Idaho Speakeasy | Stories and advice from Idaho business owners, entrepreneurs, creators, local icons, and community leaders who are making an impact in Idaho. With host: Mike Turner
About This Show
Mike Turner, host of the Idaho Speakeasy, is a local business owner, author, and world travel junkie. Mike has always been enthralled to meet and learn from other local entrepreneurs, community leaders and fascinating local icons in the community he calls home. Mike soon discovered that the stories and advice he was getting was too rich and valuable to not be shared with the rest of the community. With that, the concept for Idaho Speakeasy was born. For more, visit: http://IdahoSpeakeasy.com.
Most Recent Episode
IDS-013 Reese Phillips, Transactional Versus Relational
Reese Phillips knew early on that the only way for him to gain wealth would be through real estate. He read Rich Dad Poor Dad, which shows how the relationships and discussions people have with their elders shape their ideas about money. He started at age eighteen by buying a house, living in it for a year, then buying another and renting out the first. After repeating this process for about fifteen years, he’s built up a hefty portfolio of single-family rental homes.
Success and Relationships
Phillips started Phillips Property Management on a part-time basis in 2013 because he couldn’t find a property manager to manage his properties efficiently. About a year ago, he took the property management business to a full-time basis. Along the way, he built many relationships that ultimately helped him to grow his property management business and other related companies.
For example, he was approached by one of his contractors and asked to do a joint venture with him, which he accepted. A realtor who Phillips had done business with asked if he would be willing to put together a staging business, he did some research and so a gap in the market and decided to jump into that business as well.
“Phillips Companies” is a bunch of real estate driven companies that focus on making people successful in real estate, whether it be through property management, Staging and Design, Roofing, or his investment company.
Cheap Versus Correct
While Phillips’ companies are not the most expensive, they also are not the cheapest. “We’re definitely not going to be the low-end person. We’re going to be the person who gets it done at a fair price, gets it done correctly, and gets it done the first time,” says Phillips. He wants to engage the community, give back, and have a positive outcome.
Property managers get a bad rap. Often this stems from them saying that everything will be fine, there will be no issues, and no one should worry, when that’s simply not true.
“I want to be upfront,” says Phillips. It’s not going to be perfect. There are going to be issues. But if they follow the correct steps, the long-term ret