Thu, 29 April 2021
For this episode, I am happy to welcome Hoss Pratt. Hoss is the CEO and founder of Hoss Pratt International, the premier resource for agents and firms that want to take their business to the next level. He is the best-selling author of Listing Boss: The Definitive Blueprint for Real Estate Success and the creator of the super successful and popular “Listing Boss'' real estate course. Hoss is a nationally known authority when it comes to lead generation and lead conversion. He has a reach of tens of thousands through social media, speaking engagements, guest podcasting, and seminars. Hoss has been featured in major and local publications throughout his career including the Wall Street Select, Small Business Trendsetters, and the Daily Herald.
We begin this episode with Hoss sharing his background story. Growing up on a farm in northwest Missouri, as he likes to say, the odds were against him. But despite those odds, Hoss was showing his entrepreneurial spirit even as a teenager, when he started his own lawn care business. He built up a book of business, over 100 lawns, and got one of the biggest commercial contracts in the Midwest when he was just a teenager. Even though his brothers were athletes, Hoss’s role model was his father. He watched his father go to work every day, wearing a suit and a tie, and he wanted to be just like him.
Our next topic is the beginning of Hoss’s entrepreneurial journey. After his lawn care business took off, his mentor at the time advised him to go where the money is, which was Dallas, Texas. So, when he was 21 years old, he decided to sell his lawn business and move to Dallas. He sold his business to his brother, who still runs it with the same contracts that Hoss got back in the day. He explains how this was his first lesson in leaving the good to go to great and being willing to lose it all in order to gain everything.
Hoss then dives into explaining his first business moves in Texas. He shares that his first job was as a door-to-door salesman, and he believes that this is where he learned how to deal with rejection. After spending a few years in sales, he decided that it was time to elevate his skills. He got his real estate license and became a realtor. In the first six months of his real estate career, he lost his life savings. But he shares how he was able to turn that around and finish his year with nine million dollars in closed sales by going only after listings.
We dive deeper into Hoss’s strategy that helped him turn his business around in his first year as a real estate agent. He explains that his turning point was discovering the for sale by owner niche. He found people who wanted to sell their house, who were unrepresented and didn't have a licensed agent. At that point, it was a matter of him just calling and offering them his services. He would have these conversations over and over, for hours a day, just like he did when he went door to door, just like he did when he started his lawn service because it works every time.
We then move on to talking about how Hoss managed to recover his business after the financial crisis in 2008. Reflecting back on his business journey, he explains how pivoting has helped him stay in business and become successful. He pivots every 10 years; he pivoted after 9/11, and he pivoted right before the crash in 2008. He sold his business and decided to travel around the country teaching others how to become successful real estate agents and helping them through that crash. During that time, he did 1000 seminars in 48 states, teaching people everything he knew, from investing in real estate, selling more real estate, to making their business more successful through the best marketing and systems.
Hoss then shares his motives for writing his book, Listing Boss: The Definitive Blueprint for Real Estate Success. For him, it was a calling. He loves telling his story because he believes that's why he is living that story. So, he wanted to create a model that other agents and other people can follow. He believes that every successful agent, every successful entrepreneur should put their experience into a book in order to help other people.
Lastly, we talk about Hoss’s pivoting during COVID. He talks about his partnership with eXp, the world's fastest-growing cloud-based brokerage. He also explains why he believes that it's the only model out there that can help agents achieve financial freedom, from having equity in the brokerage to revenue sharing and increasing commissions. Hoss also gives his views of the market during the pandemic. He believes that, on the residential side, it's the greatest time in the history of real estate to sell a house.
Don’t miss the newest episode of the Just Start Real Estate Podcast with super inspiring entrepreneur, Hoss Pratt, who shares some amazing actionable steps and instructions for achieving real estate success!
“For as long as I remember, I had that curiosity and desire to make money.”
“That was my first lesson in leaving the good to go to great, being willing to lose it all to gain everything, and not letting my fear stop me.”
“As an entrepreneur, you have to cut the cord and trim the branches off the tree so you can bear fruit.”
“I wouldn't have become who I am today without that change of environment. Leaving the nest, where you come from, is such an important part of growth.”
“A key thing that I've seen in successful people is that there's a period of time where they had a season of repetitious selling.”
“I think what scares people about sales is hearing that ‘no.’ The best salespeople I've ever talked to and worked with, they don't even care, it doesn't bother them to hear a ‘no.’”
“If you're struggling with selling, think in terms of repetitions. Instead of having five conversations a day, you need to have a hundred.”
“The first year I got into real estate, I lost my entire life savings in my first six months working 80 hours a week.”
“I finished my first year with nine million in closed sales, all of which came from the second part of my first year. I was Rookie of the Year.”
“There's riches and niches. And the nicher the niche, the richer the rich.”
“Find niches. Stop trying to be everything to all people. When you focus on a niche, it's easy to position yourself as the expert.”
“In those few years of me being on the road, I wasn't trying to get rich. I was building my skill, I was building my list, I was building relationships, I was building the audience.”
“In this industry, 95% of transactions are done by 5% of the agents.”
“Everything in life is about focus. What you focus on, you're gonna get better at.”
“I love telling my story because I believe that's why I'm living this story.”
“The skillset of organizing my thoughts was probably the highest paying skillset that I've ever developed for myself.”
“If you are considering selling your house, now's the time.”
Direct download: From_the_farm_to_top_real_estate_agent_with_Hoss_Pratt.mp3
Category:general -- posted at: 3:30am EDT
Mon, 26 April 2021
My guest today is Stephen Scoggins. Stephen is an award-winning, successful, multi-million-dollar serial entrepreneur, best-selling author, and creator of Transform U. He has been featured all over the country in notable outlets such as Forbes, Entrepreneur, NBC, ABC, and many more. Stephen takes his 43+ years of setbacks, failures, breakdowns, losses, successes, and comebacks, and transparently uses them to provide simple yet effective step-by-step exercises to help anyone break through their limitations.
We start this episode with Stephen sharing his background story. He shares that his background reads a lot like Forrest Gump or Joseph from the Bible, depending on the perspective you come from. Growing up in a very difficult household, he was forced to grow up very quickly. He found himself homeless at the age of 21 and a lot of that had to do with him not knowing who he was and the value that he could provide. After what he calls a faith conversion, his entire life changed and within a year and a half, he went from being homeless to developing a multimillion dollar business.
We then moved on to discussing Stephen’s journey. He talks about the epiphany that led him to ask for a second chance. With the help of his father, he started working in construction with his first mentor. He made his first tools out of the lumber that was in the trash. He says that construction taught him how to use his hands, which taught him how to use his head which later taught him how to use his heart. Today, as an extremely successful entrepreneur, he believes that the greatest purpose you'll ever have in life is serving the person you used to be. His mission today is to help others achieve a higher level of success, whatever that may be for them.
Stephen also briefly reflects on his relationship with his parents. He shares how his whole perspective changed when he started thinking about his parents as wounded children that they once were. He talks about how this realization was one of the most pivotal moments in his life.
We then dive into discussing the importance of platforms that Stephen has today. When he first noticed that he had the ability to speak out, Stephen made a promise to himself that he was going to serve one person to the best of his ability and if that leads him to a greater platform, fantastic; if it doesn't, he's still going to serve that one person to the best of his ability. He believes that too many people today chase the platforms, rather than chasing the impact. But, helping the one will eventually lead to helping the many.
Lastly, we talk about what holds people back. Stephen explains why he believes that everything that is business-related is actually personally related. According to him, people’s pain points are hidden in one of three places: (1) who am I, (2) why am I here, (3) how do I do it. And if you want to move forward, in whatever way you think that you want to move forward, these are the things that you need to work on.
Don’t miss this incredible episode of the Just Start Real Estate Podcast, with some amazing life lessons that will help you figure out what is stopping you and allow you to go from stuck to unstoppable with the help of Stephen Scoggins!
“I found myself homeless at the age of 21 and a lot of that had to do with me not knowing who I was, not knowing the value that I bring, not really doing any kind of talent assessment to really nail that down.”
“My entire life is really dedicated to going back and serving the person that I used to be.”
“I wanted to control the people, my outcomes, my results, every daily step. It’s like the tighter I tried to put a control factor on it, the more and more difficult life became for me, as a result.”
“It was almost like I was walking around the world wearing a permanent pair of sunglasses. It didn't matter how bright the skies were or who I came in contact with, I always saw a dark tint, so to speak.”
“You can't blame your parents, your entire life for how you are. At some point, you have to take control and break that chain.”
“It pisses me off when people tell me they don't have the tools, they don't have the advantage. Like man, pull them out of the metaphorical garbage and get to work.”
“People are not aware of what is around them, because they are not looking for it.”
“When you're in business for yourself, you're gonna have an evolution of your identity.”
“The greatest mistake that I ever made in building a business was not building myself.”
“The construction industry taught me how to use my hands. That taught me how to use my head, which later taught me how to use my heart. And now every single endeavor that I take advantage of or pursue, comes out of that combination of heart, head, and hands.”
“The greatest purpose you'll ever have in life is serving the person you used to be.”
“The place that I find the greatest freedom, the greatest joy, the greatest purpose, the greatest passion, the things that inspire me the most, all have come from learning things along the journey from the homeless kid to here.”
“Your money or influence don’t matter, you know what you needed at certain points in your life, and if you just take a moment to try to help people out who are in those same spots, what a great way to give back.”
“Helping the one will eventually lead to helping the many.”
“I think far too many people in general, chase a platform, rather than chasing the impact.”
Direct download: Overcoming_obstacles_and_going_from_stuck_to_unstoppable_with_Stephen_Scoggins.mp3
Category:general -- posted at: 3:30am EDT
Thu, 22 April 2021
For this episode, I welcome Ben Leybovich. Ben is an author, business owner, real estate investor, popular podcast host, and featured writer on the BiggerPockets Blog. He was professionally trained as a classical violinist but a diagnosis of Multiple Sclerosis (MS) in college spelled the end of his dream of becoming a professional musician. Today, he is managing partner of WhiteHaven Capital, a private equity investment firm specializing in the acquisition and repositioning of underperforming multifamily assets in high-growth markets. In the past 7 years, he has managed to assemble a $1.5M personal real estate portfolio with 28 doors, generating over $165K of annual rent revenue with an annual cash flow of around $40K.
We start today’s episode with Ben’s background story. Around 2013, Ben grew his portfolio in Ohio and he got to a place where he realized that he could continue doing what he was doing and be somewhat successful, achieve financial independence, and a passive cash flow. But, he reached what he refers to as an inflection point. He wasn’t growing, he wasn't getting smarter or better. He realized that he needed to raise capital, he needed to attract equity, he needed to buy big deals, syndicate big deals. But he didn't want to do that in the Midwest, because he understood the Midwest very well and knew that it wasn’t a growth market. So, he decided to move to Phoenix with his family. He bought a house there and rented it out on Airbnb, but his plan was always to syndicate.
We then moved on to discussing how Ben got the knowledge he needed to tackle syndication. He shares with us that he was always blessed with people in his life who would, not necessarily give him all the answers, but shine the light on the important stuff to point him in the right direction to figure things out. This was true before he bought his first duplex and this was also true before he bought his first 100 unit community.
Ben then goes on to share his strategy for syndicating a building, how to navigate this dynamic area and all the challenges that come with it. His strategy is all about doing more, not less, and he explains how this acts as his safety trigger. If you spend less money and ten other people spend less money when there's a downturn, you are racing everybody to the bottom and you have exactly the same product that everybody else has. There's no daylight between the product you're offering to the marketplace and the product everybody else is offering to the marketplace. So, you are taking on a lot of risks, but you are also reaping a lot of rewards for it.
We discuss Ben’s strategy for finding potential syndication properties in Phoenix. These types of deals are extraordinarily hard to come by and most of it comes to Ben off-market through brokers. He also shares what are some of the things that he looks for in a deal that a broker brings to him, to determine whether or not it's something he is interested in pursuing and moving to the next step. These include location, vintage, type of mechanical setup, unit mix, and unit size.
We then move on to the topic of financing these multimillion-dollar deals. Here, Ben explains that it is all done through private placements and through private networks, without advertisement. Ben has been in the real estate business for some time, and he is a known commodity, and he got there by realizing that the best way to be known is to be helpful. This is the reason why he wrote his book, created his course, and started his podcast; he wanted to create content that is real, actionable, and helpful.
Lastly, Ben shares why he doesn’t care how the COVID pandemic will affect his business in the next 18-24 months. There are few reasons for this - first, all of his projects are capitalized; second, he is prepared to hold for a decade if he needs to; and third, if times are good, he is selling and making a bunch of money and if times are bad, he is buying at a discount and making a bunch of money. He explains that his business operates on both defense and offense and what that actually means in the real estate world.
Don’t miss this episode of the Just Start Real Estate Podcast that is filled with honest, real, and actionable content from syndicator, Ben Leybovich!
“In a man’s life, there comes a point, and if you look at successful people this happens several times, let's call them an inflection point, where you look at yourself in the mirror and you realize that the cup that was you yesterday, that's overflowing now. There's nothing more that is going in that cup, and now it's spilling over, And you may not know exactly what you are today but you do know that you're not the same thing you were yesterday.”
“For me, it was just all about education, it's all about feeling that the intellectual worth is taking the next step and the next step and the next step because the money always follows.”
“We just sit there and we look at the marketplace, and we look at the asset, and we ask the question: Who can we pair this with, what kind of buyer profile, buyer avatar, will be interested in this. And every month, we go through his exercise.”
“We underwrite everything presuming we have to stay in for ten years, but we're happy to get out in a year and a half if the right opportunity presents itself.”
“Most people think it's safer to spend less money because the less you spend, the less you can lose. Yeah, but if you spend less money and ten other people spend less money, then when there's a downturn, you are racing everybody to the bottom and you have exactly the same sh*t that everybody else has.”
“At every stage in the property cycle, it's a slightly different buyer profile that's interested in it.”
“You're prepared to stay there for a long time if need be if you can't find an exit. But in order to find the exit, you need to be looking for that and you got to position the property for that and that's what we do. That's my job.”
“Don't try to be anonymous in this industry. Don't think that you can operate under a rock and never talk about anything.”
“Somewhere down the line, I realized that being helpful is the best way to be known.”
“If I want to know something, I bet you there's a bunch of people who want to know the same thing, about the same stuff, for the same reasons that I want to know about it.”
“The whole premise that underlines everything in entrepreneurship is that you are filling a knowledge gap for someone. The more people you fill that knowledge gap for, the more pay off you're going to see in the end.”
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Direct download: Best_practices_for_successful_syndications_with_Ben_Leybovich.mp3
Category:general -- posted at: 3:30am EDT
Mon, 19 April 2021
My guest today is self-storage expert, Stacy Rossetti. Stacy is a real estate investing expert, speaker, and coach, who is focusing on self-storage properties and renovations. She owns and operates the REI USA, an online education and networking platform, and StorageNerds, a self-storage investing mastermind, and group coaching mentorship. Together with her husband Pete, she currently owns and operates eight storage facilities. Stacy has overcome many trials and tribulations and today runs several successful small businesses.
We start today’s episode, as we usually do, with Stacy sharing her background story. After her college graduation, Stacy started her career working for a company that built wind turbines. She loved her job but felt burned out from all the traveling she had to do. So, after eight years she decided to quit her job. During that time, her husband started his own home inspection company and encouraged her to get into real estate investing.
We then moved on to discussing how and why Stacy got into self-storage investing. She explains how at one point after she began investing, she found herself working on fifteen rehabs at the same time. She decided that it was time to stop buying properties and she started convincing her lenders to switch to something else. That is when her realtor found a storage facility that was just twenty minutes away from her house and had been on the market for five years. She drove up, saw it, and decided that this was the perfect path to passive income.
We then dive into discussing how Stacy figured out the entire process with storage facilities. She first explains how the storage investing world is a very small niche and there are only about 15,000 units in the country. She also explains how managing storage facilities can be totally virtual, and if you learn how to run one of them, you’ll know how to run them all and you are not bound by their location. She goes on to tell us how she has delegated her acquisitions process and that employee is the one who is trying to find new storage facilities for her to buy.
Our next topic of conversation is four things to look at when you are buying a storage facility. Those four things are purchase price, annual income, vacancy rate, and annual expenses. When you have those four things you can calculate your cap rate, and your cap rate is really based on your location. The way that cap rate works is you're going to have a 5%-7% cap rate when you're inside a major city and as you go out of that primary area to your secondary market, the cap rate is 8%-9%. The further that you go out from a primary market, your cap rate gets higher. When you get into what's called tertiary markets, that's when you can have a 10+% cap rate.
We then discussed how Stacy funds her storage facilities. She shares that there are three ways to fund a storage facility deal: private money, hard money, and bank or SBA loans. The funding essentially depends on what kind of property you want to get. If it's a mismanaged property, a bank is not going to fund that, so you'd have to get a private lender or a hard money lender to fund that deal. When you want to buy an income-producing property, you can go to a bank or get an SBA loan.
Lastly, we talk about five ways that people can make money in self-storage. According to Stacy, those five ways are mismanaged facilities, cash-flowing properties, new construction, conversions, and wholesaling. She explains that conversions are retail buildings that are now being converted into storage facilities. Stacy also tells us how wholesaling storage facilities is nothing like wholesaling residential properties. In the storage investing world, you need to prepare a package, a whole presentation with all the details and all of the numbers.
Don’t miss this episode of the Just Start Real Estate Podcast, which is all about an amazing segment of our industry, self-storage investing, and get some valuable lessons from Stacy Rossetti!
“I just became more and more confident in just telling my lenders what my terms are.”
“As a mother, what I wanted was security.”
“The storage investing world is a very small niche. There are only 15,000 storage facilities in the country.”
“Don't be afraid to run your business and make a profit, because that's the whole point of buying these properties.”
“If you learn how to run storage facilities, they are totally virtual. They're totally electronic, totally passive, so you can really be anywhere in the country and run them.”
“You have to really look at the bigger picture and run the numbers. That's the hardest part of the whole thing.”
“The higher the cap rate, the riskier the property.”
“Start educating yourself on the population of your towns, and then what you do is you reverse engineer how much money do you have or you can come up with.”
“Storage facilities are considered recession-resistant.”
“If you want to do new construction, you can triple your investment. New construction is the way to go right now, especially for storage facilities.”
Direct download: Self_Storage_Investing_Expert_-_Stacy_Rossetti.mp3
Category:general -- posted at: 3:30am EDT
Thu, 15 April 2021
My guest today is the legitimate social media celebrity, Daniel Iles! Daniel is a TikTok and Youtube creator who bought a staggering $1,000,000 in real estate during his first year of investing while only putting $23,000 down. He did this by leveraging credit to invest, and in the process, he accumulated almost 1M travel points, enabling him to see the world. His goal now is to teach others absolutely everything they need to know to live a life free of financial struggles.
We start the episode with Daniel sharing his background story and how he started his career as an entrepreneur. After he graduated from university with his degrees in Accounting and Business Administration, he knew that he wanted to be an entrepreneur. As he was trying to learn as much as he could about entrepreneurship, he didn’t have a real focus on intentionally getting into real estate. He started by reading a bunch of books because he didn't have any experience in real estate prior to that, and he didn't know anyone in the field. So, he basically had to start from scratch, just using what he learned through books and podcasts.
We then move on to talk about Daniel’s career in social media and how real estate has allowed him to leave his 9-5 job to focus on his career as a social media creator. When he first started, he simply couldn't devote enough time to content creation. It wasn't until he was able to leave his 9-5 accounting job, thanks to the cash flow he was receiving from his rental properties, that he could really put a solid effort into social media and really learn what works in the social media world. Daniel shares that this was a two-year journey where he faced a lot of failures and difficult experiences trying to improve himself, and then all of a sudden, this last November, he was able to leave his accounting job and from there it's just been a snowball effect, allowing him to rapidly grow.
Our next topic is why and how Daniel got into real estate. He was 22 when he bought his first duplex with an FHA loan, and what really got him into it was the understanding that he didn't need most of what many people think you need to start in real estate: a long employment history, a huge income, and a lot of money saved up, all of which he didn't have because he had just gotten out of college. He was able to find strategies that allowed him to invest in real estate just by accumulating knowledge from other real estate investors. So, his first property ended up being an FHA-backed property, FHA insured, which means he was able to get in the property with 3.5% down.
Daniel then shares with us some of his creative financing options when it comes to buying properties. He used more flexible lenders, private lenders, credit unions to purchase his other properties with $0 down. He was still right out of college, he still didn't have much money, but he was saving a lot more because his rentals were covering his monthly living expenses. He would find flexible lenders and negotiate the purchase price down, and he would be able to buy it using that spread between the purchase price and what the property is actually worth as his down payment, rather than having to pay that himself. He did do some renovations on those properties and he was able to increase the value even more. Then he could go about selling the property or refinancing them to be able to get all that money out and then some.
Eventually, we talk about Daniel’s goals when he first got started in real estate versus his goals now. When he first started out, he had the goal to buy tons of rental properties so he would just be able to sit back and collect the profits. But once he started buying into them, he realized that his mindset at the time was really limited by what he knew about real estate. Once he actually started doing it, his goals shifted. He realized that he could get paid large sums of potentially tax-free money just from buying a property with no money down, and then somehow liquidating that equity. Almost like a wholesale, but he is the only person involved in the transaction. This was a much better option because he is able to keep the asset in many of the cases.
Lastly, we talk about the scope of what Daniel has done so far. He did have an aggressive outlook on what he wanted to do in real estate and he’s been able to accumulate quite an impressive portfolio in a short amount of time, at a pretty young age. He was 23 years old when he bought his second property, and at that point, he had about half a million dollars in total assets. Right now, he is at 1.4 million dollars and is looking at another acquisition. So basically, he went from half a million dollars in real estate to upwards of 2 million, in just two years and at the age of 24.
Don’t miss this episode of the Just Start Real Estate Podcast, with an amazing young real-estate investor Daniel Iles, who was able to generate incredible results by educating himself, really going for it, and putting himself out there!
“So much wealth is created in real estate, it just seemed like it's something that I had to give a solid try to.”
“I hope it encourages some of the newer real estate investors, who are potentially listening, to understand that you really can change your life extremely quickly with real estate. It really is that powerful.”
“Having an actual plan that has a conservative component to it or that doesn't just wreck you if you don't succeed immediately, is really, really smart.”
“I think that there are many times where I came across this where I wasn't ready to go all in. I wasn't ready to spend a little bit of money. I wasn't ready to invest in something that I knew could improve me, and that's really what ended up holding me back.”
“I just took everything a lot more seriously, once I made that investment. There's like a mental switch.”
“If you're creating video or audio content of any kind, I think the lesson here is to up your game a little and take it seriously.”
“Whether you're a realtor, whether you're a rental property manager, whether you're just a construction contractor, it is only going to benefit you if you want to put yourself out there.”
“I was able to find strategies that allowed me to invest in real estate, just by accumulating knowledge from other real estate investors.”
“It's all about just being creative in general, being someone who just won't take no for an answer or won't accept not getting to where they want to go.”
“I think the books about mindset had the biggest impact on me because I thought about giving up many times.”
“I still definitely believe in real estate as a vehicle of investment because you can buy a property and instantly increase your net worth by $20,000, $30,000, or $40,000.”
“I spent a number of years thinking about real estate, planning and thinking that it's too hard and I really have to take my time. I wasted time completely, and I think a lot of people spend their life wasting time.”
Direct download: Building_a_2_Million_Dollar_Portfolio_and_TikTok_Celebrity_Status_by_Age_24_with_Daniel_Iles.mp3
Category:general -- posted at: 3:30am EDT
Mon, 12 April 2021
I am truly excited for today’s episode because I am joined by the amazing Gino Wickman! Gino has been an entrepreneur since the age of 21 and he always had an obsession for learning what makes businesses thrive. After taking over and transforming his family business at the age of 25, Gino then set out to help business leaders achieve their goals. Based on his years of real-world experience, he created the Entrepreneurial Operating System (EOS), a practical method for helping companies achieve greatness. The EOS Tools are being used by more than 70,000 companies. He is also the author of the award-winning, best-selling book Traction: Get a Grip on your Business and his newest endeavor, The Entrepreneurial Leap. The mission of Entrepreneurial Leap is to find all of the entrepreneurs-in-the-making, at any age, wherever they are to help them realize their purpose and live the life they were born to live.
We begin the episode with Gino’s background story and how he found his true passion, which is helping other entrepreneurs. After turning his father’s company around and ultimately selling it, he spent the next five years creating the Entrepreneurial Operating System (EOS). He then decided to leverage it by writing a book and building a team of EOS implementers. Fast forward to today, they now have 425 implementers all over the world, 100,000 companies running on that system, and over a million copies of the book sold!
Our next topic is Gino’s new book, The Entrepreneurial Leap. According to his new book, there are six traits that every entrepreneur needs in order to be successful: visionary, passionate, problem-solver, driven, risk-taker, and responsible. Gino wrote this book in three parts: confirm, glimpse and path. There is a psychology and a reason behind that linear approach: confirm is about confirming whether or not you have those six essential traits, glimpse is about showing you a glimpse of all the possibilities, and path is about showing you a path to greatly increase your odds of success.
We continue our discussion about Gino’s book, but we move onto the characteristics of entrepreneurs. The characteristics of an entrepreneur are different than the six essential traits and Gino uses more of what he calls the 80% rule, meaning you don't have to have 100% of these characteristics but you should have most of them. Some of these characteristics are: idea generator, dreamer, earner, curious, always thinking about the future, and great strategic thinker. But also some challenging ones, like: trouble staying focused, get bored easily, disorganized, control freak, perfectionist, not necessarily financially savvy, etc. According to Gino, it is extremely important to know your weaknesses as an entrepreneur, because that allows you to go hire someone to handle all those weaknesses for you.
We then discuss the 6th essential skill, which is responsible. One of the ways that Gino explains about being responsible is to blame no one. In Gino’s own words: if you're an entrepreneur who owns a building and that building gets hit by a meteor, that was your fault. In other words, a responsible person will say: I chose that building, I built that building, I moved there, that's my fault and this is my problem to solve. And an irresponsible person will blame everyone else for what happened. This is one of the reasons why Gino believes that people are born with these traits and that they can't be taught, and it’s nature over nurture.
Our next topic is the eight critical mistakes that create a nightmare scenario for entrepreneurs: not having a vision, hiring wrong people, not spending time with your people, not knowing who your customer is, not charging enough, not staying true to your core, not knowing your numbers and not crystalizing roles and responsibilities. In his book, Gino shares countless real-world stories, so that you can see entrepreneurs who were where you are and what they built. We also discuss the importance of mentorship. Having a mentor will get you there faster, but please know that not having a mentor doesn't mean that you're going to fail. A mentor is simply someone who is where you want to be and an opportunity for them to share their wisdom and for you to share your problems, insights, thoughts, questions, challenges, and they can help you because they've experienced all that.
Eventually, we discuss the difference between passion and passionate. Passionate is an essential trait, one of the six you must have to be an entrepreneur. What Gino teaches in his book is the vital necessity of a passion, and how to discover your passion. He believes that the number one reason you're going to succeed as an entrepreneur is by having a passion for something. Because as an entrepreneur, you're going to get knocked down often, and the only thing that gets an entrepreneur to pick themselves up and continue to go against all odds is passion. Passion is the thing that keeps you in the game and gives you the energy to continue going forward.
We then move on to the topic of eight disciplines to increase your odds of success: clarify your vision, decide if you are a partner person, know that the bigger the problem you solve, the more successful you'll be, get feedback from customers and clients early and often, always have a plan B, work hard, take criticism and doubt with a grain of salt, and see it every night. Gino explains that having a plan B is crucial because plan A is going to change. It's either going to change drastically, or there will be some minor tweaks along the way. And so you've got to be on your toes and know what you're going to do if this plan doesn't work.
Lastly, we discuss the importance of capitalizing on coaching, training, and mentoring. Gino shares that in the last 30 years, he has spent an average of 5% of his income on education. He truly believes that knowledge is power and that there are a number of great ways to educate yourself in today’s world. The most important thing is to find the right person for you because one coach for one entrepreneur is not a great coach for another entrepreneur, so you have to find your perfect fit.
Make sure that you don’t miss this episode of the Just Start Real Estate Podcast, which is filled with incredible and invaluable information from a real hero in the business world, Gino Wickman!
“I have been an entrepreneur in the making since I was probably seven years old when I started selling stuff. So, it's always been in my blood.”
“The thing about Traction is that it is very easy to implement. The concepts are relatively simple but effective and I think it's digestible, to the point that it's extremely effective, yet not overwhelming.”
“A true entrepreneur has six essential traits, and I believe that those six essential traits cannot be taught. I believe you're born with them, it’s nature over nurture.”
“If you don't have these, you're not an entrepreneur. Do yourself a favor, avoid a life of hell and just stop and go work for somebody and be happy because that’s what you want to do and that’s okay.”
“This is a passion project, to impact a million entrepreneurs in the making in the next 10 years.”
“Four percent of the world are entrepreneurs. Four percent of the world have these six essential traits which mean 96% don't. And this book is the piano I want to put in front of the prodigy that is the entrepreneur.”
“There's pre-med, there's pre-law, this is pre-entrepreneurship. It is 100% intended to filter you, and I'm not doing it because I'm some ruthless prick and I want to break your heart, I am doing it to save your life.”
“To be frank, I'm going to do everything I can to scare you away from being an entrepreneur.”
“I think your book is really well-timed because right now, it's never been so sexy to say you're an entrepreneur.”
“With great strengths come great weaknesses.”
“Entrepreneurship and being an entrepreneur is not like this ultimate career destination; it's not the pinnacle in life. It's one of many career choices, and it's hard and it's brutal and most entrepreneurs die broke.”
“One of the traits that is missing from a lot of people who tell me they're entrepreneurs is they are not driven, they don't have a sense of urgency.”
“I don't motivate people. What I teach is motivating to motivated people.”
“Having a mentor will get you there faster, but please know that not having a mentor doesn't mean you're gonna fail.”
“If you want to build a $10 million furniture company, go find somebody who has a $10 million furniture company. It'll speed up your learning.”
“The number one reason you're going to succeed as an entrepreneur is having a passion for something. Because, as an entrepreneur, when you take your entrepreneurial leap, for 10 years you're gonna get knocked on your ass often, and the only thing that gets an entrepreneur to pick themselves up and continue to go against every odd is passion.”
“Your passion tends to stem from a past wound, a pain, a suffering, an experience.”
“If your passion is money, you become a banker or an investor.”
“When you pursue your passion and go build something in the world, and create value in the world, the money follows.”
“You'll fall into a death spiral if you start to let that criticism eat you alive.”
“People have lots of freaking opinions, and most of them are bad, with all due respect. You gotta take it all with a grain of salt.”
“Let other people's hindsight be your foresight. The things that you can accomplish when you have that mentality are off-the-charts amazing.”
Direct download: Taking_the_Entrepreneurial_Leap_with_Gino_Wickman.mp3
Category:general -- posted at: 3:30am EDT
Thu, 8 April 2021
In today’s episode, I’m happy to be interviewing Jay Harvey. Jay and his wife Samera are investors, consultants, and educators and they are passionate about helping others gain financial freedom through mobile home investing. After completing over 400 mobile home transitions, they have perfected the process and now train beginner investors on how to close their first mobile home real estate deal in under 30 days with little or no money. They are also the founders of Trailer Cash Academy, which they started in 2019 and is the fastest-growing mobile home investing education and training program in the country.
First, Jay shares his background story and how his home investing journey started in 2017 with a loss of over $90,000 in unsuccessful real estate deals. We then moved on to discuss how Jay and his wife had to learn their way out of that loss. Jay explains how they had to embrace the ”accept the challenge” mindset, and how going back to their old jobs was not an option. They knew that going back was detrimental to their vision and, possibly, their marriage. Luckily, they were able to move on from that with help of family and friends.
Jay also shares how going to a seminar about mobile homes intrigued him to start his own mobile home investing journey. After some research, they found that not only was this niche their way out but that there were a lot of people who needed this type of housing. They took action and became more and more enticed by the idea.
We then move on to talking about their first deal. Even though they were looking for passive income, their first deal turned out to be a fix-and-flip property. The next few deals helped them create a consistent cash flow, and today they own 15 mobile homes that cash-flow from $300 to $700 per month. Additionally, they are also wholesaling deals.
Jay helps me dispel a few myths. He explains how to find deals for mobile homes, shares his strategies, and explains how networking works in mobile home investing. He goes in-depth explaining the no-money strategies that he teaches to his students and how to find buyers.
We also touch on the topic of choosing the right mobile homes to invest in. Jay shares his rule of thumb when it comes to picking mobile home parks and good areas where the demand is. He also talks about important characteristics of good communities.
After that Jay walks us through the sale process for a mobile home. Selling a mobile home is a lot different than selling a house and is much more like selling a car. There is no deed, there is only title and bill of sale. Additionally, Jay takes us through a sample conversation with a seller when he is wholesaling. He also explains the process of estimating the value of a mobile home.
You don’t want to miss this episode of the Just Start Real Estate Podcast! Jay Harvey shares some amazing and incredibly actionable advice when it comes to the overlooked market of mobile home investing!
“We hated our jobs; we hated our lives. You are supposed to go to your job and look at your managers as models for what you are striving to become and we didn’t want that.”
“We learned our way up to this point; we have to learn our way out.”
“Knowledge and information are so readily available, but I think what stops people is that they never quit their job, and if something goes wrong, they bail out and they go back to their 9-to-5.”
“Rule of thumb: just ask yourself would you want your mother or grandmother or living there. If the answer is no, just get out of there.”
“Don’t overpromise and underdeliver. If you say you are going to buy it, buy it.”
“Because there are not a lot of mobile home parks being built and there are so many people going through this pandemic, they need affordable housing.”
Direct download: Buying_and_Selling_Mobile_Homes_for_HUGE_Profits_with_Jay_Harvey.mp3
Category:general -- posted at: 3:30am EDT
Mon, 5 April 2021
I am excited to welcome popular podcaster Moneeka Sawyer to the show today! Moneeka is the best-selling author of the book Choose Bliss: The Power and Practice of Joy and Contentment. She is the host of Real Estate Investing for Women, as well as the creator of the Blissful Real Estate Investor Formula that shows smart women how to use real estate investing to retire rich. Moneeka's expertise, and joyous laugh, have been featured in over 50 podcasts, on various stages, radio programs, and TV stations, including ABC, CBS, FOX, and CW.
Moneeka first shares her background story. Her real estate story actually begins before she was even born. Her parents, after coming to America as newlyweds, found that their way to wealth was through real estate. They saved up and they got their very first rental property when Moneeka was just three years old. So, real estate has been a part of her life from the beginning. When she graduated from college during the recession, she struggled for a couple of years and started thinking about real estate. But, even though she saw how good real estate was to her family, she also saw her dad running around at two o'clock in the morning, having problems with the toilets, the tenants, the mortgages, and decided at a very young age that no amount of money was worth it.
One night, after not being able to find a job for some time, she was sitting at the kitchen table with her dad, talking about the stress of it all and he told her something that changed her life. Her father said: “You know Moneeka, everybody has stress, and everybody has money problems. Do you want poor people money problems or do you want rich people money problems?” And that is when she decided to follow in her father’s footsteps.
Moneeka then shares with us how she actually got started in real estate. She explains how she and her husband used the money that they got as a wedding gift (around $10,000) as a down payment for their primary residence and over the next four years, the house grew to $150,000 in equity. They then got a loan for $100,000 and used it to buy another primary residence and they rented their old house. Things were going so great after five years, they decided to sell it. Within the next couple of years, they bought three more houses with the intention to make it easy and joyful and her portfolio grew from there. She now owns a $12 million-dollar business in which she invested only $300,000 of her own money.
Moneeka then further explains her business model and what it looks like now. She started her business by buying the worst places in nice neighborhoods, she would fix them up then she would put someone in there who wanted to take care of the house, and she would train them on how to do that. That is how she created her system over time and is now only renting houses to executives. Moneeka also explains how she did start her business with a negative cash flow and how that was a risk she was willing to take because she knew what her ultimate goal was.
Lastly, we discuss Moneeka’s plans for the future and her expectations when it comes to the real estate market. She believes that real estate has been surprisingly stable. Even though she lost 50% of her value at one point, she was able to hold on to her properties, with the rents covering her expenses, and she made some adjustments and made it through. This is why Moneeka believes that with real estate timing the market is not as important as giving yourself the time to be right.
If you want to learn how to create a blissful life and career through investing in real estate, don’t miss this episode of the Just Start Real Estate Podcast with amazing Moneeka Sawyer!
“You know, Moneeka, everybody has stress, and everybody has money problems. Do you want poor people money problems or do you want rich people money problems?”
“Unfortunately, I think most people get into this industry and their only focus is money and how to make as much as possible. What they realize is if your only motivation is money, you will inevitably become unhappy with the process.”
“How much sacrifice is enough to create the life that you really, really want? Happiness is the end goal for everybody.”
“If everyone who decided they wanted to be a real estate investor or an entrepreneur became one, we would have 1000 times more because most people never get out of their chair and actually do it.”
“We have an entrepreneurial spirit, it is part of who we are. It is painful to be in corporate if you are an entrepreneur.”
“But as business people, we need to make decisions that are best for the business and bring our spouses along for the ride in a way that they're comfortable.”
“Courtesy, common sense, and respect both for and from your spouse are all big parts of the picture of bliss.”
“When you start, you don't know what you don't know, and you get in there and make things happen.”
“I did it backward. I decided what kind of renter I wanted for my houses and I started looking for houses that they would want to live in.“
“These are decisions that people have to make when they're going into real estate: what is your goal, what is your risk tolerance, what kind of business are you looking to run?”
“If you are in for the long haul, the cycles in the real estate market don’t matter that much if you bought right.”
“My thing with real estate is timing. The market is not as important as giving yourself the time to be right.”
“The market is never bad, it's whether or not you're adapting and adjusting what you're doing to the market if you're in a short-term play. As long as you're aware of the market, the market is fine.”
“When people get tied to one exit strategy and that's the only thing that can possibly work and then the market changes, they're in trouble. But that's on them, it's not the market. You know that the market is gonna change eventually.”
Thu, 1 April 2021
In this episode, I am joined by MC Laubscher. He is a cashflow coach and investor, and serial entrepreneur. He is also the creator and popular host of the Cashflow Ninja Podcast and Cashflow Investing Secrets Podcast, as well as the President & Chief Executive Officer at Producers Wealth, a virtual wealth creation firm that assists investors and business owners to set up and implement Infinite Banking. MC has shared his strategies in Forbes Magazine, Entrepreneur Magazine, Grant Cardone TV, and the BiggerPockets podcast.
We begin this episode with MC’s background story. He is originally from South Africa and he started his journey playing sports, which is how he ended up in the United States. He was playing in a national league and while traveling from one city to another, he started reading books. On one of those trips, he came across a book that his mom gave him called Rich Dad, Poor Dad, and it completely changed his paradigm. This huge shift in his thinking made him take action and in 2001 he bought his first property. He got his first tenants in, collected the rent, paid the bills, and at the end of the month, he still had money left. That is where his real estate journey started.
We then move on to discussing his “a-ha moments.” The first thing he realized is that cashflow in real estate is amazing, which is why he became super passionate about it. As he dove deep into the financial world, learning more about economics, history, and finance, he eventually ended up looking at banks. He realized that there is a business model there that is unmatched and because they are the creators of the game, they own the chessboard, everyone else is just moving pieces on it. His second “a-ha moment” happened after he reread Rich Dad, Poor Dad and realized that you have to be the bank and you have to become your own banker.
We talked about MC’s beginning stages and how he had to change his belief system in order to take action. This applies in all areas of your life, such as your health, your marriage or relationships, your wealth; nothing is going to happen until you change the lens through which you view the world. MC also believes that if you're married, you have to bring your partner with you on that journey, otherwise, it's going to be a very tough relationship.
Our next topic of conversation is the first property that MC bought back in 2001. He purchased it in South Africa because he grew up in the area, he knew the market, and he knew where the market was going. He bought a two-bedroom condo a couple of blocks from the ocean with a great view and very close to Cape Town. The interest on that mortgage was a double-digit rate, but he was still able to make it work.
We then move on to talking about being your own banker and the strategies that he is using. MC breaks down the banking model, going into detail on how the system operates. He then shares with us the five pillars of a wealth strategy, a framework that we use to make our money. First, we all make our money somewhere, we have a skill that we provide to the marketplace, which we get paid for; second, we've got to position our capital somewhere; third, we have to deploy it to go make more money; fourth, using different growth opportunities; and finally protecting our money through tax strategy, asset protection, and estate planning. So, if you are looking to become your own banker, you have to start by building up reserves and savings first. MC suggested getting six to twelve months of cash reserves and then look at other places to put capital in. But the most important thing that you need to do is position assets so that you can eventually collateralize them.
Finally, MC shares with us what his business looks like today and what his plans are moving forward. One of his businesses is Producers Wealth, where they help people with wealth strategies as well as the infinite banking strategy, which is based on insurance, and that's completely virtual. His other company is Cashflow Ninja, which is an education company and its core principle and philosophy is to empower people to become self-reliant through education.
Join us for another episode of the Just Start Real Estate Podcast with the amazing MC Laubscher and learn everything you need to become your own banker and build your wealth!
“It wasn't until I understood the history, the financial history of the world, that it actually all started to make sense.”
“Being a real estate investor, you're obviously going to end up with debt. And the big part of the game is leveraging debt and good debt. And another part of the game is leveraging the tax code and inflation. And a lot of folks suffer because of those three things.”
“You have to change your belief systems, otherwise, nothing will change. And you can put this into other areas of your life, such as your health, your marriage or relationships, your wealth. Nothing is going to happen until you change the lens through which you view the world.”
“If you surround yourself with people who think a certain way, you tend to think that way, for the better or the worse.”
“You can read about driving a car, you can look at all the pictures of what a car looks like inside. But at some stage, you're going to have to get in that car and actually learn how to drive.”
“People are afraid. Afraid to make mistakes, afraid to risk what they have, even though what they have isn't what they want. It's just sort of a crazy mindset.”
“Why real estate investors and business owners are so successful is because they have tunnel vision, and they laser-focus on generating assets that cash flow. But if they look at moving a couple of pieces around, it may amplify their results.”
“Once I started doing these strategies, it just put rocket fuel on what I was already doing.”
Direct download: Creating_Wealth_by_Becoming_the_Bank_with_MC_Laubscher.mp3
Category:general -- posted at: 3:30am EDT