was, I think, well, it was two.

The same day, I got a Maserati and I got a Mercedes-Benz.

First day started.

The same day?

Yeah.

First month, I got the whole 12.

Wow.

Yeah.

And one of the things I thought you did interesting when you buy your cars is you don't let them run credit tracks.

No, no, no.

How do you go about doing that?

Right.

So it's, I mean, they still have to, so to speak, right?

But what we're doing is we're doing it the right way.

We're using an LLC, right?

So I form an LLC and I get the vehicles under my LLC.

And when you do it that way, they do do a credit check, but then you're personally guaranteeing the loan.

So it doesn't show up on my personal credit.

It's on my business credit.

Instead.

And that's a good hack, because I feel like people get cars under their personal names most of the time.

100%.

Yeah.

And that's the biggest mistake.

A lot of YouTube gurus were preaching to go get 30 cars in 30 days.

I don't know if you've heard about that before.

Pretty much, they were taking advantage of a loophole.

If you, on January the 1st, if you bought a car on January the 1st, it won't show up on your credit till February.

So you can go run it up and go get as many cars as you want in January before they start showing up in February.

Wow.

The only problem is I did the same thing.

That's how I got 12 cars.

And then I woke up in February and my credit score tanked because all of a sudden my debt to income ratio was through the roof.

Wow.

And that's when you owe way more than what you bring in.

And then banks won't approve you for nothing after that.

Yeah, and I know some people that did that.

And now the car market kind of cooled off a little bit, right?

Because they did this.

It peaked like two years ago, I think,

during C19.

yeah and then so where were you at during during like yeah so um I was actually I had started this slightly right around the pandemic right when it started that's when I kind of was leaving corporate America so I transitioned out of corporate I used to do corporate America I was working at some banks like JP Morgan Chase Bank of America I was in risk management and I had buddies already doing the car rental business so that's when I started researching and started making my segue into car rentals so right around when the pandemic started that's when I started to yeah so you got experience in the banking industry I feel like that probably helped you learn about the car industry too yep not only just that i actually rewind way back i started off in insurance i used to sell auto insurance oh yeah so in dallas i had an auto insurance agency i had three locations selling auto insurance that's how i met my wife actually i sold their insurance yeah funny enough that's so funny yeah so and that's why so when i saw my friends that were doing the business and they were struggling i identified with their struggle most of their struggles were around insurance and also risk management they just had no risk management in place i'm like this is easy i could do this in my sleep and then that's when I just jumped into it.

Nice.

And what's the best way to get car insurance?

Because some people get ripped off.

Oh, yeah.

So if you're doing car rentals,

there's commercial insurance out there.

So we use commercial insurance.

Otherwise, yeah, if you just want insurance, bro, you just progressive.

I'll set your regular.

The regulars.

Yeah.

I went through Tesla for mine.

Tesla has their own insurance.

It was way cheaper than like Geico's.

Other people.

I haven't tried theirs yet, actually.

It's only like 50 a month.

No way.

So it's based off your safety score.

Did you have a Tesla?

I used to have a Model X.

Okay, what was your safety score?

I did not know I had a safety score.

I did not know they were tracking my driving habits.

That's scary.

Wow.

So mine's a 95, so it's really good.

Can I ask you something?

Did you opt into that?

See, you don't even remember?

I don't.

Oh, yeah.

Wow.

That's scary.

They be tracking you, man.

They sure do.

That's scary.

That's scary.

Yeah, I didn't know that.

No.

No.

But yeah, as far as insurance, right?

So there's two ways to do that in the car bundle business.

Either you go get a commercial insurance policy, but the thing with those is they only cover up to a certain amount.

So they will only cover cars up to seventy thousand dollars you want your high luxury exotic cars no so in that case we have to rely on the renters insurance so if you were coming to dallas and run one of my lambos i wouldn't ask for your tesla insurance and then i would call tesla to find out if your insurance policy would transfer over to my car oh yeah that's the way we would have to do it that's a good trick because i've heard with these luxury cars some of the renters crash them right oh yeah all the time has that happened to you oh 100 yeah and see that's the thing right so because i have the right processes in place i'm not worried about that oh yeah yeah because uh there's ways to either transfer the risk over to the insurance company, or if you vet the customer right from the start, you can avoid that to begin with, or reduce the risk to an acceptable level.

So, yeah, you gotta vet because my friend has a company out here, and the car got shot up, but he was doing like cash, like cash rentals, which is dumb.

Like, you gotta don't, they don't sleep on the cash rentals.

Whoa, like some of them, some of them are good.

Is it worth the risk, though?

Because

they're not providing KYC on Turo app and stuff.

Gotcha.

And that's a good point that you brought up, KYC, too, right?

You can still have both.

So we are still able to cater to those cash people.

And a lot of them, the reason why is they just don't want their names on anything.

They don't want to go buy cars.

There's people out there that would rent your Lambo for months, paying you like $20,000, $30,000 a month.

Dang.

Yes.

It's happened to me several times.

You serious?

Bro, my biggest, when I bought my Hurricane, it was meant to be my personal car.

Yeah.

A guy immediately offered me $30,000 for it for a month.

He ended up keeping that for two and a half months.

Holy crap.

That's what paid for the whole car.

Pretty, but much.

No, my I-8 was the best one.

The guy was paying me $4,700 a week, had it for 11 months.

Paid me $178,000 for an I-8 that cost me 90 bands.

Yeah.

Could have just bought the car at that point.

Pretty much.

I don't ask questions, bro.

I don't care.

You just collect the check.

Hey, the cash, the cash clears the bank.

I'm good.

Yeah.

So that's the way we run the game.

So do you want to scale?

and add more vehicles or are you happy with 12?

I'm happy.

So I'm at a point where

I'm happy where I'm at.

Plus, I get people that constantly bring me vehicles.

So if it's a car that's in demand, I'll take it.

And then, yeah, that way we do a profit split.

Yeah, yeah.

And so that's what I encourage people to do.

Is this in Dallas?

Yeah, this is in Dallas.

Yeah.

Okay.

What are some hot markets right now, you think?

Well, I think, funny enough, I think you could make this shake anywhere in the country.

Just all you need to do.

I always tell people, first things first, is identify a niche that you want to focus in.

So maybe you want to do economy cars, or you want to do luxury exotics, or this Sprinter Slingshots.

People do cargo van rentals.

People do weddings solely, classic car rentals.

There's so many niches out there.

Find one, focus on that.

And then within that niche, define who's your target audience.

Who's your avatar?

Right.

So are you targeting, you know, maybe just college graduates or

young drivers less than 25?

Do you want families?

Find your niche and then go market to them.

You would never be out of business.

So I think anywhere you're at, you could make money.

But obviously the biggest markets will always be Vegas and Miami just because of the tourism.

Nice.

Yeah.

And do you recommend your clients lease, finance, or buy it outright?

Gotcha.

So I do not like leasing.

Scratch that off.

Unless for some reason they give you a lease deal that's giving you unlimited miles or a lot of miles, then fine.

Possibly you could get away with the leasing with the higher exotic cars if they give you enough.

But I don't like it.

I do not recommend that you purchase these vehicles cash either.

Like I'd like to get in these cars with no skin in the game.

Like I want to use my LLC, put zero down if possible.

You know, that's the ideal way to do that.

How can you put zero down?

Don't they ask for a huge down payment?

No, no, well, some of them do, but then if you build up your LLC the right way, and there's something we call the ladder of ascension, and with the car buying process, right?

So they always approve you for double your last car note, your car loan, right?

So say your first car was a $20,000 car.

Next time you go, they'll approve you for $40,000.

Okay.

That's how you climb up the ladder and get to the exotics.

So as long as you make that progression, and they see that on your credit profile, the banks will then relax their requirements and you won't start getting hit with the 20%, 30% as much.

Oh, wow.

So, yeah, that's pretty.

People don't know that.

Yeah, they know that.

You have to create that relationship.

They want to see that you've been doing those, I'm getting card notes for a while.

Yeah.

And then, how do you build business credit?

Right.

So, for that,

pretty much you get your LLC formed, right?

And you got to dress up the LLC.

Some states consider LLCs to be actual human beings, like the state of Montana does.

Oh, yeah.

Yeah.

So, the same way a human being needs to have a phone number, a social security number, a home address.

Your LLC needs to have the same things.

A business phone number.

You need to have a business email, not a Yahoo, not a hotmail.

You need to go get your EIN number.

So that's like the social security number.

Then once you have that, go get credit.

So go open up a Dunn and Brad Street account.

It's free.

Go to DNB.com, DNB.com, get a Dun - Brad Street number.

That's how you start building your business credit.

Once you've gotten your Dun - Brad Street number, you want to add what they call vendor accounts to it.

Okay, there are companies out there that give you these vendor accounts like Amazon Business, Home Depot, Florin Decor, so many companies that Eula and Granger.

You buy some crap every month, pay it off on time, and they'll report to your business credit bureaus every month.

Wow.

I think if you have five or six of those, you establish a pay deck score, and then that's how you build your credit up.

They don't teach this anywhere, man.

They don't financial literacy.

Unfortunately, they don't teach that in schools.

They should.

Yeah, that's crazy.

They really should.

What cars do you think are overrated?

And you've seen a lot of issues with them.

McLaren's.

If you're doing the exotics, do not touch the McLarens are not good for business.

Really?

Oh, yeah.

Every time they go out, bro, it's a check engine light, something.

something.

Yeah.

I don't, yeah.

I don't.

I stay away from the McLarens.

Bentleys are 50-50 with me.

I have a love-hate relationship with the Bentleys too.

Yeah, they're very finicky cars if you're doing the higher end.

Yeah.

Yeah, 100%.

100%.

Which vehicles are you able to write off?

So, yeah, that's a good question.

So we're taking advantage of Section 179, right?

So Trump kind of helped us out with that.

If a car weighs over 6,000 pounds, you could write off the entirety of it.

So a lot of people leverage that.

So I call them, they take advantage of the tax savings.

So you see influencers online, right?

They're flossing, they're showing off their G-Wagons and all of that.

They're not doing that just to floss.

They're taking advantage of that 179.

They made a lot of money and they need to write off a lot of it.

So they go buy those vehicles before the end of the year and you could write off the entirety of it.

Now it's only 80%.

Last year it was 100% of the car.

Now it's 80%.

Biden changed it?

Yeah, they changed it.

Yeah, they changed the law.

What people don't know too is it doesn't have to be a G-Wagon or something that expensive.

Your Escalades weigh 6,000 pounds.

Your Suburbans, there's so many cars that are cheaper, less than 100,000, that weigh over 6,000 pounds.

You can ride it.

Now, for cars under 6,000, is it true if you change the plates to your Instagram handle and you add stickers on it, is it a marketing expense?

They say that.

They say that.

Yeah, I've heard that a lot.

That's a good one.

They tell you, yeah, if you brand a vehicle, it's the same thing with clothing, right?

As long as it's visible and it has your company logo on it, the IRS will consider that a business expense.

But then it also needs to be something that's necessary for your business, right?

So I don't know.

Maybe if you're I might be able to get away with it because I have to drive to the podcast studio.

And you have to do it in style, right?

Yeah.

God forbid you're in a $100,000 car.

It's got to be in the vendor doors.

Oh, yeah, 100%.

Yeah.

Justify that to the IRS.

That's funny.

What do you do outside of cars, man?

Outside of cars.

So I also, car rentals has actually opened up a lot of doors for me.

After I left corporate America, I started a car rental company.

And that also, I used some of the funds from that to open up a turf equipment company.

All right, so I have a turf equipment company where I sell what they call greens mowers.

Um, that's what they used to mow golf courses.

Okay, so I sell them all across the country to people.

Really?

Yeah, there's this lawn fanatics out there, green thumbs that like their lawns looking like golf courses.

They want putting greens in their backyard, yeah, or they love the stripes and stuff like that.

And these mowers cost a lot, they're like fifteen thousand dollars brand new.

What?

Oh, yeah, people are mow a golf lawn.

Oh, yeah, to mow their homes, they're using these at home.

Oh, do you push it or is it

a push mower?

And it's 15 G's?

Brand new.

We sell them used anywhere from $2,000 to $5,000.

Wow.

People buy these all day, every day.

You serious?

I kid you not.

How do you find buyers?

Bro, I don't even do marketing.

I don't, bro.

Facebook groups.

Bro, that's it.

Organic, strictly organic, bro.

That's an interesting business.

I've never heard of that.

So I do that.

And then I've got the academy also where I teach people also how to get started in the private car rental business.

So what if someone has no money or little money?

Do you think it's possible to get into car rentals?

100%.

So I tell people, if you have no cash no cars no credit you can still get in so if you don't have physical currency leverage a social currency like who do you know all right so you have to bring something to the table all right if you don't have money none of that stuff leverage your family members all right they probably have cars they have credit right so you come with the knowledge leverage their cars leverage their credit get busy um you could also get an LLC because I don't want you guys stuck there get an LLC that way you can start to build your business credit credit repair works y'all this is 2023 credit repair works yeah go fix your credit and then so that way you can get your own cars yeah fixing my credit was a game changer because i was able to get so many cards and loans after i fixed it bro the power of an llc too bro yeah it is amazing that was the biggest game changer for me when i unlock the benefits of an llc it's amazing yeah i know people that have i have friends that have over 70 llcs

and all they do is just go get funding on all of them So literally, they could finance any project.

And that's the way we need to think.

Warren Buffett says it best.

If you don't figure out a way to make money in your sleep, you will work work until you die.

Yeah, that's what he says.

So, how do you take that to heart?

So, I leverage my LLC, I get enough funding, and I just keep it.

Whenever I see a good business opportunity, I jump in.

So, how much funding can you get for each LLC if you build it up?

The sky's a limit, bro.

I mean, look, Chase, now, if you've got a good, well-structured LLC, Chase is giving out limits up to 100,000 on one credit card.

Imagine if you have 70 LLCs.

Wow, you can get 70 Chase Inc.

preferred cards, each for a 70 to $100,000 limits.

So you can literally get tens of millions of dollars.

Bro, people doing this every single day.

And that's my next venture, commercial real estate.

That's the next commercial real estate?

Yeah, destination.

What made you want to get into that type of real estate?

I just, I did residential a long time ago.

It just wasn't for me.

I did residential, small duplexes.

I just didn't like dealing with tenants.

It's hands-on, right?

Yeah, I didn't like dealing with tenants.

So now I want to take it to the next level, go commercial.

Yeah, I know a lot of guys killing commercial.

I've met some guys killing it with land, too.

I've been hearing a lot about that too.

Land.

Yep, yep.

Foreclosed properties, tax liens, things like that.

Yep.

Yep.

Lots of opportunity in real.

So you can really take all this money on credit cards and apply it to your business?

100%.

100%.

Why not?

I mean, there's people, man, bro, there's people out there, they live off of debt.

They pay themselves off of debt because you can't pay taxes on debt.

Dave Ramsey is

so pissed at us right now.

He's rolling over, right?

Once he sees this.

And it's counterintuitive, right?

So society told us cash is king.

Credit, you know, run away from credit, right?

Only use it for emergencies.

No, it it can't be further for the truth.

Yeah, well, I think people get ahead of themselves with credit, and that's the thing, right?

So you have to separate consumer debt from business debt.

Yeah, a lot of people use their debt for stupid stuff, right?

You know, I couldn't tell, I couldn't tell you the last time I swapped a credit card for clothing and none of that.

No, no, if I do, I'm just doing it for the points and I'm paying it off immediately

second I get home.

Yeah, um, but business debt 100% put that all on a credit card.

Yeah, what are your favorite credit cards?

Man, for me, um, I like the Amex plum card.

Yeah, I use that a lot because I get 60 days no interest so i can make whatever moves i want with that pay it off in 60 days another big one for me is the amex gold card because i do a lot of advertising especially for my car rental company yeah so i do google ppc ads i get 5x points on that wow you know facebook ads too 5x points so i love that i didn't know the ads worked for car rental companies oh yeah 100 that's how i get so um the way i do rentals right so i teach private car rentals right this is when you're renting directly to customer okay there is no middleman there is no app in between right so a lot of people are familiar with some of these apps like Turo.

Yeah.

Kind of like the Airbnb.

My only problem with those apps is number one, they take 40% of your money.

Up to 40%.

That's a lot.

Right.

So if you want the insurance coverage, like the best insurance coverage, yeah, it's 40% they're taking.

I like keeping my coins.

I don't like

giving nobody 40%.

So that's why I go private.

Another good thing about it is private, you get, it's almost like high ticket.

You're getting more premium clientele, you know, versus what you get on these apps.

These apps, the renters are looking for the best deal.

They want the cheapest one, right?

Versus when you're coming premium, these guys don't mind paying premium prices.

Right.

All right.

A car that might, you might get on Turo for $100 privately, I'll rent that car out for $300, $400

a day and all day, every day.

You know, so that's the second reason.

And the most important reason is the data.

Who owns the customer data?

On these platforms, you don't get the customer's name, email, or phone number.

Really?

Turo keeps that.

How do you contact them then?

You can't through the app.

Oh, through the app?

Right.

But when you go private, I have that data.

So now I I have a book of business.

So if I don't want to, I can sell my book of business.

I can sell my company and exit, or I could pass it on.

So that's that's for me is the biggest reasons why I do private.

Interesting.

Have there been companies that buy car rental companies?

Yeah, 100%.

You put this on biz by sell.

100%.

It really is.

Yeah, the numbers look right.

People buy it.

Wow.

What's the multiple on it?

I haven't gone into it, nor have I seen anyone doing it.

I'm at that level.

The people I know doing it big, they don't want to sell.

Who are like the biggest players in this space?

I know out here in Vegas, there's royalty, right?

Yeah, royalty, right?

Yeah, he's really good.

MVP Miami, those are some of the pioneer's been doing it for a long time.

You know their numbers, or I have no I know that I mean they're doing they gotta be crushing it

because in these markets you guys have something we don't have in other spaces.

It's the hourly rentals.

Yeah, you know, you have people here that don't mind renting a Lambo for just one hour.

I see billboards for that.

There you go.

We were just in LA, Hollywood, on and people had them right there.

Yeah, like an hour.

You could rent a Ferrari.

Like $250 an hour, right?

There you go.

Something crazy.

You can't do that in most of the other cities out there yeah so if you sell like 10 hours a day of that that's 2.5 a day pretty much that's crazy yeah we don't have that luxury other states you ever see those uh those raceways oh yeah we've got those now they started doing those we have those in texas too um i'm not into that space as much too risky right it's too risky yeah that's something to be honest with you too um in the car von business i i i get scared of buying certain cars like your hellcats your scat packs things like those um yeah because nine times out of ten, they're doing way over 100 miles an hour.

Yeah, those are just high risk.

They want people want to steal them.

Yeah, I've heard too many horror stories.

I got um friends in the car run the business.

People rent out their Hellcats, and they take everything, and they gut them.

They'll swap out your tires, they'll swap out everything in the car.

Jeez, yeah, so I don't touch them.

Have you ever had a car get stolen?

Oh, yeah, I've had that happen before.

Once again, we have insurance.

I've actually only had it happen once.

Okay.

You know, but we have insurance.

We got trackers we put in the cars.

To make sure if it gets stolen, we know where it's at we go get them.

Oh, so you knew it got stolen?

Oh, yeah, we did.

Yeah.

What happened?

We knew she was lying.

She came, she went in the car.

She uh filed a police report claiming it was stolen.

Um it was stolen from her, but we knew she stole it.

Yeah, we we got trackers.

Crazy.

Yeah, so they do that all the time.

I heard they uh take the trackers out too.

They can sadly there's people out there that advertise for services like that to help you.

They claim they're helping you avoid the repo man take out the trackers from the car.

But we have ways that we put the trackers in to where so what we call active passive configuration.

So I'll put two trackers one is on one is off All right, so the one that's on is the one that they can scan and they find it and then they take that one off But we've got one that's in sleep mode

There you go So then we switch that once this one stops pinging we switch the other one on Yeah, we can kill switch the car.

That's dope man.

Yeah, yeah, and then you could if you can't afford to have two put an Apple air tag in there also Yeah, just hide the air tag so nobody can find it.

Wow.

That's another good way.

Yep

What else you working on, man?

Man, so really I'm just focused on the car business and the academy man.

We've got this five-day challenge in august august the 28th where we're going to be teaching people how to get started in the car bundle business so pretty much if you're out there you're a nine-to-fiver or a motivated entrepreneur and you're looking for an extra side income we'll come to the challenge we'll teach you how to start your own successful six-figure private car bundle business in less than 60 days so in five days we're covering everything you need to know about the car bundle business teaching you everything yeah um so it's going to be immersive i'm going to have a lot of special guests come in there to bless the crowd i'm even going to have nehemiah davis he's agreed to show up yep he's agreed to show up to bless the crowd.

So looking forward to it.

How did you build your network, man?

Because you know some heavy hitters and you've been on some huge podcasts.

I saw you on Million Dollars Worth the Game.

Yes, sir.

A few other big ones.

Yes, sir.

Yes, sir.

It goes back to just mentorship.

Mentorship, finding mentorships.

That's been the biggest game changer for me.

Especially leaving corporate America.

I immediately attached myself to mentors, being in the right rooms, being in proximity.

That for me was a game changer because not only am I able to collapse information and and get to my destination quicker, like you said, it's the networking.

I go to these conferences and events not to even go learn.

That's just, it's the networking.

A lot of my friends today are not friends I had years ago, a few, just four or five years ago.

No, most of the friends I have today are people I met at conferences, business partners.

That's it.

Right.

Yeah.

And were you happy when you were in corporate America?

Nah, bro, I was miserable.

I almost died.

It was that bad.

Bro, I almost died, bro.

When I started, and I only,

I have to, let me rewind.

When I graduated Rutgers, because you're from, you're, you went to Rutgers, too.

I went to graduated.

I did.

Oh, no.

You graduated.

Computer information.

I didn't make it, man.

Yeah.

What happened, bro?

Too much party?

Man, no.

So I graduated from Rutgers, Newark, and then I couldn't get a job out there.

Wow.

I tell people Jersey raised me, but Texas paid me.

So I had to leave.

I had to leave Jersey, move to Texas, got a job in auto insurance.

So I did that for several years and then opened up my own.

So I started off almost out the bat being an an entrepreneur.

You know, I got some experience and then went solo.

So I had my own insurance agencies.

So I was doing that for a while.

And then the recession hit, things got bad, I lost all of that.

And then, you know, my wife kind of wanted the whole picket fence, the American dream, you know, the house, picket fence, and, you know, me coming back with the lunchbox and, you know, dressed in a suit and all.

So I did that.

I went back to corporate America.

I said, let me try that.

I never did that.

And I did that for several years.

And I was in tech.

And a few things happened.

Sitting down all the time, you know, it gave me a blood clot.

It gave a blood clot in my leg, a DVT blood clot.

Bro, I couldn't walk for months.

Holy doctor said I would have died if we didn't catch that.

It was that bad.

So

after I got that, I knew, okay, I can't do this for long.

And then the second thing that happened to me was I was promised a raise and a promotion.

I got the promotion.

They gave me the title I wanted, vice president, tech and cyber operational risk manager.

But then the raise, they only gave me a $2,000 raise.

Jeez.

And this is after working for several years for a big name bank.

I don't want to mention their names.

they know who they are um um and then that's when i knew okay i need to retire my mom my parent my dream was always to retire my parents i lost my dad last year i couldn't do that for him so um my dream is to retire my mom and i knew corporate wasn't wasn't the way that's when i knew okay i had to go solo go do my own thing and i'm closer than ever to doing it hopefully by the end of the year my mom will be fully retired that's amazing man yeah that's the goal yes sir yeah it seems like so many people don't like their corporate jobs these days i'm not knocking i'm not knocking corporate america i'm not knocking a degree.

Hey, it works for some people.

It just wasn't for me.

Yeah.

Like you said, too, a lot of the intangibles that we need to survive today, they don't teach you that stuff in college.

Financial literacy, LLC, how to leverage that.

They're not teaching that stuff.

I didn't learn in college too.

See, there you go.

All I learned was networking.

There you go.

That's it.

Yeah.

But that's a good skill to have, though.

It is, but I didn't learn it from college.

I learned it just by being there.

Gotcha.

Were you in a frat or me?

Were you in a frat or something like that?

No, but I built relationships with them.

Gotcha.

Because you know how it is.

You got to get into parties.

Because a dude is tough.

Oh, yeah.

i remember that i remember that i remember walking the streets like yeah i was struggling at first that's funny unless you had a girl with you they're not like yeah no you had to have more than that you had to have five girls see there you go and what i did was i was broke i went on ebay and bought a rutters basketball shirt uh-huh and i'm pretty tall right i'm six six oh yeah so you can fly so people would just assume i'm like a walk-on or something oh that's a that's a dope one yeah

that got me in that got me in man man see and i used to hate you guys man you broke

you guys are so cocky man like when when we go to these parties, man, like, the Brunswick guys got all the girls and everything, and we're on the outside looking in.

Like, bro, even the Brunswick guys couldn't get in.

No way.

I mean, dude, like, frats, some frats wouldn't even let in guys that weren't from the frat.

No way.

So it would just be that frat and like 200 girls.

Man, man.

Like the top ones.

That's crazy, bro.

That's crazy.

You know, true story?

Ever since I left Jersey, I haven't been back.

Really?

I haven't been back.

You don't want to go back ever?

I just feel like there's nothing for me out there.

Is your mom out there still?

Nah, my family's all out here.

They all moved with me.

Okay.

They all came out later on.

Yeah, everyone's out here now.

Yeah, I only went back for my mom, but yeah, there's

not really a state for entrepreneurs.

And yeah, 100%.

It's like a family state, you know?

People made fun of me for being like.

Shout out to everyone from Jersey, though.

Irvington, especially, too.

Yeah, yeah.

Nah, it's not for me.

It's not like it, like in Vegas or Dallas.

Like, people don't have that mentality.

Yeah, I agree.

It is that hustle, that grind.

I've seen that in Texas, man.

My boys, when I moved out here, these guys are like 20, 21 years old, already making almost $100,000 selling auto insurance

yeah and um just the ease of setting up shop in texas doing business it was just so easy to get my licensing all of that stuff to even rent a location it only took me a week that's wild yeah you can't even fathom doing that in jersey nah yes and texas is affordable man oh yeah half a million dallas used to get you a house right oh bro man yeah 100 man you could still get a house in texas for 300 000 right there it is yeah so yeah not out here man yeah so it was it was just perfect perfect move perfect storm that's why it moved out there anything you want to close off with man Yeah, um so just uh let you guys know that and you could do it man wherever you guys are at you don't feel like don't feel like don't have limiting beliefs Don't think that age can stop you or you need to have a certain amount of money or so many cars You could do this.

I have people in my academy 18 years old and running the play renting out their cars I mean that way they don't have to go work two jobs while they're going through college.

All right, rent out the car that they have that liability on wheels sitting on their driveway.

They could put it to work make some extra side income.

All right.

I've got nine to fivers that have corporate jobs or regular jobs that use car runners as a a way to make passive income on the side.

All right, so don't let any of that stop you, even if you don't have good credit.

Leverage social currency, like I said earlier.

I'm an introvert.

I'm nothing special.

I came from Jersey.

I've had so many setbacks in life.

I mean, I'm from a badly broken home.

I ran away from home as a teenager when my brother slept on a house on my buddy's house, my buddy's floor for almost a year.

I almost died from a blood clot.

I lost my business during the recession.

So I've had so many down points.

But to be here, and I'm sitting across from Sean Kelly right now, guys, come on.

If I could do this, any of you guys could do it.

Um, just uh, I would say, find a mentor, invest in your education, invest in your education, and the sky's the limit, guys.

Don't give up.

Love it, Mike.

Thanks so much for coming on, man.

Appreciate it.

Now, I was just going to let you guys sign up for the challenge, guys.

Go to rentalprofitschallenge.com.

It's a five-day challenge, it starts August the 28th, guys.

Get your platinum tickets, and I'll see you guys there.

All right, I'll put it in the description.

Thanks for watching, guys, and see you next time.