#642: Investor Season: A Mindset Playbook for the Investor Life with Bobby Davidowitz

Episode Transcript
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(00:00):
You're listening to the JohnKitchens podcast experience.
This is your host, John Kitchens.
Get ready to gain clarity, buildconfidence, and then cover the
framework to become the CEOof your real estate business.
Your journey to sevenfigure success starts now.
What is happening, everybody, man?
Thank you.

(00:20):
Jumping into another session ofExpert Mentors Live, episode two.
70, what the hell are we at?
Two 73.
Holy smokes, Bobby.
Robert, you know, it's beena minute since we've had you
on back in August of 2019.
What the heck have we been doing?
That was, that was that.

(00:40):
Wait, we went on when we werelike in Scottsdale or something,
or we were, we were in anotherplace and you were outside.
We're somewhere else.
I don't even know.
Been a minute, 200 episodes later.
And, uh, you know, I can't believeit's been that long, but something
really, you know, had kind ofresonated when we were talking one,

(01:02):
I want to hear about this, thisbourbon thing that you got for sure.
We definitely, we definitelywant to talk about that.
But, um, You know, somethingreally kind of resonated and,
and, and I know the bourbonthing is also an investment
thing, opportunities that come.
And I think I was sharing with you,we had, uh, you know, the build,
the build events earlier this yearand, um, Kurt Shewell held, you

(01:26):
know, build Detroit and, and so,um, was able to, was able to get
up there, uh, for, for, for Kurtand, um, you know, just being able
to stay there for, for day one.
Yeah.
And I think the best, obviously,he had Chris Voss, uh,
never split the difference.
So he had Chris Voss, thebourbon deal, kind of what, kind
of what you're doing and, um,you know, it was great hearing

(01:47):
Chris speak, but Mark Z went,uh, went right before Chris did.
And I think Mark had 1 of themost important presentations, 1 of
the most important conversationsthat real estate agents.
Must hear and I just I love thestrong belief of How real estate
teams and companies need to bethought about moving into the

(02:10):
future and we've sold a brokerageYou would laugh if I told you
what we sold it for number oneIn the world for Caldwell Banker,
you would laugh if I told youwhat we, what we sold it for.
And you know, you, yousee that all along, right?
Unless you're going to build an Ebbyholiday, or you're going to build,

(02:31):
you know, to, to get consumed, toget acquired, to get gobbled up,
but that takes years and years tobe able to, to go down that path.
And so I'm just of the beliefthat a real estate company, a
real estate team is best servedto create opportunities For
investment to truly build wealth.

(02:51):
I think it's more of, of a,of a mining system, a mining
system of opportunities thatyou've got to be able to
identify that aligns with you.
And you're like, bro, I got you.
Like, this is exactly where my headis, is what I've been working on.
And so I've really been lookingforward to this conversation because
you know, out Stasek and I weresitting right there and we were

(03:11):
watching, we were watching Mark.
And I'm like, I just leaned over tohim and I said, this is my belief.
This is just where I believe thatif you're not thinking about this,
if you're building a team, if you'renot thinking about this, if this is
not part of your vision, you're notthinking about it the right way.
And so, man, really looking forwardto, to unpacking everything.
I mean, it's my favorite thingto talk about, you know, uh, you

(03:34):
know, I feel, I feel like people.
And this journey that I'vegone in the investment space.
And, you know, I'm going totalk to the guys today about
an ebook that I just finished.
So you guys will be the firstone who can download it for free.
You'll get that today.
Um, but it's just, youknow, it's a way of life.
And so you got to understand thatinvestor isn't mean that you own
something that makes you money.
It's a way of thought, right?

(03:54):
Because are you the type ofperson that thinks about ROI?
Do you understand what a costand what an investment is?
Do you understand thedifference between those things?
And being a part ofEXP, I realized that.
It's the investoragents that win, right?
It's the ones that are naturallyhave a path for growth.
You have to have massivefaith to be an investor.
You have to have a certain amountof discipline to be an investor.

(04:17):
Like this is a way of a life.
It's not just like, doyou own some property?
Do you own some stock?
Do you want to?
And I was like, Oh, wow.
There's a bigger subject here, right?
There's, there's, there's,this is actually who I am.
Versus just like a thing we do.
And that's kind of whatI go into in the book.
And, you know, I'm not necessarilygiving investment advice in book,
but I am giving thought process,a mindset playbook, right?

(04:38):
Because when you start realizing,Oh, this is how we win.
Right?
So if you were thinking moremultiples, if you were thinking
like, Hey, if I'm going to spendthis much years building, uh, this
brokerage, just what we sold it for,you would have been, wait a minute.
If I understood that the best way.
Listen, the most valuable assetthat we all own already is time.

(05:00):
So if you knew that with that amountof investment in time and effort, you
were going to get X, you would haveprobably done something different.
You know, right.
Or you would have spentit somewhere else.
So that's the whole pointof the whole thing then.
Yeah.
And you look at, you know, uh,um, you know, buy back, buy back
your, uh, buy back your time,Dan Martell's book is one of
my, one of my, like, uh, the onethat I've been pushing the most

(05:22):
lately to a, to a lot of people.
And if you understand the who,not how concept, then I think
Martell's, you know, buy back yourtime is the, is the actionable
playbook to, to really, you know,unpack that concept all the way.
Right.
And he talks aboutit in there, right?
You know, we trade, we trade,you know, time for money,
then we trade money for time.

(05:43):
But that 3rd step is money for money.
And you mentioned, you know,stocks and you mentioned, you
know, other real estate, but the1 that I also think is is a huge.
Opportunity to be thinkingabout is other businesses.
And, and so, you know, um, you know,talk about the passion project.

(06:06):
I mean, I'd be so, so interested tohear about this bourbon opportunity
that you and in Voss and, and,um, our, our very dear friend, Mr.
Nick Nanton.
Um, I know Kirk Shewell's apart of it, you know, uh, of
what you guys are doing with,uh, with the bourbon, man.
That's just, that's, that's like,yeah, I can, I can get behind that.
It's the fun.
It's probably gonna be thefunnest one that I've got,

(06:27):
but it's funny enough.
I'll take you back.
So about three years ago, um,there was, you were probably there.
I don't know if you remember when wehad, um, uh, one of the conferences
that, uh, that, uh, flick, um, Rob.
So Rob Flick's friend, a guy namedDave Steck, stood on stage and he

(06:47):
spoke and I approached him afterand said, Hey man, I really love
what you're talking about, like hisphilosophy about investing in life
and all these different things.
Long story short, he endedup starting a mastermind
group called Access.
I became a part of that, RobFlick's part of it, and, and
they introduced me to investingin early stage companies.
So, like, that wasan investment that I.

(07:08):
I really didn't haveaccess to, right.
It wasn't, you know, I didn'thave Silicon valley connections
and things like that.
So that's where kind of, I startedto think, Oh man, I really love
this because I'm investing inpeople, you know, like I, like we're
meeting the founders, these are pastfounders have had massive success.
I'm listening to their story.
I'm seeing how smart they are now.
They're starting a new venture andwe get a chance to get an early.

(07:29):
The other thing that excited me aboutit is just the multiples, right?
Like, you know, of course it'smore risky, but you know, you get
the right technology company and.
you know, your 50 grand, 100grand, whatever it is, can turn
into something really special.
You have to be disciplinedand patient, but it does.
So leading forward, like rightnow, I'm literally, I only
own this condo that you'veseen like real estate wise.

(07:51):
Like we just, me and Gil sold acommercial property last year,
which was incredible by the way.
Like, I think commercial is a biginvestment opportunity coming.
Um, but all I own in realestate now is this condo.
And then I own like.
A piece of five companies.
And one of those companiesis the bourbon thing.
The bourbon, I would say like it'sthe, it's the funnest, but the
one I probably know least about.
So I'm going to talk a little bitin my chapter, my book, you know,

(08:11):
make great bets, don't gamble.
I would lean towards this beingslightly more of a gamble, but
I'm betting on Nick Manton, right?
So, so You know, at the end of theday, like you and I both know Nick
and Nick is just a master marketer.
And obviously having Chris Vossinvolved in it is incredible.
So basically Nick came to me andsaid, listen, a couple of years
ago, I was doing a, you know, I wastalking to Chris Voss and I said

(08:32):
to him, listen, you love bourbon.
I love bourbon.
Why don't we start a bourbon company?
And, you know, Nick, Nick's like,we should call it the difference.
And, and, and the tagline is goingto be never split, always share.
Oh, I love it.
And, and I was like, and so like,boss is like, dude, I love it.
Let's do it.
Right.
Um, but Nick's like,okay, well, hold on.
Cause I don't actuallyknow how to do bourbon.

(08:52):
So like, let's figure it.
Let's get the right player.
It took them about two years.
Um, but we partnered upwith a guy named Roy who
actually makes the bourbon.
We're going to Kentucky actually,uh, mid October to go do a barrel
picking and all that stuff.
And Nick's like, listen, Iwant, I want 25 guys involved.
Here's the investment.
And honestly, it's like wewant people we'd like to drink
Berkman with and that it canalmost be a mastermind in itself.

(09:16):
And it's funny because Itold Nick, I'm like, you're
on to something here, right?
Because we can take a riskierinvestment like this and
make it more of a mastermind.
For instance, I pay, I pay the same,I pay the same a year as I'm paying
to be a part of this investmentto be a part of a mastermind and
I don't get an investment with it.
So like, Wouldn't it be cool toform a circle of 25, you know,
girls and boys who are verysuccessful have wealth and it

(09:38):
could be like have these kind ofmastermind experiences events.
So that's how it started.
Um, we've got, I think we've gotour 25 and you know, we, we're,
we're, uh, we're taking it stepby step, but the, you know, Nick's
master marketer, we've already gotreally cool marketing behind it.
Um, it's, it's being made by like.
Same distillery.
I think, I think that maybe likeone called Weedon's or whatever.

(10:00):
We tried it when we were, whenwe were up in Beverly Hills, but
like, we're going to taste it forthe first time in a couple months.
So I'm just super excited about that.
And I've never had a product like,like, this is an easy, like, I've
never had a product to be like,Oh, I'm part of that product.
Like you should try this productlike out of this product.
So I'm very, very excited about that.
Um, and we'll see.
So, you know, it's one of my it'san investment in my portfolio,

(10:22):
but honestly, it's early stagesand when stuff like that, you,
you, you know, you're lookingat, you know, 3 to 7 years.
To see somethingspecial happen, right?
So you you have to understand thatwhen you're going into it that you
know To build something with a highmultiple you're going to be in it
for a little bit unless you youknow You get lucky on some crypto
or something, you know, right?

(10:43):
Yeah.
No it in you know to to that pointUm, you know most people You know
It's, it's bet on, bet on thejockey and, you know, we've, we've
seen it in the real estate space.
Right.
So like with, with Howard, right.
With Howard taker.
So you remember, you know, he hadtiger leads and, you know, he was

(11:03):
the first one that I ever heard.
Right.
He was kind of the early pioneer of,you know, the internet, you know,
home, home search internet platforms.
He was, he was kind ofthe pioneer of that.
And the way he didit, he did it smart.
He built it up.
He got all the influencers in thereal estate game and, and, you know,
he, he, he made an exit good for him.
Well, he was on a non compete andthen obviously come along comes,

(11:25):
you know, um, Dwayne Legate, right.
Dwayne has, you know, all of his,you know, uh, motivated seller stuff.
And then he starts this Shittyplatform called commission zinc.
And he did just.
The incredible, he was, he, helistened and he executed better
than anybody I've ever seen.
And then of course, you know, ofcourse he was able to, to exit for,

(11:45):
you know, you know, 250 plus millionand what I've always understood
by seeing Howard and then Howardcomes back with Y Lopo and people
are asking, you know, Hey, should,should we take a look at Y Lopo?
I said, is Howard Tager's involved?
Yes.
You go look at it.
If Dwayne Legate ever gets backin the game, then you go look
at whatever Dwayne's doing.

(12:05):
You bet on.
Um, you, you, you bet on, youknow, you bet on the jockey and
Nick and Nick is a jockey that Iwould bet on 10 times out of 10.
Exactly.
Right.
And that's, and I talk about thatin the book, you know, about,
you know, You know, fewer, betterdeals with your better people and
how you analyze these investments.
And, and honestly, if, if theperson it, the first thing you

(12:26):
analyze is who's running this thing.
Right.
And, and, and, and if that does notcheck, you can walk away from that.
I mean, you don't, youdon't have to do the other,
the other bedding, right.
Because if you don'tget that feel right.
If I'm not like, yo, kitchensis a guy he's done it before.
He's, he's got a guy with integrity.
He's a guy I like, you know, um,then if those boxes aren't checked,

(12:49):
then you have to start saying, Hey,look, look, it's too risky, you know,
unless, you know, there's some othermitigating factors, but I think the
team is the most important for sure.
A hundred percent.
It's, it's the whofactor first, right?
Jim Collins talks aboutall the time, who.
Then you can go to everything elseand we understand, you know, even
like with theory of constraints Yougot the you got the what the how the
who the who is always the biggestconstraint And so it's really,

(13:11):
you know leaning in there man.
Hey, i'm excited.
Let's dive in man.
Let's jump in I'm gonna goahead and share share this
i'm gonna tweak this up.
So we got a little bit betterview and then I'm gonna let you
Let you take us through it andman, whatever, whatever questions
we got, all, uh, good stuff.

(13:34):
So first and foremost, like, uh,investor season was just to give me
a little background investor seasonwas initially a presentation that I
was starting to, uh, about two yearsago, I started doing a presentation
to agents called investor season,and it was called like, learn
the investor, be the investor.
Why?
Because as part of these mastermindgroups, as we were watching data,
you know, You know, cycles are cyclesand they have certain data, right?

(13:56):
You could start to feel thatthings were shifting economically,
that things were shifting.
I was, I was letting peopleknow, like, it's about to
be investor season, guys.
Like something's going to happen.
Like, I'm not telling youit's going to look like 07,
but something's happening.
Right.
And so little by little I startedto kind of preach this thing But
then what happened is as I wasstarting to Do this and thinking
about agent attraction I startedthinking about some of the people

(14:18):
that you know are crushing in ouroffice You guys recognize some of
these guys obviously colliers, youknow, uh in there But all these
guys are in our office in orlandoAnd when I look around at these
guys, I start to think myself likeCause you know, anybody who's been
an agent attraction has been likefrustrated with like, you know,
trying to do all this recruitingand you get these people that just
don't have the fire or they like,you do all this work, they sign

(14:40):
on and they're gone a month later.
And it's like, it's like, and Ijust got to this point where I was
like, who's my avatar, like who,like who's winning in my office.
And then I just needto replicate that.
And I realized that allthese people that you see.
Came either from aninvestment background or
came in with the intentionof investing in real estate.
And I was like, Oh my gosh, myavatar is the investor agent.

(15:04):
It's an agent that understands theprinciples of ROI, that, that has a
passion for growth, that, that notonly wants things for themselves,
wants to invest it forward.
Right.
And these are these guys, likeif you, if you guys have met
some of these guys in the EXP,I mean, obviously you guys know,
call me or anything like that.
But when you meet Deontay,we'll meet these guys.
Like they are invested forwardtype of folks and forward looking.

(15:25):
I'll be real quick.
So I want to interject a point, whatyou just said right there, because
not a lot of people pick up on this.
So, you know, business isabout getting people results.
And so you look at, you'rein the business of people
and there's, there's, there'stypically two types of people.
And then there's, there's anA and B of the second type.

(15:47):
The first part person is what you'retalking about, the ROI person.
Okay.
Not everybody is an ROI person.
And I think that people need tounderstand that because like,
if I click an OO ROI and I'mtalking to you and I'm like,
well, why don't you get it?
That's just not your person.
They don't understand ROI.
The other is, is pain and pleasure.
And so you can help people,people move, you know, closer to

(16:10):
their pleasures, or you can helpthem move away from their pain.
I always say, if you're playing thepain pleasure game, right, it's the,
it's be a vitamin or be a painkiller,you know, vitamins are great,
but when you ain't got no money,you ain't paying for no vitamins.
But if you ain't got no money,it means you got a pain and
you will run through thisbrick wall to remove that pain.
So you're either, in my mind,you like, you go after the ROI,

(16:32):
people that get ROI, or you goafter, you know, people that are
trying to move away from pain.
I just, I want to make thatdistinction for a lot of people
because they don't pick up onit because they'll listen to
this and be like, oh, I got it.
And then they go to try to talkto somebody about ROI and it's
like deer in the headlights.
And it's like, oh, you'rea pain pleasure person.
You're not an ROI person.
And, and, and I'm alwayslike everything you do is, is

(16:54):
preparing you for the next level.
I've always been that type of personthat I understand that there's
value to things that you can'tput a monetary value on, right?
Like experience or, uh, youknow, investing in somebody else,
investing in relationships, right?
Relationships have a huge ROI.
I can't tell you exactly whatit's going to be, but if you're
an ROI investor agent type ofperson, You understand that
relationships do have an ROI, right?

(17:16):
And I don't have to convince youthat, you know, like, like my
boy, Mike Reese says, I'm notin the belief business, right?
Like we don't have to bein the belief business.
You know, they're either thatkind of an investor agent
that thinks this way or not.
And so I broke it down theinvestor life and I realized that
it's kind of three parts, right?
There's a mindset.
There's a mindset.
We talked a little bit about howan investor agent or investor
thinks there's actually a strategy.

(17:36):
So we're going to talk about strategyin the book because you got to have
a Thought framework for how youlook at things or you know, you
could get burnt in this game, right?
And and there's always risk, right?
And then there's a spiritualaspect which is a part that a lot
of people don't talk about like,you know I go in the last chapter.
I say god wants you toinvest and and and it's it's
It's a biblical principle.

(17:57):
If you actually, if you actually readit again and realize that investing
is part of our story, right?
So the book is called get yourhead in the game, a mindset
playbook for the investor life.
And I love starting it with this.
I don't know if you're a fatfan or the movie rounders like I
am, um, but you know, have you,you've seen it, I'm sure kitchens.
Oh yeah.
Oh yeah.
So, you know, one of the lines thatMatt Damon says in, in, in the, uh,

(18:20):
in the movie, he says, you can't losewhat you don't put in the middle,
but you can't win much either.
And what he was talking about wasthere's a, there was another poker
player that was a grinder, right?
He was like, Hey, listen,I, I just grind it out, man.
And just, you know, I'm just tryingto feed my family, whatever, but
you know, there's a time in yourlife where you're going to have
to realize that if you want thethings you want in life, you're
going to have to put some chipsin the middle, you know, cause.

(18:40):
You know, you can grind it outif you want to, but that ain't,
that ain't much of a life.
Right.
And you can't win much that way.
So, um, before I kind of get intoit, um, anybody who's watching, if
you want to scan this code, anybodywho was going to eXpCon, okay.
Anybody who's going to eXpCon,we're doing a special, uh,
lunch for investor agents.
So if you're an agent that workswith investors and you want to

(19:02):
learn how to get great money sourcesfor your investors, so you can
do more deals, Uh, on the 28th,we're doing a 1130 to 130, like
a lunch, lunch, and it's walkingdistance from the convention center.
So we made it super easy.
Um, scan this, obviously it'sfree, but it's for investor agents.
In other words, we're, we'relooking for agents that are
already doing business withinvestors to come through.

(19:23):
There's only about 30 spots, but thisis the first time we're dropping it.
Honey badger nation gets First look.
So that's, that's that.
Okay.
After we get done with this, afterwe get done with this, take that
and post it back into the, into thehoney badger group actually, and
tag me in it and say, Hey, you know,um, kitchen said I could post this.
Just want to let you guysknow if you're interested.
So go ahead and put that inthe honey badger group as well.

(19:45):
We'll do man.
We'll do.
So these are, they're 10 plays.
So I call it a playbook, right?
It's 10 plays.
So, um, play one is wealthis not something you do.
It's something you become.
Right?
So you have to becomesomebody different oftentimes.
And sometimes it's hard for usto admit that we might not be the
person we need to be to be wealthy.
But the good thing is thatwe're born for evolution
and we can change, right?
And this kind of hit home to mewhen I was at a Tony Robbins event

(20:08):
and the guy said, you know, I'm nota big materialistic guy, but I've
got, uh, but I love watches, right?
And you know, sometimes people arelike, why do you need like a 30, 000
watch, 50, 000 watch or whatever?
And he's like, well, I don't need it.
But every time I look at thiswatch, I think to myself who I have
to become to afford this watch.
And, and, and when he said that,I was like, man, you got to

(20:29):
become somebody different, right?
Like the things you haveto do as an entrepreneur.
The things you have to do inhis investor, the kind of faith
and discipline that you haveto have is something that you
have to become if you're notthat person already, right?
So, um, you know, this, thiskind of came in, came in messed
up because I sent it to you,the, the, the, uh, PowerPoint.
But, you know, one thing I believeis that wealth is an area of study.

(20:50):
So everybody watchingout there, guys, like.
This is not something you should takelightly because this is your life.
Like at the end of the day, youwant to be financially free.
That's what we preach, you know?
And so you gotta be picking up thosebooks, you know, I've, you know,
you love books just like I do coach.
And, and, and, um, you know,I love psychology of money.
I just reread twice.
Like I, I'm so good.
So good, you know, like I, I'mjust devouring this because

(21:13):
I'm, I'm formulating a mindsetand a strategy so I can see
opportunities that I can say yesto the right things and say no to
things I should say no to, right?
Uh, the other thing is moneyis simply a tool, right?
We have these feelings andemotions about, uh, money.
It's just a tool, right?
You can, you can dosomething great with it.
You can do somethingterrible with it.
It all depends on theperson who has it.
And money doesn'talways equal wealth.

(21:34):
Right.
So realize that there's many, verypeople have a lot of money, but are,
aren't actually spiritually happy.
They're not happy in their lives.
So you got to understand thatthere's value to other things.
And one, a great exampleis this another movie.
I don't know if you'veever seen Bronx.
Yeah, so good, dude.
Oh, tell me about this.
I never, I never watched it.
And she's like, Bro, yougotta watch the movie.
Bro, and it's funny becausepeople used to tell me

(21:56):
I look like this guy C.
But, but, but basically, youknow, I show this because there
was a scene in the movie, ifyou watched it recently, right?
Where he's standing withthe mafia boss guy, and this
guy walks across the street.
He starts shouting at theguy across the street.
He's like, yo, where are you going?
Where's my money?
Blah, blah, blah.
He's shouting and then the mafiaboss is like, dude, relax, relax.

(22:18):
And he's like, whatdo you mean relax?
He goes, the guy owes me 20 bucks.
He goes, he goes, bro, he goes, youpay 20 bucks to get rid of that guy.
And, and so, and so you haveto understand that other
things have value, right?
Like I was literally with a clientyesterday helping him and she's
like, she's going through a divorce.
She's going through these things.
And like, you have to putvalue on things like peace.

(22:41):
Right?
That has a value.
I'll pay for peace, right?
I'll pay to not chasea guy for 20 bucks.
Like, I don't know.
I'll chase to not have a guywho takes 20 bucks from me.
Doesn't pay me back as a friend.
I just paid some moneyto learn that lesson.
I got something for my moneythat, that had, that had an ROI
for me, but you, but you haveto have the mindset to see that.
So I'll get somequestions about that.

(23:03):
Yeah.
So, so I just text you.
I don't know if you saw this.
Uh, it was on, um, bet.
David, I shared it with you.
Watch it later.
If you haven't seen it, Ijust texted to you, Bobby.
So, um, so bet.
David kind of had a aha moment lastweekend with his, with his kids.
And, um, it was the very firstthing that you said there of,

(23:23):
um, you know, what do you,what do you study, right?
Like books, what are you going down?
I mean, he had an aha at his,at his son's soccer match.
And, um, he said, as soonas the started, he knew
something was different.
And he was like,something's different here.
Something's different with this team.
And he got over to one of theparents of the other team.
And he's like, what's going on here?
Like y'all, y'all are different.

(23:44):
Like, what, what do you do?
Right.
And he goes in and he'slike, we don't practice.
We train like, okay,who's your coach?
Well, he looked him up.
He's like top 10 score,you know, in history.
And he goes, you know, just,just every little thing.
And he had that, uh, that Davidgoes, the realization, he goes,
there's three types of people.
There's the interested.

(24:06):
There's the committed and thenthere's the obsessed and I think what
we're seeing right now with a lot ofreal estate agents is we have a lot
of interest in real estate agents,but they're, they're, they're exiting
the business because, you know, Yougot to be committed, but to, to,
to thrive, you got to be obsessed.
And man, it was just like, like Iwatched that thing like 10 times.

(24:28):
And I was like, my goodness.
Like, you'll, you'll, you'lldig it as soon as you watch it.
I can't wait.
And by the way, guys, this is whathappens during investor season.
So part of the reason I did thisis that I was in the game when
the market crashed last time.
And so I saw both sidesof the coin, right?
I saw people win big.
I saw people lose big.
But one thing I understood was,is that these aren't, these

(24:48):
are only bad times for peoplewho aren't prepared, right?
There's a scared andthere's a prepared.
And, and so understand that likepeople falling out, like you don't
need to get scared about that.
That's, that's what happensduring investor season.
Like they, when it gets tough, wefigure out who the soldiers are.
So that brings me to play too,which is be a long game player.

(25:09):
Right.
Um, to, you know, everybodyknows the story about the
tortoise and the hare.
And when I was younger, Iwould hear the story and think,
you know, the moral was slowand steady wins the race.
And, you know, in my mind,I was like, who wants
to be slow and steady?
Like, you know, when you'reyoung, you're like, why
don't we slow and steady?
Right.
I'm fast.
I'm going to go faster.
I want to go fast.
Right.
But when you read the story,what you really, what I
realized over time was.
No, it's not about speed.

(25:31):
It was the fact that theturtle was a long game player.
The turtle understood that he hadto take these small steps every day.
In order to get towards a goal.
And he had to just, and itdidn't have to be anything
spectacular, but he understoodthis is where I'm going.
And I have to have enough disciplineand faith to follow this path.
And that's what, that'swhat long game players do.
So I put this up because you know,this was, I think in the psychology

(25:53):
of money, when he talked about this,it's like, you know, we talk a lot
about things and stuff like that.
And it's like, you see somebody,uh, with something expensive, like
a car and you think, Oh, well,you know, they must be wealthy.
Right.
But like what he says in thebook is like, the only thing, you
know, Like this is a four, likethis is like 400, 000 car, right?
And it like, the only thing, youknow, when you see somebody in this

(26:15):
car, is that they're 400, 000 lesswealthy, that's all, you know, right.
Cause anybody can make a payment,but the point being is that a long
game player employs things likethe late gratification, like, like
literally had an agent walk in andwith it totally with this person,
she's so happy about this person.
It's like, and I, and I, you know,I know her, so I love her to death

(26:36):
and, and, you know, she's producing.
But like.
I was like, I was, I wasscared to ask her how much he
paid for the purse and I washoping she meant 1750, which
I still wouldn't pay for it.
But like, but it was like17, 500 for the purse.
And I'm like, and I'mlike, what could we do?
Like, my thing is that I wantyou to have the purse, but I want

(26:57):
you to have as many as you want.
And in order to do that, you haveto have the later gratification
and you have to understand whatexponential curves look like.
Because if you don't, what happensis you'll quit during what I call
the shitty part of the curve, right?
When the growth is slower,when there's setbacks
and things like that.
So a long game playerunderstands that like.
At the beginning, it's going tolook like this, but eventually you

(27:19):
hit the exponential growth, right?
That's when compounding kicksin and compounding could be
something with stocks or justcompounding in life, right?
Right now we're all compoundingour experience our education level.
We're we're compounding relationshipsWe're compounding all these things
and like just because it's notmoving as fast as you like you have
to understand what the curve looksLike and you know, I told this

(27:39):
story not in the book, but I thisis one that I pulled off I think
it was I think it was psychology ofmoney or one of his books where he
talked about this prisoner of war.
Like there was another, youknow, besides John McCain,
this guy was one of the highestranking prisoners of war.
And, and you know, the guywas interviewing him and he
was like, Hey man, he's like,you know, I'm, I'm sure it was
really depressing in there.
And you know, blah, blah, blah.

(28:00):
He's like, did you think youwere actually coming home?
He's like, Oh yeah, man.
He's like, I was, youknow, I wasn't depressed.
I always knew I was going to go home.
He's like, and this guy wasbeing tortured every day.
He thought about committing suicide.
So he wouldn't tell secrets.
He was like, I alwaysknew I was going home.
And he's like, man, like, that soundslike, like really pot, like really
kind of super positive, you know?

(28:20):
And he's like, well, well,what were the guys thinking
that didn't make it home?
He goes, oh, I could tell you that hegoes, those are the guys that thought
they were going home by Christmas.
And, and, and, and so this ideathat, Hey, we're going home, but
it might not be my Christmas.
So you got to be a long game player.
Right.
And so that bringsme to play through.

(28:40):
I don't know if you have anything,you know, on that particular.
No, I mean, you're, you're,you're, you're so spot on, right.
Like even on the endurance sideof things with, with me, it's,
it's like you, you know, you,You can't be thinking about, man,
soon as I get up here, I'm goingto stop soon as I get up here.
I'm going to stop you just becausebecause if you put that false
finish line in your head, man,and that finish line is like,

(29:01):
just the goal post just moved.
The finish line just moved, youknow, 4 miles down the road.
You're I mean, you want to quit.
Right?
But if you just keep going.
Then and just keep moving thefinish line will eventually come
but you just you don't even thinkabout it You just you just keep
moving right exactly, right?
And so play three is your bestfirst investment and i'm sure a

(29:23):
lot of people can guess What Itell people that is but it's kind
of came up when you know Agentswould come up to me and they would
say, you know They always ask melike, you know what I made a little
bit of money in real estate Whatshould I invest in and a lot of
times it's not a lot of capital.
So like What I say your bestfirst investment is when they come
to me and they're like, Oh, youknow, I got 10, 000 or 5, 000.

(29:43):
I said, the best firstinvestment is you, right?
There's nothing that has abetter ROI than, uh, than you.
So, you know, I had somebodytell me that I should go
to a Tony Robbins event.
Right.
And I finally invested themoney to go to a live event
versus just read books.
And it changed my entire life.
Like the ROI on that was ridiculous.
Right.

(30:03):
So you have to understandthat those things have an ROI.
And you know, when you invest inyou, you can, you know, one thing
I've seen you do over the yearsis absolutely invest in health.
Like, Really, you know, you gotto be around if you're going
to enjoy your wealth, right?
You know investing in education Theseare the seminars the conferences
investing in relationships and thatto me Has one of the highest rois,

(30:24):
you know of all time and that's howI built my entire career That's how
I built my life like every greatopportunity i've ever gotten in
my life has come through a humanbeing And great human beings like
coach kitchens great human beingslike collier great human beings.
Um, like nick nanton, right?
So so You Relationshipshave a massive ROI.
Invest in those.
Meaning, for instance, thisgroup access, I pay, it cost

(30:47):
me more than my mortgageto be a part of this group.
Yeah.
And, and I'm gonna tell youright now, that was not an
easy thing for me to do.
I don't know.
I, you know, I, I happen to be Jewishand Puerto Rican at the same time.
So, uh, yeah, I'm, I'm a Jew Rican.
So, you know, these things are hard.
Like, you know, when somebody'slike, Hey, you're going
to spend this much money.
To get this right.
And there's not a, you know,initial, like there's not a

(31:07):
guaranteed return of anything,but you understand that, like, I
understand that there's a value inbeing a room full of millionaires.
This has happened recently.
I went to a conferencein Puerto Rico.
Um, I'm thinking aboutmoving to Puerto Rico at
least for half the year.
In the next 1224 as youguys know, I'm from there.
So it's different for me.
I like actually want to go backthere because Uh, I miss it but

(31:27):
like ended up meeting this ladybecause I I paid to go to a
conference I said, you know what?
I'm not waiting forpeople to introduce me to
entrepreneurs and investorsI'm gonna find a conference.
I found one.
It was a beautiful GlobalEntrepreneurship Conference that
happened to be in Puerto Rico,went there and met the, uh, the
director of an incubator and nowI'm going back on the 14th to be
on a shark tank panel for them tosee like pitches from companies.

(31:50):
And like, I did that just byraising my hand and asking a
question at a seminar becauseI'm gonna tell you pro tip guys
when you go to these events.
And there's a chance to aska question, ask questions,
always ask a question.
The whole room, it's theway to meet the whole room
in one, in one fell swoop.
Yeah.
We'll all know that somebody'sgoing to approach you in the lobby.

(32:10):
Like if you ask a greatquestion, you'll do that.
So that's pro tip.
And guess what guys, you gota great investment coming up.
If you guys haven't bought yourtickets to EXP con, you should do it.
Um, so I don't know ifyou have anything on, on
that particular spot on.
Okay.
Play for make great bets.
Don't gamble.
So we started talkingabout the bourbon.

(32:31):
Like I said, when I said, makegreat bets, don't gamble, you
know, uh, I consider because I'mnot an expert in the bourbon game.
I considered this more of a gambitbecause I, I know, I try to know as
much as I can about what I'm doing.
And I use a story of when, you know,I was in a situation, you know, in
the late, uh, 2000s, you know, whenthe market was crashing, where I

(32:54):
literally lost my house, lost my car,you know, um, and, uh, I didn't file
bankruptcy, but like, but before Ifiled bankruptcy, like I was looking
for this last ditch effort to try tosave myself from this, uh, from this,
you know, trap that I was in, right?
So I meet this guy, and this guycomes and tells me he's got some
kind of like, clothing investment.
Like, he's like, oh man, he'slike, I got this great clothing

(33:16):
investment, blah blah blah.
He's like, I take clothes fromSouth America, and because
this, there's, our seasons aredifferent, I buy it cheap there,
I sell it here, blah blah blah.
It sounded all great.
But the reality is, I don't evenremember how I met this guy.
All I knew is I wasdesperate to get out.
So I decided, I decided tomax out my last credit card
and give this guy 35, 000.

(33:36):
Well, I'll give you three,three guesses, but you're
only going to need one, uh,as to what happened next.
So, you know, uh, atfirst I did, right.
He was on the phone, wastelling me it was going to
work out, blah, blah, blah.
But you know, and sothat's a pure gamble guys.
So, um, what's important aboutthat is, is you have to have.
A, a framework for howyou bet investments.

(34:00):
Right.
And so, and, and we talked alittle bit about it, like the
team, you know, uh, you haveto know who's running the team.
You got to ask great questions.
Have you done this before?
Who else has invested?
Right.
Can I talk to them?
Can't, you know, like show methe operation, like, like you've
got to do that research and data.

(34:20):
And I find so many times I did it.
I've done it.
I just did it in that example,but I've done it myself
where I just don't get it,you know, and then I go in.
So now as a more seasoned investor,as somebody who's lost enough, I
can now tell you that you've gotto come up with a framework, right.
Where these, these are myinvestment principles and
it's okay to walk away.
Okay.
Right.

(34:40):
There's always going to be moreinvestments, but don't get wiped out
because you purely gambled, right?
There's always goingto be risk, coach.
You know, there'salways going to be risk.
Always.
But you got, but you, youdo your best to de risk and
then you make a great bet.
If it, if it's a good investment.
Gambling is kind oflike, Oh, sounds good.
You know, I don't understandcrypto, but here it is.

(35:03):
I'm putting it all in there.
You know, and I see what happens.
Right.
So, um, I don't know if you'vehad some experience like that.
Always.
I mean, I think we,we, we all have, right.
We get duped, we get, you know,we really like the person, right.
They connect with us.
They make us feel special.
They make us feel a certain wayand, um, you know, they sell us.
And, um, you know, I think it's thelack of discipline of going back to

(35:25):
that process or not having a process.
And I think, you know, where I'vemyself had been taken advantage of
Not having a process or then havingthe process, but not following it.
Right, right.
And, and it's almost every time yougo away from your principles, right,
you, you, you, you end up losing.
Right.
So, um, you know, and this bringsme to the next thing, which is

(35:49):
it's, which is timing, right?
So, you know, investing is hard, notonly because you have to be great
at betting things, but you have toknow where, you know, it could be a
good investment at the wrong time.
Right.
And so, so, um, I'll take youback to 2002 when I started my,
my real estate career, right?
In 2002, guess what washappening very similar to a
couple of years ago, right?
Rates are historical lows.

(36:11):
There was cheap money out there,but the thing that was crazy was
these loans that we were making.
And I was a loan officer at the time.
I know all about these loans, bro.
I, there was loans out therethat were 125 percent LTV.
I shit you not, there was loans thatwere that, that, that, that, that,
that, that, So we were in it, right?
But, but I tell you all this because,because when that market crash.

(36:35):
Not everybody lost.
Some people weren't really bigbecause they understood timing.
So Dave Steck, the guy that runsAccess, he says number one rule
in investing is timing, right?
So when you think about what,like if you would have bought
properties in, in, let's say youbought properties in 2002, right?
When this kind of thing started.
Right.
And you bought 10 propertiesat 250 and they started rising,

(36:55):
rising, rising there at 350,375, some of them at 400,
whatever the case may be.
So you've got massive equity, right?
And what happens then youget lulled into thinking that
everything just always goes up.
Right?
So.
But then you get a, you get asmart, old, wiser man that says
to you, and I had this guy thatjust didn't listen to him, who
says, Hey, you got a ton of equityin your properties right now.

(37:16):
Now it's like 2005 ish.
And he's like, he's like,there seems to be signals
that this can't last forever.
Right.
Which nothing ever does.
So I think it would be wise foryou to sell those properties right
now, if you were smart enough tolisten to that man, You would have
instantly become a millionairebecause you bought 10 properties.
You have at least a hundredthousand dollars of equity, and
you would have been a millionaire,but not only that, you would have

(37:39):
had the capital to capitalizeon what was coming next.
If you would have timed itproperly, if he, and by the way,
real estate's one of the fewthings you can time properly
because it doesn't move fast.
You know, I can't, you can't tell mewhy stock dropped 50 percent today.
I can tell you that in thenext six months, this is
probably going to starthappening in real estate, right?

(38:01):
And you start making moves.
So my mentor, Dave's tech, theguy that runs access, he stood in
front of a room in 2005 at Harvardand he gave a, he gave a talk.
And he said, Hey guys, I thinkthe market's going to crash.
I'm taking all my money out ofreal estate and what after it
implodes, I'm going really heavyinto Las Vegas real estate.
And, uh, and, and when big, and theylaughed him off the stage and sure

(38:26):
enough, it's exactly what happened.
He went in, bought propertiesat a 60 percent discount, then
started private lending andnow he's worth 100 million.
And that was all havingto do with timing.
So he, he always says you're betteroff getting out at or near the top.
Don't wait till the topand then get too late.
And now you're over the top.
Listen, if there's still 20, youthink there's still 20 percent

(38:46):
upside, but 80 percent downside,get that, get out, get out.
Right.
So these are all about timing.
So when I say watch the clock,it's a football term, right?
Like you play the game different.
Depending on what thesituation is in the game.
So like, I can tell you rightnow that like, it's hard.
I know something's goingon, but like, I don't
quite understand it yet.

(39:07):
So I'm in a phase, me personally,where I'm like, you know, I'd
rather keep some capital on theside and just wait a little bit.
To kind of see how things shift,especially in the commercial
market, which I like, um, andwhen I tell real estate agents,
all you real estate agents outthere, you're like, Oh man, you
know, like I'm, you know, uh, I'm,you know, I'm new to investing,
but I want to invest place.

(39:28):
Six is exactly all youneed to focus on right now,
which is stacking chips.
What, what I'm telling you is, isthere's going to be more opportunity
coming in investor season.
And, and the problem withmost people is, is that when
opportunity comes ain't right.
So guys just focus on selling ashit ton of real estate, focus
on getting capital in your bank.
You know, Gil and I sold a propertylast year, which Which helped

(39:50):
me a ton like to put capital andwhat I mean by capital I want you
to distinguish between the twoincome is something that usually
comes in kind of slow and monthlyCapital I my primitive term is is
a chunk Yeah, right and and what'scool about real estate you can
make chunks at one time, right?
Like there's people making40 100, 000 a month.

(40:11):
Like you can stack big chunks ofcapital because the bigger your bets
get, the bigger the returns yet.
Right.
I love this, um, this thing, um,where, uh, it was, uh, it was
a documentary they did on likeNetflix where they do like these 30
minute things where they explain,um, you know, uh, certain things
and one was called billionaire.
So obviously I'm watching it.
Right.

(40:32):
And so, and the guy says, youknow, turning 10, 10, 000.
I mean, uh, turning 100 into110 is hard work, right?
First of all, you probably won'teven invest that because you probably
need the hundred bucks, right?
So it's really hard to turn 100into 110, but turning a hundred
million into 110 million isinevitable because with that kind of.

(40:56):
capital momentum, a 10 percentreturn gets you that you
can do that while you sleep.
There's safe investments that'llget you 10%, seven to 10%, right?
So that's really important.
The next one is play seven,which I call, uh, Jomo.
And this, I love this term.
I think you guys aregoing to love it.
Um, so I, and I start, I startthe chapter in the book talking

(41:18):
about like, pretend like You'relike walking out of a supermarket
and you recognize somebody andit's like, Oh my God, that's
somebody I dated like 20 years ago.
Right.
And you're like, you kindof barely recognize them.
Right.
And you know, and then they seeyou and you start talking and
you know, you're doing the, youthink you're going to do the whole
high by like, Hey, how you doing?
Good to see you.
And they're like, you know, I'mlike, you say, how you doing?
And you get more thanyou bargained for.

(41:39):
Right.
You know, that, you know,you've all been there, you
know, they, they, they, they'reon their second divorce.
They're, you know, the, thekids from the first marriage,
they don't get along.
Um, you know, then you tryto switch the subject at,
Hey, what about your job?
What are you doing for work?
And, you know, like, I hate myjob, you know, and, you know, five
minutes into this thing, you'retrying to make your way out.
Right.

(42:00):
And, and, and, you know, you finallyget away from them and you get
in your car and you, and you sitdown and, you know, you haven't
turned the car on and you justkind of take that deep breath.
And what you're feeling atthat moment is Jomo, which
is the joy of missing out.
You know, and, and, and investingthis term was also talked to me

(42:20):
by Dave stack, which I love is joyof missing out because a lot of
times we talk about FOMO and thisis how you make bad decisions.
Yeah.
Right.
Is your fear of missing out.
You want to put your money in there.
Hey, everybody's doing it.
Everybody's doing this thing.
And you know what?
If it doesn't make sense, walk away.
Right.
And, and, and feel the joy.
Hey, you know what?
You might, you might miss outon something, but trust and

(42:42):
believe there'll be more things.
Right.
But, um, this guy right here,this guy helped us buy our first
industrial property, which yousee on the right hand side, me
and Gil bought this with this guy.
We were minor partners.
There's this guy's wealth.
He worth like 60 million.
And I remember him when COVID hit.
He taught me a lesson.
He taught me a lesson.
He wasn't even trying to teach me.
He's like, you know what, man?
Um, this was probably I'vetalked to him maybe 2021 and

(43:04):
he was like, you know what,man, I was private lending.
I just took all my moneyout of the real estate.
I just didn't know what washappening, you know, and so I
just wanted to keep my money safeand somebody in his position.
Once you get a lot of capital, you'rethinking about protection, right?
You know, if you're younger andyou're building up your stack,
you're thinking more like growth,but these guys are like, I'm
not going to lose my ass becausethere was a worldwide pandemic.

(43:25):
Right.
And of course, some people would sayhe made the wrong bet there because
actually real estate took off.
Like we, we didn't know was goingto do that, but it took off.
And some people might thinkhe made a mistake, but I
don't think he made a mistake.
I think, I think he went by hisprinciples and he decided that.
It's too risky.
I don't understand it.

(43:47):
I'm taking my money out.
But if he starts to feel in hisheart that, Oh man, I really missed
out on that big real estate thing.
Guess what's goingto happen next time.
The next time that situationcomes up again, he's going to
go outside of his principles.
He's going to bet the farm andthen he's going to lose his ass.
So this is the joy of missing out.

(44:08):
This is, you got to be okaywith walking away and it's okay.
So that's the Jomo.
Have you ever, you ever had stufflike that where you're like, Oh,
either I'm glad I walked awayor I should have walked away.
Yeah, I think, I think it's the, um,as I was, I was thinking as you were,
as you were kind of talking aboutthat and explaining it to where I
think we can all relate, you know,to where the pain side of things.

(44:31):
Right.
So it's like, damn, it was FOMOthat got me in that situation.
Yeah.
And, um, um, and it's like, yeah,I did go against principles.
I did go against my values.
And and so I think it's just a greatreminder of a slight distinction.
Right?
Distinctions are the most 1 of themost powerful things for us humans

(44:52):
to be able to understand and have.
Right?
You know, just just how youframe that, you know, instead
of the fear of missing outis the joy of missing out.
And and so, It's alwaysjust a good reminder.
It goes back to what you said earlierin the earlier plays, you know,
you've got to make sure that you're,you're, you're, you're centered to
your values and you have, you havea set, you know, set of principles

(45:14):
that it's probably the probability,you know, of, of getting you into
more trouble, violating thoseprinciples, then, you know, the, the
return of, of being able to have it.
So, no, that's, that's so, so good.
So powerful.
And, and, and, anddon't get me wrong.
If you guys want to have, there'stimes where you can go gamble, right?

(45:36):
Like, but you have to, youdo it with a minimum part.
Like if you have a big stack, right?
Like if you're wealthy, let's say,let's say I'm that guy, right?
I have 60 million.
Me personally, I wouldgamble with a million of it.
Like when I say gamble, I'dsay, Hey, you know what?
I trust this friend.
He's talking to meabout this crypto play.
I don't really understand it,but I'm willing to put some cash

(45:58):
on it in case that hits, but.
I don't care about that 50 grand.
Like, like if that goes away,I still have my lifestyle.
I still have my stuff and safe stuff.
Like I'm good.
So I don't want you to think thatyou can never play that game because
I've done that actually exactlywhat happened to me, but with a very
smaller amount of money on crypto.
Cause I was like, you know what?
I don't have any money.
Let me just try that.
But you know what endedup happening, bro?

(46:19):
I was literally at a conference.
And I found out from the guyon stage that, that it wasn't
the, it wasn't the coin.
It was the exchange that,that went out of business.
Like, like, it's like sayingthe NASDAQ went, went under.
Right.
Yeah.
FTX is gone.
And I'm like, wait.
Don't I have my coin in FDX gone.

(46:40):
And that was a pure gamble,but I can live with that.
I lost that money.
That's gone.
Right.
A few better deals,a few better people.
We talked about this a littlebit before, and, and so you got
to know what to ask these folkswhen you're talking to them.
So when you're investing or even,even recruiting agents, like
dude, You know, like it's justabout, I want to be around, if
time is my most valuable asset,I want to be around great people.

(47:02):
And if I want to elevate, I got tobe around higher level people, right?
Um, if you're going to be investing,you have to ask questions.
You can't be like, Oh, I like them.
That's cool.
Hey, have they done this before?
What are their results?
Who else has invested in them?
And do you like them?
You know what?
I'm getting too old to haveassholes around me, like,
like, like no asshole policy.

(47:23):
Like, I don't care.
I don't care what you're offering.
My time is too valuableto me to deal with that.
So, um, that's a good thing to, youknow, um, you know, Nick, we talked
about Nick and, you know, Nick.
You know, has that principle,uh, from the Bezos letters, you
know, only hire people you admire.

(47:44):
And I think it's just a greatfilter to run anything through.
Right?
So you gave some filters andquestions and things to think about.
And really what we're, what you'realluding to is really having, you
know, a decision making process that.
Stacks the odds in your favor thebest that they can be stacked and
it's just like even hiring, right?

(48:05):
There's no hundred percent guaranteeon a hiring process, you know, but
not having a hiring process It'sa flip of a coin right if you're
gonna get a good person So when youstart putting in, you know filters
you start putting in questions youstart putting in check boxes You
start putting in certain thingsthen that stacks the probability,
you know from 50 to 60 to 70 to80 80, maybe 85, 90 percent that

(48:28):
you're going to get a great hire.
And so I think, you know, yourplaybook here is, is just, you know,
so valuable in creating the filtersto where it's no longer a gamble.
It's more of a, of, of astrategic, a strategic play.
Based upon probabilities andprinciples and let me, let me go
through this and just to the peoplecomponent, you know, that probably

(48:49):
should be 1 of your questions.
Do I admire this person?
Um, and and so justlittle things like that.
I think are super importantas we navigate whatever it is.
We're trying to navigate.
Yeah.
And great for teamleaders, you know, like.
You know, I I've, you know, runninga team ain't easy and I have a,
you know, I have a small team.
I've had a bigger team andhave a smaller team, you know,
and this is like a leads team.
Right.
And it's like, I realized thatlike, I have to continually

(49:11):
raise my standard as to whatI allow the team, because it
affects the culture as a whole.
Right.
So, you know, having that standard,like, you know, if, You know, coach,
we've been doing this long enoughto know when somebody don't have a
fight and I'm just like, and there'sso many times when I'm kind of
going outside of my principle andgambling and saying, I kind of don't
feel it from this person, but I'llgive him a shot when it's like, it

(49:36):
always ends up exactly the same, youknow, it always ends up the same.
It's like, you know, italways ends up the same way.
Always the same.
So, uh, so yeah, it's, What i'mwhat i'm talking to you about guys.
I want you to understand thisapplicable for your business and
your life it does Investing isjust the fun part that makes the
money but like Understand thatthese are life principles, right?

(49:58):
And here's here's one play ninestart with the end in mind, right?
So, you know and the reason thereason I say this is because
this happened to me yesterdayIt happens to me all the time.
Somebody will come up to me andsay hey, i'm i've been researching
airbnbs You think it's a goodinvestment and i'm like I can't
even answer that Maybe I don't knowbecause I don't know what you want
yet Like, you know, everybody's goingto have a different investment story.

(50:22):
And so, and you got to know what youwant, you know, so there's questions
that you, this kind of got messedup, but here's the four questions.
I think you got to askyourself to really figure
out what you're trying to do.
And I learned this through a TonyRobbins event when they actually
made me write down like how muchmy expenses were, how much, how
much it would take for me to.
Uh to live the like a good lifelike, you know Have fun with your

(50:45):
buddies and go out to dinner anddo all that stuff And then what
would it take to live that dreamlife right and once you got to
that dream number You can reverseengineer what you would have to have
in, let's say, you know, there's,there's, there's ways to put your
money in a pretty safe investment.
That'll make the seven, 7%, right?
Like I got my money sitting inthe money market, some money.

(51:07):
And right now it's making darnnear 5 percent just sitting there.
Right?
So like you can get toseven, not too hard.
So that's what wereversed engineered.
And I realized.
It gave me the number I would needlike, Oh, I need to have, in my case
at the time, I think my number tolike, to like be living the life
that I wanted to was 333, 000 a year.

(51:28):
So when we reverse engineered it,that means I would have to have 5.
4 million, you know, in like a7 percent compounding account.
And I was like, nowI have this target.
Like.
And it doesn't seemthat unreachable like 5.
4 will spit out this amount of moneywithout me ever having to work.
And I was like, okay,so now I have a target.

(51:49):
So if you guys are thinkingout there like, okay, I want
to invest first, tell me howmuch you want, what's the goal?
What's the goal?
What do you, how much you want?
Some people, some people mighttell you, Hey, listen, if I'm
making 10, 000 a month in passiveresidual income in the next
10 years, I'm a happy person.
Shit.
I got it.
I got crazy plans for that.
You know, but if you tellme you want 10 million, then
we got to do different shit.

(52:10):
Like, cause it's notgoing to stack that fast.
Especially if you're not, you'restarting with small capital, right?
Uh, you got to knowwhen you want to get it.
You got to know what you'rewilling to risk to get it.
So, you know, not everybody hasthe same risk aversion, Mike.
You know, you have a family, you'renot going to think the same way as
me who doesn't have a wife and kids.
Like I don't have a wife and kids,so I, I can make mistakes that

(52:30):
don't affect my children, right?
And so you need to thinkdifferently than me.
Like, don't do exactly what I do.
Right.
And then what are you willing to doto get, um, and, and, and so when
you, when you come up with that, Offramework, then you have a target.
Like, where do I want to be in five?
Where do I wanna be in 10?
How much do I want?
And what am I willing to do?
Because, 'cause guess what?

(52:51):
That, you know, when you weresaying we'd laugh as to what
you sold the brokerage for,like, it, it, it, it was, I'm
assuming it wasn't a great number.
Right?
That's what you werealluding to, right?
Correct.
So if, if you would have askedyourself these questions and you
would have been like, okay, well,what do, what do broke, what kind of
multiples do broker just sell for?

(53:13):
So, okay, so I want to make Xamount and I would say, okay, they
sell for these type of multiples.
So what kind of revenue hasto be coming through this for
me to get it to that multiple?
And you might've found out thatthe math, the math wasn't math.
And you might've beenlike, we need to switch.
We need to switch trajectoriesto do this right now.
Obviously it led us to EXP.
So we good.

(53:35):
Right.
When you started withthe expedient exists.
Right.
So this one, you know, this one,you know, could be controversial.
I don't know.
You know, I, you know, I, Ibelieve in God, you know, and, and,
and, but, and I read the Bible.
And i've always thought this,you know that that there's
biblical principles to investingand you know If you read some
of the parables, you'll seeit's pretty apparent, right?

(53:56):
um And number one is you know, faithis a foundation of all great things
and including investing, right?
You have to do things todaythat will pay off tomorrow.
You're not going to see the resulttoday You have to have faith Faith
that if you do the right things, ifyou're that tortoise in that race,
that you're going to put, you know,if you just continue to do the right
things in stack, that you're goingto get that result that you want,

(54:17):
but you have to do things today thatare going to pay off down the road.
That takes a massive amount of faith.
It takes a massiveamount of discipline.
So the fact that faith runsthrough spirituality, that
faith runs through investing.
Faith is the foundation.
It's just the fabric.
Of all great things, everythingin your life, every dream you
had when you were thinking aboutrunning Ironman or whatever the
case may be, it started with faith.

(54:38):
It started with a vision, right?
Um, and then if you go deeperinto the parables You'll see, you
know, this is my favorite one theparable of the talents, right?
You know, the master goesto three three servants.
He says i'm leaving for a whileI'm gonna leave some some money
with you guys now funny enough.
They call it talents, right?
The money is called talents.
And so he gives one.
Um, you know, um, Five he gives theother one two and he gives the other

(55:00):
person one and it's funny becauseit says He gave them the amount of
money according to their ability.
And to me, that means that, youknow, you're not going to get
what you're not prepared for.
Right.
So when I say that wealthis an area of study.
Like you should really dive inso that you can be prepared to
handle the amount of wealth thatyou That you want to have right?

(55:21):
So he goes away for a while themaster he comes back to his servants
And the one with five flippedhis to ten and the one with uh,
two flipped his to four So 100return on both of those right?
They they bought some stuff.
They flipped it, right?
The other one was scared.
It was scared to do anythingwith their talent and it buried
it They buried it into theground And for safekeeping.

(55:42):
So when the master came backand he saw, I was like, Oh
man, look at these two guys,they flipped the money.
He praised them.
He rewarded them.
But when he saw the guy thatwas too scared to do anything
with his talent, to do anythingwith his money, uh, he not only
chastised them, but he says, youknow, I'm throwing you, you know,
throwing you out where there'sweeping and nationality, there's
like really harsh punishment.

(56:03):
And to me that said, you know, Godwants, God appreciates an investor
because it's faith based, right?
So God gives you three assets.
It gives you timetalent and treasure.
And so my belief is that God himselfis an investor And his return is
the impact we make on others, right?
So he's given us thesethings to invest.

(56:25):
Our job is to invest it forwardand have an impact and have an ROI.
And I kind of just end thebook by saying invest wise.
So, um, so here it is, by the way,guys, I'll put this also in, in
the honey badger name, but thisis, I literally put this up today.
Like I was in a leadership meeting,trying to get it onto the website
so you guys could download it.
Nobody has this yet.
Um, I worked on it for a while,but I was just putting some

(56:47):
more pictures and stuff in it.
Um, but you know,download the free book.
Um, I go into these principlesmore deeply, but, um, but yeah.
And then, you know, thisis all in, in the same, um,
brand that I'm building calledInvestor Season, uh, LLC.
So my new brand is essentiallyan investment brand.
Um, I'm focusing on, um, investmentsales and investment lending,

(57:09):
including commercial lending.
So right now I'm getting back intowhere I started in real estate, which
I actually started with the money.
Like I started as a lender.
Um, and I just feel likethere's such a big opportunity.
Uh, there's not a lot of peoplethat do commercial lending and do
it well or that have access to nowI have access to a platform where
I can actually, you know, uh, sendthings out to like 700 lenders at

(57:31):
one time digitally, which if youever done anything in the commercial
space, they are antiquated.
But but now I'm not.
So, you know, Um, that's the play.
And that's part of that event thatwe were doing at exp con is going
to be more focusing on hard money.
Um, but, but yeah,that's the play, man.
Um, that's so good.

(57:51):
Amazing, man.
And, uh, you know, It's,it's right in alignment with
where this is, where, whereeverybody's head must be.
I, I really think, you know, movinginto moving into the future and
how you utilize your real estatebusiness to, to truly build wealth.

(58:12):
Right.
And, you know, I'm at a.
You know, 20 years this month,um, you know, been associated
with kinder and and so just kindof kind of reflective as a coach.
If I was to go back and coach usknuckleheads 20 years ago, you
know, to, you know, 26, 27 yearold kids, um, I would have, I would

(58:36):
have pressed hard on the vision.
And I would have pressedhard on what it is that we
were wanting to accomplish.
And so at the time, and Ithink it's just, I think it's
just an age and ego thing.
Um, you know, being competitive,we wanted to be number one.
And when you chase thewrong goal, um, it, it, it

(59:00):
takes you down a path that.
Sometimes it's really, really hard tounravel and, and, you know, sometimes
you can't just jump the lane.
Sometimes you gotta turnaround and come all the way
back to get on the right path.
And, you know, we chase statusfor so long that it alluded
us to moving to freedom and.

(59:21):
You know, to me, it's,it's, um, you know, J Cole,
you know, says it, right?
Like, you know, what's,what's, what's it worth, you
know, sitting in first class.
If you can't take, you can'ttake everybody with you.
And, and so when you, when you chasestatus for so long, you can't take
everybody with you because you makesacrifices, you make dumb decisions.

(59:44):
And bet.
David says it best, man.
He's like, you gotto go from scarcity.
You got to hit status, but.
You got to make the jump tofreedom as fast as you can.
And so what I would coach usknucklehead 27 year olds on,
you know, 20 years ago, I'd belike, change the vision, bro.
Change the vision boys.
It needs to be, how can we utilizethis business to get us to freedom?

(01:00:07):
And then obviously, you know,we wouldn't be here today.
You and I would not be havingthis conversation if, if
that would have happened.
But what I would impress oneverybody, you know, that captures
this message is that, Designreal estate to me your real
estate sales and real estatebusiness Is the best vehicle to

(01:00:28):
unlock and find opportunities?
In real estate in commercial inrelationships of people that know
opportunities that are out thereother businesses And and so really
it's like designing your vehiclebecause that's really all the
business is it's just a vehiclethat you need to utilize Use the
principles the things that you'retalking about in the playbook to

(01:00:50):
get to freedom as fast as you canAnd um, you know, I wish somebody
would have smacked me across thehead and gave us that advice 20 years
ago You Well, you know, I got, Igot a, you know, I want to, I want
to give a shout out to you, man.
Cause you know, you, you, you bringthe heart to this and you've been
doing this for a long time, man.
And I, you know, it's coolthat, you know, I met, I met.
You guys years ago when I wasworking with Nick Nanton, you know,

(01:01:13):
and, and, and I've seen so manyevolutions and then to come back
full circle and be, and be partnerswith you guys, but, but you in
particular, brother, you, you know,you always, you know, you always
invest it forward, man, you have,you have an investor heart and, uh,
and we appreciate you for that, man.
And, and you can't, you know, wealways wish we would have made a
different decision, you know, likethis is the long game player thing

(01:01:34):
I'm talking about, but like, youknow, you know, I, you know, I'm 45
now, a lot of young guys, a lot ofyoung guys and girls in the office,
you know, and I just, I try toimpart that in them and say, guys,
you know, think in 10 year termsversus thinking in two year terms.
Cause that's what I, that's whereI made the mistakes when I was
in my twenties, because I wasjust trying to get there fast.
Right.
And that's when you gamble, youknow, instead of building it

(01:01:57):
brick by brick, but it's tough tounderstand what's truly important.
And the older you get,you start realizing that.
There's value to other things, right?
You start realizing that time isactually your most valuable asset.
You start realizing thatyou want that piece.
You start realizing who youwant to be around, right.
And what you want tobe doing every day.
Hey, listen, you know, like we,you know, my other, one of my

(01:02:19):
other, um, concepts with, youknow, investor season is, is, is
for the fourth quarter is now.
Right.
And, and what that means is, is.
You know, we don't know when theclock is going to be up for us.
So we got to assume every day wewake up in the fourth quarter, right?
Like you got to, and youplay different in the
fourth quarter, right?
So if you're young out there, itdoesn't mean you got time, you know?

(01:02:41):
So, so it's great tostart diving in now.
Don't wait.
Don't be like, I got allthe time in the world.
You don't know.
You don't know that you, yougot to start listening to guys
like kitchens, you got to startsaying, Hey, these guys have
something valuable to say thatI can actually speed me up 10
years in my thought process.
So that I can start buildingthe things that I want.
So we appreciate you, man.

(01:03:01):
Appreciate you, brother.
Thank you so much.
Really, you know, um,embodying what this whole,
you know, series is all about.
Right.
Just, just truly, you know,individuals like yourself that just
want to pour back into and, and makethe community, make the industry
just, just make people better.
And, uh, man, I can'tthank you enough.
And, uh, definitely.
Any of you guys listening in, man, goget, go get the book, get connected

(01:03:24):
with Bobby D and, um, anything that,uh, we can do to help you guys.
That's what we're here for.
And, uh, look forward to catchingyou guys on the next episode.
Thanks for tuning in.
If today's episode inspired youfollow for more conversations like
this and gain valuable insights fromthe leading experts in the industry.
If you want to dive a little bitdeeper, check out john kitchens.

(01:03:45):
coach to find the waysthat we can work together.
Once again, this is yourhost, John kitchens.
Keep making it happen.

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