On Guiding You Through The Home-Buying Process with Kyle Seyboth

On Guiding You Through The Home-Buying Process with Kyle Seyboth

Founder of The Seyboth Team, Kyle Seyboth is one of the most trusted and top-selling realtors in Rhode Island. He truly values the trust that his clients place in him and is committed to working hard for every home buyer and seller. His responsiveness to clients and expertise of the local residential and commercial real estate market has earned him the Top Realtor Nationwide for Keller Williams from 2016-2019 and Rhode Island Housing’s Realtor of the Year.

He was also recognized as the 2019 #1 National Real Estate Producer by the Wall Street Journal/ Real Trends. In 2019, he sold over 500 units resulting in over 140 Million in sales. As a seasoned property investor as well, he is also sought by real estate investors looking to grow their portfolio in RI and MA.

 

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On Guiding You Through The Home-Buying Process with Kyle Seyboth

 

Brett:

And today’s guest is going to teach us a thing or two and inspire us. He’s from the great state of Rhode Island. And he’s has sold over 500 units and over $140 million worth of real estate in 2019. And also for the past three years, he has earned the top-selling agent nationwide for Keller Williams, please welcome to the show with me, Kyle Seyboth. Hey, Kyle, how are you doing today?

Kyle:

I’m doing well. How about you? 

Brett:

Hey, better than I deserve? Glad to have you on for our listeners to get to know you for the first time. Would you give us a little bit more about your background and your current focus?

Kyle:

So I’m to your point, yes, I was with Keller Williams, I was the number one agent there for five years 2016 through two, actually, four years 2016 to 2019 just made the switch over as you can see behind me the century 21. On average, in the last three years, I’ve closed an average of 500 plus units. So that’s either on the buyer side or other side, on the seller side and just really, you know, focused on being a top-selling agent year in and year out and now growing in many different facets of the business and other things.

Brett:

Amazing love, I’m looking forward to diving into that. So on becoming the top-selling agent, Agent nationwide. And this is gonna be fun. Before we go there, Kyle, I want to I want our listeners to get to know you a little bit better. You know, I believe we’ve all been given certain gifts in this life. And these gifts, some people call them strengths or superpowers, perhaps are identified at a younger age, maybe go back to your high school days, right? Maybe your college days. And I want you to identify maybe one or two gifts that you believe you were given? And how does that help how you help and bless people today.

Kyle:

I think the gifts that really help inspire and push people are gifts of discipline, extreme discipline, hunger, and desire for success. And an understanding that and understanding that the hard work and the determination and the relentlessness are needed to be put into everything you do if you want to get to a super high level, so I think it’s discipline, understanding of your surroundings and success and what it takes to get there. And that desire and hunger and then also, you know, your ability to put everything together and manifest into something that you know, somewhat surreal.

Brett:

Love that now we’re those relentless disciplines and hunger, something that you kind of feel like you’ve always kind of had it was kind of natural, or give walk us through for those who say, hey, Kyle, you made all success, right? We always are successful, or what was that? What was that you know, unlocking that gift that maybe you were given.

Kyle:

I’ve always been an athlete, I’ve always been an athlete. And I think being an athlete. You learn how to deal with adversity, you learn how to you learn that perfect practice makes perfect, you learn that, over time, hard work is what’s needed to get to another level or to grow or to be better today than you were yesterday and tomorrow than today. And I think it’s that athletic background that’s allowed me to understand all the different principles and all the different characteristics of being a successful person. And then taking that and then transferring it into the real world outside of athletics. So I wasn’t the tallest. I wasn’t the fastest, I wasn’t the quickest, but I put a ton of time into my athletics and playing basketball specifically that a lot of folks didn’t do. So it’s having an abnormal appreciation for hard work and practice.

Brett:

Amazing couldn’t agree more. And now let’s dive right into becoming the top agent nationwide, KW, but now Kyle is with century 21, which I imagine the goal is to become the number one agent center 21 we’ll talk about that later. But let’s just talk about the journey. You start out. You’re not the number one agent.

Kyle:

No, I mean, I start out as an agent doing seven transactions, and that’s not anything special. That’s very average. Just very below average, just what an average agent does when they just get started. So start out doing a beginner-type number, takes about five years to get to a number where I hit 191, after a year five kind of catapulted that into 300 plus, then 400 500, then where I’m at now. So it was really understanding the landscape of the real estate, and then understanding how to invest in my business, on my business, and for my business. And those are the things and that’s what it takes to take your business from where you are, and that average level, to the next level and to that level that many people will never and have never reached. But my whole purpose is to show people that, you know, at the end of the day, you don’t have to grow up in the business, you don’t have to come from a ton of money, you just have to work hard, build a network, understand and know what your goals are.

Brett:

Excellent. So what’s the number one secret to investing in for and on your business? And what’s the number one that changed it most for you from going from seven two transactions to over I think 191 is that first thing that you did that was the catapult to make the switch?

Kyle:

I think in on in for the business. One thing that really made the switch for me was you have to start to spend money to make money. And a lot of folks don’t understand that spending money. There’s a number of ways to spend money. So we can spend it in the form of a line item, which is an expense. an expense is something that takes away your revenue when it goes down to the bottom line. But we’re not looking at spending money on fixed expenses or variable expenses, we’re looking and what I’m talking about is investing in your brand, investing in your marketing invested in growing your business through lead generation, that’s going to provide you a network that you never had. So for example, if I know 10 people today, but I then invest in my business. And if I then invest in my business and no 20 people next week, now I’ve got a bigger database and a bigger audience to pull from. So at the end of the day, I think that’s really important.

Brett:

Yeah, that makes perfect sense. I like that investing in your brand and your marketing and not looking at it as an expense, but as an investment to grow your business. Is that a fair summary?  Very good. Okay, so then the number one secret to scaling now. So your mindset shifts from expense to investing. And now, was then what is the way to scale it? What do you do to scale?

Kyle:

So I’ll give you kind of my two cents on scalability, in addition to scalability is divesting in in activities that don’t provide income. So what I mean by that is, I really don’t focus on anything in my day, and my day is pretty much set every half hour on the half-hour, I really don’t focus on anything in my day that doesn’t produce income, or isn’t an income-generating activity. If it’s not generating income to the top line for one of my businesses, I really don’t want to do it. I delegate that to some folks in my office that are really good at performing those tasks.

Brett:

Excellent. So let’s talk about that first biggest one then Okay, so you’re the guy, you’re the CEO, the chief everything officer back in the day, you’re selling seven, seven deals, whatever a year, or whatever it was. And then all of a sudden, you’re investing in your business. And you’re divesting in activities that don’t produce income. What was that first biggest one that was taking up the most amount of your time that you divested from?

Kyle:

So the biggest one in real estate that I took away was the admin portion of the business. So the paperwork, I’m getting an admin that could help with the paperwork portion to really allow you to focus on the sales or the front end and the back end, right, focusing on the front end, and allowing the back end to be done by an employee is really a big one. And then in addition to that, it not to get too granular. But on the real estate side, there are certain tasks that are out of the transaction, that really don’t need me to be there. I can actually delegate that out to someone that works for me, that can help us get to that next to get us closer to the goal, which is closing the transaction.

Brett:

Okay, very good. And so admin paperwork, and so walk us through your average day, what what are the three biggest income-producing things.

Kyle:

So, the number one thing is making sure my schedule is ironclad, that I’m not doing anything that’s not producing the income that we need, and making sure that the opportunity costs of Wherever I am, at that time, is the best time the best use of my time, the best value for my money and the best opportunity for me to produce income for the organization. Number two, the second most important thing is making sure I’m in front of new clients. new clients are the thing that continues to make the business grow Right. So the more new people that we bring in the door, the more able we are to increase our again, increase our database, and allow us to grow at a certain level. And then number three, make sure that during the day, when there is a problem on the back end, or when there is a problem that needs me to kind of step up that my staff is, is cognizant of the fact that that’s when I need to get involved. So being able to save the things that need to be saved, being able to be in front of new business at all times, and being able to make sure the schedule is really looking at opportunity costs across all aspects.

 

On Guiding You Through The Home-Buying Process with Kyle Seyboth

On Guiding You Through The Home-Buying Process: “Now, one thing I tell everyone is to learn about real estate. Repeat after me. Real Estate provides the highest returns, the greatest values, and the least risk.” – Armstrong Williams

 

Brett:

Excellent. Okay, so schedules are ironclad in front of new clients because it’s the lifeblood to grow the business. And then make sure when there is a problem, your team is compiling all those potential problems, those fires, right? And me, and I’m hearing you, right, save them for the end of the day for when you’re going to sit down and solve those problems. Correct. Just throwing fires at throwing fireballs at you every day, right? counts, like they’re just gonna throw a fireball in the morning and then one, one at 11 and one at one, right? Instead, they’re gonna gather all the fireballs and then bring them at the very end, and you’re gonna solve them within 30 or 30 minutes or so. Is that a fair summary?

Kyle:

No, I mean, you say I say that right. And at the end of the day, that sounds great in principle, but it doesn’t happen. They’re throwing fire they’re throwing knives they’re throwing darts dethrone I mean, we got staff throwing everything which way in the kitchen sink me. It’s my ability to say that can wait, let’s do that later. That can do that later. Leave me alone. Don’t bother me with that.

Brett:

So it’s a responsibility for yourself and saying like that can wait. And not letting them I heard it put your throne the monkey on your back. Right? When sunrise in they get a monkey on their shoulder, they’re gonna throw it on yours. You’re gonna go Don’t throw me that monkey. That monkey can wait later. Is that a fair summary? 

Kyle:

That’s correct.

On Guiding You Through The Home-Buying Process with Kyle Seyboth

Brett:

So owning that leadership? I love that right. I think there’s a book Extreme Ownership.

Have you read that book?

Kyle:

No, I don’t read very often.

 

Brett:

Well, it’s a cool book. And it’s one of the concepts in there’s like, you are responsible for, for the success of everything. So at some point, your leadership fell down. And I’m talking to myself too, right? And I would say you, I don’t mean just you. But for me, Brett, as well, or anyone who’s leading an organization? And it ends and starts with you. And so you either didn’t do something beforehand, or you’re doing something now, that is not leading the team correctly. I think that with Extreme Ownership, things can really move forward. Okay, cool. So we did we got pretty tactical there. Now let’s move into a little bit of the Macro. What’s the biggest challenge facing realtors in this industry in this time, this day in time?

Kyle:

I mean, the biggest challenge right now is that everyone thinks his real estate market is so good. And I’d argue that it’s actually one of the worst I’ve ever seen. And a lot of people will be like, how can you say that? That’s crazy? Oh my god. No, it’s the worst because we’ve got more realtors than houses, we’ve got the least amount of supply we’ve ever had. We’ve got one-half of the transaction that becomes disgruntled and can’t get what they want being buyers. And we have sellers that are getting numbers that are just somewhat grievous in the sense that they’re not appraising banks on lending on them. And you’re having buyers that are getting remorse and you’re gonna you’re gonna really see going to start to see a pullback in the market, because seller buyers, at some point are going to say, I’m overpaying. I overpaid at this point, I need to let this house go. And that’s the concern I have. So on the macro level, it’s purely a function of lack of supply, increased demand, low-interest rates, which all push for a really strong seller market, but make the market so inefficient, and put a put decision, make the market in a situation where the leverage is so tilted on the seller side. It’s just not an equal playing field.

Brett:

Very well said so much. So much there. More realtors in houses, what really sticks out to me, right? And in the fact that sellers are getting just outrageous prices, I’m in California, you’re in Rhode Island? The coastal cities, right? Some of the highest prices are the best way to put it we’ve ever seen. And it doesn’t seem to be slowing down per se. It depends on I guess what micro-market you’re in. But all that being said, who wins in this scenario, then who’s the winner.

Kyle:

So who wins is the seller that takes advantage of the market because it’s so strong, that doesn’t have to buy and sell high to buy high, they sell high and either go live somewhere for free or sell high and rent for a short term. The other winners are the investors that make very quick short-term flips that benefit from a market that continues to trend upward. And then the only other winner really is that agent that’s able to withstand this market and wait for things to kind of change and build a buyer database that has so many buyers when the market goes the other way. They’re going to be in control of the market.

Brett:

Yeah, I couldn’t agree with you more. So here capital gains tax solutions, we focus on selling Hi in buying low, right, our parents taught us to do that. And now, as a part of that, there’s a thing called a 1031 exchange. Right, Kyle? And I’m curious, what’s been your biggest frustration, or your client’s frustration when it comes to the 1031 exchange or capital gains tax deferral.

Kyle:

So I mean, the frustration now is that Biden might eliminate 1031, from everything I hear is that there’s a that’s on the chopping block, and I don’t know where that went, or if it actually happened. But at the end of the day, I have a background, I have my CFA, I also have my MBA in finance. So I came from that world. I understand that space a little bit as far as the investment side of the equation. But a lot of the investors when they’re doing these 1030 ones, yes, they’re deferring taxes. But at the end of the day, are you deferring taxes with overpaying on another property? So you just selling high to buy high just for the fact that you’re deferring taxes? And then what’s the cost of capital? What does that look like for an investor? Right? So yes, you defer the 20%? capital gain tax? But are you paying 30% above the market value, where you probably would have been better off to sell and pay the tax? Or could you have, by some sort of tax strategy, minimize that tax on that property by either increasing your cost basis by the amount you put into it? Or whatever that looks like? So there are a million different ways to skin the cat?

Brett:

Yeah, we call it the shotgun wedding call. You got to get engaged in 45 days and married within 180? Yeah, you know, you sell high and you buy higher 180 days later, right? take on more debt equal or greater value, and you love to be a seller, but you hate to be the buyer. Right? And this is what happened in the Oh, 8090 10 crash people in Oh, 40506 love to be sellers hated to be buyers, right? And then the music stops. And you’re exactly right. They overpaid. They didn’t have enough diversification, liquidity, they had too much debt. So, Kyle, there is a way to defer capital gains tax sell high and buy whenever you want, would that be of value to you and your clients?

Kyle:

I mean, that would be huge. I mean, personally, I do a lot of investing myself, and I don’t do the 1031. Because I don’t want to have that shotgun wedding. If I have to pay the taxes, it is what it is. I’ll move on and find something else. But I think the capital gains deferred tax deferral would be huge. Um, you know, if there were a way to do it, where it made sense as far as like the overall picture.

Brett:

And what if that way also Deferred Capital Gains Tax on the sale of cryptocurrency, high-end luxury primary homes, businesses, in other words, remember the 1031 and only applies to investment real estate. And you’re absolutely right buying is proposing a potential elimination or reduction of the 1031 exchange, which essentially means they’re going to take only 500,000 of gain for the 1031 and allow you to do that. But he’s also proposing a doubling just about doubling the federal from 20 to about 40% of the capital gains tax rate, eliminating the stepped-up basis. So there are so many challenging headwinds, but if there’s a way to defer tax on cryptocurrency, primary luxury homes, save a failed 1031 exchange public or private stock? What would that mean for you and your clients to go?

Kyle:

I mean, it would, it would make much more money, the velocity of money and the movement of money and the ability for folks to transact more frequently, I think would be great. And it would make it would be a really solid market. I mean, it would be really, it would take away that hesitation that a lot of folks have that don’t that they won’t sell so a lot of people become Penny Penny foolish, right where at the end of the day, they won’t sell because they want to play a game and you see in crypto a lot, especially folks that kind of held on when we had the crash recently in the last few weeks. Right? So I owned a lot of Bitcoin. I own a lot of ADA, I own a lot of Ethereum and I sold all of it the day after Saturday, I live when Ilan Musk was on. And I said I’m going to lock these gains in I had about 100% 200% gain. You know, I had a really solid gain there and I said I’m gonna lock these in and not be the guy holding the bag. And since then, I’ve gotten back in but I think a lot of folks don’t sell because they’re scared of capital gains. But I say to people all the time well you don’t have to worry about again if you have a loss so you can pick either way. I mean your choice.

Brett:

Yeah, absolutely. So all that being said I was a teen you up until you by the way calm. I have never met before until just 10 seconds before the show started. And so he probably hasn’t he’s so busy. He’s selling you know, 500 homes a year. He has an upright probably know what I do, but we help people call we do a thing called a deferred sales trust. And actually, the passion behind that was the oh eight crash when people really got hurt. And we found out that there’s something that’s not a Delaware statutory trust is not a 1031 and it works for cryptocurrency. In fact, we’re doing an aetherial case right now at the $12 million theorem case. They bought it for $100,000 just a couple in the Bay Area $100,000 over about five or six years. Okay, it jammed up to $6 million. 2017 they’re giving high fives. But they’re looking for a tax deferral strategy. And just like that, you’re saying before, they’re not selling because they don’t wanna pay the tax, they can’t find anything in 2017. Guess what? Things crash. Now they’re now they’re upset. Now they’re bummed. Well, guess what, 60 days ago, it went up to about nine and a half million. Now they find us and they’re like, Oh, this is amazing. We want to defer our tax, they ask them questions, ask them questions, it goes up to 12 and a half million, then it cut back again, right? And so yeah, this window here, we’re still gonna sell, they’re still gonna do great. But the point is, they’re gonna sell and defer about five to $6 million of capital gains tax. But here’s the transformation. Once the funds are in the trust, guess what you can do with them? Well, you can buy an investment, real estate, multifamily property that gives cash flow, what does that cash flow do for them? Well, even five and 6%, on 10 million, they never have to work again. It’s right there work 50 60 70 hour weeks. And it’s a lot, right. So now you have a chance to just transform your wealth, transform your time, and your energy. So that is what we do here at capital gains tax solutions, you can go to capital gains tax calm and learn more about the deferred sales trust. That being said Kyle, even questions that.

Kyle:

I think that’s a good strategy. Obviously, that’s super helpful and can be helpful for folks in that position. And it can avoid that. I don’t want to sell because I want to I don’t want to pay taxes. So I think that’s a great strategy to have in the strategy for people to implement. And we can definitely talk offline on that.

Brett:

And then the last one, which is luxury homes, we just did a house in Palo Alto, it was a high end $8.3 million sales. And as you know, as a real estate professional, the 1031 exchange does not apply to primary homes, right rented out. Well, the deferred sales trust works for a primary home. So he sold the home, deferred the tax, and moved otherwise without that you’d either have to move out for two years and try to do 1031 which he did not want to do, or just not even sell the house. So this works for primary homes as well. All that being said, Kyle, you ready for the lightning round? Go Alright, so knowing what you know now if you go back to your 25-year-old self, what’s the one Golden Nugget you make sure to tell yourself to do?

Kyle:

Don’t worry about the money right now. Get the experience.

 

On Guiding You Through The Home-Buying Process with Kyle Seyboth

Brett:

Excellent. So the number one book you’ve recommended gifted the most in the past year? Um, can be podcasts because you say don’t really read books.

Kyle:

No, but the one book The Automatic Millionaire by David Bach is something rather great book one of the probably the last books I’ve ever read.

 

 

Brett:

Excellent, Automatic Millionaire. Third question, what’s the number one leadership quote or theme that you strive to live by?

Kyle:

be better today than yesterday and better tomorrow than today.”

Brett:

What are you most curious about right now?

Kyle:

What is in it for me next? What’s the next big play?

Brett:

What’s the biggest obstacle facing your real estate business?

Kyle:

How do I leverage myself to overcome somewhat of a ceiling on the number of transactions I can do personally?

Brett:

What’s the biggest opportunity you see for your real estate business coaching? Awesome. This is true this is the fastest lightning round ever been on this is by Kyle’s call it 100 deals. I just used to I’m just used to moving like that. He says, listens, this is, you’re getting a glimpse into Cal here which I love. I get some guys I got a lightning round. I couldn’t ask him like two and a half questions. I’m like, wow, this is you know, hearing the lightning round. They’re just going on. Okay. This is the last question then we’ll let you go. Um, you know, using cheat all success, you’ve helped so many people, you’ve been the number one in Keller Williams multiple years, you’re probably gonna be the number one in century 21. Right? You’re very successful with what you do. You’re at the top of the industry. After all that success, Kyle, how do you stay centered in your values, and stay encouraged to reach for new heights?

Kyle:

So you need to put things in perspective and understand that what you’ve achieved can be here today gone tomorrow. And it’s appreciated the opportunity that you’ve been given and the gifts that you have and take that to a level that you know and take that to a level that unfortunately a lot of people don’t have an opportunity to and really fulfill everything that you have inside of you everything that you’re meant to be and just really say you know, complacency can happen when time is up and the time is not up yet. So at that point, you do everything you possibly can to be the best version of yourself.

Brett:

Amazing attitude of gratitude and realizing that yesterday is not promised not promising results today, and to go after it and keep keep keep building on what you’ve been given. Don’t take it for granted. Absolutely love that Kyle. Hey, Kyle, for our listeners who want to get in touch with you What is the best place for them to find you.

Kyle:

So I would say for me, I mean my phone rings all the time. Why not be another phone call or text message. You can call me or text fee of 508-726-3492 or you can email me at Kyle at C myth team comm or you can visit C with Team homes calm, but I’m always accessible. We’ve got other real estate agents that have questions I get I get people to reach out all the time. Try to do it on a Saturday or Sunday. During the weeks to crazy.

Brett:

Amazing by the way, Seybothteam.com is the website Seyboth this the last name, team.com, Kyle Seyboth thanks for being on the show and encourage you to keep using the relentless work ethic and hunger and practicing perfect practice making perfect and in helping your team helping your clients and keep using the gifts and talents you’ve been given to make a difference in this world. I appreciate you being on the show and also want to thank our listeners for listening to that episode of the Capital Gains Tax Solutions Podcast. As always, we believe the highest net worth individuals and those who help them struggle with clarifying their Capital Gains Tax Deferral options not having a clear plan is the enemy and using the deferred sales trust to sell your cryptocurrency high in primary home business save a failed 1031 exchange is the best way for you to exit your highly appreciated asset you can go to capitalgainstaxsolutions.com that’s capitalgainstaxsolutions.com to learn more. And if you’re a business professional and you want to learn how to how to use this Deferred Sales Trust to actually grow your business like this is a lot of tax talk and it’s it seems kind of complicated, but guess what we have a coaching program for that. It’s called experttaxsecrets.com I’m going to literally try to download my brain in my experience into your brain so you can grow your business I want to give you all my secrets away, and squads called expertcresecrets.com that’s expertcresecrets.com. Thank you so much for watching or listening to this show. Please rate review, subscribe, we cannot grow without your support. And we saw appreciate any likes, any shares, any tags, tagging anybody on Facebook, on LinkedIn, on YouTube, all of those things are really helpful. Thanks, everybody. Have a great day. Bye now.

 

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About Kyle Seyboth

On Guiding You Through The Home-Buying Process with Kyle SeybothFounder of The Seyboth Team, Kyle Seyboth is one of the most trusted and top-selling realtors in Rhode Island. He truly values the trust that his clients place in him and is committed to working hard for every home buyer and seller. His responsiveness to clients and expertise of the local residential and commercial real estate market has earned him the Top Realtor Nationwide for Keller Williams from 2016-2019 and Rhode Island Housing’s Realtor of the Year. He was also recognized as the 2019 #1 National Real Estate Producer by the Wall Street Journal/ Real Trends. In 2019, he sold over 500 units resulting in over 140 Million in sales. As a seasoned property investor as well, he is also sought by real estate investors looking to grow their portfolio in RI and MA.

The Seyboth Team is a real estate agency that utilizes the latest technologies, market research, and business strategies to exceed your expectations. More importantly, we listen and that means we find solutions that are tailored to you. My team of real estate agents put every client’s desires and needs first and strive to do such a great job that they’ll be encouraged to refer us to family and friends. Our focus is to make the home buying process and the home selling process as stress-free as possible.

 

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