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Speaker 1: So I went and actually, at that point, I had

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enough in my first one and it had appreciated and

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I'd done some extra work on it to improve the value.

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So everybody, I'll love this, right, this is out because

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everybody's like, oh, how do you go from one to two?

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Speaker 3: Right?

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Speaker 2: Because a lot of people just buy one?

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Speaker 1: Not a whole lot of people go past that, So

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I about them or they end up selling it because

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they're like, I'm tired of being a landlord, right. But me,

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I'm like, let's go to a second one. And I

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what I did is I went and refinanced my first

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one and I was old fifty thousand dollars. With that

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fifty thousand, I went and bought the second one.

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Speaker 3: You were listening to, Carrie. Let'sa's financial survival network where

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00:00:31,960 --> 00:00:35,359
you get valuable information you just can't find anywhere else

17
00:00:35,920 --> 00:00:39,520
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00:00:39,600 --> 00:00:44,679
Survival Network now more than ever. Go to Financial Survivalnetwork

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00:00:44,719 --> 00:00:48,479
dot com and get your free newsletter and gift. Financial

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00:00:48,600 --> 00:00:52,280
Survival Network now more than ever.

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Speaker 4: And welcome. You are listening to and watching the Financial

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Survival at work. Hey it's early December, we're still in

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the first week. I can't believe the year is almost gone.

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But our commitment to bringing you interesting people with interesting

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ways to make money to hold on to your money,

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that that will go through until I stopped doing the show.

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Right now, I've got the interesting person on. He went

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from being in the oil field to real estate. And

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I always thought the people in the people in the

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oil industry didn't so much do that. But his name

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is Casey Gregorson, and Casey, it's great to have you on.

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You know, you are a petroleum engineer, highly paid profession, challenging,

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mentally stimulating, and you wound up in real estate.

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Speaker 1: That's right, Oh, just way, just the way I drew

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it up back in college, right, those engineering classes. But

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but yeah, absolutely, yeah, that was It's been quite the journey, yeah,

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I mean initially. I mean I remember too, like my

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undergrad I had. I had a degree, so I played

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college football actually, and I was there for five years,

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so unlike all my other buddies that were and I

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went like, if I'm gonna be here for five years,

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may be as much done.

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Speaker 2: As I can.

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Speaker 1: So I actually had an undergrad a major in math

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and chemistry, in minors physics and spaaning. But after all that,

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I was like, well, what am I actually going to

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do with that? So luckily I got agree and I

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got accepted to University of Wyoming to do my stress

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and petroleum engineering. So so at that point I'm like,

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all right, now I got it.

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Speaker 2: Now we got a path, and thought I was going

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to work oil and gas to the rest of my life.

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Pretty cool.

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Speaker 4: So uh And obviously, when you work in O ANDNG,

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unless unless you're running the company, you're an employee, right,

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so they got to tell you where to go, they

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tell you what to do. But so what got you

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into real estate? I mean, I know, the opportunity of

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the arose. You mentioned something about your dad helping you out,

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but what was a really driving force because basically you

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had it made career wise. I mean, yeah, it's cyclical

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on the odel patch, but for the past twenty odd years,

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you know, petroleum engineers have ruled.

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Speaker 1: Yeah, it's it's a little bit of yeah. So for

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sure I know that and that I'll come back to

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your last point. But as far as like how it started,

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you start of hit on it. So I my fortune.

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Speaker 2: The one of the best things my dad ever did

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for me.

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Speaker 1: He was great, I mean, raised me really well, but

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he helped me with a down payment and co sign

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on my house, which is when I was actually going

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to school at the University Wyoming in twenty ten. So

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I bought that first house and U and bought actually

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my roommate's dad who was selling it, so we bought it,

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and then I did the original house hack. Right today

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people talk about house hacking where people will go and

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boo get it, buy a house and then have her

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favor rent. So that was initially why I did in

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twenty ten, and I just got a taste of it, right,

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But but again I went and merchant.

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Speaker 2: As to your point, I had a.

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Speaker 1: Great job in oil and gas really well, I had

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one of the most paying jobs out of college compared

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to my peers, and I was.

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Speaker 2: I was stoked. I loved it.

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Speaker 1: And oil and gas was just like times in twenty

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twelve started was it was a good time to be

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an oil and gas. We had company credit cards andres

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and third parties.

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Speaker 2: Was it was fun?

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Speaker 1: I definitely, I still I definitely have great memories of it.

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But kind of what when it started to really turn,

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which is a lot of right, I'm.

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Speaker 2: Canada right.

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Speaker 1: So I started working in the field in originally in

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like in West Texas. Right, So I as an engineer.

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We been like six and I worked for Shell. I

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should have started there. So I worked for Shell, big company,

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great training, right, But they sent us out to the

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field for a So when I went out the field

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of West Texas, I got there and I quickly realized, wow,

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this is I had a two weeks on shift where

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I'd work two weeks on the field and then I

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have tool for all this extra time. So initially that

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was one first kind of moment to change. Hey, wow,

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I got all this time only work half the year.

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What what's the opportunity I could do? Right? So then,

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like a lot of other people, I was now moved

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up to Canada, still working in the field because I

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had asked my I had asked my boss and my

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mentors go like, hey, how do I stay in a

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few because I love this schedule and I want to

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do more. So I'm driving around in the highways up

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in Alberta, Canada, and uh, and somebody recommends the book

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Rich Dad portad to me. So I never forgeted for

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like a lot of people, right, So I'm driving around

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and never forget. I'm driving site to site and I'm

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listening to this book and he starts to talk about

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assets and liabilities, and then that's when it clicks, right,

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like this asset that I've still owned again, at this point,

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I've owned this property for the first one. I've owned

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it for like five years, and and I've just been

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making a little bit of cash flow on it, and

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I'm happy, right it's I make a little bit but

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it's nothing, and I get some tag drafts but it's

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nothing big. But then I read that book and I'm like, oh, wow,

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that's That's what I'd be doing, is I have an

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asset that's paying me. Right, So it clicks, and then

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I ultimately I go down this rabbit hole of like

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reading a bunch of more books on real estate, learning

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everything I can because then and then I've got to

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bug Right then I'm like, all right, how do I

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go get the second one? So I went and actually

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at that point I had enough in my first one

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and it had appreciated and I'd done some extra work on.

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Speaker 2: It to improve the value.

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Speaker 1: So everybody, I'll love this, right, this is howt Because

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everybody's like, oh, how do you go from one to two, right,

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because a lot of people just won. Not a whole

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lot of people go past that, so I bought them

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or they end up selling it because they're like, I'm

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tired of being a landlord, right. But me, I'm like,

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let's go to a second one. And I what I

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did is I went and refinanced my first one, and

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I was old fifty thousand dollars. With that fifty thousand,

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I went and bought the second one. I won't go

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too much into detail, but basically with that second one,

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I bought a house under rented and I did some

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value add to it to where when it was all done,

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once I had fixed it up and had it rented out,

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I was not taking one thousand dollars a month of

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cash flow after I paid my mortgage, taxes, insurance and everything.

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Speaker 2: I was making one thousand dollars. And at that point you're.

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Speaker 1: Like, and I'm only like, I don't know, twenty five,

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twenty six at a time, I'm like, I just with

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no money, literally just from the equity of the first house,

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just created another one thousand dollars of cash flow, and

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then then it's on.

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Speaker 2: Right, Then you started worsting huh, yeah, for sure, it's work.

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Speaker 4: Yep.

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Speaker 1: And your point, I was ruined, right, So then I

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did a couple other business opportunities. We invested in a

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franchise called Purebar, and I started to run my own business,

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and then I started to apply some of that stuff

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to real estate. And then like once I started running

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my own business, I always joke it was like I

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felt almost like schizophrenic or bipolar. I was living two

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lives right, kind of like those movies right to where

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I would go to shell Show is an extremely conservative,

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like very structured company, so much red tape to get

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anything done right.

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Speaker 2: It's moving at a snail's pace if you like big company.

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Speaker 4: They got controls, they got systems in place, and you're

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a you're a cog in the wheel, right.

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Speaker 2: Yep, absolutely yeah.

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Speaker 1: And then my other life I was living buying real

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estate deals, running a small like going as fast as

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you're just trying to grow in scale.

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Speaker 2: So it's a little bit two different.

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Speaker 1: That's to your point of like how did you like

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want to leave the Like what eventually let me transition

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or what made me what planted the seed was like

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being able to run my own thing and have it

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like I could have an impact and such a big

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impact on my own bottom line when I started to

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invest and do my own deals versus I.

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Speaker 2: Could make good money with Shelle.

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Speaker 1: But I had I had a deaf thing, and I

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could only push I can only push that so hard.

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Speaker 4: Right, So, uh so you're looking back, you know, what

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would you have done differently? Knowing what you know now?

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Would you have bothered to go into work for Shell

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in the first place?

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Speaker 1: That is a great question, and I have not Actually,

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no one's ever really asked that would have started there.

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I think I would have because it helped it held

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much for so much because I had a good paying job.

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And this is I didn't mention this yet, but what

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I was on the leverage was again, I had that

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two weeks on two weeks off schedule, so I have

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literally two weeks ago I didn't have to do anything

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for Shell. So what I did is I started finding

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fixer uppers, right, doing for myself or finding deals.

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Speaker 2: Right.

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Speaker 1: So I started doing or doing property management and training

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a team.

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Speaker 3: Right.

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Speaker 1: I was doing all this time on my off days, right,

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but I still had that W two job. So I,

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like I always tell this story, I built my retical

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from around we were around a one and a half

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to two million in total assets, like total asset value.

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Obviously we're using leverage to get there, which I'm gonna

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get to.

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Speaker 2: But anyway, we were able to.

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Speaker 1: Grow that to like fifteen million over like eighteen months.

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And it was purely because of experience and my W

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two income. Right I was speaking, Now I could go

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talk and I started building with I started building relationships

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with small banks early on, like on that second deal

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I'm talking to you about, like I was talking to

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a small bank building relationship.

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Speaker 2: So now I had that W two income.

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Speaker 1: So that's why I think I would have probably would

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not have changed it because I was able to Granted,

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I wasn't making near like what I wanted to eventually make,

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but I had a good stable income and I had

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flipping experien experience, and so it was the perfect combination

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to go to a small bank.

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Speaker 4: So if you were starting out today, would you be

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able to do this? Is the Are the opportunities still there?

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Speaker 1: Yeah, it's a lot. And that's funny too. I talked

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to mentors of mine. They are like and then Grant

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Cardo owns got a TVD show where they just went

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and dropped him in the middle of middle of some country.

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Speaker 2: You can build it again.

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Speaker 1: And I feel like, yeah, just knowing what I now know,

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I've just spent so many years in masterminds learning from

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other people and uh and just training and educating myself

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and and and I'll give you another rich Dad port

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Ad quote, Like I remember he talks about being a

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door to door salesman, right, Like when I first read

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that book, I'm like, man, I wish I would have done.

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I don't know anything about sales, right, but now I've

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had to sell and close to you like one of

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my superpowers in my companies. I still am the closer

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on the like high level deals in our company, and

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I can come in and negotiate. And it's a skill

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I didn't realize I had until I really tapped into it.

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And I definitely wasn't tapping into engineer, which I'm quoting.

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So so yeah, I feel like I had to start

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or that's the other thing thinking back it, maybe I should.

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If I could start it over trajectory would have been

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much faster, right, But I took him for kind of

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longer route to it.

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Speaker 4: So here's a question, do you think anybody could replicate

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your success if if they're motivated.

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Speaker 2: I think so. I mean, I'm a I guess the

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difference with me.

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Speaker 1: Is I just take action, Like like I'll go to

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like I'm a part a lot of masterminds, and it's

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a blessing and a curse, right, Like I go to

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a two day mastermind and I'm learning, getting all these techniques,

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getting all these best practices from other great people in

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the industry, and I'm like, let's go apply that. And

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I come back after the two days and I bring

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it to my team and they'll on casey like and

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we can't do all of this at once, but I'm like, no,

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if we can, this is what we're going to implementence

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in that. So, I've always taken massive action and been

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willing to and I had a great w two income

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that allowed me to take risks over the years to grow.

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So yeah, maybe not to this point in this scale,

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but I think anybody absolutely can go about and buy

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their first rental property or start taking steps to giving

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financial freedom.

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Speaker 4: One.

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Speaker 2: So, what's what's the worst deal you ever made? The

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worst deal? Man?

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Speaker 1: We? Uh, we had a collection of them. I'll never

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forget this. In I'm going to go with a combination answer.

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So we were in Dallas Fort Worth and it was

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around like twenty seventeen, and and we thought we we

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thought we had it like we had we had we'd

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been buying houses and fixing them up and refinancing them,

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and then we would refinanced that we get our money

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back and we'd put a tenant in there and we.

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Speaker 2: Just cash flow.

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Speaker 4: Right.

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Speaker 1: It's called the Burr strategy v R R r R right.

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So we we did that on like four houses in

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Fort Worth and like, man, we got this, and we

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we did it with like one hundred thousand and just

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kind of rolled the money and were like, all right, now,

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let's go do a bunch of fix and flips to

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feed our rental portfolio and then we could do more

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of these, right.

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Speaker 2: But what we did is we didn't realize is.

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Speaker 1: We had a really good contractor and we were investing

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at lower price points. So when we stepped into the

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higher price points and started working with different contractors, we

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just we struggled, right, and we saw a little bit

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of seasonality and yeah, we just we got we got

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into some deals where we didn't And the other thing

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is we missed on some of our ARVs, like and

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the grant of the markets fluctuated a little bit, but

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the house didn't end up being worth as much as

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we thought right in to this day, like when we underwrite,

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that's what makes me underwrite so much more conservatively when

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we're figuring out the value the exit value of the house. Right,

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So we bought. We had like three or four deals

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where we did the same thing.

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Speaker 4: You know.

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Speaker 1: Fortunately we sold them all, but we had to take

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some significant losses to move them. And those are still

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valuab wounds that I carried to today.

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Speaker 4: Well, it's so valuable learning experience, right absolutely.

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Speaker 1: Yeah. I always joke we uh yeah, I didn't get

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an MBA, but I just yet we got it.

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Speaker 2: We got it from school hard knocks.

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Speaker 4: So, uh knowing what you know, now, what advice would

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you give somebody assume in your masterminds you're mentoring people.

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What's the biggest three takeaways that we could get from you?

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Speaker 1: Now? Yeah, I would say one of the biggest ones

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is start early, especially when it comes to real estate. Right, Like,

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I've actually I purchased a house. It's really funny. Last

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night I was in bed actually with my second I

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have four bule voice.

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Speaker 2: Right.

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Speaker 1: My first boy though, when he turned eight or nine,

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I think it was eighth birthday, I ended up buying

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him a house so he could start to buy it

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and he could learn how to manage it, and ultimately

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we start paying it down over time, right, because really,

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stay over time, it's always gonna it's always going to succeed, right,

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as long as you have as long as you look

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over a long enough horizon, you should be fine. So

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my second kid was asking about it, so that would

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be one. It's like, start early, right. I bought my

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first one in college. You could buy one for your kids.

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Or if you haven't bought a single asset or done

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anything in real estate, well you got to start somewhere.

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And so my first advice would be start now, right.

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Second thing would be start with somebody who knows what

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they're doing, unless you're like me and you want to

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just go figure it out yourself and you want to hustle,

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and you want to work a two weeks job and

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then when you're off on your off days, go hustle

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just as hard. Some people are built like that, but

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not everyone is. So I always recommend and like, go

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find an operator a partner who who is doing deals right,

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because go learn through them versus going through the school

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hard knocks, right, go learn through them and do a deal, right.

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So yeah, so get started, find a partner, right, And

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then I think the other thing is just sort of

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like being you know what, here's the other one, and

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it's that that story that I just shared.

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Speaker 2: It's always have two exit strategies.

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Speaker 1: So, right, So if you're going to go try to

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fix and flip a house, a lot of people will

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do that, and fix and flipping can inherently be risky,

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and I could also be very rewarding and you can.

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Speaker 2: Make big profits.

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Speaker 1: But what I've always done is I always make sure

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almost done all our deals. I've always got two exit strategies.

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So the first one is to flip it and sell

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it often the second one is could we keep this

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properties a rental?

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Speaker 2: Right?

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Speaker 1: And this is why I invest in Wyoming and the

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markets like this are Montana, where I can still buy

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properties that if I can't flip them, I can hold them.

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Like right now, it's always a little bit slower. We're

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talking today in December, right, It's always a little slower

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in the winter time in Wyoming, And so what I'm

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doing is I'm holding some of these properties is rentals

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because right now they would I could either because here's

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the other option is if you don't have another ease

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of strategy, the only thing you can do is just

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drop price, right, and then you're just cutting in your

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profit and eventually taking losses on a flip. Right. So

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what I do is if you can always buy and hold.

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If you talk to so many people, they're always like,

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they're always you talk to investors, they're always like, man,

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I wish I wouldn't have sold all those properties right as.

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Speaker 2: They look at the value right. So my thing is

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have to.

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Speaker 1: Exist strategies and yeah, and then just being a buy

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and hold investor. I think it's one of the best

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ways to It's a safe way to do it, and

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you're not going to get rich quick, but you're going

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to build wealth over long time, over a long period time.

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Speaker 4: All right, then, great story here, Casey, really appreciate what

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you're coming on. I guess the best place to find

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you is caseygregorson dot com and the link is in

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the show notes to this interview on Financial Survival Network

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dot com. And we only ask that when you go

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00:16:55,919 --> 00:16:58,919
there sign up for our free newsletter, like over sixty

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00:16:59,000 --> 00:17:04,519
thousand of other FSN community members have. And if you've

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00:17:04,519 --> 00:17:07,160
got a question for Casey or myself, shoot me an

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00:17:07,160 --> 00:17:10,960
email kl at Carrie LUTs dot com. Casey, you love

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00:17:11,000 --> 00:17:13,440
the story. Love to have you back on again when

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you're available, and we'll talk with you soon.

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Speaker 2: Love to you. Thanks, Gerry, appreciate it.

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Speaker 3: Thanks for listening to Carrie Letz's Financial Survival Network, your

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00:17:22,680 --> 00:17:26,519
solution to today's trying times. For the latest, go to

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00:17:26,680 --> 00:17:31,079
Financial Survivalnetwork dot com. Financial Survival Network

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00:17:31,400 --> 00:17:33,079
Speaker 2: Now more than ever,