Episode Transcript
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Speaker 1 (00:00):
Welcome to the Business Happy Hour radio show with your host,
FRANKD Thebank Koto, president of Lincoln Lending Group and he
won three mortgage for twenty years right here in Tampa Bay,
joined by his incredible co host Rosa Bahiti and Sinia Akishna,
top producing real estate agents with Mahara and Associates. These
three bring nearly five decades I've experience in the local
(00:22):
real estate market. If you're looking for real estate or
business advice, no matter what your experience level, the Business
Happy Hour team has been there for you for almost
a decade right here on NewsRadio WFLA. Now, sit back, relax,
and get ready for some serious real estate and business
talk with three of Tampa Bay's top experts.
Speaker 2 (00:40):
Here's Frank Thebank. Hey, Tampa Bay, welcome to the Business
Happy Hour, your number one show for all things business
and entrepreneurial. I am your host, Frank Thebank Cooto, the
owner of Lincoln Lending Group. Hey one three Mortgage dot com.
Contact Frankdebank Reverse Guru dot com. Whatever you guys are
looking for, that's right, James, I've got all those crazy website.
It's a lot of fun. Next week we're going to
(01:02):
have an awesome guest. Rose and I are going to
talk about it. We're going to have one of our
closed clients right here from nine to seventy w FLA.
I learned about us on the Ryan Gorman Show and
we just closed a reverse mortgage for mister Rick McGuire,
so he's going to come on next week. That's going
to be a great first time we've ever interviewed a client,
I think.
Speaker 3 (01:22):
Some of our past clients on So that'll be nice
to have someone speak and hear all about their experience
with it.
Speaker 2 (01:27):
Will So we'll do that, and then we need to
get one one of the ones that we close together
yes on and just kind of just talk about the
whole real estate process, because I don't think a lot
of people ever hear about that. They never get to
hear everything. They just get bits and pieces. So maybe
there's some first time home buyers out there they just
kind of want to know how it goes. Absolutely, by
the way, that's Rosa Vahiti over here by amazing, Hi guys.
(01:48):
We do And sadly Senya is out today a little
under the weather. Even with weather coming, she could have
waited for the hurricane.
Speaker 3 (01:55):
Yeah, waited a day or two.
Speaker 2 (01:57):
I mean, come on, Sannia, you could have gone a
little longer here. Yeah, but we're happy to have a
great guest. Rosie. You want to introduce our.
Speaker 3 (02:03):
Guests, so we have a nods. Can you pronounce your
last names? So I'm aready. I didn't want to say
it the wrong way. I wanted to say Summer.
Speaker 2 (02:10):
Are you ready for someone?
Speaker 1 (02:14):
Yes?
Speaker 3 (02:15):
Yeah, thank you so much for coming, but not We're
excited to hear all about your business and your success
and how you start at ten locations as well.
Speaker 2 (02:24):
Yeah, this is going to be great. So not I
don't get a chance to really talk too much with
you before the show. A little craziness going on here,
but I understand it's a physical and occupational therapy company,
right right, very good. So I'm I actually have two
of my very close friends are both I'm gonna butcher this.
I'm gonna have to text them all we're on the
show or send it to them. I think they're occupational therapists.
(02:44):
So one question that I'm going to ask after we
get through some of our real estate stuff we do,
is what the heck's the difference? Because I and probably
when you answer the question, I'll figure out which one
they are. But I think I know what you do,
and I think I've been trying to get a friend
of mine to start a company just like yours. But
we're going to talk about that on the Business Happy Hour.
(03:04):
We always like to do real estate stats. So I
obviously own a mortgage company eight one three Mortgage and
Lincoln Lending Group, and Rosa and Sending you both work
for Mahara and Associate. It's amazing real estate agents. So
we always like to talk a little bit about the market.
And there's been a lot that's happened. Rosa and by
the way, but not you can chime in. You're a
guest host today. You're actually sitting in the other host chairs,
(03:25):
so anything you're listening, you don't have to agree either.
You can you can look at both of us and
be like, you're full of crap, and that's fine if
you have good stories. We like stories as well. And
when you see me playing on the phone, I'm just
sharing the stuff out so all of our listeners can
see everything. But Rosa Rosa is filling in for Sena
on the stats section today.
Speaker 3 (03:44):
Yes, so I don't typically do the stats, but I
did some research this morning, so I came up with
some of our our month's supply today versus last year
and the year before.
Speaker 4 (03:57):
Okay, so.
Speaker 3 (04:00):
Twenty two we were at one point eight month supply
of inventory, and then last year this time we were
at two point three months of.
Speaker 2 (04:11):
Supply, Okay, a little bit more.
Speaker 3 (04:13):
And then now we are at three point nine months
worth of supply.
Speaker 2 (04:18):
So what does that mean to the regular listener?
Speaker 3 (04:20):
So that means that our our supply of homes is increasing.
So now I don't know where the demand is technically at,
but that just means that we're shifting closer and closer
to a more quote unquote normal market, so where we
meet the equilibrium of six months of supply. And it's
(04:41):
interesting to see that we are up so high now
versus these past two years.
Speaker 2 (04:46):
Yeah, it's it's I don't think people understand that the
amount of homes available actually dictates the market, you know,
and because if there's less homes, then we have more competition, right,
And what I've been worried about is when these rates
come down, which we were going to get to that,
but when these rates come down even more, the concern
(05:08):
is if you have this influx of buyers coming into
the market. General rules of supply and demand. You have
low supply, you have high demand, which means what's going
to happen to prices? They're going to go on and
go up. Right, So all this thing about people thinking, oh,
you know, prices aren't going up, that does not happened.
I don't do we do. We have many stats on prices.
I like your supply stat I like how you went
back to twenty twenty two.
Speaker 3 (05:28):
Actually yeah, I wouldn't go even farther, but I figured
just the past two years.
Speaker 2 (05:32):
Yeah, well, it will be interesting, maybe like next week
or something. We'll put Sindy on the spot. Maybe we
go back like five years, like get back to like
pre COVID.
Speaker 3 (05:41):
I was looking at the graph of the chart of
these months of supply over the past twenty years, and
it was really interesting to see that.
Speaker 2 (05:50):
I'd love to talk about that, just I mean, because
I can't really say the last couple of years has
been normal. Really really the last four years has not
been normal. Right now, do you want a lot of
real sty or know?
Speaker 4 (06:00):
Not here necessarily, but I do have a house here,
so yes, I was in that period of time in
the last four years were.
Speaker 2 (06:05):
We did you buy in the last four years?
Speaker 4 (06:07):
We bought in twenty twenty one and we built.
Speaker 2 (06:09):
So okay, so you probably did. Okay, if you built, right, yeah,
you probably have some equity, now I would assume, I.
Speaker 4 (06:14):
Hope, so I think so, I think you do.
Speaker 2 (06:18):
Yeah, yeah, especially because you're over in the Bell Area area,
so I mean, that's a nice area, and they definitely Actually,
what we learned from Sinia last week was that let
me ask me, now, this question, okay totally ranks. You're
not in real estate, so that this is a good
question to ask you. If I was asking you what
sector of homes increased in value sales price right rosa,
(06:39):
what it was the most? And I said, would it
be the homes between three and seven hundred thousand or
their homes over a million? What do you think appreciated
the most in the last year or so?
Speaker 4 (06:51):
I bet it's the ones over the million.
Speaker 2 (06:53):
Well, you bet right, which my guess was no. I mean,
because there's more transactions on the other side and it's
kind of rare to see those, but they did. And
I'm wondering if it's just because you know, there's more
money than people think going in the economy. And I
hate to say, like, and this is gonna sound negative,
but like in certain times, rich get richer, right and
(07:14):
and the other ones that other classes don't. And that
could be the reason. I don't know what your any
thought on why.
Speaker 4 (07:20):
I mean, you know, it's it's a it's a market
where building houses in the last couple years is probably
a little difficult with COVID, right, and supplying of the
supplies and the cost going up.
Speaker 2 (07:29):
I would totally agree.
Speaker 4 (07:30):
I could imagine that people don't want to wait four
years for a brand new house. Yeah, they don't want
to deal with the challenge that comes with their families
and the supply.
Speaker 2 (07:38):
Chain, yeah, and all that crazy stuff like did you
have problems during during because you built during COVID.
Speaker 4 (07:43):
Yeah, a little bit. We had a great builder.
Speaker 2 (07:45):
He was you know, he was able to get everything
on time and things like that.
Speaker 4 (07:48):
Yeah. Yeah, his name is Matt Warsing.
Speaker 2 (07:51):
Shameless go for construction. Absolutely so he did a good job.
Speaker 4 (07:55):
Yeah, yeah, he did a fantastic job. I mean, you know,
we originally from New York, lived here, we were staying
in a condo, so we looked for a long time, right,
and we just couldn't find the right thing, which I
think a lot of people ran into the same situation.
Prices went up, and then you're buying things that may
not be happy with and you do it anyway. And
then I think there's people that are working remotely now
that I can live here and you know, you have
(08:16):
the state income tax issue with us.
Speaker 2 (08:18):
I think that was huge. Yeah, I think that's res
of what do you think. I think it was a
lot of the people coming from the other Northern states
and coming with a lot of the money up there,
and you know, working up there right or working here
remotely not having to pay state income tax, maybe they
have more money.
Speaker 3 (08:34):
A lot of people were selling their homes too, that
own them for twenty thirty plus years in New York.
I had a lot of clients around that time, and
they were able to come here and buy beautiful homes
and cash, and it was it was different for them.
They were like, Wow, this is you know, I'm getting
so much for my dollar.
Speaker 2 (08:52):
Yeah, is that still true? I mean, is where in
New York do you live?
Speaker 4 (08:55):
So I don't have a place in New York, but
my practices are throughout the tri state area. So everything
from New York City two all the way on Long Island.
Speaker 2 (09:01):
So is it true still that the price of real
estate is just so much more up there that they
sell and they come down here with a bunch of money.
Speaker 4 (09:08):
You know, My experience from being born in New York
for pretty much, you know, obviously all my life except
for the last few years living here, has been that
the price is kind of stabilized. More so because the
demand the market is pretty established in New York. You
know what you're going to get in the city. There's
a lot of it isn't as opportunistic to rebuild. I
mean there's developments going out throughout Long Island as an example,
(09:29):
which is about you know, thirty minutes from the city,
twenty minutes in the city all the way out to
a couple of hours two hours from the points of
the city outward.
Speaker 2 (09:37):
Two hours, yes, big, and people commute that far.
Speaker 4 (09:40):
Yeah. I mean, you know, if you want to have
a bigger, nicer, brand new house and you can't buy
one that's closer to the city, you're going to go
out in the island and find something that's better for
you and your family. So, right, I think that market
kind of is established a lot more. I think with Florida,
with people coming over post COVID, and you know, the
just the change in political environment, potentially for some people
(10:02):
they may choose to make that move. I've had a
lot of friends come out of California as well, Yeah,
and have sided those kind of things in terms of
what they wanted to achieve with their families and their
kids and their own their own lives, they could work remotely.
Speaker 2 (10:16):
Yeah, it definitely changed the landscape. Now I'm seeing a
lot of big companies saying people have to come back
into the offices. And you know why that's happening is
because they're paying a lot of money for commercial leases
or they own these buildings. And that's been a big
scare in commercial is saying is big commercial going to
start taking a drop? And it has taken a little
bit of a drop. I don't think it's falling off
a cliff, but you got to be pretty pissed off
(10:38):
if you own a million square foot building right and
all your employees are at home right now, you know
you want to get to do a lease at to
public's Yeah. I don't know. But the interesting you say
the California thing too, because I would joke with Rosa
and Senia that in the last twenty years, I could
count on one hand the amount of people that came
from New York or California unless something very specific, you know,
(11:00):
maybe retirement, but California, know, because California is beautiful. Yeah, right,
So you got beaches, you got weather, you got sunshine.
You know, you're you're you're just getting a different sunset, right, So,
I don't know. I think it's a good thing that
what Covid did, but prices are a little bit crazy.
By the way, if you're interested and you're in the market,
you got to reach out to Rosa and Sennia. How
(11:21):
do they do that?
Speaker 3 (11:21):
Eight one three seven five five.
Speaker 2 (11:23):
Reel seven five reel or they can go to.
Speaker 3 (11:26):
The Real Deal Tampa dot Com.
Speaker 2 (11:28):
I love it, the Real Deal Tampa dot Com. We
got a minute left in this segment, we will talk
about Rick McGuire. We're having them on next week. It's
going to be an interview with one of our closed
reverse mortgage people, and when we get back from the break,
we're gonna learn a little bit more about vanad. Summer ready, right,
I got that right, I'm ready for summer right now?
I'm drinking. I'm dressed like them in summer. Summer Ready, summer. Ready,
(11:50):
We're ready for summer. But you guys will have to
check out readycare dot net. That's r E D d
y care dot net. R E D d y care
dot net. We're going to learn what that is. He
does physical and occupational therapy. I know Rosa's going to
run with this here as soon as we can get
some questions, and as soon as we get back, we
are going to talk about what happened in the interest
rates last week, because everybody's wondering did they go down?
(12:12):
And the answer might surprise you. So stay tuned to
the Business Happy Hour with Rosa and Frank. Will be
back in just a minute.
Speaker 1 (12:18):
Now, We're back with some serious real estate and business
talk with three of Tampa Bay's top experts, your host
of the Business Happy Hour, Frank the Bangkodo, Rosa Bahiti
and Senia Akeishna.
Speaker 2 (12:30):
I'll tell you what, guys, Welcome back to the Business
Happy Hour, your number one show for all things business
and entrepreneurial. Rosa and I are having a good time
on the break and I got to give you a clue.
You have to tune in on Instagram, and I've been
putting it on Facebook as well. But our live is
on Instagram every Tuesday from twelve to one, maybe twelve
ten to one o'clock. Is usually about a fifty minute show.
(12:50):
But if you if you watch on Instagram, you get
to hear us talk in the breaks, and I always
forget that we're live in the breaks and I say
some dumb stuff sometimes things that can't on the air.
And one time you might get lucky because one time
I took a commercial bathroom break and I forgot and
brought my phone with me and I get all the
way in there and I'm like, oh, fancas on love anyway.
(13:12):
So let's talk real quick before we get into business here, right.
A couple of cool things happened. One fun story. I
went up to Tallahassee this weekend and with a whole
group of like ten guys, moved to the Florida State Game.
Got to see him pull off their first win, which
is awesome. I don't know if you can tell my
eyes red if you're if you're on the Instagram, I
scratched my cornea.
Speaker 3 (13:32):
So wait your bruise.
Speaker 2 (13:34):
Okay, did you notice that you're the first one that's noticed.
Speaker 3 (13:38):
I wasn't going to say anything, but now that you
brought up the red thing, I'm like, oh, okay.
Speaker 2 (13:41):
So my right eye I scratched at like four in
the morning, apparently when I was going to bed or
something like that. And and that was the worst experience
ever going to the football game. And then we'll get
into what you saw, which most people didn't see. My
left eye. I opened a door into my face walking
through the halls. And I was not drunk, okay, it
(14:03):
was it was I have two doors back to back
and I didn't realize one was open, and I literally
walked into it. I fell on my butt, and I'm like, dude,
that's gonna leave a mark. I'm just happy that I
didn't get one of those boxers cuts right there. And anyway, Rosa,
you're the first person to call me out.
Speaker 3 (14:16):
Do you want to hear what I thought happened?
Speaker 2 (14:18):
What did you think?
Speaker 3 (14:19):
I thought you were at these football games all weekend
and you got in a fistfight or something.
Speaker 2 (14:23):
This is I probably would have come out better because
a scratch cornea. I will take three black eyes over
a scratch cornea. It is horrendous. So today's the first
day I put a contact in and my glasses are
like ten years old, so I can't even see some
over here. My vision is still blurry. Well it's healing
im anyway, Florida State, good job on your win this weekend.
Took down Cali. Thank god. I mean to start zero
(14:44):
to four and that's where I went to school, so
that kind of mattered. But and then the Bucks, what's
wrong with you guys? You totally screwed the pooch this
last weekend. But hopefully if you guys are listening on
Sunday morning, we're playing the Eagles at one o'clock, So
get ready. That's going to be a great, great game.
Speaker 3 (15:00):
Rosa Okay, So Frank, yeah, So you know, all over
social media and the news, I'm guessing is that we
had a rate cut and people are saying and advertising
mortgage rate cut? Right, what is what actually happens?
Speaker 2 (15:17):
All right? But I don't know if you know what
really happened or not. So you're he just told us
in the break, He's like, I'm getting some education. You're
gonna get some serious education right now. So last Thursday?
Was it Thursday? Or was it Wednesday. Wednesday, I think
the Fed dropped the rate by a half of a point,
first non emergency cut of a half of a point
that we have seen in history. Okay, everybody in their
(15:37):
mothers was waiting for this because they're like, the rates
are going down. The rate just got cut a half
a percent. I can't tell you how many customers called
us and said, what did my rate go to? Is
it a half a point lower? The answer is no,
your rate is not a half point lower unless it's
on your home equity, line of credit or your credit card.
Those are the rates that are that are affected by
(15:58):
the prime rate index. Okay, so yes they did drop those. Yes,
if your credit card rate went down by half a point,
so if you're twenty nine percent, you're not twenty eight
and a half percent woo. And if you have a
home could a line of credit? The prime rate was
eight and a half now it's eight. Here's the weird
thing that happened. All the thirty year fixed rates went up, right,
Oh yeah, they went up night now not a lot,
(16:20):
maybe like an eight or a quarter. And everybody's like,
why is my thirty year fixed rate going up?
Speaker 1 (16:25):
And not?
Speaker 2 (16:26):
May I understand this. But you know how like you
ever heard when they say the news is already baked
in like the stock market, they're like, oh, you know,
all those earnings reports come out, but it doesn't do anything.
It's because it was expected and the whole country, i mean,
the Fed all but said were lowering rates. It's a guarantee.
We just didn't know if it'd be a quarter or
a half, but a lot of people thought it was
going to be a half. So they had dropped the
(16:47):
rates over the last week before the rate cut. Fanny
Freddy Fhiva already dropped the rates. So when the rate
cut happened, it was expected, and so the market actually
you could say, kind of stabilize, it went up a
little bit. Good news is I'll try to google this
really really quick. The google thirty year fixed rates actually
(17:08):
already look this morning and I'll just tell you they
say six point eight percent for a thirty year fixed.
They say six point twenty five for a government Okay,
like fhair VA, we can still lock four point ninety
nine FHA and VA, so as a wholesale lender, we
are still much lower. Go to contact Frankdibank dot com
to learn about that. But or if you're just in
the market for a house, just go.
Speaker 3 (17:28):
To the Real Deal Tampa dot com.
Speaker 2 (17:30):
That's it and then you can talk to Rosa first
and you can talk to us. But your conventional rates
are in the mid fives right. If you don't want
to pay any points at all, you'll probably be in
the high fives low sixes. But bottom line is rates
are still great. But what it did was it brought
an influx of buyers in and that's kind of what
I want to see because I want to see activity.
I want to see more people out there buying houses.
(17:52):
And you just told us that we have more stats.
Speaker 3 (17:54):
I mean, not statisificly, but I do have more stats.
Speaker 2 (17:58):
We have more supply, which our supply is a good thing.
It balances the market out and now it's not heavy
for the buyers or the sellers. It's kind of equal
on both sides. If we get to six months, it's
going to be extremely equal. So for right now, I
still think you need to get out there and buy.
If you're a buyer, I mean, are you seeing a
little more activity?
Speaker 1 (18:14):
Yeah?
Speaker 3 (18:14):
So I was going to tell you so. For Panella's
County residential single family homes. There is eleven eight hundred
and forty nine homes available on the market right now,
and that's just single family homes, right. And then there's
it's close to eight billion worth of what we have
available in Panella's county.
Speaker 2 (18:34):
Eight billion dollars available to buy right now in Panela's county.
Speaker 3 (18:38):
And the average sale price for active inventory is six
hundred and sixty thousand.
Speaker 2 (18:44):
Wow. Okay, so that that's that's I like that. So
the price you don't have Hillsboro.
Speaker 3 (18:48):
D I didn't. I only focused on Panela.
Speaker 2 (18:50):
That's okay, It's okay, And Panela's watch out for your
hurricane coming through. Hopefully it's not a bad storm. Looks
like it's going mort or tad Tallahassee. So maybe it
cleans out all the losses for the floor state seminals anyway.
Oh lord, So so those are great stats. We do
think you should get in the market. The rates are
still low and when there when there is more supply
(19:10):
or more buyers, you're gonna have less chance of getting
a good deal. So you do need to take advantage
of that. When we get back, we're going to learn
about Readycare, dot net r E D D Y care
c a r e dot net. It's owned by vanad
uh summer ready some are ready. I love it. I'm
nailing this today.
Speaker 3 (19:25):
Job.
Speaker 2 (19:26):
You should see how long it took me to learn
Akishina and Vahiti. Easy. But anyway, we'll learn more about you.
I want to talk about my buddy of mine, who
I think is in the business. So we're going to
find out what you do and how you started your
business here on the business Happy Hour. Uh and don't
forget go to.
Speaker 3 (19:45):
The Real Deal Tampa dot com.
Speaker 2 (19:47):
That's it, The Real Deal Tampa dot com. And next
week we're going to have Rick McGuire. Richard McGuire just
closed his reverse mortgage with us and tell us how
he did it, why he did it, and how it
helped him out. And if you're interested in a reverse mortgage,
my friend Ryan Gorman and I are really pushing this
out here right now for all you listeners. I want
you to go to reverse guru dot com. That's reverse
(20:08):
guru dot com. That's where you can learn all about
reverse mortgages and how it could benefit you and your family.
And you do need to be fifty five and op
to qualify for a reverse mortgage. Not sixty two. That's
more education we just gave you here on the Business
Happy Hour. Stay tuned, we'll be back with Rosavehita Vahiti
and Francoto.
Speaker 1 (20:25):
Welcome to the Business Happy Hour radio show with your
host Frank the Bank Koto, President of Lincoln Lending Group
and eight won three mortgage for twenty years right here
in Tampa Bay, joined by his incredible co host, Rosa
Vahiti and Senia Akishna, top producing real estate agents with
Mahara and Associates. These three bring nearly five decades of
(20:45):
experience in the local real estate market. If you're looking
for real estate or business advice, no matter what your
experience level, the Business Happy Hour team has been there
for you for almost a decade right here on news
radio WFLA. Now, sit back, relax, and get ready for
some serious real estate and business talk with three of
Tampa Bay's top experts.
Speaker 2 (21:04):
Here's Frank the Bank. Hey, Tampa Bay, welcome back to
the Business Happy How are your number one show for
all things business and entrepreneurial. Rosa Vahiti of Mahara and
Associates brought in an amazing guest today. It's Vanad Summer
ready with Ready Care Physical and Occupational Therapy. And the
website is readycare dot net very easy r E D
(21:24):
D y c A R dot net. And we're going
to learn what exactly vanod does and then I'm sure
I'm going to have a few questions. Let's go Rosa.
Speaker 3 (21:33):
Okay, all right, So first I want to know how
long have you been in business?
Speaker 4 (21:37):
Well, first, I just want to say thank you for
you guys having me. It is really cool, nice opportunity.
Speaker 3 (21:42):
Yeah, thank you so much.
Speaker 4 (21:43):
For background. I've been to business for twenty years. We
start in two thousand and three, so when I graduated
physical therapy school it was two thousand and one, so
it's two years right into business. So that was a
little bit of a you know, I would say, a challenge.
Speaker 2 (21:57):
That's exactly when I founded my company too. Really thousand
and three.
Speaker 3 (22:01):
Wow, how old are you if you don't mind me asking?
Speaker 4 (22:03):
So yeah, so I will be forty nine in December?
Speaker 2 (22:06):
Okay, all right, and you're forty six in January. Yeaow,
so we're right there.
Speaker 4 (22:12):
Yeah, you started before me, so you had you know,
you got rolling pretty quick.
Speaker 2 (22:16):
Yeah, I guess it's similar. I mean, did you do
anything something similar in the business before you started.
Speaker 4 (22:21):
No, I mean the track for a physical therapist usually
is when you finish school, you work for another you know, company,
and so forth, and that's generally the way it goes, right.
The circumstances for me were a little different at the
time in the field too, so just got an opportunity
to kind of move forward with it and I jumped
at it, which is good ultimately.
Speaker 2 (22:39):
So are you a licensed physical therapist yourself?
Speaker 4 (22:42):
Yes?
Speaker 2 (22:42):
Okay, so that's what you're saying. The path is like
you get out, you go work for somebody. But you're like,
I'm going to get out and I'm going to be
the guy who employs the physical therapist.
Speaker 4 (22:50):
Is that kind of well, you know, I think in
all honestly, I never thought about employing anybody. I was
hoping to get people in the door to see me.
And that was a challenge in terms of just feeling
confident about yourself as a therapist, right because a lot
of times, you know, you're you're out of school fresh,
you take a bunch of courses. I had some fortunality,
I had some great mentors that showed me a lot
(23:11):
of things, and I, you know, like anything else really committed.
It was I feel like it was a twenty four
to seventh thing. I mean, if I slept and everything
else was just my business or pt from day one.
So I really just grinded hard and learning.
Speaker 2 (23:27):
So you opened the you basically you're saying you did
not go to work for somebody. You're like, I'm going
to go get my own clients from day one.
Speaker 4 (23:34):
Well it was two years post school, post my my graduation.
Speaker 2 (23:39):
She did work for somebody first, yit time, okay, okay, but.
Speaker 4 (23:41):
Even during that time, you know, I was really committed
to learning my skill as a professional clinician therapist, right,
and you know during that period of time, you know
you have to make good decisions, you know, to really
have the right things you learned to treat patients, because
what are they going to see? What are the gonna
do if they come see and then get better, right,
you're not.
Speaker 3 (24:01):
Going to come So a lot of pressure at that time.
Speaker 5 (24:04):
It's at the first decade, was a lot of that
kind of pressure, which is have a business, keep it going,
try to do you know, try to learn more, to
deliver better than the guy who's been in practice for
thirty years doing well and obviously the next ten years
and you.
Speaker 4 (24:19):
Get that going as a different sort of element.
Speaker 3 (24:22):
Yeah, you know, So what do you think separated yourself
from the competition in that first five to ten years?
Speaker 2 (24:28):
Great question.
Speaker 4 (24:29):
Yeah, Well, I had learned a technique from a group
out It was called the Jones Institute. It was a
technique called strain counterstrain. I don't I don't want to
confuse people, but you know, essentially, it's a technique that
you use with a man they call it manual therapy,
where you're using your hands and you're finding different sort
of regions of pain and dysfunction, and through that process
(24:52):
you fix people, which is a big problem. You know,
if you go to a therapist and you don't get
better and you have pain, it's it's pretty brutal anybody.
So I was able to learn that technique and I
just went you know, twenty four to seven on it,
and I started seeing patients and they started telling me, Wow,
nobody's ever treated me like this, and I've never gotten
these kind of results. I mean, that's not for everybody,
(25:15):
but it was enough people that I think.
Speaker 2 (25:17):
So was it? I mean, was it kind of a niche?
Is that what I'm saying.
Speaker 4 (25:21):
I would say in that period of time, it definitely
was where therapy groups were using more traditional physical therapy modalities,
which involves a lot of exercise, some hands on techniques.
You know, people kind of we'll say the word massage
is not massage, okay, but there's sorry, And it's not
(25:41):
like chiropractic either, where we're not cracking bones. There's a
whole slew of in between where you learn different techniques
to really move the nerves and the muscles and the
bones and find areas of dysfunction. So, you know, traditionally
they were using that less and more of an exercise
philosophy to rehabilitate people, which may makes a ton of sense.
It's not the mobility, right, you get them exactly exactly,
(26:03):
and you know you hear that in sports and all that.
But there was definitely a direction I took that was
more toward okay, you know what, that's good and fine.
People are doing that. That's easier than spending i don't know,
hundreds of hours learning these particular techniques and it racks
your brain a little bit. You know, you've got to
(26:23):
know if you're going to apply a technique a particular
taken like anything else, fixing computer or whatever you want
to call it, you got to know that it's pretty
much going to move the needle, and if it doesn't,
then you're wasting the patient's time, right, and you could
be just giving them those exercises right that everybody else
is doing. Right, So it's a risk.
Speaker 2 (26:42):
Was there any negative to this technique?
Speaker 4 (26:44):
Generally speaking, physical therapy is not a negative field at all.
There's a minimal legal malpractice. You know, you're not using
invasive equipment and so forth, right, and a lot of
the techniques don't involve cracking necks and so forth.
Speaker 2 (26:56):
All all that.
Speaker 4 (26:57):
Yeah, although there's nothing wrong with that at all.
Speaker 2 (27:00):
I mean they're still scary. I mean still when you
go to the chiropractor, you're like, what what but this
thing cracks? What if it goes one step further? You know,
I've seen enough steven sagall movies to know all to
do is like this a right and anyway, I think.
Speaker 4 (27:11):
The way that guy hits is definitely going to hurt
somebody regardless of but chiropractice. Just to make a comment
on the chiropracticecause there's a great there's a tremendous amount
of great colleagues and people out there doing that that
the research is supported that it's not going to create
a bad effect. But with high velocity manipulation and so forthright,
and some physical therapists actually do it as well. So
(27:33):
you know, that's a good that's a good part of
an intervention that can be done. But anyway, I didn't
go to that route in that time to use that technique,
you know, so, and it's very advanced.
Speaker 2 (27:43):
So this might be a stupid question, but what is
the difference in physical and occupational therapy?
Speaker 4 (27:48):
So there is a difference. Both involve rehabilitation and improvement
of function and so forth. Physical therapy for the general
public will work on more gross motor activities, you know,
compound movements like sit to stand. They'll work on bigger,
broader functional limitations. Is a physical in general, right, walking
walking like they in general walking, yeah, standing, okay, And
(28:12):
occupational therapists are a little more specifically refined in how
they look at their function for people, you know, could
go anywhere from tying buttons on a shirt all three
through the check writing, you know, and cognitive issues, and
a lot of times you see occupational therapists in the
space of geriatric care and pediatric care.
Speaker 2 (28:30):
All right, Rosa, So we're gonna put this into a
real estate perspective.
Speaker 3 (28:33):
Okay, yeah, we're gonna turn it.
Speaker 2 (28:34):
Physical therapy is when they get on zillow and just
look for crap, and occupational is when they actually call
you and they actually find something specific.
Speaker 3 (28:44):
Yes, that makes sense, I probably.
Speaker 2 (28:46):
Butchered it, but that I like, I've literally never known
the difference between the two. So one just gets more
specific and focuses on the smaller movements and what the
more acute movement or I don't direct, whatever the right word.
Speaker 4 (28:58):
Is for that. There's a lot of old a lap
on it, you know. And obviously if a patient's coming
for PT, you don't want to do that kind of
thing with OT and vice versa. Right, You want to
find what the limitations are for the discipline that's providing
that service and address it right. So ultimately you want
the patient to get functional gains. And sometimes it's a
two approach system where you need both. So I think
(29:19):
that there's a benefit of that. Physical therapy is a
lot more well known obviously than occupational therapy, but they
compliment each other very well, and you know, we have
tremendous occupational therapists that make such broad differences in patients lives,
and we have physical therapists that do the same thing.
They work on finer motor details.
Speaker 2 (29:36):
It's two different clients.
Speaker 4 (29:38):
Well it could be the same client, right, it's two
different disciplines. They go to school for obviously separate things,
but you know, they do overlap a lot. And the
best way of doing it is to have if the
patient needs it. Of course, you know, if you go
to a physical therapist and he sees you five or
six times and he fixes your issues and there's no
indication for occupational therapy, then you don't need it, you know.
(29:58):
But sometimes a patient will say, hey, you know what,
I have a problem with this and that, and who's
better at doing that? Well, maybe it's the PT, maybe COOT, right,
So those are the terms that we use for PT
and physical therapy and.
Speaker 2 (30:09):
A certified occupational therapist COT. I mean, you don't that.
Speaker 4 (30:14):
The funny thing, Frank? Is that not the funny thing?
But it's we have doctorates in the field, so it's
a high level education and there's a skill that gets
certified through the boards and the states that that are
acknowledged by the federal you know, CMS, which is Medicare,
which is the federal government's payment for for seniors. It's
all recognized as that through that. But it's a doctoring field,
(30:37):
so a lot of these guys have this autonomy and
make their decisions.
Speaker 2 (30:42):
Doctors. So how many practices do you have?
Speaker 4 (30:45):
So we have ten locations. That's half the business and
the other half of the business we deliver services to
patient's physical therapy and occupationally in the home.
Speaker 2 (30:52):
Okay, so that's what my friends down here do. They
go to nursing homes, assisted livings and go in home
and they do these personal appointments. And I know that
they are one of the two. I think they're physical therapists.
Speaker 3 (31:06):
So now you have a little bit of more understanding.
Speaker 2 (31:09):
Yeah, it's a husband and wife team, you know. And
they do the other path, the one where you just
went and worked for somebody. And I keep looking at
them and I'm like, guys, like everybody loves them. They
basically are running a business without running a business because
they get requested all the time, probably like the way
you work, you know, but they've been doing this for
(31:31):
like twenty five years, and I'm like, why would you
not just go get a team? I mean, is it
any advice for them or is it scarier?
Speaker 4 (31:38):
Yeah, I mean, you know, I think anything like you
know Frank and Rosa two. You know, opening a business
has a lot of risks, you know, in terms of
capital risk, in terms of you know, practice risk, compliance risk,
getting it going that it's not the effort you want to.
You have family and you have kids, and you're working
all night long. I mean, it's something, yet there's a
sacrifice there. The main thing I think is some of
the insurance contracts don't don't give Depending on where you're located,
(32:03):
they may not give you a chance to get a contract.
And if you do get a contract, it may be
not a good financial contract. So now you look at
the numbers, you say, man, you know it's better for
me just to work for somebody else. It's the hospital
or whoever else is getting better, better numbers, better better
financial contracts. So that's a big factor. And then you know,
running a business, you know, like having to employ people
the HR you know, people quit and you got to
(32:25):
hire them, and.
Speaker 3 (32:26):
Who's your hire favor but love that.
Speaker 4 (32:30):
Yeah, and I'm.
Speaker 2 (32:31):
Sending him to the doctor because that is like my
least favorite part of running the business as well. It's
called cats and babysitting. We gotta take a quick break.
We're gonna be back in just a second with vanad
Some already with Ready Care Physical and Occupational Therapy. Stand by.
Speaker 1 (32:44):
Now we're back with some serious real estate and business
talk with three of Tampa Bay's top experts. You're a
host of the Business Happy Hour. Frank the Bank, Koto
and Sena.
Speaker 2 (32:55):
Hey, Tampa Bay, welcome back to the Business Happy Hour.
We're having a great show. It's been a long time
since we had a straight business guest on the show,
and I learned a lot today. I'm going to be
going calling my friends Jimmy and Courtney later and being like,
I know what you guys do. Finally, you know, for
twenty five years we've been friends and I didn't really
quite understand what they did. But physical and occupational therapy
is what we're talking about today with vanod Some are ready.
(33:17):
He's the owner of Ready Care Physical and Occupational Therapy
ten locations, all in New York. Is that right? Yeah,
all in New York. So hey, next time you snowbirds
go home, you got a place to do this. Maybe
we can talk Van Nod into doing a business down here.
And we are definitely going to talk because my friends
could totally do it and they could probably use your help.
So yeah, I'd love to help franchise anybody. Uh yeah,
(33:38):
he's like, maybe, come on, you two franchises already.
Speaker 4 (33:41):
We don't, but I mean, you know it's being done,
so that's an option.
Speaker 2 (33:44):
I love this idea. Let's see, And at the end
of the show, we're going to do the business tip
of the week. Guys, if you've been a longtime listener
to the Business Happy Hour, you know that we used
to do the business tip every single week without fail.
Rosa and I are starting it right back here with
vand Summer Ready. By the way, his website is readycare
dot net. That spelled r E d d y care
dot net, so check that out. Rosa, take it away.
Speaker 3 (34:07):
All right, So what first inspired you to start your
business and how did you grow it to ten offices?
Speaker 4 (34:16):
Yeah. I think the passion for what I do is very, very,
very very strong. I loved I knew when I was
in the tenth grade I wanted to be a physical therapist. Yeah,
I had no doubt. It was like I was hungry, Like, like.
Speaker 2 (34:30):
Well, you had to have a friend or family member
that did it right.
Speaker 4 (34:33):
No, My parents are both nurses, so there was an
inclination towards being in healthcare. My dad wanted me to
be a physician at m D. And although I considered it,
I felt like, you know, the the more interactive with sports.
I played sports for all my life, you know.
Speaker 2 (34:47):
Baseball, okaball okay.
Speaker 4 (34:50):
And although I didn't get hurt during the process, you know,
I had enough hamshring polls that I kind of was like,
I'm really interested in why this is happening. And you know,
obviously with h with physical therapy, it's a great opportunity
to work with different people, athletes all the way to
just average people. And I saw that I was like, man,
this is incredible. Like I can work with, you know,
a mother who just had a baby. I could work
(35:12):
with a young kid, I could work with a senior,
I could work with sports. So it was really just
a no brainer just to kind of get passionate about it.
Speaker 3 (35:19):
Yeah, so do you have any famous clients, famous?
Speaker 4 (35:29):
Yeah, I've I've had I've had famous clients for sure.
And in New York you get famous clients and their cohorts.
Are there the people that work with them, a lot
of those. Yeah, And I've gotten an offer to treat
somebody who's pretty pretty pretty big time famous, still very
very notable individual in the in the self health space.
(35:52):
So first name start. First name starts with the tea.
Last name starts with the R. So you can figure
that out.
Speaker 3 (35:57):
Okay, do you have an idea Teddy Roosevelt.
Speaker 4 (36:06):
Yeah, but I'm thinking, I'm like, yeah, I'm trying to think.
Speaker 2 (36:12):
It's gonna come to me later.
Speaker 3 (36:13):
Okay, if you think of it, let us know.
Speaker 4 (36:15):
I will.
Speaker 3 (36:16):
So I have another question. After getting to know you
more and more, I have to say, you seem quite humble,
and I'm curious, like, how do you stay so humble
because I have a feeling you're highly successful.
Speaker 4 (36:28):
Oh, I thank you for that. That's nice to hear.
It's just the grind of every day is the challenges
of growing a business. If you don't elevate your needs
or your level of necessity, and others don't make don't
do that to you, you become complacent and the challenges reduce,
and as that goes down, your your game just becomes reduced.
(36:48):
So I think that's been a big factor for me.
You know, dealing with individuals, we're in a very caring field,
so providing you know, more than you're forced to be
more focused onatient care and delivery on what means a
lot to not just the patient but to the person
delivering it, which is a therapist. So if you're thinking,
like you know, you're all that and you're delivering this
(37:11):
very good care and you're hiring people to do so,
it just doesn't fit the model, right, It doesn't fit
the way it's supposed to be. You should be you
should be humble, and you should be more interested in
the finer details of how you can deliver the best
and most appropriate care for that patient at that time,
for what their needs are. And also support your therapist
because they're the ones planning, thinking, spending their effort, their
(37:34):
time to really do their best, you know, and you
know they could work anywhere and they can do anything,
so you know, you have to think about it that way.
So I feel like that's been very helpful for me,
just to know, never ever get out of my lane
and that on that.
Speaker 3 (37:49):
Piece, I love that. So I was going to ask
you something else, and I just forgot. Do you have
any questions, Frank that you could think of.
Speaker 2 (37:59):
I mean, I'm totally going to talk to him about franchising,
and I'm just excited about the profession. I mean, it's
so close to me with my friends. And I think
you took the right path. I think you You know,
it was like when I started my business in the
same year as you did in two thousand and three,
I had a couple partners. Did you have partners?
Speaker 4 (38:18):
No, I don't have any partners.
Speaker 2 (38:19):
So you did it right. And but I know, I
know by having the partners and starting a business and
similar businesses in the sense, you know, we need employees
and we need people to help do what we do,
but we also do it ourselves, get our hands dirty.
I learned how hard it was. But at least I
had two partners for the first few years, so I
know what you went through. And to do it by yourself.
(38:41):
There's a beauty to making all the decisions on your own,
which I learned after I bought my partners out, And
that's why I said I'd never have partners again, at
least at least not nac type of capacity. But I
think you did it right and I really commend you
for it, and I know you struggled and went through it.
But you know, there's an old saying. I think it's like,
if your business makes it five years, you're going to survive.
You make it, you're pretty much guaranteed twenty I mean,
(39:02):
we're done, you know what I mean. It's just the
question is, actually, here's a question. Before I have you
do the business tip of the week. Do you have
you ever thought about selling your business or you just
got to keep growing?
Speaker 4 (39:11):
That's a great, great, great question. Do I will stand correct.
I do have a partner in my occupational therapy side
of the business. We have to keep them separate. And
her name is Conye she's amazing, So.
Speaker 2 (39:20):
All right, shout out to Connie.
Speaker 4 (39:21):
Yep, she'll listen to this. I'm sure you know we
physical therapy is a very good business in terms of
liability purposes, and it's scalable, so like I've scaled my
business from one location of ten, interest in buying a
practice is quite high. The reason I would sell, if
I were to sell, is just to give my staff
(39:42):
and others a better opportunity to grow, right, because you
know there is some challenges with growth as you guys
can imagine, So you know, we want to make sure
that we do the right thing there. But you know,
all intents and purposes, I've had it all along and
we're still one of the rare side large sized clinics
companies in New York still doing it privately. So I
(40:04):
intend on keeping it that way and moving it forward.
Speaker 2 (40:07):
I think that turned into our business tip of the week,
and I think that's a good one because the high
level business owners want to hear things like that. And
although I've had offers to sell the company as well,
I think I enjoyed something like you do. It's the growth,
it's the excitement, it's seeing it's able to help other
people out. And I also love what you said at
the end and probably putting words in your mouth, but
it sounds like you like the benefit. You can help
(40:28):
your employees and you can allow them to grow and
maybe eventually they can buy one. But what we're gonna
do here is franchise and I'm going to talk to
vand sum already about that. Thank you so much for
coming on the show today.
Speaker 3 (40:38):
Thank you, Thank you for listening.
Speaker 2 (40:40):
Yeah, it was thank you everybody for listening. It's been
a great show. And don't forget guys Readycare dot Net
check them out, have a great weekend.
Speaker 4 (40:47):
Thank you guys,