Guru Lauren Monroe with E-Rocks Real Estate

Rick Ripma: 0:00

Welcome to Indy's Real Estate Gurus. We're recording today from the advisors Mortgage Group studios right here in downtown Carmel. And I'm Rick Ripma, your hard worker mortgage guy been in the mortgage business and in real estate for over 34 years, I've helped over 5200 folks that finance their homes, my team and I believe in custom tailored loans, not the one size fits all approach. We believe there is the right mortgage for you. And we believe we are the team to deliver it.

Ian Arnold: 0:27

And Im Ian Arnold part of Rick's hard work and mortgage team. I've been in the financial industry for 15 years, helping people purchase what they want and also helping you build credit and even get you a better interest rates. I have a passion in helping you secure your life, financially free and even help you pay off your home. If that is a passionate, passionate you want to complete

Rick Ripma: 0:52

and for the most up to date information on the Indies real estate market or mortgages go to HardWorkingMortgageGuys.com That's HardWorkingMortgageGuys.com Or you can call 317-672-1938. That's 317-672-1938. And today, we're really excited to have Lauren Monroe on and I hope I have accompany right. It's Iraq's real estate.

Lauren Monroe: 1:16

Yes, that's who holds my license.

Rick Ripma: 1:18

Welcome. We really appreciate you coming out today. Yes, happy to be here. And what is the best way to contact you somebody has any real estate needs?

Lauren Monroe: 1:27

Yeah, you can just give me a call or send me a text. My cell phone number is 317-777-0210. I'm always looking for houses to buy. So if you got a house to sell, I'll buy it.

Ian Arnold: 1:45

Short and sweet. Let's go.

Rick Ripma: 1:49

That's that's a that's a different way. Obviously, your business is different than a lot of agents. Business,

Lauren Monroe: 1:57

right? Correct. Right? Yes, I buy and flip or buy and sell quick. So I do a lot of different things, religious, whatever the deal allows.

Rick Ripma: 2:07

Okay. And so is do you actually do the work on the

Lauren Monroe: 2:10

houses? Well, not me personally. But yeah, but sometimes I do. I'll pay my I have an 11 year old son that we homeschool and I get him out there. He doesn't do school with his tutor on Wednesdays. So we do real estate on Wednesdays together. So can we do? I have in basements painting doing all kinds of different stuff. So

Rick Ripma: 2:32

that's, that's a great education. Yes, I've been in real estate is a great place to learn a tremendous amount. And I talked to there's several agents we've had on if they their parents were real estate agents, and even their grandparents sometimes were real estate agents. And the knowledge and experience you get by that is you that's really a huge help to your son I would take

Lauren Monroe: 2:53

Yeah, definitely he'll sometimes he'll pretend to be me on the phone. And he'll be like, you know, 5k over asking buddy stuff I don't expect him to pick up.

Rick Ripma: 3:07

So what did you do before you got into real estate?

Lauren Monroe: 3:12

Before I got into real estate, I was a bartender just downtown and another bartender had got their real estate license, and they just told me about it. So I had had my son then and I was a single mom. So I was looking for a way to make more money in a shorter amount of time instead of at night obviously. And one of the biggest investors here in Indy used to come into my bar all the time. And his intern actually told me about wholesaling. So I started doing that and got my real estate license. And that's how I began and started making money so I could start flipping.

Rick Ripma: 3:50

Yeah, that's awesome. So what you do mostly as you you just buy sell real estate, you don't, you don't do work with people at all to buy help buy real estate or just tell by your properties.

Lauren Monroe: 4:02

I do work with investors, like I will, which is what I prefer to work with. I will list properties for different investors, like if they flip a house or list that property or if they have one, they just they're not even doing any work to they just had bought it and need to sell it and I sell those as well.

Rick Ripma: 4:23

Okay, okay, so you work you are pretty much as a as a listing agent for somebody an investor who has asked us perhaps to self

Lauren Monroe: 4:32

correct yes, or for inference to something you know, it's crazy when you're working with friends and you're trying to find out about house and different things. But yes, I do do that too, but mostly just with investors. Yeah.

Ian Arnold: 4:46

So why did you actually choose this side real estate, like the fixing up and that type of stuff?

Lauren Monroe: 4:52

I just felt called to it. When I first started out, I went to This past tour of alpine property management, which was like it was probably 10 years ago now, but I was just listening to all the other investors there. And I was like actually sobbing while I was while I was up there, because I've just like, this is exactly 100% what I'm supposed to do, so that from that day forward, I always just full steam ahead.

Rick Ripma: 5:21

So the bus tour, they took care of Boston and showed you the properties. Is that what they did? Yes. So they,

Lauren Monroe: 5:28

their model is they buy houses rentals, and they fix them up and then sell them to people that buy them with their IRA and retirement and stuff like that. And so then they manage the property. So they have people from all over the country come there, and then they buy those properties. So basically, it's just a pitch to the people to buy those those houses. And I was selling them the houses. So I was finding, I still work with them all the time, though, the girl that is in charge of buying for them is one of my very best friends. So I still sell them a lot of stuff. But they, I would source the the properties that they do properties everywhere. So low income, and then higher income properties.

Ian Arnold: 6:20

It's very interesting the way you got into it and decided, but so what about mentors? Did you have a mentor? Going into it? Do they sometimes go hey, yeah, just come underneath my wing, and I'll show you or do you get to fly by your seat of your pants, and then you find a mentor.

Lauren Monroe: 6:36

I did take a while to feel comfortable to ask people for help. So I did trial and error. But when I first started out, I there was a lot easier to find houses. So I found 10 property, I bought 10 properties and sold them to Alpine. In the first month I was doing it off of Craigslist. So it was not now you can't there's no way. No properties are on Craigslist that are that are good enough. Now. Wait, what was the question? Oh, what mentors? Okay. Yes. So I just figured it out by trial and error. So I just, I just did it. And then, you know, a lot of stuff worked out and a lot of stuff didn't. And that was how I figured it out. I had a girl Laura guy that I really looked up to. And she's actually one of my best friends now. But she had been doing it 10 years prior to me. And I I had lunch with her a few times and just picked her brain and different things. But I love to do that. Now. That's definitely now that I have been going for a long time. I really like to help people that are starting out in real estate. That is something I definitely feel very called to do.

Rick Ripma: 7:55

That's awesome. So it's interesting to me. So when you have somebody who's who's brand new, or you're brand new in real estate, and now you're you went in the first month, you bought 10 houses and sold 10 houses the same 10.

Lauren Monroe: 8:12

Right. So basically, I would put them under contract. I did like the wholesale deal, which I know a lot of people, you know, poopoo on wholesalers, but there's good ones and there's bad ones. And the bad ones really do give a bad name for wholesalers. But I put them under contract and then I sold them to another investor. Okay, so you never actually closed. I never actually close them now, if I just got to check it closing. That's awesome. Yeah, it was great. Yeah, I thought it was rich.

Unknown: 8:46

Totally different income adjustment for bartending to that. So

Lauren Monroe: 8:50

definitely. And then yeah, it but I wasn't I figured that out really fast that I actually wasn't rich.

Rick Ripma: 8:55

It doesn't last forever, does it?

Lauren Monroe: 8:58

No, not at all.

Rick Ripma: 9:00

So that's so today, you say that's not available? There's nothing on Craigslist. So how does somebody do it? Today? If somebody said, oh, I want to do that? How would they? How do they go about? Like they get a hold of you? And they say okay, I want to buy properties and I want to flip them? How would they how would they do that?

Lauren Monroe: 9:19

There's a lot of different ways I for a while I had a team of a few cold callers that would call for me 40 hours a week and I had it just depends on what how much you want to spend on marketing. Because I learned really fast I would rather make less money and spend $0 on marketing. Whereas before I was just bleeding money from spending so much money on marketing and then not being able to keep up with it and it just has to be managed really well. If you're gonna spend money on marketing, but since I've been doing it personally me since I've just been doing it a long time. I just do it in a very unconventional way and I worked on myself it was just me and my husband And I have a lot of contacts with other agents and I help new wholesalers find me properties, but definitely cold calling, sending handwritten letters to homeowners that really does work and texting, there's texting platforms that you can send text messages out to homeowners. But there's a lot of different ways that you can find properties like that. And you know, of course, the MLS sometimes, but it is a lot of work to go through them all.

Rick Ripma: 10:36

So if somebody's listening, they go. So what's a wholesaler? What are you talking about? What is a wholesaler?

Lauren Monroe: 10:42

A wholesaler is just someone that, you know, they, they do market, a lot of them do spend money on marketing, or they knock on doors, or however they're getting houses, Facebook, lots of different ways. And they put something under contract that says layer the buyer, and then they assign that contract to the buyer, the actual buyer, and then they make the fee in between.

Rick Ripma: 11:06

Okay, so they what you're finding is people who go buy the house, you get it under contract, right? And then you buy it from them.

Lauren Monroe: 11:13

Correct. So they do all the hard work for me, because talking with sellers and dealing with sellers is really hard work.

Ian Arnold: 11:21

And if somebody wanted to get in contact with you to possibly sell your home, or they have questions about the investment side, but what's the best way?

Lauren Monroe: 11:30

Yeah, give me a call or a text anytime I love to talk about real estate. And if you have something that you're looking to sell, I will absolutely get you an offer the same day. My cell phone number is 317-777-0210.

Ian Arnold: 11:49

Rick, how will they get ahold of you? Or I know you're about to jump in. But I like say this. I want to test you

Rick Ripma: 11:56

think it's still HardWorkingMortgageGuys.com That's HardWorkingMortgageGuys.com. Or you can call 317-672-1938. That's 31767 to 1938. And you can call NRI, or on the website you can find just all our contact information right there.

Ian Arnold: 12:15

Yep. And remember to subscribe to indies real estate gurus podcast.

Rick Ripma: 12:19

Thank you for listening to these real estate gurus, the gurus we interview share valuable insights. They reveal their strengths, personalities and how they'll work for you. While we hardworking mortgage guys, secure your best mortgage, real estate gurus work hard to, they avoid problems the amateurs don't see They listen. They find unrealized opportunities. If you are buying or selling a home, a real estate guru is a valuable asset. If you're even thinking of buying or selling a home, keep listening, and definitely call one of India's real estate gurus.

Ian Arnold: 12:53

All right, Lauren. So thank you for joining us. And we do appreciate all the info you're given us on the investment side and everything because I don't think a lot of people understand what they're one there is a market like that, except for like when talk to a normal person is all about renting. And he's like, Oh, I can turn my place into a rental. Well, there's other ways you can do this. So if somebody was looking to start getting in the investment side, what would you recommend?

Lauren Monroe: 13:23

Don't over analyze every deal. You just have to like jump in, because that's how you learn the best. Doing the investment side. I talked to people all the time that just you know, they're so nervous. They overanalyze everything they've went to every seminar, they've read every book, you just have to pull the trigger and not be afraid to lose some money. And that's how you'll learn if you're losing money you're learning.

Rick Ripma: 13:51

That's, that's good. Because that's, that's probably as true as it can be

Lauren Monroe: 13:56

learned a lot last year.

Rick Ripma: 13:58

Well, you know that and that's what happens, right? But that's how in any industry it always, it always surprises me in sports. They give, they give they they they recruit somebody or they recruit they they draft them. And there are no top three draft picks. Right? And after a year of playing in the NFL, they're like, Oh, well, you know, there aren't any good. Did you give him any chance to learn how to play in this? This? I don't I don't get or even they do it. The coaches do. It takes time and that's what you're finding it takes time. I bet every deal you get better at

Lauren Monroe: 14:30

it. Definitely. And you still never know. It's always just hope and pray. But you do definitely get better at it. But then you know, then there's a new problem. So you just have to be it's basically just constant problem solving. So if you love problem solving, then then real estate investing is great.

Rick Ripma: 14:50

And you and you get most of your properties from the wholesalers. Yes, yeah, you buy it you buy that that you actually close on those are you Are you also wholesaling it to somebody?

Lauren Monroe: 15:03

I usually don't know. anymore. Usually I either buy and list it, or I buy and fix it up and sell it. Okay. But like you said the renting Yes, I need to be more disciplined about getting more rentals, I can have some good cash flow, because it definitely like with the with the flipping, it's very up and down, and you have a lot going on at once or you don't have enough going on. So if you have good cash flow as well, I definitely recommend getting getting some passive income going as well.

Rick Ripma: 15:36

It makes sense to have both really yes, definitely

Lauren Monroe: 15:40

makes sense to have both.

Ian Arnold: 15:41

So was it a little harder the last couple years? I know during COVID When people were asking $50,000 over asking price and or they were getting offered that not asking for it, but they're getting offered all that. So was that market a little harder for you? Or is it getting easier? Or how? How has the market been different? Or you face unfair? Other realtors?

Lauren Monroe: 16:01

Yes. So it definitely just got increasingly harder. From when I first started about 10 years ago, and then definitely, it was really hard during COVID just it was easy to sell, I could sell anything, but it was just the matter of finding a property to buy. So you know, win lose there. And then about August last year, it the market really shifted. So I had bought a house in Broad Ripple. And I'm noticing that like the millennial buyer is not not buying as much so or they're not spending as much money. So I've threw that property on the market for 350. And we ended up losing on that property. But I noticed that anything outside of 465 still is selling really easily I'm getting multiple offers. It doesn't really matter the price point I'm noticing, but like the downtown flips, Broad Ripple flips, really high end stuff, I noticed is sitting longer. And you know, because it's a different buyer. It's not a family, usually it's a younger buyer. So I if I do anything downtown, I'm I'm doing a lower price point to 50. And under.

Rick Ripma: 17:21

That's wild and Broad Ripple because Broad Ripple has always been like the ultimate that always is sold. Well. Not always it's never true. But most of the time is sold very, very well. It's it's been a place where young people want to go. I worked there I worked in the Vogue as a bartender. That probably a survey

Ian Arnold: 17:43

that was in the 30s.

Rick Ripma: 17:45

Back then I'm saying but it's it's so it's always been really popular. I did not know that it had slowed down some.

Lauren Monroe: 17:55

Yes. And it was probably me in the house probably kind of sacked. But if before filling, it was COVID Dreamland, I would have sold and there was a house that sold right next to it for 360 That was in mind was way better than that one. But it was on the market may. And mine was on the market. And at the end of August. Isn't

Rick Ripma: 18:14

that wild? That that just that short period of time? Because it was kind of July when everything just kind of went away? Right?

Lauren Monroe: 18:20

Yeah. Yeah. Right. And that was like end of July I think and and then yeah. So in that that rehab took too long. It was just really it was just a snowball of unfortunate events. But we finally sold it in January. And it was the best time of my life

Rick Ripma: 18:36

was probably two hours, it works because you said you're finding that get outside of 465. And it's really going well. And I've noticed that from from everything I'm working on, it's amazing how well, the outside of 465 is doing, they're still getting multiple offers, they're still getting over over list price offers. So it's still a very hot market. Yeah,

Lauren Monroe: 19:00

I absolutely agree. I haven't had any issues with outside before 65. So but it's you know, properties that need work and stuff are harder to find out there. So I but I, that's if I find a property out there. I always buy it just outside of 465 anywhere on any side of town, because it'll sell. But yeah, I'm not having any issues at all with that. But I think that, you know, people just also aren't moving as much. So they're just there's the inventory there. And people still do have to move. So but for what there is there just isn't that much. And I think that yeah, it's just families have to move. So it's still a good market for that.

Rick Ripma: 19:41

So what is important for somebody somebody less than they go, You know what I want to I want to do what she's doing, I want to flip houses. I want to do this. I know from experience again, I've been around a while that not everything works for everybody. And not everything's you know, so is there personality traits or things that somebody The maybe things people just need to think about before they get into this because it's not an easy money situation.

Lauren Monroe: 20:10

Yes, it's definitely not easy at all. You have to be very unbothered because it's so up and down. Like I just, for example, this week, I had a property I was buying today. And they ended up signing another contract with another person, it was gonna be a $70,000 deal. And I lost it. I only knew it was, you know, one second, I'm making 70 grand, the next minute, I'm making zero. So it's just very up and down. And you just have to be very, very even keeled. And even, you know, I still get up and down, but you have to use seriously you have to eat well meditate and pray. Exercise. It's no joke. It's, it's the real deal. So if you've, if you're very if you're an easily bothered person, I definitely would not recommend real estate. And I have friends that are easily bothered. That I have told this is no, this is probably not for you, baby.

Rick Ripma: 21:10

Yeah. Not buying and selling. Yes. There's a lot of stress. Right? That's what you're saying? Yeah, it's

Lauren Monroe: 21:16

very stressful, huge stress.

Rick Ripma: 21:19

What? Even just somebody who's, who's buying a house? Just you know, they're gonna buy a house? Or maybe they're selling their house and by buying a home? That's stressful? Yeah, you're doing it 10 times a month. That's a lot more stressful.

Lauren Monroe: 21:33

Yes, it's very stressful. And you know, just stuff comes up, like, oh, man, the roofs actually bad. Oh, man, you know, and we get an inspection on every property now, but we didn't at first because we didn't know what you were doing. And just stuff comes up all the time, and no inspections ever perfect. And you know, it's you just hope and pray. So basically, all I do is hope and pray. So.

Ian Arnold: 21:58

All right. Well, I think we should get into the question of the week, Rick,

Rick Ripma: 22:01

we'll go for it. All right.

Ian Arnold: 22:02

The question of the week is sponsored by Hey, Rick and I the hard working mortgage guys, where we believe in helping you and supporting you and your realtor by sending constant updates on your loan process. Contact us today at hardworking mortgage. guys.com. All right. So here's a tough one. What was your first car?

Lauren Monroe: 22:19

My first car was a Honda Accord. Nice. And I loved it and it died.

Rick Ripma: 22:27

August never die.

Ian Arnold: 22:28

What did you do to it?

Lauren Monroe: 22:29

I think I got it for $800. And I don't even know I just left it in apartment complex and was like it's over.

Rick Ripma: 22:39

She pronounced

Ian Arnold: 22:41

all she needed was a little gas. She cuz she said dead.

Lauren Monroe: 22:46

Probably true.

Rick Ripma: 22:48

I've seen people do that my sister had a car years ago. And she's she couldn't they couldn't get it running. And it just sat there and sat there. And finally they gave it to me. And everyone was like a $10 piece and I had a car. It was crazy.

Lauren Monroe: 23:05

Oh my gosh, yes. My dad works on cars. So he usually gets me out of every situation like that. So lucky for that today.

Rick Ripma: 23:13

It's like I used to work on cars. Today. I on my car, I opened the hood to look for the the reservoir for my brakes. Because I my brakes were acting weird. And I wanted to see if I was low on brake fluid. I couldn't even find the reservoir. I still don't know where it is. It's got to be there somewhere because there's still hydraulic, but I don't know where they hit the daggone thing.

Ian Arnold: 23:40

It's more complicated. Just like yeah, it's not. It's not only more complicated. You got more like tronics. I mean, you talk to an old tech, and he goes, Oh, you know what I used to love. I could stand inside with the engine block and just reach around to everything. You can't fit a piece of paper in between some of the spots now. It's so crammed with stuff. Yeah. But yeah, it's so much more common. There's

Rick Ripma: 24:05

a lot there. So what was it a two door or four door in your car to your Oh, so it was a good one?

Lauren Monroe: 24:14

Oh, yeah. Sick Fift I was terrible at driving.

Rick Ripma: 24:19

Did you ever get good at it? Or were you just not a stick shift person?

Lauren Monroe: 24:22

I liked driving the stick shift. But I just know I would say I'm just not a good driver in general. Anyway.

Rick Ripma: 24:29

It is one of the best left turns to a car today is to have a stick shift. Oh, people can't drive them. That's yeah, they jump in and they can't steal it because they can't drive it.

Ian Arnold: 24:40

So if you see Lauren on the road, please just move away. She says she's not very good driver.

Rick Ripma: 24:46

Today, so we're gonna make sure we're avoiding that.

Lauren Monroe: 24:49

Good advice. I agree with that statement.

Rick Ripma: 24:54

It's kind of funny. I shouldn't say this, but you remind me a tremendous amount of my nice She is also not a good driver.

Lauren Monroe: 25:02

Yeah. Can't be everything you know. Yeah. She's,

Rick Ripma: 25:06

she's a great person. A good driver.

Ian Arnold: 25:09

I would say things because of the blonde, but then my wife will hit me when I get home. So

Rick Ripma: 25:14

that's not no, that's not correct.

Lauren Monroe: 25:18

Yeah, this is fake one anyways. Oh, okay.

Ian Arnold: 25:23

So, for our listeners out there, what's the easiest way to get a hold of you?

Lauren Monroe: 25:28

Yes, please. If you have a house to sell grandma's house, you don't want the house, any house? Any kind of house call me. I'll buy it. 317-777-0210.

Ian Arnold: 25:40

And what's the best email? Lauren Hicks, which

Lauren Monroe: 25:43

is my maiden name la URENHIC que es at Gmail.

Ian Arnold: 25:49

And she says contact her anytime. So three o'clock in the morning. Just let her know. She'll probably respond when she wakes up. That's exactly right. And, Rick, how would somebody get a hold a URI?

Rick Ripma: 26:00

Well, the best way is HardWorkingMortgageGuys.com. That's HardWorkingMortgageGuys.com. Or you can go to 31767 to 1938. That's 317-672-1938 Almost forgot it.

Ian Arnold: 26:13

You haven't written down and you're gonna forget. I know if

Rick Ripma: 26:15

I'm looking. Over here. I gotta write it down. off camera.

Ian Arnold: 26:20

We only go through this. How

Rick Ripma: 26:21

often do I want to use the other cameras? He said, No, no. He's such a pain right now.

Ian Arnold: 26:26

I have to control this stuff for good. And I gotta have a job here. What are you gonna? Alright, right. And hey, just remember to subscribe to indies real estate gurus podcast. All right, Lauren. I'll let Rick go through what his favorite question?

Rick Ripma: 26:41

Yeah, what would you say your superpower or superpowers are?

Lauren Monroe: 26:46

My superpower is definitely finding a way to get something done. I can't figure out anything in any problem. I call myself. Lauren finagles. Everything minerale. And so does my husband. He hates it and loves it.

Ian Arnold: 27:08

So you're the MacGyver?

Rick Ripma: 27:12

How did that help you when you were bartending?

Lauren Monroe: 27:15

I was not a great bartender, so I was not. bartending was really not for me at all. I hate being up late. I usually go to bed at nine. And so me too, there. I can't I can't say it helps me as a bartender. I didn't even know I had that gift yet.

Rick Ripma: 27:34

Okay. I just was curious. Because I, you know, I, I bartend it for five years. Yeah, I thought well, okay. I can see where that would, you know, it can be a powerful tool. When you you know, even in a bar where you got a problem, and you just gotta figure out a way to solve it. Right? You know, I feel I'm kind of the same way I can solve most problems. You can't solve every problem, right? You can't solve most problems. And I usually am pretty good at figuring out a way. I think a lot of times the reason is, is I asked a lot of questions. It's not that I figure it out, I just asked enough questions that one of two things happened. Either the person has an idea on how to fix it, right? By asking enough questions or gives me enough information, I can figure it out. Or number two, they get irritated with me like like some if I'm trying to get a loan done, let's say and my I just keep bothering my underwriter and Emily, just give up. And I do it nicely. But you just you just you're I'm persistent.

Lauren Monroe: 28:35

Yes. Persistent. Yeah, that is that is that's what I have a gift for

Rick Ripma: 28:40

you when I sold cars, they called me they called me a bulldog. Because when I got a hold of something, I just don't I I don't give up but I still that way. Yes, that's what I very

Ian Arnold: 28:50

much.

Rick Ripma: 28:52

Doesn't say. So. That's,

Ian Arnold: 28:54

that's why at 730 morning, she says, right, get out of the house.

Unknown: 28:58

Get up. Hi, Lee.

Rick Ripma: 29:01

I get up. I get up early. She doesn't. It's there was something you said. I wish I could remember what it was. I thought it was brilliant. And I wanted to ask about it. No, I, you know, again, I'm getting old. I just don't remember. But you work with your husband. So how does that go? How does that work? And who's as normally and asked who's the boss?

Lauren Monroe: 29:26

I'm definitely the boss. We knew that. It's really, because I was I was doing this for a long time. And he worked at Dick's the warehouse. He was a boss there for 11 years. And you know, no one wants to work a job. So I said I would I'd been telling him for a few years like you just got to quit just come do real estate or are making enough money. Why don't Why are you doing this? This is pointless waste of your life. So he did then finally quit and 2021 and And we work together. But yes, it's not easy whatsoever. He manages the projects we were doing better and better. Because I also am a control freak. So I want to control everything. So I'm just trying to get out of that. But he I've given him up a lot of control and he manages the projects for us start to finish. So I'm in charge of finding them and then selling them. Yeah,

Rick Ripma: 30:23

that's what I would guess is that you're gonna find what you're good at what he's good at. There's it sounds like that's what you have, you have different skills so he can do what he's going to do. But what he does, affects what you do when you go to sell it. So you do have to have some control over what happens. Right?

Lauren Monroe: 30:39

Right. Yes. And sometimes he doesn't know. I mean, he just hasn't been doing it long as long as me so if he goes into a house he's like, Yeah, you really need to come and see and tell me what what we really do need to do because there's some houses you know, they're some of its nice and some of it's not so you have to figure out well, what does the budget allow and what would sell the house the best? What things do we absolutely have to fix and what do we not

Rick Ripma: 31:03

know are there any shows that kind of on TV right now that are kind of showing what you do? There's lots of different housing shows but I don't know if there's something that maybe fix it or flip it or I don't know are there shows that if somebody was watching you go that's kind of what what how you do it what you're doing.

Lauren Monroe: 31:21

So yes, we watch we do watch the shows that it's it's I almost when I watch the shows, it gives me an anxiety it gives me anxiety because I know like oh man, this really is crazy like this. But we watched triple digit flip, which we're not making triple digit, Indianapolis mark, it's a lot harder to make really huge money on flips, because it's just we our housing, house sales are not as high as other markets are. But I really like to watch that show. They do they do the same stuff we do, but they just make more money. But they do really cool stuff. As far as they they will do something extra to the houses to really elevate their ARV. So I think that's a really good one. But that's

Rick Ripma: 32:08

only our V. What do you say? Oh,

Lauren Monroe: 32:10

after repair value, there you go. But we that's only when I watch. So I don't know.

Ian Arnold: 32:18

He's too busy. She's a working girl. Yeah, time watch TV.

Rick Ripma: 32:22

I get that a lot of TV watcher either. It just most of those shows are not realistic of what it actually is.

Lauren Monroe: 32:29

No, we are always my husband. And I will do watch them because they give good idea that well, that one specifically, it gives us good ideas. We've gotten good ideas from that. But we're always like casted at the TV. Like, that's not that's not how that would go.

Rick Ripma: 32:43

And then I think the reality also is they say triple digit. It was they make a lot of money on the houses, right? Yeah. Most of the shows that I've seen, and I haven't watched one in a long time, but when I did watch them a little bit. Most of the ones that I have seen, there were times they lost money. Yeah. which you say is a very big reality. You can lose money also.

Lauren Monroe: 33:04

Oh, definitely. Yes. I've definitely I hadn't though, when I was in COVID. Law land for so long. And then and then after that, then we did we lost money on about about three houses. But I have learned a lot because of that market change. Yeah, the market change. And I was way overconfident in buying stuff that I absolutely should have been by. And I would never buy now. And so I learned I definitely learned Yeah, if you're not making money you're learning.

Ian Arnold: 33:36

So what would you consider one of your most memorable deals?

Lauren Monroe: 33:42

One of my most memorable deals was this last one I would say I just did one in Cicero. It was a great deal. The lady that had lived there it was a crazy case she had never let her dogs out. She had like five giant dogs. And it was just complete wreck this house but it was in a really good area. And it was awesome because my I really gave up control and I let my husband completely let my husband that sounds terrible but I gave up control in my husband did the whole thing start to finish picked everything, bought everything manage the contractors, and we made the most money we ever made on that house.

Ian Arnold: 34:23

No, because you let him take control. Exactly.

Lauren Monroe: 34:26

Exactly. I learned my lesson.

Rick Ripma: 34:28

I know if I was doing it. Okay. And I may be a little bit of a control freak. But if I were doing that I would never want to have the control over the design and denigrating Yeah,

Ian Arnold: 34:40

I agree with you on that one. That is not my style.

Lauren Monroe: 34:42

No, it definitely gives makes me feel anxiety to have to make those decisions and it does not make my husband feel that way. So because it is it's very like oh wow, what is this looks like crap. I don't know. And so he's really good at being able to have a clear vision on that. So that's

Rick Ripma: 35:03

you have to have a vision, I sold new houses. So I sat in the model, and the vast majority of people will walk into your model. They'll fall in love with the model, they'll build the model. And they want everything to be exactly like the model, right? They want the same colors, they want the same exterior they want, and you can drive through a community. And you can always set what you can see when there's an inexperienced salesperson there. Because everything looks just like the model. An experienced salesperson learns that you got to have variety, and then you use you show them other options and let them you know, see that, but I learned I don't have great vision. And they and most people don't it's the vast majority of us can't see it.

Lauren Monroe: 35:44

Right? Yes, yes, definitely. Absolutely agree. And your husband has that he does have which is awesome. It's really awesome. Yeah, I'm very blessed with that. Yeah, sure.

Rick Ripma: 35:55

Because even if I had it, my wife would believe I didn't, and that she was not her.

Lauren Monroe: 36:02

I can't say that that's not true. So.

Ian Arnold: 36:08

So besides you and your husband, is there any more to your team? Do you guys like us the same contractors or something like that?

Lauren Monroe: 36:14

Yes, we have a crew that they do, they can do like one or two houses at a time. So I try to line them up. But I love my crew. And I, I had bought a house from them one of my first houses. And they were just like, you know, hey, we do houses, you know, if you ever want us to do that. And we've we've created a great working relationship, and I'm so thankful for them. And they communicate well, they don't overcharge, they do excellent work. I'm never disappointed. I'm very blessed there, too. I did use a different crew last year. And I was not pleased at all. And it was that also on that Broad Ripple house I lost money on they did that

Rick Ripma: 37:03

it mattered. I would think that if you're going to fix up a product fix up properties like that you better have an phenomenal crew that shows up does what they say they're going to do is quick, is times money. Right? Right. And quality matters when you go to sell it. Exactly. And it's not easy always to find people who will do the work correctly.

Lauren Monroe: 37:25

Absolutely. And I have I do have and then they just do like, you know, all interior and all of that and plumbing and stuff like that. I have a great plumber too, though. And I have a great electrician. And I have my HVAC guy. And I have great relationships with all gasp people. So they do enough

Rick Ripma: 37:43

that you're a good client, right? Yeah, they like yeah, you're you do enough business. Just tell us some of the biggest lessons you've learned in your business

Ian Arnold: 37:54

ever husband do the full thing they make more money

Lauren Monroe: 38:01

I'm still learning that. I would say that. I learned that I don't need to do it exactly the way everybody else does it to enjoy what I'm doing. I'm much more comfortable with not doing the marketing and making less money so that I don't have any back end. I don't have hardly any overhead expenses for my business that I cost to keep keep open. And I learned that I don't like having employees and that I like to work alone. And I just do it the way I want to do it it as opposed to how all the Guru's and how everybody you know, do this do this. I really learned that that is not my my way.

Rick Ripma: 38:47

Yeah, there's more than one way, right?

Ian Arnold: 38:50

Yes. So if somebody is looking to sell their home, just to get be done, whatever is either gonna move, remove or something. What process do you go through when you meet with them?

Lauren Monroe: 39:04

Yeah, so I just go to the house, I can get an offer. To them that day. If I walk through it, I can waive the inspection period. My husband and I go through it and make sure you know everything's, I'm sure ish. And we can usually it depends on the deal, but I can usually close between a week to three weeks. And or if you know if somebody needed time, I could let them stay afterwards. Also, people are able to leave their stuff. So like I get a lot of hoarded houses and different things like that. I have a lady that I just started working with that will pick up all the furniture and donate it. So that's really awesome because it's all going to a landfill now which is like really fantastic because I felt terrible. All that stuff that was just getting thrown away. And we can do earnest money or not, you know, close, quick waved inspection. cash deal always so as quick and easy as possible for the client. They also like I said could could stay in the house if they needed to for a little while after I've done that a few times as well for 10 years

Rick Ripma: 40:28

just working out in your yourself and write exactly what works for everybody. And but you're flexible, which is what you're saying you have. You have flexibility to try to work things out. Right? Lots of flexibility. Yes. Which is awesome. And if somebody has a house to sell and they're like maybe they're a hoarder, they maybe they inherited a house and it's that way. How would the you know, what's the best way to get a hold of you so that you can go see the house?

Lauren Monroe: 40:55

Yeah, call me text me. My phone number is 317-777-0210. And my email is Lauren Hicks, Liu, r e n, H IC K s at Gmail. And even if you just you know, are curious how much I could pay, you could always send me an address and I can give you a range of what I could pay before I were to go out there and waste anybody's time.

Rick Ripma: 41:20

Awesome. And to get a hold of the inner eye it's HardWorkingMortgageGuys.com That's HardWorkingMortgageGuys.com or 31767 to 1938 31767 to 1930. A

Ian Arnold: 41:33

reminder if you have any friends, family or coworkers looking to buy sell or refinance, contact Rick or I will be more than happy to help you

Rick Ripma: 41:40

and please follow us so you don't miss one of our shows Grinch NMLS number 33041 Recruitment NMLS number 664589 You know Arnold NMLS number is 1995469 equal housing opportunity some restrictions apply