[00:00:00] Speaker A: Welcome to RV Park Boss, a podcast for RV park owners. I'm your host, Jason Lafferty. This is a show where we dive deep in the challenges and rewards of park ownership and some funny stories along the way. This podcast is sponsored by RV Park Pros. 78% of all parks are self managed mom and pop operations. So aside from location, there's strong marketing, guest experience, proactive management, all of which are keys to success and profitability of any park. So if you're still trying to do this all yourself, there is a better way. RV Park Pros is a park property management system. They'll help you maximize your occupancy and profits while optimizing your guest experience and retention, all without you having to be involved in the day to day. So if you'd like to learn more how we can streamline your parks operations, go to rvparkpros.com Again that's rvparkpros.com Today's RV park boss is Kevin Faulkner and he is the founder of 3B Credit Health LLC. Established in 2020 after overcoming his own credit struggles, starting with an iPhone and a $50 printer. I love it. He built a company focused on small town values, education and real results.
Through his personalized 3B credit success plans. This company has helped over a thousand clients improve their credit score, achieve home ownership and build a stronger financial futures. So, Kevin, welcome to the show. Thanks for your time.
Happy to have you here. How we doing?
[00:01:20] Speaker B: And I'm good, thanks for having me, Jason. I'm excited.
[00:01:24] Speaker A: Yeah, wonderful, wonderful. But yeah, we, we've been working together for a little bit.
So the, the, the lesson I got is that I've just been going 100 miles an hour and hard credit polls have been kicking me in the teeth for years.
Credit utilization while we're waiting on construction deposits.
And I was needing, when I called you after we started working together, but if I would had a little more foresight, a little more planning, I found myself in a position to refinance a couple parks, but my credit utilization was a little tied up, so it had me dip down. And so not working with you sooner or just being in a better position in that sense, it cost me 10% equity and I had to get up in a park which equated to $150,000 because of a credit score.
So that's a bad one.
[00:02:17] Speaker B: Yeah, that's a bad one. You know, I'll tell you, we credit is like, and I'm guilty of this, it's like having, you know, a little nagging thing that you know is wrong. You don't go to the doctor when you should, and you just kind of ignore. Especially for us entrepreneurs and investors and business people, you know, and then it comes up and bites us. You know, I always joke, Jason, and say nobody wants to come home from work or a hard day of running their business and sit down with a good book on credit repair. You know, that's just not a very fun topic. It's not even a fun topic for me, to be quite honest with you. But it's something I've grown to be passionate about because I just realized the importance of it.
[00:03:04] Speaker A: Yeah. Doesn't have to be sexy to be passionate.
I love it, man. I love it. So can you share any knowledge or any insight for, you know, this, this show obviously is geared for RV park owners, future owners, you know, so, so a popular situation is, you know, I want to acquire this park for 1.5 million. They're getting 25% down. And then obviously your credit, they're. The more cleaned up and better obviously the easier it is to obtain that. Check those boxes for them. But is there any kind of little, little nuggies for somebody, whether they buy the house or bigger commercial loan or something that could just be helpful?
[00:03:44] Speaker B: Sir?
My, my favorite thing when I'm asked this question to, to bring up is, is just, it's a mindset when we're talking about credit or thinking about should we do something that has to do with our credit is just understanding that, that banks are, they're investing in us whenever they, they, they make a decision on whether or not we're loan ready or loan worthy. And I, I think it sounds so simple and obvious to some of us, but I think society as a whole just doesn't really understand the method behind the madness on the way banks operate. And really what they are is they're just businesses better investing in us with their money so that they can get a return on that money.
[00:04:32] Speaker A: Yeah.
Yeah, they don't, they don't have a lot of, I wouldn't say not thought, but a lot of intuition. They're just like reactive past tense. And like, you have to be in their boxes.
You know, you can't sell like, oh,
[00:04:46] Speaker B: hey, this is why.
[00:04:47] Speaker A: It's just like they don't want to hear that. They don't want to hear it.
[00:04:49] Speaker B: You, you got to be in their
[00:04:50] Speaker A: framework, in their numbers, in the, in their boxes just for their committees to approve stuff. And so I think the more like business owners when we're trying to do deals and Projects and stuff, the more we can educate ourselves, help others learn more.
Just have any freaking edge we can so it doesn't do like it's doing to me right now. Cost me $150,000.
[00:05:11] Speaker B: Yes, sir.
And if we can, if we can understand that about the way that banks are looking at this from an investment perspective, then we can understand why certain things in credit matter. And I'll go into depth a little bit on what I'm talking about. So a lot of people know, a lot of people don't understand that credit's primarily made up of five things. So it's, it's made up of a little over 30% of your credit is going to be your payment history.
And I'll tell you, I'm kind of.
When I see on social media, every now and then, somebody subject to credit will come up and somebody will come in and say, just pay your bills.
And while that is an important part, there's so much more involved in credit than just that. You really have to have the strategy to build. It's almost like an investment portfolio. You have a credit portfolio and in the aspect that you're building it strategically. So you have payment history that's a little over 30%.
Then you have utilization of credit, which is a little over 30%.
The bank is looking at utilization because they want to see how well we manage what credit we do have. Because again, they're looking at it from an aspect of should I do business with this individual and I get utilization.
[00:06:36] Speaker A: Is that like the payment history or is that like the credit mix?
[00:06:40] Speaker B: It's going to be your, your, your like. So if you have a credit card that's. Let's just for. We're just throwing numbers out there, but let's say this is $10,000 credit card and you ideally, they say 30% is what you want your utilization to be.
We through our data with going. You said at the top, a thousand clients. That's an older description. Now we're over 2,000 on clients that we've had. And our data says that ideally you want that utilization to be 10% or less.
800 credit scores.
When I say that, I mean people with an 800 credit score, 5.9% on average on their credit card utilization.
[00:07:30] Speaker A: That's what's out some of the new balances.
[00:07:34] Speaker B: I'm sorry, say that again.
[00:07:35] Speaker A: I said I just need to stay right there if I want some of those new balances and get the 800 Club, right?
[00:07:39] Speaker B: Yeah, absolutely. Because in its.
It all works together with the other Things that we'll go in depth on. But the reason this is, is, is for primary is number one, 800 credit. People with 800 credit scores are very intentional. They know what they're doing. They may have some credit cards and just use them, but, but they're for the points or what have you, Frequent traveler, you know, all that kind of stuff. But they pay those cards off every, every month. Like me, for example, I'm very intentional with mine and my credit scores in the 800s. Now it was in the 500s. It's the reason I started the company. But I don't have to.
Primarily two credit cards that I use.
In one of them is a personal credit card that I buy my personal things with.
And then one of them is a business credit card that my business uses. And what I do is I charge everything on those for accounting and that kind of thing. But I make sure that they get paid off before they ever get past 10% on usage. I may go in there every three or four days and pay those things down.
[00:08:53] Speaker A: Yeah, yeah, yeah. I like the strategy behind it too, in those numbers because, because we've all heard, you know, under 30%, but 5.9% consistently if you want that 800, you know, so that's pretty, that's pretty neat there. So. Because I think a lot of times in life, if we have like a target, we have, you know, pretty much just a target, then it's like, okay, then it's. You can put that in the back of your mind if you want to. Then the only other thing to do is take action.
[00:09:20] Speaker B: But so really a person with an 800 credit score is not using their credit cards to charge money that they don't have. They're using their credit cards intentionally, just to, for lack of better word, manipulate the system in their favor, credit score wise, like I do with mine.
[00:09:40] Speaker A: That's what.
[00:09:41] Speaker B: Otherwise I wouldn't even, you know, you have to have, and we can go in depth on this as well, but you have to have some credit cards in order to get the most credit score. Again, because we can. We'll go in depth on all that. But you, you, ideally the number is three credit cards that you want to have. That's the perfect sweet spot wheelhouse. Now, I'm not selling anybody if they've got four or five credit cards to go close one. Absolutely don't do that.
I've got way more than that because I, you know, I didn't understand credit years ago when I was first started getting them. And now if I Close these cards, my score is going to go way down. So with your listeners, they want to be intentional about that as well. If you do ever decide to close a credit card, make sure it's not before you're about to do a deal. Make sure it's six months to a year out from, you know, when you're, when you're doing your next deal.
[00:10:41] Speaker A: Yeah, it's a racket, but you can't afford not to play the game.
[00:10:45] Speaker B: It is, it's 100% stacked in the bank's favorite as just a way to make sure their money saved. That's all a credit score is.
[00:10:55] Speaker A: Sure, sure.
That's awesome.
Do you, do you, do you ever do focus on business credit side?
[00:11:04] Speaker B: We are, we're doing business credit now. It's something I never, I've always been a, you know, one, one product, one, one client, one avatar and then one marketing channel, you know, Alex or Mosey stuff, you know, and I've always been really good because my logic is I want to get really great at what I'm doing.
And I think we've done that with personal credit. We, we've really done a good job through the years and, and done a lot of good for a lot of people.
[00:11:39] Speaker A: So I think now, yeah, I can attest to that. You guys have been done right by me so far, so.
[00:11:45] Speaker B: Yes, sir. I appreciate that, man. You know, it matters. We, we really work hard to have that. I've tried to instill the small town values into my company because that's who I am. You know, our business is art. It's. It's us. And so that's who I am. And my soul is just a normal small town guy. And so I've worked really hard to build that value into my company so that the clients get really taken care of and nurtured when they're with us.
[00:12:15] Speaker A: Yeah, yeah. Well, I love that because the business, you got to have that culture, you got to have that, that, you know, leadership to kind of carry through and, and then once you establish it like the way you did, then it comes through your pores, through your workers and through your team and, and all that. So. Think you're doing a fine job, sir.
[00:12:34] Speaker B: Thank you, man. My team, they get if. When we'll get my social media link out here a little bit and people will see a lot of testimonials. I just got a great one this morning and it's all my team and it truly is. I wish it was. I wish I could take credit for it. It's my team. They're so good.
[00:12:52] Speaker A: Wonderful. Yeah. That's awesome. You can build that.
So what's next for you guys? Just, just keep building the brand, helping folks out or anything that you guys have in the works or anything.
[00:13:06] Speaker B: We're adding business credit. We're going to be doing some funding as well.
So we're growing in that aspects and we just keep refining and just keep getting better so we can provide the absolute best service to our clients and our partners that we work with too, that send us clients.
[00:13:23] Speaker A: Yeah. Hell yeah. That's where it's at, those referrals.
[00:13:26] Speaker B: Yes, sir.
We've been great for our program too.
[00:13:31] Speaker A: So you mentioned a little bit, you know, with this war crap going on, what are some shifts you think you're gonna, we're gonna see the next 30, 60, 90 coming up like any.
[00:13:40] Speaker B: I was just talking to a, a lender that I work with this morning on that and I was saying that when Trump talked about, about, I guess it was about a week ago, you know, when we're running businesses, all the days to go together. So I can't even. Ten days ago, it might have been four days ago for me, but, but I think it was about seven to 10 days ago. He announced that there was some kind of agreement or whatever. And it's kind of funny because I noticed that next day that lenders were sending influx of, of, of of of folks into us. So, so for us to reach out to.
And I really believe that the way I was explaining it this morning, I think a lot of people have been raising their gun, so to speak, dialing in on the target and then lowering their gun and then, and then, and then raising it, trying to dial in on the target and then lower, trying to make up their mind when the best shot is for refis and for deals and things like that. And I think these people are about to start pulling the trigger because I think prices are going to lower. Gas prices are already dropping. I just saw a huge article on that earlier today and I think, you know, gas pumps tell the story on everything. When gas gets down that's, you know, everything is going, going good or about to be going good. And when, when gas prices are high, everything's not going so good. So I really think we're about to. Because it was on fire, man. Before this war, we had started with the, with the residential. Hell yeah.
[00:15:20] Speaker A: So, so there's a little shift that you, when you first started talking about with the lenders, do you think it's the consumers nipping at the lenders or you think it's the lenders hearing things from their side and they're reaching out to their guys or a little mixture of both, like where are the birds chirping from? You know what I mean?
[00:15:38] Speaker B: I think it's the consumer, man. I think the consumers have been pinned up for a good couple of years with a lot of uncertainty and confusion and I think the market really has to make a play, man, as a whole.
Yeah, there's a lot of people sitting around with, with that want to make some refi. Because these rates have been, got so high under Biden, you know, and yeah, I think now we're, we're, we're just in a spot where some of these people are looking for another point or whatever and they're going to be out there. Partner.
[00:16:14] Speaker A: Yeah. Yeah. My first project, it's a prime plus one and each year it adjusts and it just dropped a point and it saved me 500amonth in my loan. I was like, can we do that again?
[00:16:27] Speaker B: Reinvest in something else? You know, I mean, it's.
[00:16:29] Speaker A: Yeah.
[00:16:30] Speaker B: And yeah, yeah.
[00:16:32] Speaker A: So that was nice. Now we just need insurance costs to come down too then.
[00:16:37] Speaker B: Yeah.
[00:16:38] Speaker A: So wonderful, man. Well, with folks want to reach out to you. I know I've known you for five plus years via Facebook and whatnot.
What's. I know you're active on there, but what's the best ways folks can catch up with you if they want to talk to you, learn more, see what you got going on?
[00:16:52] Speaker B: Yes, sir.
The best way, really, I'm, you know, like I was saying, small town guy or whatever, kind of a simple guy. I put almost all of my content on Facebook under Kevin Faulkner. Waco, Texas. So, you know, K E V I N F A U L K N E R. And that's in Waco, Texas. Look me up on Facebook.
The other thing you can do is go to 3bcredithealth.com that's our website.
You can book a call and you know, I always tell people I, I, whether you sign up or not, whether you're, whether it's a good fit for you, I'll help, I will walk through it. We'll see exactly what you got going on. And if I can point you in the right direction and just help you, then you'll tell people I did that and tell people I did right, Mike. And we all win, you know, and I've always had that philosophy.
[00:17:44] Speaker A: Yeah, I think, I think we aligned perfectly in that, that mindset there.
That's how that's how I try to do it. Somebody reached out to me about parks. I'm not wondering if I'm gonna buy it or if they're. If I'm gonna get the construction job. I just know if you just keep talking about it and you keep helping people, and the magic's just the windows and the doors open, and then next thing you know, here's a shiny little deal that just showed up on your doorstep wondering where it came from. And. And I call it them brownie points. The karma points have been stacking.
[00:18:10] Speaker B: Crazy how that works, isn't it? If you just get out there and just pour value into the. Into the world, man, it just tends to come back, and you're like, I don't even know how. Why I deserve all this, you know? Yeah.
[00:18:22] Speaker A: Yep. Yeah. I don't understand it. I just. I just understand enough to do it.
Oh, one more question.
[00:18:32] Speaker B: Is.
[00:18:32] Speaker A: Is there any story behind 3B on. On. On your name?
[00:18:36] Speaker B: There is, man. I mean.
[00:18:37] Speaker A: Okay, let's hear it.
[00:18:38] Speaker B: So.
[00:18:38] Speaker A: So.
[00:18:40] Speaker B: So back in 2020.
Yeah. August 2020 is when I officially started the business and took my first client. And I didn't have a name for the company then. You know, we've all started out. When we're starting out, we don't really know. And so, you know, a couple of months later, I'm like, well, okay, this thing's doing pretty good. You know, we're trying to learn. We got some momentum. I got to put a name on this company.
And so I thought, well, so I sat down on my floor one night, one day, and I'm, like, writing on this piece of paper, and I'm like, okay, well, I could call it 3B for 3.
Be grateful. Be something else, and be something else. And I had this thing written out, and I lost it. So I don't even. I can't even tell you to this day what all it really was.
But now I just say, well, I got. I guess I got lucky because now I say, well, it's because of three bureaus. So I just.
[00:19:32] Speaker A: Right.
Yeah, let's do a little shift, a little transition there.
That's awesome, man. It's. It's always funny how different stories come up. My first little company was a transport company. I named it White Lightning Transport because I was in the George Jones and. Oh, White Lightning.
[00:19:51] Speaker B: Yeah, man. Classic song. Yeah, yeah, yeah.
[00:19:54] Speaker A: Well, awesome. Again, I appreciate your time, folks, listening here. If you want to catch up with Kevin Faulkner, Waco, Texas, on Facebook, we'll have his links in the description when this thing comes out. And if you're listening here and you own at least one RV park, want to be a future episode of RV Park Boss? You can apply
[email protected].
so, Kevin, again, nice hanging with you. I'm sure we'll see you down the road.
Sure. We'll be talking to you soon. And thanks for your time and enjoy talking with you.
[00:20:22] Speaker B: Thank you, brother. Always enjoy it, man. Always enjoy it. Thank you.
[00:20:26] Speaker A: Yes, sir. Take care of.
