The Real Estate Law Podcast

39 - How (and Why) to Build 15 Streams of Income with Investor Ken Wimberly

February 22, 2022 Jason Muth + Rory Gill Season 1 Episode 39
The Real Estate Law Podcast
39 - How (and Why) to Build 15 Streams of Income with Investor Ken Wimberly
Show Notes Transcript

Meet Navy Veteran and Entrepreneur Ken Wimberly, who has over 15 different streams of income from real estate investments, operating businesses, coaching services,  oil + gas holdings, and now.... the laundry business!

We dive deeply into mentorship and the value of building a meaningful network of individuals willing to help, whether through friendship, advice, or complementary skills. 

Ken is a founding partner in Laundry Luv, a chain of laundromats with a mission to educate, equip, and inspire those in the communities where they serve. He founded and grew KW Net Lease Advisors, a commercial real estate brokerage firm headquartered in Fort Worth, TX

In this episode, we talk about:
-- Understanding the WHY. Meaning, why are we even investing in the first place?
-- Crawling his way back to success after losing almost everything in the recession
-- The value of being a GoBundance member
-- How mentors helped Ken build a business and not just work a job
-- Creating intentionality by staying in touch with MVP mentors and clients
-- How relationships are like currency and the key to success in any field
-- Making business fun by doing business with people that Ken really enjoys being around
-- Transitioning from being a land broker to triple net real estate
-- How Ken landed in the laundry business
-- Why Ken built Laundry Luv operations around improving local communities
-- Ken's newest venture Legacy Journal, a way to capture life's moments
-- The legal elements involved with launching a new business

Fun fact - Ken has exercised for over 1,000 consecutive days. Whoa!

Get in touch with Ken:
Ken Wimberly on Instagram - https://www.instagram.com/ken.wimberly/
Ken Wimberly on LinkedIn - https://www.linkedin.com/in/kenwimberlyccim/
Ken Wimberly on Facebook - https://www.facebook.com/KFWimberly/
KW Net Lease Advisors website - https://netleaseexperts.com/
Legacy Journal website - https://legacyjournal.app/free60/ (This link will get you a pre 60-day premium subscription - thanks, Ken!)
Laundry Luv website - https://www.laundryluv.com/


Join Jason Muth and Attorney / Broker Rory Gill of NextHome Titletown and UrbanVillage Legal in Boston, Massachusetts for another episode of The Real Estate Law Podcast!

#entrepreneur #commercialrealestate #entrepreneurship #realestatepodcast #nexthome #humansoverhouses #realestate #realestateinvesting #journaling #magicmoments #creatingmemories #mentorship #mentoring #realestateinvestor #personaldevelopment
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Ken Wimberly:

I do really well, kind of mapping out and being the captain of my own future. And it is hard. I mean, it takes work but you know what I think really hard is being broke and I've been broke and it sucks. It's really hard. You know, just to be flat out broke and not be able to live the life you want to live and why I'm doing this and you know busting my tail to put everything in order here is so that you know, I can do what I want with who I want, relatively when I want, and enjoy the life that I really see for my future.

Announcer:

You found The Real Estate Law Podcast, because real estate is more than just pretty pictures. And law goes well beyond the paperwork and courtroom argument. If you're a real estate professional, or looking to build real estate expertise, then welcome to the conversation and discover more at realestatelawpodcast.com

Jason Muth:

Welcome to The Real Estate Law Podcast. I'm Jason Muth your host once again, I'm here with Rory Gill attorney broker with exome Titletown real estate and urban village legal in Boston, Massachusetts. Howdy, Rory.

Rory Gill:

Hey, Jason.

Jason Muth:

Having a good day. I hope?

Rory Gill:

Having a good day. I'm excited for this conversation too. With Ken.

Jason Muth:

Yeah, we have an amazing guest this week. Ken Wimberly is an entrepreneur. He has 15 different income streams from lots of different ways that he's making a ton of money, and we can't wait to hear about some of them today. And we're gonna learn more about the why. You know, not just what are you doing, and where's the income coming from. And, you know, you have all these different projects going on, whether it's commercial or residential, or an app that he's working on as well. But we want to dig into, you know, kind of the story underneath that, what having that diversified income allows him to do and allows him to live the life that he wants to live. So Ken, welcome to the podcast.

Ken Wimberly:

Jason, Rory. Thanks for having me. I appreciate it.

Jason Muth:

So Ken was just telling us off camera that He just returned from the GoBundance event. And we were just chit-chatting about how we have to get ourselves out to one of those one day and if you don't mind my asking, you know, tell us like you've been doing this for eight years, right?

Ken Wimberly:

Yeah, I'd my first event was Tahoe in 2015. So January 2015, I joined GoBundance shortly after that as a member and you know, watch a pretty incredible growth journey for GoBundance, just over 100 members when I joined, and today there's north of 600. And growing rapidly, and it's been a great fit for me these conferences we were talking offline, they're always a little uncomfortable. For me, as I'm a bit of an introvert. I don't love going around a bunch of people. I don't know, after eight years, I know more and more people but there's still there's new people. But they're run and facilitated so well. They do a great job of kind of indoctrinating people with each other, of breaking down barriers, of kind of fostering relationships and creating common bonds. So it's, it's been a great fit for me.

Jason Muth:

Is it always in Tahoe.

Ken Wimberly:

No, this one was actually in Park City, Utah. So there's, historically there's been always a winter event at some ski destination. And then they sort of layering in a summer event as well. And that's bounced around a few different places. And like this year, though, as they continue to grow, there are probably no less than 15 different events that are happening. A couple International, some couples, some families there's there's just kind of different types of trips for whatever you're interested in. The winter event and the summer event are the two big ones. There's there's several 100 people in each of those events. But a lot of these others are, you know, maybe a dozen or two dozen people. So they're pretty intimate events, you can really get to know each other well, and we get to kind of learn from each other and bond with new friendships.

Jason Muth:

Those events - that you were an entrepreneur, and you've been in the real estate space for many years prior to going to GoBundance, you know. I'd love to hear about your journey, kind of where things started. And you could kind of take us through maybe, you know, wanting to increase your network and attend events like that. You said, You're a natural introvert, which, you know, is very surprising to hear, because it doesn't seem that way right now. But you know, we are who we are. And, you know, attending networking events is something that Rory and I are a big proponents of. We don't do as much of it now with the COVID world and with a little toddler in the house, but we're we're trying to get back to it. And we approach him in different ways. I'm the extrovert. He's the introvert, you know, and we all seem to get out of them, you know, a decent amount of information. But take us through your story. Tell us, Ken like, you know, who are you, how did you get started down this path and how did real estate kind of help facilitate the world that you're living in today?

Ken Wimberly:

Sure. Yeah, I guess my entrepreneurial journey started initially with opened up a pizza restaurant a few years out of college right out of college. I joined the Navy in college and then got out of the Navy finished up college and then worked in the insurance and investment field for a few years. As an employee in, you know, while doing that, I had worked as a pizza delivery driver in college at this restaurant that had been phenomenal food. And had kind of toyed with the idea of opening up one of those restaurants had been in contact with the founders, the owners of that restaurant. Eventually, my buddy and I from one of my navy buddies, and I decided we were going to open up a Perrotti's Pizza, and we're going to license the name, use the recipes, open it up, our plan was to open up five locations and kind of refine systems and then help the family to create a franchise plan and take it out national was our plan. And but reality was, we didn't know shit. And we were we were young with ideas, which is sometimes Yeah, it's a great place to start. But what I didn't have back then, so the things I do now, I didn't have mentors, I didn't have coaches, I didn't have like guidance from people had been there and done that, and nor was seeking that kind of thing back then. I look at that point in my life as a point of lots of hubris and like, Oh, I got it, like, like my seventeen year old now I got it, you know, I know it all. We're just not always the case. And so we made a lot of mistakes in opening up that restaurant, we end up following chapter seven bankruptcy. It was a real low point in my life in our lives, and it at least get me out there swinging the bat out there and doing it. And so from that I stayed in the restaurant business for a year. And you know, that was just a grind as a general manager of another restaurant. And eventually it was eight months pregnant, or my wife was eight months pregnant with our first child. And I was like, I cannot be in this line of work with a new baby, I'll never see my child. And so I ended up from there launching my real estate career into the commercial real estate space. And so got involved, with the small family partnership, worked as an agent for them eventually became a partner with them. And then from there went on to kind of launch my own brokerage and then get involved with some others. And I guess eventually 2009 joined up with the Keller Williams organization got kind of recruited into that, which actually, at the time, I had no interest in getting involved with Keller Williams, I was a commercial real estate broker. And I saw them as strictly a residential group. But the guy that brought me in was very persistent, and used some backdoor channels to get to people that were influential in my life to get me in. And, boy, what a great thing. And I'm grateful that person is now one of my very best friends in the world, our families traveled the world together. And we built business together. And it's been really, really great. The great thing about KW is, it was at KW, that kind of opened my mind to coaching that plugged me in with personal mentors that helped me to learn how to build a business and not just a job right there. So there was so much that I learned through that in so that I hired my first business coach through KW, and then later became a coach myself, and but always, since that time had a coach or coaches in my world and mentors that I've seeked out actively, to help me, it's crazy that when you actually reach out to people and try to connect with them, oftentimes people are really, really generous with their time with their knowledge, especially if they see that you're you're truly eager for their knowledge and not just as a, as a zap or a time suck on them.

Jason Muth:

It just never ceases to amaze me how often coaching comes up podcasts and how important it is to have mentors and people that have come before. And people really do seem generous with their time. I mean, like, can't imagine there's a single field that somebody is gonna want to like keep all the information to themselves. I think it's a bit of ego involved, right? Like, you know, mentors do like, they like talking about themselves and the work they've done. And sometimes the mentees can, can benefit from that.

Ken Wimberly:

A lot of times!

Jason Muth:

Yeah, if somebody who likes to talk about themselves and their work. And that's what happens at all these real estate, networking events and financial freedom events that we've been to, I bet GoBundance is no different. There's probably a lot of people that they got to where they are because they're not shy.

Ken Wimberly:

The great thing about GoBundance is not only that there is just amazing amount of authenticity and transparency in the group. So it's not like people are up there, I'm so great, because I've got this net worth, or I've got these businesses or I've got these, it's quite the opposite. It's, yeah, I've been able to accomplish this, and I've got all this baggage or I've got these issues, or I'm struggling with this part of my world. What's really, really cool, there may be of the three of us, right? One of us may be really, really excelling in health and wellness, one of us may be really excelling in their financial part one in their contribution giving back to the world. And the three of us could get together and really help each other in those areas that we're excelling in, and we can lift each other up. And so that's the cool thing about GoBundance is there's now hundreds of members and are there to help each other to kind of get beyond the obstacles that are One of them right there and kind of get to the next level of their life. So it's interesting GoBundance. So it was just asked me today how I found it. It was weird because I've been into adventure races since like 2012. I've done 11 Tough Mudders, and some Spartans and some other crazy stuff and actually saw a guy on Facebook, about two years in 2014, and he had posted about doing a Spartan Race, and I comment on Facebook, it's like, Hey, jerk, how about, you know, I love those things. You didn't even invite me to that. And he's got it to the I did it with this group of guys. And it was some GoBundance guys said you got to come join this group, there'll be right up your alley. That's kind of what brought me into the fold.

Rory Gill:

It's striking to note the depth of your mentoring network that you have now, in contrast to what it was when you entered in your first venture with the pizza chain. And you know, what the outcomes are the different outcomes there. You know, did you embrace mentorship because of your experience with without having mentors when you had your first endeavor?

Ken Wimberly:

Yeah, for sure, there was some of that to it. And the other I think, as I started to get a little bit older, I started to realize what I didn't know, it really started to show up. I thought I knew so much when I was younger. And now I know how little I actually know about everything. And so I am actively seeking mentors, advisors, people that can help me in their life. And now people that I can help, it's crazy, and I'm able, you know, some of the most successful people I've met, I've been able to bring value to their world as well. And that is super rewarding to me. And so like I'm super intentional about this, I was just updating this morning, because I haven't been great about using it for the last half of the year. But just updating I have a list I called my top 20 list. But there really there's like 37 people on it right now. And it's some of the people that are either some of my top clients, my top mentors, advisors, investors that are partners that I'm in business with, it's about 37 people on this list. And I have a kind of system where every quarter, I make sure that at least once per quarter have visited with them voice to voice ideally face to face, but at least voice and voice once a quarter that I have texted back and forth with them at least once a quarter and that I've made some kind of comment or dialogue back and forth. And if they're on social on social media, right, so that I've got at least three touch points every quarter with these people. As much as any, you know, sometimes we will it's much more than that. I'm business partners with them, I see quite a bit. But others, you know, if I don't create intentionality in it, it might go six months before I talked to him, because that's just how life shows up sometimes. So just a little way that I'm trying to create intentionality so that I don't let things slip through the cracks.

Jason Muth:

Do you have like your own personal CRM system that allows you to log these these touch points?

Ken Wimberly:

Yeah, I have a CRM that I've been using for God, when I started using it, let's call it 2000, probably 1'2. I started using this when maybe '11. And I've been keeping up with it all since.

Jason Muth:

Even with personal contacts. I mean, you mentioned your some clients of yours are part of this top 37 list, which was top 20 point, yeah, I get it, let me like, you know, there are people that we text with every day, and then you miss a couple days, or it's kind of slides down your text list. And it's not right there when you open the app anymore. And next thing you know, you know, you get a message from out of the blue or you decide to send a message and you realize that the last time that you corresponded was eight months prior? Yeah, it could have been somebody that you talk to all the time.

Ken Wimberly:

Sure. That's easy to happen if this little way is just one way that I'm Yeah, I attempt to not let that happen with the key relationships in my life.

Jason Muth:

Yeah, well, you know, it sounds a lot, Rory, like that, like he's building a team. Right? You know, we've talked about that a lot on this podcast with some past guests. And it seems to come up frequently, that it's important to surround yourself with a team of people all with complementary experiences. What do you have to say about that, Rory?

Rory Gill:

You know, absolutely. What you can offer, when we have a lot of this mindset where in life, you know, we're the we're the vendor, and the other people are the clients when you provide services. But, you know, it's part of a community, a lot of these services and everything go around. And, you know, we were talking also recently that in this world, not just necessarily in the in the real estate industry, it the currency is relationships, if you can maintain good relationships, and good, honest relationships with a large number of people. That's really the key to success in any field and in a variety of different relationships, too, including the mentor relationship.

Ken Wimberly:

Okay. I'll give you a great example. Back when I worked in the insurance and investment business, I worked for two of the smartest people that I had ever met. Just brilliant minds. Two brothers. And one of them always referred to as his client, his friends and again, I'm in my early 20s, back then maybe 22-23 and I kind of had this guy's my friend and this guy's my friend, and I'm sitting there thinking, you my naivete? Yeah, you're just making money off these guys. You're calling them your friends and I didn't see that as reality. And now what's happened my clients have become some of my very, very best friends. Some of become business partners, some of the come adventure racing friends with me, just what happened, it's that relationship starts maybe from a business relationship and it evolves, you find similarities, you find things that your family ways to kind of you find alignments in different parts of the world and or different your life in for me, next thing you know, it's like we've been friends for a decade, that just relationships, it all comes down to that. And that's what makes in my world, that's what make business fun, because I'm doing business with people I really

Jason Muth:

If you could can go into some of the business that enjoy being around. has, has really driven your success of late. And then we can talk more about the why, you know, we kind of led this episode off with saying, you know why we do all this in the first place, like, you know, we don't just podcast for the sake of it, you're not sitting in an office, you know, just because you want to spend your entire day there. You know, we're doing this for freedom in our lives and, you know, to, to feed our families, but also to, you know, to be able to wisely use our time. Take us through, you know, some of the big entrepreneurial stuff that you're doing right now. And then I'd love to hear how it's going to allow you to springboard into kind of a new adventure this year.

Ken Wimberly:

Yeah. So it's it's very timely, that we're having this discussion, I'll get to how that that time works out. Yeah, so the real estate business, I got into that in 2002, in commercial real estate, and then mentioned kind of led into joining up with KW in 2009. As you know, 2008-2009 was not an ideal time to be in the real estate business. It was the kind of financial crisis meltdown that really hit what July 2008 in the commercial world. And so we're kind of coming out of that. Prior to that I was primarily a land broker, I was mostly doing buy side, land acquisition deals for residential developers is when I did a whole lot of work. That market just dried up and died that was gone for several years. And so evolved in a hired my first business coach, who kind of convinced me said, Ken, you you've got great relationships, you do a pretty good number of transactions per year. But your deals are small, you need to focus on bigger deals and deals that have a higher buyer pool, if you will. Like if you're going to sell a piece of land, there's a real small buyer pool for that piece of land. You are in a particular city and a particular county, a particular location, there's only so many people out there. So ended up moving into Triple Net business. So mostly in single tenant triple net and got into that business. And over the course of three or four years, we scaled up to the largest, most successful triple net investment team in the kind of KW ecosphere. And there was a huge buyer pool for that you got a nationwide if not international buyer pool for that kind of stuff. So the the volume was much, much greater right there. And then that led to other opportunities opening up so sort of having more success there. Becoming a franchise owner for Keller Williams. I opened up a franchise of columns in Abilene, Texas. And then that has expanded we've kind of expanded from there into a couple of the Western market and Brownwood in San Angelo, Texas. And then a few years ago, I got around the same time I started investing in commercial real estate on my own as well. So that's where it comes to these streams of income and how that started investing in office buildings and retail shopping centers and other in other people's projects as well. Because only so much bandwidth any of us had to do all of our own stuff. So I was investing since I was running these other businesses also investing in other people's deals. And then we opened up three years ago, a little over two years ago, we opened we started pursuing the business about three years ago into the laundromat business, which actually was a solution to a real estate problem. So we got into that business we dive in deeper if you want later. But I got in the laundromat business with two other partners and opened our first laundromat it's called Laundry Luv L-U-V. Opened that up in September 2019. So perfect timing just a few months before the Great COVID storm came down. And we open ours we want to do some very different Laundry Luv we open we wanted them to be a mission-based thing. We didn't want just to we certainly want to be a for profit business but it didn't want to be just for profit. We wanted to be bigger than who we were so with Laundry Luv. We have a dedicated children's play area in our laundromats. We have a children's literacy area, we partnered with the laundry literacy foundation in bringing books every month for kids. We learned that in the impoverished neighborhoods where laundromats are often located. There's a stat says only one in 300 households has a book for their children in those households. I couldn't believe that. so the literacy foundation to narrow that gap right there and we're helping with that we bring in books every month we give them away to kids that come in. We have TVs up in our facilities that only show positive programming. So we'll put on DIY any of the Discovery, Nova, kind of learning kind of channels right there or Disney Channel. For the kids, and it's only positive. So no daytime TV, no news no reality shows no junk like no mind poison that I call it right there. So none of that junk in there. It's just the positive programming for our folks. And then we also our team, our staff members there and started doing some kind of Community Give Back every single month. So every month we've got something for when it's back to school, we what August time I guess going back school, we donate 150 backpacks filled with school supplies for the for the kids to come. So gave away those over Thanksgiving, we gave away turkey dinners to a bunch of folks. Christmas we had kind of Santa Claus in kind of giving away gifts in the store. So we're doing something every single month is a way to get back to Laundry Luv is one of the businesses and around the same time, sort of Laundry Luv, we created Legacy Journal, the app, we crew bubble up created. And that is for parents, it's a digital home for parents to kind of capture and document the journeys they share with their children to family. So it's a way to capture moments, memories, lessons, little things you want to pass down to your children, you can annotate everything with audio video, you can like record your own voice in there, lots of photos or create a digital timeline of your child's life just from adding a handful of entries as you go in there. And it's been a really beautiful thing. And that was more than anything, it was a solution to my own problem, because I had been journaling to my children, it's my daughter, who's now a freshman in college, she was 10 months old when I started journaling to her. And then when her brother was born, I'd started journaling him when he was still in the womb. And now I've got a six year old, I've been journaling him since he was still in the womb. So that process led to me eventually creating that app, because nothing out there to do what we kind of wanted it to do as far as saving all the different types of media format and creating it in a digital format where you can kind of export it and save it and pass it down for generation. So those are the businesses that we primarily were primarily in right there. Also got a interest in a coaching company and interest in a mortgage company, and life stays busy.

Rory Gill:

Felt like you've done you did what we're supposed to do when you start a business. I know, the advice is always to look around in the community and see an actual problem that needs to be solved and then build a business around that instead of just starting from the point of, you know, how do I need to make money? So how do we make money and then building a business around that? And ideally, if you follow that first, you know, it's easier said than done to follow that advice. But that's advice that I've read and seen all in every business book there can be. But I think the Laundry Luv sounds like it's a great example of that you take a look and see what the community needs, build the infrastructure and the business around that. And then profits will come but you're addressing what the community needs, not just what you needed. And you went out and built a laundromat because you thought that was the easiest thing.

Ken Wimberly:

Yeah, people approached me a lot about the laundromat business. I've been on a handful of podcasts. And they were asked, Hey, what and we studied that industry for a full year. Before we actually launched it got into it. We went to conferences, we went to different vendors we talked to called a dozen different operators that were running laundromats, and we're kind of figuring out what's working, what's not. What would you do differently, we talked a handful people that were in it, they got out of it. And we really did a lot of homework before we we dove into that. And then when we did dive into it, I think we did it right two or three of us with kind of from different backgrounds, different parts of the world. And actually, we hired a designer to come in and kind of design our place with color palettes and everything. It's when you went to our laundromat when people come in like oh my goodness is the nicest laundromat I've ever been in and they feel at home. Our operating partner is incredible about teaching our our staff members to welcome the people that come in to work here often, you know, they're not welcomed, when they come into place. They're, they're kind of scoffed at or stepped on. And when you come into Laundry Luv, you're welcomed. You're helped. We're carrying your laundry or helping you in and out with things and you're treated like you know, a respectful human being. And so it's been really rewarding to hear the stories to kind of keep coming we've we've been featured in some news articles, even on TV for some things that our staff members have done has been pretty impressive.

Jason Muth:

It shows the humanity behind the business, you know, and in a lot of real estate businesses, you know, we're dealing with tenants, right? And frequently people that are tenants are paying the owners mortgage, they're a long term tenant in most situations, unless they own it outright in the laundry world. I imagine the demographics are you know, kind of on the lower side in terms of income, you know, but it certainly doesn't mean that they should be on the lower side of treating people with dignity and respect. And I think the good landlords are the ones that also treat tenants, well treat them like they'd want to be treated, you know, put the humanity into the business. And as you've described your business like I've I've not seen, we've been fortunate enough that we have laundry and you know where we've lived for for quite some time, but not everyone has that, you know, identified a need in a community where people need to go go somewhere and do laundry and laundry is such a it's such a personal thing, right? You're washing your clothing. Like this is what you were. Right. So there should be a element of humanity to it.

Ken Wimberly:

Yeah, for sure. And here's the here's the cool thing, because you just mentioned that we're just now really starting to tap into on this other side. So you're exactly correct where the physical locations are, is typically lower income neighborhoods right there. But our stores are, you know, large format stores, we can produce a lot of volume at the stores. And so one of the things we're also getting into is two other lines of business within that and one is commercial. Think of there's all kinds of businesses that have some type of laundry needs. So when some are first commercial accounts for like massage studios, so we go pick up their their sheets and towels and kind of wash those dry and fold them, bring them back to them right there. And now it's printed into a pickup and delivery Wash, dry fold service for just busy entrepreneurs, busy business owners, people that are out there. Yes, hey look. I'd rather not spend six hours this weekend doing laundry, I'd rather just have someone come pick it up, do it for me deliver it back a day later. It's all clean, washed, and frankly, the most challenging part and my wife spent time doing laundry all weekend this weekend. And the toughest part on that is just folding the dadgum clothes, I don't mind putting it in or taking it out, but folding all the clothes. And so if I can have someone do all that for me and drop it off at my door even better. So that's a whole other market to start getting into there.

Jason Muth:

Identified, like, you know, another income stream from another income level, you know, people that actually have the money to spend to have somebody do their laundry for them. And yeah, you know, I know that when I started sending my shirts out to get laundered this one actually, I washed here. But you know, most dress shirts and everything. I don't know, I made the decision many years ago. I'm like, it's just it's not worth my time to, you know, launder and then iron it like, Yeah, I'll pay somebody a couple bucks to do it every time. And it's a savings of time. And then time is super valuable for all of us. So for sure that makes sense. I was gonna ask you something. And I know Rory has a question, but I you know, let me let me throw a legal question in here. Since we are talking real estate law, you know, what are for people who are listening to this, say, I need to get into the laundry business or business like that? What are some particular legal things that you encountered along the wa. Some maybe that you expected, and maybe one or two that you didn't?

Ken Wimberly:

Let's see, there's always little issues like trademark, if I were going to do any business with as laundromat or any business right now. And I've made this mistake in a couple of things. One is his domain name looking. Can I go get the domain name set up here, but domain name does not equal trademark, that's for daggone sure right there. So then it's looking up a trademark service mark, doing some homework up front, spend a little bit of money upfront to make sure that you don't go have to spend a lot more money down the road to try to go solve a problem like that. I think that's one of the biggest right there. And then entity formation, kind of really looking at what type of entity you want to set up. Legacy Journal I'd we originally set up as a Delaware LLC. And then two years later converted to a Delaware C Corp. It's just a whole other load of money and time and effort to go convert to a C Corp because that's the way that I learned that these tech businesses that one day have an exit most investors want a Delaware C Corp right there. So legal structure is another really important one. And then like with any LLC, it's typically what I use for almost everything except for this this other thing says LLC Doc is having your operating agreements squared away with what you can and can't do your authority to act on behalf the entity your your buyout rights in the event that you have a partner that maybe you got a disagreement with and things aren't going well with. I think that little things like that are really important to address up front in in your docs.

Rory Gill:

That's a great point. And that applies to almost any endeavor to make sure that you're, you're on the same page with your co investors. And I do have to ask as the real estate law podcast, the laundromat business, do you see that as a real estate investment or as a business?

Ken Wimberly:

Yes, I mentioned it was originally a solution to a real estate problem. And what I meant by that was we were buying a shopping center. So we me and one of my two partners in the laundromat were purchasing a shopping center in the center. It was roughly 30,000 feet and it had about 16 to 18,000 square feet of vacancy in the center. And we're trying to figure out what do we do? We're calling on different tenants and thinking what can we do to backfill that vacancy who is not built tenant for it in ran into a laundromat group at a conference I used to go to a lot of real estate conferences, ran into this laundromat group and pitch the center to him and he said look, send me the details. We'll take a look at it. So I did and a couple weeks later he got back to me said Ken you've got the perfect location for a laundromat. He said your demographics are ideal for this traffic capture great, really great location. Would come to find out he was not an operator. He worked for an equipment manufacturer right there. He said so you got to get an operator out there and they tried to find an operator they didn't have anyone for that market is it's a town of about 120,000 people right there, and they just didn't have anyone in that market. And so after a little bit of time, I started talking to my partner in real estate business. What if we explored this as being the operator. Would that work? And so we started looking into the business. And then he and I probably the best thing that we ever did was we did a reality check in said, Look, you and I are both really, really great about vision and starting things. Neither one of us really great about operations and running things. So we went to find an operating partner. There was a guy that I had wanted to be in business with for a long time that I knew from the KW ecosphere used to run a bunch of the divisions there and went to him and talk to him about this opportunity. And, like I said, the three of us then explored the industry for about a year, exploring each other as partners, how we work together. And now it's been, what, almost three years and running. And now this year, we'll be open with our second laundromat here in the next two or three weeks. Our third starts construction in about a week. And our fourth and fifth, we're negotiating on the real estate right now. So we will own the real estate wherever we can, we will own the real estate, and then we will lease the real estate to our laundromat operation. So generally, you know, it's not all the same kind of ownership structure in the deal in real estate, we may have different partners, and then we have in the laundromat right there. But it is a huge win for both of us on the operation side. And on the real estate side.

Rory Gill:

Thank you. That's it. I'm glad you answered that. But you know, you're you have all these different income streams, these different businesses that you built up, it just seems really hard. Why don't you just go get a 40 hour week job instead? Maybe get some health insurance in a 401k? Why don't you just do that instead?

Ken Wimberly:

Well, to me, that seems really hard. They don't work for someone else on their time schedule under their thumb, with what I'm supposed to be there. And I just don't do well, that way I do really well. Kind of mapping out and being the captain of my own future. And it is hard. I mean, it takes work. But you know, what I think really hard is being broke, and I've been broke, and it sucks. It's really hard. You know, just to be flat out broke and not be able to live the life you want to live and why I'm doing this and, you know, busting my tail to put everything in order here is so that, you know I can do what I want with who I want relatively when I want and enjoy the life that I really see for my future. And those things are coming into play nowike I've this is this doesn't happen overnight. Will reverse to 2012. In 2012, I got engaged to my wife now I got divorced in 2009. Got engaged in 2012. And we kind of took inventory of our assets or lack of assets, I guess when we were engaged. And what we realized is we were living in an apartment at the time. Okay, so didn't have a house. And we had combined $350,000 of debt between the two of us. And how we discovered that is someone recommended Dave Ramsey's Total Money Makeover book as, as a book for my children. And I started reading, I thought it's a great way to teach your children about money. And I started reading the book, and I'm like, I need to read this document not my kids. And so Amber and I read that together in two years, from 2012 to 2014, we paid off $352,000 in debt. And so my journey to now having multiple streams of income multiple businesses, and assets that we continue to pour into is is really been from 2014 to now. So what is that a seven and a half year journey? Just eight years. It's an amazing thing, what you can accomplish in a relatively short period of time with, you know, focused effort and energy.

Jason Muth:

Yeah. Do you look at some of where you are right now and say, Boy, I wish I knew this 20 years ago? And you know, do you feel like you've lost time? Because a lot of this you've discovered over the past seven, eight years? Or do you think that the evolution of your life and career has led to this point that you needed to go through all those other things to make it to where you are now?

Ken Wimberly:

Yeah, I try not to live life with regret, or wish I would haves, in anything right there. And to your latter point right there. If had I not gone through this certain path, you might not be here today, you know, I can point to at least three different paths that I could have taken. That I may have been 5x or 10x. Further right now, had I taken those paths right there. But, you know, I'm so happy with the place I am at right now that it's the right path for me.

Jason Muth:

Yeah. And that kind of leads into like, you know why we're doing this all in the first place. I mean, obviously, if you had to make an inflection a few years ago and pay down all that debt, that's an obvious why. You know, you want to be out of the apartment, you want to be out of debt. But where where has this success? In your, you know, many endeavors, where's that led? Like? What opportunity do you have right now that you don't think you would have had otherwise?

Ken Wimberly:

Yeah, but it's interesting, just right now 2022 is the culmination of a lot of years of planning, working, you know, shared goal setting with my wife, with my family, working our tails off to get there. So first and foremost, the why behind what I do is, is to be a great example for for my family, for my wife and my children, and frankly, for others, who might be looking at what I'm doing that I don't even know that they're watching me, I've just realized over time that there are those people out there that we make an impact on, that you never have any idea that you've made, or you may never have any idea you've made an impact on them. And that impact can be a really positive impact, it can be really negative impact. And so I'm trying to be as positive of impact as I can, first of my family, and then second to any others that are out there. But with my family with no planning, we used to have a family ranch owned by a big family partnership and are like 17 different partners in it. And we sold that maybe eight, nine years ago. And that was one of the saddest days for me when we sold that. We'd only owned it for maybe eight or 10 years. So it was it was like a long, it wasn't in the family for generations, anything. We owned it for a short period of time, but it was my first exposure and into the ranch life and recreational just hunting, fishing, enjoying nature and connecting out there. And I loved it. My kids were kind of raised out there for a bunch of years. And we were out there all the time. And so we sold that I was very sad in. Since that day, I've been kind of focused on one day buying our own family ranch. And just Friday. So as as this is recorded, four days ago, three days ago, we closed on the 300 acre ranch with with another family of ours we kind of went in together, or family friend of ours. And we now own 300 acres in Texas and beautiful land, rolling hills, lots of deer and turkey and wildlife out there and there's a pond we're going to build a bigger pond. And it's just going to be a place to relax, to commune with nature to connect and get to enjoy more of what I really love. And at the same time. So I've been planning a one year RV trip. Now we've played this since 2015 in 2015 when Amber was pregnant with our six year old now, so she was pregnant with him. We took the older kids in in the dog and me and him and we went to on a national park tour with Rocky Mountain National Park in Colorado. Then we headed up Cheyenne, Wyoming, we caught the Cheyenne rodeo. And then we went up to Moran, Wyoming and we went to Grand Teton National Park in Yellowstone National Park. And it was life changing for me to be up there. With that much life that much wilderness that just it was amazing. We took hikes every day and just explored saw more wildlife than I've ever seen. And it's like this, I need more of this. And so we've been planning since that time to one day, Purchase an RV and do a one year tour, just hitting national parks in going and seeing beautiful parts of America. And so we actually pick up the RV in two weeks. And the plan was to start that tour in August. But now that we have a ranch, we're pivoting that we're pivoting the plans a little bit, we're still going to definitely be taking the RV out on lots of of tours and trips and going and seeing people in national parks around. But we're also going to be coming back so that we can spend time at our ranch and just enjoy that as well. So it's so the reason around why do you do it like this? It's the freedom to go and do the things that we want to do to see the people we want to spend time with to foster friendships and in in that like that we set up our world where we can do most of this as long as we've got a computer and a phone can handle most of this business on the road. So that's kind of another answer to why we endure the complexity and it is complexity. So don't get me wrong. It is there is complexity to it. There's stress to it. There's all that stuff. But it's also it's a lot of fun. It's fun.

Rory Gill:

Well, congratulations on realizing a lot of the why this year and I hope that you know, I just hope that you enjoy every minute of every minute of it this year.

Ken Wimberly:

I promise you we will thank you.

Jason Muth:

You know, hearing this also, you know we're here in Boston and real estate is a precious commodity everywhere it is but you know postage stamp real estate here is kind of the world we live in. So 300 acres seems unfathomable to a lot of the city dwellers like us and people that are listening to this podcast, but I just couldn't even imagine where to start, you know with 300 acres.

Ken Wimberly:

Come on out and I'll show you around you can imagine it then.

Jason Muth:

So the RV tour like what where's the kind of the where the far reaches of that? Are you planning to come up our way into New England or to the Pacific Northwest?

Ken Wimberly:

So actually the first place on our list was Acadia. So to kind of come up and hit that area there, and then we're gonna plan on doing so. Grace, my daughter is not going to Auburn. It's she's in the Southeast Conference. So we're also going to do a little Southeast Conference football tour this year, which is not on the original plan years ago but now that we've really enjoyed some Southeast Conference football games so we're going to try to go to the away game Auburn to the other cool stadiums that with a real riled up rivalries there and could check some of that out and you know, they would certainly Utah Arizona would be hitting some of the big parks out there and eventually out to California then Montana, actually GoBundance is I think, doing a family event in Montana this summer. So we're gonna probably make that event and while we're up there, maybe go and see Glacier National Park as well.

Jason Muth:

Wow. Yeah. I mean, talk about the why do we do any of this stuff you know, you're investing in in commercial real estate working with Keller Williams you know, you're working with you know, your chain of laundry, laundry locations, laundry, love legacy app, everything. I mean, this is this is what it leads into, at least into you know, a journey like this, which will be memorable for you and for your family. May we recommend not going to Acadia in February because it'll probably be cold?

Ken Wimberly:

That trip was gonna start Yes, it was gonna start in like, end of August timeframe. So or mid to late August timeframe.

Jason Muth:

That's pretty much when you want to Maine is amazing. It's you know, it's Vacationland. I mean, like literally that's the nickname right Rory?

Rory Gill:

On their old license plate, yeah.

Jason Muth:

So we did it. We've done a couple road trips ourselves like we did a road trip up into Atlantic Canada many years ago. Oh, yeah. And Rory maybe camp like actually camp like on the ground. I'm not he biggest fan of that, but we did that a couple places. Did we do that outside Acadia.

Rory Gill:

We stopped into Acadia on the way up there. And then I made your camp for the first time in a tent in Fundy National Park in Canada, with beautiful outlooks over the cliff over the ocean. And I just don't think you're impressed because you had to sleep on the ground.

Jason Muth:

And a lot. We rented an Airstream last year, the year before we did like a trip through upstate New York and I'm from New York originally, I've never been to any of these places like Lake Placid. Or the Finger Lakes or the Thousand Islands area ever check out upstate New York. I mean, there's just it's just so gorgeous. And we went in the fall. It was the perfect time. I mean, for leaf peeping the colors everywhere. You looked as different color. It couldn't have been a better time to go. And yeah, I mean, like I, I enjoyed it. And I got a bit of a taste of RV life. It is a culture, you know of people. And actually we we rented a Airstream from a family in upstate New York. And then we had some other comments from other Airstreamers, you know, came up to us and talk to us because they thought that we owned it. And we're like, no we rented it.

Ken Wimberly:

That's a whole cult in itself. The whole Airstream thing.

Jason Muth:

Talk about absolutely cult. Yeah, we did it with a.. how old was Cecily? Year and a half 18 month old. Yeah, that was tough. That was that was tough. I don't know if I'd recommend doing it with a 18 month old but you know, we'll we'll put it back on our list when she's a little bit older.

Ken Wimberly:

Yeah, our little guy will be six turning seven. So he's gonna be the ideal age for that kind of stuff. He did the Junior Ranger stuff with the National Parks, that'd be great.

Jason Muth:

Yeah, and we learned a lot about campsites. I mean, like, it's definitely the type of the type of world that if you're into it, you are in. You're all in on it. So we hope that journey is great. So Rory, like, Do you have any final questions for Ken, before we get into the final questions that we have for him? He we there's so many directions, we could have taken this conversation. I'm glad we focused a lot on the why.

Rory Gill:

No, I have a lot of internal questions for myself about, you know, what I would do? If I, you know, in how I would enjoy everything. I actually that's worth a reflection on my own privately. So more questions for myself than I do for Ken now. But I don't know. Do you want to take it to the final questions?

Jason Muth:

Yeah absolutely. And I I'd say, you know, a lesson that I'm taking also from this is is to reflect I mean, like, Ken, you've talked about journaling, we should actually mention the Legacy Lpp. You talked about that that's available in the App Store,

Ken Wimberly:

App Store and Google Play Store. Its Legacy Journal is what it's called. Jegacy journal app and if you learn about it, you can go to our website, which is legacyjournal.app.

Jason Muth:

Okay, thank you. If you're into memorializing which we are, we just do a little bit differently, you know, from you, like I'm very good at test. I'm the photographer, you know, I'm the one that has all the photos and videos of everything. And you asked me for a photo and I know exactly when I took it and where it was, you know, because of the great tools that Apple supplies with their maps and geolocation and whatnot. But you know, that's that's kind of our version of it. But you know, we'll check out the app also because I mean, you you're reflecting a lot you've been journaling for your whole life. You know, for your your kids, you know, you mentioned that you did it for Yeah. Your youngest, you know, when he was in the womb.

Ken Wimberly:

Let me make an offer for anyone. Listen, I'm gonna drop this in the chat you put in the show notes, but anyone that wants to I'll put a link in here for it's a freemium app. So it's free to use, we've got a premium version of it as well. But anyone that wants to free 60 Day premium plan, just follow this link, and then kind of fill out the form and just put that they heard about us on your podcast, and our team will send them a link for free 60 Day premium.

Jason Muth:

Awesome. Wow, what a great offer. For for people still listening. 40 something minutes into the podcast, like, here's a freebie,

Ken Wimberly:

Here's your bonus for listening.

Jason Muth:

Yeah, well, we'll take that. We'll take that link in and share that in the show notes.

Ken Wimberly:

Awesome.

Jason Muth:

So yes, I was just gonna say before I get to the questions like, you know, again, that a lot of what you've done is led into your your why, you know, a lot of your reflection, I don't think we take enough time to reflect Rory just mentioned that he needs a little bit of reflection time right now. You know, he and I talk a little bit about this. And, you know, I kind of give a peek into like, where I see things to 5-10 years from now for me, but you know, not enough that we're actually stopping down and say, here's why I want to do this stuff. You know. So I think it's important if you're listening to this podcast right now, to remember why we're doing it. Like, you know, why are you building up your real estate portfolio? Why are you going down this entrepreneurial journey? You know, if it's your own ego, that's great. But if it's, you know, something bigger? Well, Ken, let's, let's chat about the last three questions that we ask all our guests and then we'll, we'll mention where people can find you. After we get through these questions. The first question, really curious to hear your answer this because there's so many things you could talk about. But if you could go onstage unprepared for 30 minutes and just start talking about any subject in the world without, you know, having done any notes, or you know, anything beforehand. What would that be

Ken Wimberly:

100% easiest thing in the thing I'm most passionate talking about is what is documenting your family history, taking the time to write down the lessons you want to pass on to your children, too, I've had so many people that I know that have, you know, there that I know or know that the lives have been cut short, and that their children and family members are left with just the memories. And for those that it take a little bit of time to give the example. If you're diagnosed with cancer, and you've got six months to live, it's almost the greatest gift you could ever be given. Right, because you got six months to prepare, you're gonna write the letter to your daughter, when at her wedding, you're going to write the graduation letters, you're going to take the time, and you're gonna prepare for that. But none of us most of us aren't given that gift of knowing with a six month timeline. So for any of us to take the time and just write down the things that happen write down the good, the bad, the the happy, the sad is write down a few things are going to be every single thing if you do everything, it means nothing. But if you write down a few of the moments right there, it will be the most cherished thing your family will ever have upon you when you're gone. So I could talk about that for days, actually. So that would be my my, I guess, my talk to get up on stage. Did

Jason Muth:

Did you drop an Al Green quote in there also? Good or bad, happy or sad? Let's stay together. Love it. Excellent, classic soul. Number two, what tell us something that happened early on in your life or career that impacts the way that you're working today.

Ken Wimberly:

Now I mentioned that I filed bankruptcy in the first entrepreneurial journey I had. And that was a yes, traumatic experience to go through that. We had let down our families let down you know, bankers, partners, vendors, employees, suppliers. It was It was rough, and so debt a lot more conservatively. And I've just involved partners in business. I've involved mentors, I'm involved consultants, and that sat with me and it still sits with me today. So I think that was a big deal.

Jason Muth:

Do you think that you take that to some of the people that are searching for advice now? I mean, now that you're on both sides of the coin, you still have mentors, but there's probably people that you're mentoring? Like, is that a lesson that you?

Ken Wimberly:

Well, yeah, and someone asked me the other day, someone who had also filed bankruptcy affects another, you're talking and the other answer is you think you hear that bankruptcy stays with you for seven years, it stays with you a lot longer than that. I'm telling you, so if you can. And there are ways to avoid it ways to work things out. We say it felt to me like I was in a black hole at the time. So we did it and pull the trigger. Yeah, I tell people today if you can avoid it, avoid it. Sometimes it's absolutely necessary. But if you can avoid it and do a workout do some other things. There's ways to do it. So just because your your friends tell you that's the way it doesn't always mean that that's way out.

Jason Muth:

Great, thank you. And third question we have what are you listening to or reading or watching these days? Could be anything.

Ken Wimberly:

Listening to one of the podcasts I listened Real frequently right now, frankly, I don't watch the news. So the way I get a lot of the news is the All In podcast each month I happen to David Sachs, David Feinberg and Jason Calacanis. Those guys are all quite smart. And I listen to them get on news updates from. Reading, or I guess watching Yellowstone or 1883. I've become a crack addict with those shows right there.

Jason Muth:

I'm not surprised by that based on where you're at. Yeah.

Ken Wimberly:

Those are big gray and then. Reading. I'll give you one of my absolute favorite books and then we'll give you a book that I think Rory needs. absolute favorite. Kelly Flanagan Loveable. This book speaks to my soul. It'll make you tear up. It'll make you cry. It'll make you realize that you're worthy no matter what. Okay, so really, really great book. And then another give me two seconds Rory and I've got one for you. All right.

Jason Muth:

Loveable I haven't read. Have you heard of that?

Rory Gill:

I have not heard of it. Yeah,

Jason Muth:

Nothing like a good tear jerker. It'd be a good beach reading book, you know, for people that are listening to this looking for the next thing

Rory Gill:

With some sunglasses. YeahU

Ken Wimberly:

unfortunately, I have too many bookshelves. So the other one is this. It's called dream, The Dream Machine by Dane Espegard. Okay, this very much gets to what we're talking about to kind of planning out what are the things that are important to your future that you really want to do and mapping it out with the dreams that you have, that your wife has your your children have and kind of mapping that out. And that's kind of the why for what you're doing things going forward. Why so that I can go accomplish these dreams that I have, that I want to do, what it's places to visit people to see experiences to experience in your life. So those are a couple of recommendations.

Rory Gill:

Thank you. I just put that in my cart, my other screen right here. So thank you. Alrighty.

Jason Muth:

Well, Ken, we really appreciate your time today. Thank you so much for appearing on the podcast you know, I one other thing I should mention, you know, Keller Williams and Ken Wimberly also share initials maybe that's why you joined Keller Williams so many years ago, it could have been destiny. Something special about the KW Yeah. So Ken where where's the easiest place people can find you if they want to reach out to you and say hi, or learn more about you and your journey and your work?

Ken Wimberly:

100% So probably our two websites first legacyoflove.app and I'm sorry legacyjournal.app. legacy of love will take you there. Legacyjournal.app. And laundry Luv L-U-V laundryluv.com. So you kind of learn about our two primary businesses missions that we have right there. I am on Facebook, Instagram, LinkedIn, Facebook probably is the most frequent that I use and I don't use it superficially but I'm on there at least couple times a week and and then like someone wanted to just get in touch be direct you feel free to email me Ken@legacyoflove.app So Legacy of Love is our corporate name so legacyoflove.app

Jason Muth:

And Rory, what if people want to reach out to you? How do they find you?

Rory Gill:

I'm easy to find. Take a look for me NextHome Titletown nexthometitletown.com or UrbanVillage Legal urbanvillagelegal.com. Alright,

Jason Muth:

So many lessons can thank you so much for taking some time and spending it with us here at The Real Estate Law Podcast. I'm sure we could talk forever, we'll have to have you back to hear about your journey. So maybe you'll be able to if I actually am following you already on social media. So I'm hoping you put a lot of posts at least up on Instagram, you know, because we

Ken Wimberly:

I'm going to give your audience the Instagram that that doesn't yet exist. We have the Traveling Wimberlys @the travelingwimberlys W I M B E R L Y S. And that's going to be our Instagram travel. So we're gonna, we're gonna start posting, it says, I get a couple dozen pictures, I'll start that account and start opening the account things private right now, but that's going to be our account where we host all of our travels and show everything there.

Jason Muth:

And next thing you know, you're gonna have 1000s of followers, become Instagram influencers, and it'll be your 16th revenue stream. And there it is. Well, thanks again, Ken. And thank you for listening to to this episode. We really appreciate it. If you've enjoyed the episode. We'd love it if you could leave a comment for us or thumbs up those go really far or a like or subscribe or any way that you can engage with the podcast and more people could hear it. So on behalf everyone to the podcast, I'm Jason Muth and thank you so much for

Ken Wimberly:

This has been The Real Estate Law Podcast because listening. real estate is more than just pretty pictures. And law goes well beyond the paperwork and courtroom arguments. were powered by next home Titletown greater Boston's progressive real estate brokerage more. Nexthometitletown.com and UrbanVillage Legal Massachusetts real estate Council serving savvy property owners, lenders and investors more at urbanvillagelegal.com Today's conversation was not legal advice, but we hope you found it entertaining and informative. Discover more at realestatelawpodcast.com Thank you for listening