April 21, 2025 • 27 mins
Nate and Cole share personal stories of their most challenging real estate moments and how they transformed these potential disasters into opportunities that strengthened their businesses and mindsets.
• Nate recounts managing a duplex that caught fire when a child found a lighter and toilet paper
• The catastrophe led Nate to purchase the property, get his GC license, and transform it into a profitable investment
• Cole details a $150,000 mistake on a 7-unit portfolio caused by misunderstanding commercial appraisal processes
• Despite the refinance failure, the resulting high cash flow became the foundation supporting Cole's entire portfolio
• Both hosts emphasize the importance of having experienced mentors to help catch potential mistakes
• Real estate success requires resilience, adaptability, and viewing obstacles as opportunities for growth
• Learning to pivot when things go wrong is what separates successful entrepreneurs from those who give up
Leave us a comment below with topics you want us to discuss in future episodes. We appreciate your feedback and want to hear from you!
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Transcript
Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Speaker 1 (00:05):
Forget what you've heard.
Forged in Fire is where realentrepreneurs come to share the
untold truths of success thelate nights, the crushing
setbacks, the moments thatchange everything.
No fluff, just fire, ready tostep into the heat and unlock
(00:25):
what it really takes to build abusiness.
This is where legends are made.
Speaker 2 (00:35):
Welcome back, ladies and gentlemen, to another
exciting episode of Forced andFired.
I am your co-host, nate Farmer.
Aiden Cole, how we doingbrother.
Speaker 3 (00:43):
Nate, what's going on , man?
How are you doing today?
What's going on in your world?
Speaker 2 (00:47):
Man, it's Tuesday.
We're testing out this newsystem.
I like it so far, man.
It's different, but it's one ofthose things where it's like
you're on a path or kind of likeon a trajectory for a while and
you realize you don'tnecessarily need to pivot, but
it's time to like upgrade orupdate or like take it to the
next level.
And I feel like that's morethan just this podcast, like
(01:10):
it's all across the board withall the exciting things we've
got going on, but it'sdefinitely applicable for right
now dude.
Speaker 3 (01:16):
I love that I can relate to them in so many
different ways, which we willcertainly get into on this
episode, specifically with whatwe're doing, what's's going on,
etc.
So I'm really excited.
I guess I'm going to give yousome housekeeping stuff and then
we're going to tell you exactlywhat we're going to do this
episode.
So, first and foremost, asalways, if you guys could do us
one single favor, it wouldreally mean a lot.
It would help us, it would helpus grow, it helps us do these
(01:38):
episodes and continue this,which is please, leave us a
review so that we can help otherpeople and help educate more.
So just that one thing please,pretty please, leave a review,
thank you.
Speaker 2 (01:52):
I'm still not used to just the one thing yet, but I
love it, I love it.
So today is actually going tobe just a little bit different,
where we're not having a guest,it's just going to be Cole and I
we try to do this at least oncea quarter where we just let you
guys know what's going on inour world.
We get tons of differentquestions all the time from
Forge Academy side and justbeing on social media and just
(02:13):
being at real estate meetups,and this is our time to just be
able to kind of answer thosequestions.
So, cole, you ready for this?
Speaker 3 (02:22):
I'm ready.
Are you going to tell themwhat's going on, or am I diving
in?
Speaker 2 (02:26):
I'll give a brief overview.
One of the questions that I'vereceived consistently is to talk
a little bit about what it waslike to sort of transition from
something that was you guys hearme reference it a lot where I
made a lot of mistakes in realestate, getting started Tens of
thousands of dollars, and I haterepeating it, but for some
reason you guys ask about, like,how did this happen?
(02:47):
And I've taken it to kind ofmake a paradigm shift to
hopefully educate and inspire sothat you all don't make the
same mistakes.
But I wanted to take anotherstep further today to not only
say about some of the mistakesthat I've made or some of the
downfalls or some of the thingsthat have happened, but how we
were able to sort of pivot again, bringing that back up from the
very beginning, to turn thatinto something positive instead
(03:07):
of just giving up, instead ofjust saying nah, f, it, screw it
, I'm out, this is just notworking.
Being able to continue to pushthrough, prevail and see the
light at the end of the tunnel.
So that's what today's episodeis about.
Speaker 3 (03:18):
I love it.
I love it.
All right, dive in.
Speaker 2 (03:26):
Beautiful, beautiful, all right.
Dive in beautiful, beautiful,beautiful, all right.
So I'm gonna take you guys backto this.
Must have been 2020, 2021, um.
So, as you guys know, um, Ipurchased my first piece of real
estate in 2017, when I househacked my first duplex, um, and
that had its own trials andtribulations we can get into
that on another episode but, um,after a while, it started going
really, really well and I wasenjoying myself and I actually
(03:50):
was in the process of thinkingabout acquiring another asset,
so I was trying to go throughthe process of saving up enough
money to be able to do so.
For those that don't know realestate, it's an amazing tool,
it's an amazing vessel, butsometimes you can't just live
off of cash flow.
An amazing vessel, butsometimes you can't just live
off of cash flow, and sometimesthings happen to where you have
to dig into some of your savingsand your reserves to be able to
(04:11):
make sure that you're able tostay afloat.
So if you didn't know, Wait what?
So, man bro, Okay, An example.
Speaker 3 (04:19):
Oh dude, don't even give one, just keep going, just
keep going.
Speaker 2 (04:21):
Just keep going.
Oh my gosh, don't even give one.
Just keep going, just keepgoing, just keep going, oh my
gosh.
Okay, so we'll get to that inanother episode.
Excuse me, no-transcript.
Cole and I, we always talk aboutmaking connections with banks,
making connections withdifferent lenders, making
connections with differentrealtors.
Well, him and I had a reallygood relationship.
He was investing in the sameneighborhood that I lived in, so
(04:45):
literally my backyard.
He was an out-of-state investor, right so?
Or out-of-town investor, Iguess I should say so, an
absentee owner.
And he's like Nate, I'm gettingtired of owning this.
I'm getting tired of doing allthe maintenance behind.
I'm getting tired, just tired.
He's like I need a propertymanager.
So he took me out to eat atBW3's Buffalo Wild Wings.
We're sitting down.
He's like Nate, what would youcharge to be able to manage?
(05:07):
And I'm like well, my issueright now is that I just need
more money.
So I don't care, let's figureit out.
So he put a number on the table.
I'm like, yeah, let's go aheadand do this, this is going to be
awesome.
So I took all the propertyanother duplex again, it's my
backyard, so you get to rentingit out.
Everything's going perfectly.
(05:27):
After all tenants are in place,fast forward like two, three,
like three months after.
Everything's working outbeautifully right.
What ends up happening is he'sdoing some renovations for the
lower unit, so it's not rented.
But we rented out the top one.
The lower unit's just aboutdone.
Our plan was to have thatrented by December 1st.
The date's very important.
So he's doing some renovationson the lower unit.
The upper unit has got tenantsin it.
(05:50):
I get a call a week beforeThanksgiving.
December 1 was very importantbecause this is very close to
Thanksgiving.
I get a call a week beforeThanksgiving midnight.
I Thanksgiving.
I get a call a week beforeThanksgiving midnight.
I missed it.
So the phone flashed.
I was trying to go pick it upand I missed it.
I got a voicemail.
All it said was hey, nate,property's on fire.
Okay, thanks, bye, what, what?
(06:10):
Yeah, that's literally all hesaid.
I'm like oh my gosh.
So here I am, throwing on myshoes, throwing on my boots, my
coats on, I rush out the doorDown the street.
I'm flying there.
I see like ambulance, firetrucks, all types of stuff.
Man, I'm like oh, dude, likewhat do I tell the owner?
So I called him.
I left him a message.
I'm going to drive there.
(06:30):
I'm like, hey, I have no ideawhat's going on, but I think
your property's on fire is fromthe message that I got so long
and the short of what ended uphappening with that is everybody
was okay, first and foremost.
That's most important.
Everybody was fine.
What was explained to me, whatwas explained to the officers
that were on site, is that shewas watching a handful of kids.
(06:50):
Couple of them were hers.
The youngest one found a bed,found toilet paper and found a
lighter.
A bed, found toilet paper andfound a lighter.
And the rest was, yeah, therest was history.
The whole upper unit went up inflames.
The fire department had toknock in all the windows to be
able to alleviate all the smokethat was going on.
They actually sprayed so muchwater into the upper unit.
(07:12):
Again, this is why December 1stwas important, because the
lower unit was getting rentedDecember 1st.
They sprayed so much water intothat unit to be able to put the
fire out that we had watercoming out of the electrical
outlets in the lower unit.
So, after all the renovationsand everything to be able to get
that done, it makes perfectsense, right?
So now here we are building'sjust done.
I'm like what do I do?
(07:32):
He understood so fast forward acouple of weeks, reach back out
to the owner.
He's like yeah, insurance paidit off, but now I'm in a whole
nother issue, nate, and I don'tknow what to do.
I'm like well, what's going on,man?
How can I help?
What's happening?
He's like dude, I'm talking towholesalers because they're
reaching out to me for thisbuilding that was on fire and
they're lowballing me and Idon't know what to do.
(07:53):
I'm like lowballing, what doyou mean?
It's like they're offering meonly like $20,000 to $30,000 for
this house, and it's worth somuch more.
It's like I own it outright atthis point, just because
insurance paid it off, and atthis point they got the
downstairs unit back up andrunning with tenants in place.
It's like it's worth so muchmore.
I just don't know what to do.
I'm like okay, so this was thataha moment, to where Cole and I
(08:15):
talk about this consistently,trying to create a win-win
situation, trying to figure outhow you can be able to add value
to somebody.
And this was my opportunity,this was my moment.
I'm like okay, so you want tooffload it?
You don't want the propertyanymore, so let me know, what is
it that you actually need?
What's your bottom line?
So he threw a number out thereagain and I'm like okay, I think
I might be able to make thiswork Now.
(08:36):
Luckily, this time around for mein real estate, I've got a
mentor, I've got a coach and I'mlearning.
These systems Didn't have ityears ago.
I had it now.
So what I ended up doing wasactually I got the property
under contract and a wholesaleto myself, and I actually found
a bank to be able to help mefinance the property.
So not only do they finance it,but actually, with the
wholesale fee, when I went toclose I paid myself $2,500 to
(08:58):
buy the property.
And then the bank was like Nate,your SOW stands for Scope of
Work, looks amazing.
The property will appraiseroughly quite a bit more than
what it is that you've got undercontract.
For the moment.
You do some work, so we won'thave you go through any hard
money lending.
We will give you all the moneyat close.
So you'll have one check for2.5 thousand, another check for
80 grand and you can use this atyour leisure to make sure that
(09:21):
you're doing everything that youneed to.
For the scope of work.
I said, ok, so now I'd open upa whole other can of worms where
I at this point it's COVID.
I'm like I have no idea whatI'm doing now, but I've got an
upper unit that is down to thestuds and I guess I just got to
go.
So how it ended up ending was Iended up getting my GC license.
I became a general contractorin the state of Wisconsin.
(09:44):
I ended up getting a couplesubs to work underneath me and
it was just a learning curve,brother.
It was a learning curve likecrazy to be able to understand
how everything gets put together, what it's like to actually
manage contractors from start tofinish, but it was awesome.
By the time we actually wrappedup and we finished off, I took
it back to the bank.
Bank was like Nate, you blew itout of the park, looks amazing.
(10:05):
And the appraisal came back 20khigher.
So they gave me a check for30,000 and was like hey, you own
the property.
Now we're gonna put a mortgageon it for 1219 still only to
this day where I've got theupper unit rented for 1300, the
lower use at the lower units at$1,400, again with a mortgage
for less than $1,250.
So it was one of thosesituations where I thought the
world was ending because I hadno idea what to do and I was
(10:26):
placing the blame on myself.
But I was able to kind of pivotand yeah, so to prevail, and
now the property is thriving.
So that's my lesson and mystory behind.
Hey, just got to see thingsthrough and try to look at
things from all angles.
Speaker 3 (10:39):
All right, I got questions.
So at some point in thatwhether it was when the building
was on fire or when you got thecall, or when you're kind of
figuring out what to do, orwhatever it is did you at any
point feel like you shouldn't dothis?
That, like you're like thismight be a crazy risk, this
might be a mistake, like I'm outof my mind that is a phenomenal
(11:03):
question and I'm gonna answerthat with a big hell.
Speaker 2 (11:06):
yes, brother, I I had these moments all the way
through, brother, and not onlythen.
Like I'm like probably managingfor myself and all the stuff
that I went through, uh, astruggle.
But now it's like one of thosesituations where you're stepping
into somebody else's and nowyou're like am I fit for it?
Do I deserve to be here?
(11:27):
He entrusted me.
Where did I go wrong?
But at some point you got tohave that mindset shift, man.
You got to have that mindsetshift.
And again it really hit me, andI don't know if the proper term
is like that imposter syndrome.
But what really hit me wasafter we started trying to
figure out what the win-win was.
And then I'm like, hey, Ifigured this is a good move, I
(11:47):
think you'll be able to pull itoff, but it's like I don't know,
I've never done something likethis.
Like, do I test the limits?
Do I actually just go?
So that's my long answer toyour short question.
(12:07):
Like, yes, I had a lot of doubtin my mind at some points.
Speaker 3 (12:23):
No, I love it.
I think that's important.
The reason I want to ask thatis I think a lot of people hear
some of these stories andthey're like, yeah, that makes
sense, good for you, you knowyou did the thing.
And they're not recognizingthat like we're all scared,
shitless at first and that'sjust part of the process.
And then we made a cognitivechoice to do something different
and to like go towards it, notjust like, yeah, I'm fine, I'll
figure it out.
Like yeah, we have that mindset, but it's not like that's
ingrained, like you have toforce that and learn it and then
you know, believe it.
So not on the real estate side.
Speaker 2 (12:48):
But what did that whole process let's say
everywhere, from start to finishteach you about yourself?
Oh dude, that's a greatquestion.
Number one is that I'verealized over the years and
again not just real estatespecific that I'm very stubborn,
and I guess the better word forthat is resilient I guess
that's what the cool kids arenow calling it To where I put my
(13:10):
mind that I could do something.
That's not the same thing butcontinue, hey, hey, hey, now you
calm down over there.
I'm trying to put this positivespin on it, right?
So I'm very stubborn.
I get to the point where I'mlike I made my mind up and
nothing is going to stop me fromdoing it Even my own personal
doubts, which we just talkedabout to where it was like I'm
(13:32):
second guessing myself, I'mwondering, I'm questioning
everything, I'm like you knowwhat?
Okay, we're just going to go.
So, wondering, I'm questioningeverything, I'm like you know
what?
Okay, we're just going to go.
So I think that's one of thebiggest things that I kind of
realized about myself and that Ican, I have more resources at
my disposal than I realizedinitially, right, one of the
(13:55):
biggest things for me when I wasgetting started again, not just
real estate specific, but notonly am I stubborn about some of
the things and I kind of set inmy ways, but I often get too
nervous to try to ask for help,and that was a struggle for me
through elementary, throughmiddle high school, hell.
I was a struggle in undergradand graduate school I'm not
(14:16):
going to lie to you, brother,like where I'm.
Just I'm one of those peoplewhere I'm like I can figure this
out.
I don't know if I want to askfor help.
I don't.
I don't know if, again, one ofthose situations where I don't
want to be a burden to somebodyuh, Nate, just fucking do it,
figure this shit out where it'sliterally a conversation can
save it.
And that's bringing it out infull circle, literally one of
the reasons we're doing thisepisode, talking about losing
(14:37):
money and all the types of BSthat we've been through, to say,
hey, sometimes you just gottalisten, ask for help, take
advice and then go ahead andmove forward.
Again, my answer to your shortquestion.
Speaker 3 (14:50):
No, I love it so good .
I'm trying to think if I gotanother follow-up to that.
Speaker 2 (14:54):
No, you don't.
No, it's your turn.
Speaker 3 (15:00):
We're ending this, this suit.
Don't try to get out of thisshit.
I like it, all right, I'll giveyou one.
This is one that I think aboutall the time, and it was like a
blessing disguise, like allthese stories, um, usually turn
out to be.
But when I got started, um, Ibought a duplex.
All's well and good.
I'm not going to go into thatDifferent time, but anyways, I
did this duplex, I figured itout, all was awesome, and I
thought I was hot, shit, I gotthis duplex.
I'm cash flowing, I'm young.
(15:21):
I figured it out, yada, yada.
And so I met this guy and hewas like, hey, I'm selling this
stuff, do.
And so it was a seven-unitportfolio, right.
And so it's four houses sorry,five houses and then a duplex
(15:42):
all right around the block fromeach other, and I think we're
buying at like $90,000 a unit,and the numbers made sense, they
worked.
And so I was like, absolutely,I did this first one.
It looks great, this one makessense, awesome.
And so I didn't have the money,obviously.
So I was like you know, I'mbasically a teenager at the time
still, and I'm like where am Igoing to come up with whatever
hundreds of thousands of dollarsto buy this, because when
you're buying it right, you needa certain amount of money down.
(16:03):
This was no seller finance deal, and so we did get a mortgage.
We did get approvals.
There's all these hurdles thatyou normally go through, and so
I faced this with.
I'm going to figure this out.
I figured that first one out, Ican figure this one out, and so
I did which is awesome and gotit done.
I ended up partnering withsomebody who financed the
acquisition, not the reno, andthe deal was they financed the
(16:27):
acquisition in its entirety, upto closing.
We use all the cashflow from theproperty to pay for the
renovations ongoing.
I do the work, I do the labor,and then we split everything
afterwards 50-50, but only afterwe refinance.
And they pull all their moneyback out and then we split it
right.
So it makes sense.
They put the money in.
I do all the work, I put in thesweat equity, and then they
(16:49):
pull their capital out and thenwe split it 50-50.
They put capital in, I putsweat equity in.
Everyone comes out clean.
We split it right.
Great plan Makes sense.
So we do it.
We buy it and there were littlelearning curves.
So the whole objective withthis was buy it, renovate,
increase value, sell right.
So went in, renovated the firstunit and I'll have you know.
(17:12):
Thank God I had constructionexperience prior to this because
I thought I knew what I wasdoing with that duplex.
When I started it I didn't knowwhat I was doing and so,
thankfully, I had some educationprior to this, where I worked
with a management company and Ilearned so much how to do
plumbing, how to installcabinets, how to install
flooring properly, how to fixthe tub, how to re-glaze,
everything you could think of.
So I was blessed where I gotthat experience and I could do
(17:33):
all these things without hiringoutside help.
And so did it and did the firstunit and it was tough.
Did the second unit and it tookI don't know six months maybe,
which in the grand scheme, isnot long.
I mean, that was my full-timejob and it's funny because I
wasn't even making cash flow offof it.
I was still working on the sidejust trying to like make ends
meet, and I would do propertymanagement during the day and
(18:00):
then I would go do renos allnight and it was brutal days,
but it's part of the game andthe point was, um, I completed
the project.
Everything was nice, hunky-dory,the units were done, um, and I
went to refi and I'm like thisis gonna do great.
I'm looking at the numbers here.
I'm like, all right, we gotseven units.
Noi is high because becausequick refresher if our NOI we
say our NOI divided by cap rateon income approach properties,
(18:21):
that gives you value right.
So, for instance, if you have$100,000 in NOI, you divide that
by your cap rate, you get Xvalue.
So I'm looking at theseproperties and we're cash
flowing fantastic.
We did so well and rents werehigh.
Everything was awesome.
So go to the bank, go for a refiand the appraisal comes back
and it was completely differentthan what I thought.
(18:43):
And I don't mean the numbers, Imean it was the numbers, but I
mean the entire approach waswrong.
From what I understood, I wastold that if you have seven
units you're in commercial right, so that it goes by income
approach.
Nope, sorry, wrong.
I have five houses which arecomparables and then I have a
duplex which is still a comp,and so everything ran on comps
(19:05):
which did not support my incomenumbers.
My income numbers were wayhigher than my whole project was
based on and the comps weredramatically lower.
So not only could we not pullout nearly enough money, but we
basically broke even pretty much, and so it was such a
humiliating process to make sucha glaring mistake.
My investor was pissed becausethen now they have to stay in
(19:26):
the deal.
Thankfully, they decided not tosell, we didn't leave and just
get out of it, but they decidedto stay in the deal and then we
would just cash flow and go fromthere and pausing there, that's
a failure, thought it was goinggood, I didn't know what I
didn't know and made all thesemistakes, thought I was doing it
right, and you just have onepiece of wrong info that happens
(19:47):
to be catastrophic and yourentire plan goes to shit.
However, where the triumphcomes in is what do you do with
that Right?
So at that point my investor'smad Everything's kind of we own
it, but we took no money out,and there's all these issues and
kind of sitting back just going, wow, that's like what do you
do now?
I got no money, I don't have aninvestor, I can't grow, you know
what happens.
(20:08):
And lo and behold, because wepulled so much less out, our
cashflow is dramatically higher,and so I've been able to use
that cash flow to supporteverything that I've done in my
entire portfolio up to thispoint.
I could not be building whatI'm building, I could not be
doing what I'm doing if I didn'thave that cash flow to rely on
that as a base.
And so it might just be like aperspective shift, but having
(20:30):
that kind of understanding ofokay, well, I was dealt this, I
made, made this mistake, nowlet's transfer to this and make
something out of it was kind oflike the difference, I guess.
Speaker 2 (20:42):
Holy shit, oh my gosh .
Okay, so many questions, butpause.
I just want to say I've knownyou for years and we talk all
the time, but to be able to tohear it in real time.
Dude, you are going through it,brother, holy cow.
Speaker 3 (20:59):
It's a $150,000 mistake.
Speaker 2 (21:02):
Oh my gosh dude.
Okay, so let's back this up.
Let me back it up a little bit.
So when you were in the processof doing the renovations and I
know you had a little bit ofthat for a background when you
were doing property managementand all that so what was that
process like?
Did you just like have unitsthat were occupied and then
you'd vacate one and then justwork on it, or what was that
process?
Speaker 3 (21:22):
Yeah.
So when we looked at it, it waswe have seven units and I need
to renovate all those, right?
But I'm one person and the dealis I'm doing the work, so I
can't renovate seven units atthe same time.
That would be stupid.
So units at the same time, thatwould be stupid.
So one, they'd be empty, andtwo, I literally can't work at
(21:42):
all.
Seven, right?
So what do you do?
Well, you just do one at a time.
So we took the most problematicresident and followed by the
lowest income producing property, and then we would either evict
them, tell them to vacate orsome combination, but we'd get
them out and then we'd go and dothat unit.
And then where I was smart withthis and kind of planned ahead
was the other units that I had.
(22:02):
Some of them were goodresidents and so we offered them
to the current residents.
So I have a beautifullyrenovated unit.
Now that's done.
And my goal isn't to get thehighest amount of money it is,
but it's also to get these unitsdone fast as possible.
So we'd have one of our currentresidents.
We'd say, hey, there's gonna bea rent increase, but you can
move into this renovated unitbecause you've done well, you've
already done everything, sojump over, and so we had
(22:24):
probably half of the people dothat, which was awesome.
So we had a couple people thatwe do evict and go through, and
we had a couple that just movedover and we just go one by one,
by one.
Speaker 2 (22:35):
Jesus.
So I know we're wrapping here,but what advice would you give
somebody that's either justjumping in or potentially faced
with one of these kind ofconundrum kind of situations,
and how would you tell them?
I don't know if you would saysomething about mindset or if
you would say something about.
I want you to just let me knowwhat advice would you give
(22:56):
somebody that's just jumping inso just what would I say to
somebody like getting into thisto avoid that situation?
you mean just or how to dealwith it yeah, that's exactly it,
because you said it was 150 000.
So what would you tell somebody?
Speaker 3 (23:13):
I mean, you need help , right, that's the first thing.
You need somebody on your side.
I don't always mean paidcoaches, I don't always mean
somebody that's a buddy, I meansomebody that's done this, that
you can talk to and run yourstuff by like a mentor, an
experienced investor, justsomebody.
You need somebody in yourcorner.
Basically is what I'm trying tosay that you can talk through
(23:35):
the stuff that catches thingslike that, because I didn't
right and that should have beena very simple thing that was
caught and it wasn't.
But if I had the right peoplearound me, somebody would have
brought up hey, you're that plan.
That's not right.
Then here's why let's go intothat.
So that's one thing.
Another thing that I was luckywith is I was always instilled
with kind of the mindset ofyou're gonna figure it out, make
(23:57):
do and just move on.
The mistake's a mistake, youcan't change it.
Now, keep going.
And so I would advise the samething is shit's gonna happen,
it's gonna go wrong, things thatyou can't possibly predict, and
or things that you can predictand still screw up and so just
accept that it's going to haveproblems, things are going to go
wrong and you're just going tofix it and deal with it, because
(24:17):
that's all you can do.
So you can't just sit inside,you can't just dive in expecting
to know everything.
Just dive in.
Speaker 2 (24:27):
Mic drop.
You guys hear me on everyepisode.
I got to do it for this guyhere You're listening, pause,
rewind, play this entire segmentall the way back.
Man, so many gems, so manynuggets dropped, and it's just
two guys, two guys.
I'm younger than Cole now Wink,wink, but I'm younger than Cole
(24:48):
, right?
So, with that being said, westarted out and we had issues.
We ran into issues, we're stillrunning into issues, but we
just as Cole said, you figure itout.
You're going to have F-ups,you're going to have mistakes,
but what you decide to do andhow you decide to pivot and how
you decide to move forward andovercome those obstacles, that's
(25:08):
what's going to separate youfrom everybody else.
This channel here Forged in Fire.
This is what we talk aboutEntrepreneurship,
entrepreneurial spirit.
We talk about growth.
We talk about mindset.
We talk about development.
We talk about being able to tryto take yourself and elevate
yourself to the next level.
That's exactly how we startedthis episode when we initially
kicked it off trying newsoftware, trying new programs,
trying new platforms, trying toexpand, trying to grow, all of
(25:30):
the things right.
And we want to make sure thatyou guys are doing the exact
same things.
We're human, everybody makesmistakes, but what are you going
to do about it?
How are you going to moveforward and how are you going to
learn from those lessons?
So, for those that are tuningin no-transcript.
(25:55):
So if you want more from us,you want to hear more from us.
We have a new feature as well.
Make sure that you check downbelow, underneath the show notes
, we have a place for you to beable to write us a letter, leave
a comment, reach out to us, letus know other topics that you
want us to discuss, hate mailall of it, any of it.
Just do what you got to do toget a contact with us.
(26:17):
We're around but, with thatbeing said, you're driving.
Get home safe.
We'll talk to y'all in the nextone.
Take care, everybody.
Speaker 1 (26:24):
Peace thanks for tuning in to another episode of
Forged in Fire.
If you enjoyed today's raw,unfiltered stories, don't forget
to like, subscribe and leave usa review.
Your feedback helps us bringmore real-world insights to
(26:45):
entrepreneurs like you.
Be sure to join us next timefor even more lessons, struggles
and breakthroughs on the roadto success.
Keep forging ahead.
Forget what you've heard.
Forged in Fire is where realentrepreneurs come to share the
untold truths of success thelate nights, the crushing
setbacks, the moments thatchange everything.
No fluff, just fire, ready tostep into the heat and unlock
(00:25):
what it really takes to build abusiness.
This is where legends are made.
Speaker 2 (00:35):
Welcome back, ladies and gentlemen, to another
exciting episode of Forced andFired.
I am your co-host, nate Farmer.
Aiden Cole, how we doingbrother.
Speaker 3 (00:43):
Nate, what's going on , man?
How are you doing today?
What's going on in your world?
Speaker 2 (00:47):
Man, it's Tuesday.
We're testing out this newsystem.
I like it so far, man.
It's different, but it's one ofthose things where it's like
you're on a path or kind of likeon a trajectory for a while and
you realize you don'tnecessarily need to pivot, but
it's time to like upgrade orupdate or like take it to the
next level.
And I feel like that's morethan just this podcast, like
(01:10):
it's all across the board withall the exciting things we've
got going on, but it'sdefinitely applicable for right
now dude.
Speaker 3 (01:16):
I love that I can relate to them in so many
different ways, which we willcertainly get into on this
episode, specifically with whatwe're doing, what's's going on,
etc.
So I'm really excited.
I guess I'm going to give yousome housekeeping stuff and then
we're going to tell you exactlywhat we're going to do this
episode.
So, first and foremost, asalways, if you guys could do us
one single favor, it wouldreally mean a lot.
It would help us, it would helpus grow, it helps us do these
(01:38):
episodes and continue this,which is please, leave us a
review so that we can help otherpeople and help educate more.
So just that one thing please,pretty please, leave a review,
thank you.
Speaker 2 (01:52):
I'm still not used to just the one thing yet, but I
love it, I love it.
So today is actually going tobe just a little bit different,
where we're not having a guest,it's just going to be Cole and I
we try to do this at least oncea quarter where we just let you
guys know what's going on inour world.
We get tons of differentquestions all the time from
Forge Academy side and justbeing on social media and just
(02:13):
being at real estate meetups,and this is our time to just be
able to kind of answer thosequestions.
So, cole, you ready for this?
Speaker 3 (02:22):
I'm ready.
Are you going to tell themwhat's going on, or am I diving
in?
Speaker 2 (02:26):
I'll give a brief overview.
One of the questions that I'vereceived consistently is to talk
a little bit about what it waslike to sort of transition from
something that was you guys hearme reference it a lot where I
made a lot of mistakes in realestate, getting started Tens of
thousands of dollars, and I haterepeating it, but for some
reason you guys ask about, like,how did this happen?
(02:47):
And I've taken it to kind ofmake a paradigm shift to
hopefully educate and inspire sothat you all don't make the
same mistakes.
But I wanted to take anotherstep further today to not only
say about some of the mistakesthat I've made or some of the
downfalls or some of the thingsthat have happened, but how we
were able to sort of pivot again, bringing that back up from the
very beginning, to turn thatinto something positive instead
(03:07):
of just giving up, instead ofjust saying nah, f, it, screw it
, I'm out, this is just notworking.
Being able to continue to pushthrough, prevail and see the
light at the end of the tunnel.
So that's what today's episodeis about.
Speaker 3 (03:18):
I love it.
I love it.
All right, dive in.
Speaker 2 (03:26):
Beautiful, beautiful, all right.
Dive in beautiful, beautiful,beautiful, all right.
So I'm gonna take you guys backto this.
Must have been 2020, 2021, um.
So, as you guys know, um, Ipurchased my first piece of real
estate in 2017, when I househacked my first duplex, um, and
that had its own trials andtribulations we can get into
that on another episode but, um,after a while, it started going
really, really well and I wasenjoying myself and I actually
(03:50):
was in the process of thinkingabout acquiring another asset,
so I was trying to go throughthe process of saving up enough
money to be able to do so.
For those that don't know realestate, it's an amazing tool,
it's an amazing vessel, butsometimes you can't just live
off of cash flow.
An amazing vessel, butsometimes you can't just live
off of cash flow, and sometimesthings happen to where you have
to dig into some of your savingsand your reserves to be able to
(04:11):
make sure that you're able tostay afloat.
So if you didn't know, Wait what?
So, man bro, Okay, An example.
Speaker 3 (04:19):
Oh dude, don't even give one, just keep going, just
keep going.
Speaker 2 (04:21):
Just keep going.
Oh my gosh, don't even give one.
Just keep going, just keepgoing, just keep going, oh my
gosh.
Okay, so we'll get to that inanother episode.
Excuse me, no-transcript.
Cole and I, we always talk aboutmaking connections with banks,
making connections withdifferent lenders, making
connections with differentrealtors.
Well, him and I had a reallygood relationship.
He was investing in the sameneighborhood that I lived in, so
(04:45):
literally my backyard.
He was an out-of-state investor, right so?
Or out-of-town investor, Iguess I should say so, an
absentee owner.
And he's like Nate, I'm gettingtired of owning this.
I'm getting tired of doing allthe maintenance behind.
I'm getting tired, just tired.
He's like I need a propertymanager.
So he took me out to eat atBW3's Buffalo Wild Wings.
We're sitting down.
He's like Nate, what would youcharge to be able to manage?
(05:07):
And I'm like well, my issueright now is that I just need
more money.
So I don't care, let's figureit out.
So he put a number on the table.
I'm like, yeah, let's go aheadand do this, this is going to be
awesome.
So I took all the propertyanother duplex again, it's my
backyard, so you get to rentingit out.
Everything's going perfectly.
(05:27):
After all tenants are in place,fast forward like two, three,
like three months after.
Everything's working outbeautifully right.
What ends up happening is he'sdoing some renovations for the
lower unit, so it's not rented.
But we rented out the top one.
The lower unit's just aboutdone.
Our plan was to have thatrented by December 1st.
The date's very important.
So he's doing some renovationson the lower unit.
The upper unit has got tenantsin it.
(05:50):
I get a call a week beforeThanksgiving.
December 1 was very importantbecause this is very close to
Thanksgiving.
I get a call a week beforeThanksgiving midnight.
I Thanksgiving.
I get a call a week beforeThanksgiving midnight.
I missed it.
So the phone flashed.
I was trying to go pick it upand I missed it.
I got a voicemail.
All it said was hey, nate,property's on fire.
Okay, thanks, bye, what, what?
(06:10):
Yeah, that's literally all hesaid.
I'm like oh my gosh.
So here I am, throwing on myshoes, throwing on my boots, my
coats on, I rush out the doorDown the street.
I'm flying there.
I see like ambulance, firetrucks, all types of stuff.
Man, I'm like oh, dude, likewhat do I tell the owner?
So I called him.
I left him a message.
I'm going to drive there.
(06:30):
I'm like, hey, I have no ideawhat's going on, but I think
your property's on fire is fromthe message that I got so long
and the short of what ended uphappening with that is everybody
was okay, first and foremost.
That's most important.
Everybody was fine.
What was explained to me, whatwas explained to the officers
that were on site, is that shewas watching a handful of kids.
(06:50):
Couple of them were hers.
The youngest one found a bed,found toilet paper and found a
lighter.
A bed, found toilet paper andfound a lighter.
And the rest was, yeah, therest was history.
The whole upper unit went up inflames.
The fire department had toknock in all the windows to be
able to alleviate all the smokethat was going on.
They actually sprayed so muchwater into the upper unit.
(07:12):
Again, this is why December 1stwas important, because the
lower unit was getting rentedDecember 1st.
They sprayed so much water intothat unit to be able to put the
fire out that we had watercoming out of the electrical
outlets in the lower unit.
So, after all the renovationsand everything to be able to get
that done, it makes perfectsense, right?
So now here we are building'sjust done.
I'm like what do I do?
(07:32):
He understood so fast forward acouple of weeks, reach back out
to the owner.
He's like yeah, insurance paidit off, but now I'm in a whole
nother issue, nate, and I don'tknow what to do.
I'm like well, what's going on,man?
How can I help?
What's happening?
He's like dude, I'm talking towholesalers because they're
reaching out to me for thisbuilding that was on fire and
they're lowballing me and Idon't know what to do.
(07:53):
I'm like lowballing, what doyou mean?
It's like they're offering meonly like $20,000 to $30,000 for
this house, and it's worth somuch more.
It's like I own it outright atthis point, just because
insurance paid it off, and atthis point they got the
downstairs unit back up andrunning with tenants in place.
It's like it's worth so muchmore.
I just don't know what to do.
I'm like okay, so this was thataha moment, to where Cole and I
(08:15):
talk about this consistently,trying to create a win-win
situation, trying to figure outhow you can be able to add value
to somebody.
And this was my opportunity,this was my moment.
I'm like okay, so you want tooffload it?
You don't want the propertyanymore, so let me know, what is
it that you actually need?
What's your bottom line?
So he threw a number out thereagain and I'm like okay, I think
I might be able to make thiswork Now.
(08:36):
Luckily, this time around for mein real estate, I've got a
mentor, I've got a coach and I'mlearning.
These systems Didn't have ityears ago.
I had it now.
So what I ended up doing wasactually I got the property
under contract and a wholesaleto myself, and I actually found
a bank to be able to help mefinance the property.
So not only do they finance it,but actually, with the
wholesale fee, when I went toclose I paid myself $2,500 to
(08:58):
buy the property.
And then the bank was like Nate,your SOW stands for Scope of
Work, looks amazing.
The property will appraiseroughly quite a bit more than
what it is that you've got undercontract.
For the moment.
You do some work, so we won'thave you go through any hard
money lending.
We will give you all the moneyat close.
So you'll have one check for2.5 thousand, another check for
80 grand and you can use this atyour leisure to make sure that
(09:21):
you're doing everything that youneed to.
For the scope of work.
I said, ok, so now I'd open upa whole other can of worms where
I at this point it's COVID.
I'm like I have no idea whatI'm doing now, but I've got an
upper unit that is down to thestuds and I guess I just got to
go.
So how it ended up ending was Iended up getting my GC license.
I became a general contractorin the state of Wisconsin.
(09:44):
I ended up getting a couplesubs to work underneath me and
it was just a learning curve,brother.
It was a learning curve likecrazy to be able to understand
how everything gets put together, what it's like to actually
manage contractors from start tofinish, but it was awesome.
By the time we actually wrappedup and we finished off, I took
it back to the bank.
Bank was like Nate, you blew itout of the park, looks amazing.
(10:05):
And the appraisal came back 20khigher.
So they gave me a check for30,000 and was like hey, you own
the property.
Now we're gonna put a mortgageon it for 1219 still only to
this day where I've got theupper unit rented for 1300, the
lower use at the lower units at$1,400, again with a mortgage
for less than $1,250.
So it was one of thosesituations where I thought the
world was ending because I hadno idea what to do and I was
(10:26):
placing the blame on myself.
But I was able to kind of pivotand yeah, so to prevail, and
now the property is thriving.
So that's my lesson and mystory behind.
Hey, just got to see thingsthrough and try to look at
things from all angles.
Speaker 3 (10:39):
All right, I got questions.
So at some point in thatwhether it was when the building
was on fire or when you got thecall, or when you're kind of
figuring out what to do, orwhatever it is did you at any
point feel like you shouldn't dothis?
That, like you're like thismight be a crazy risk, this
might be a mistake, like I'm outof my mind that is a phenomenal
(11:03):
question and I'm gonna answerthat with a big hell.
Speaker 2 (11:06):
yes, brother, I I had these moments all the way
through, brother, and not onlythen.
Like I'm like probably managingfor myself and all the stuff
that I went through, uh, astruggle.
But now it's like one of thosesituations where you're stepping
into somebody else's and nowyou're like am I fit for it?
Do I deserve to be here?
(11:27):
He entrusted me.
Where did I go wrong?
But at some point you got tohave that mindset shift, man.
You got to have that mindsetshift.
And again it really hit me, andI don't know if the proper term
is like that imposter syndrome.
But what really hit me wasafter we started trying to
figure out what the win-win was.
And then I'm like, hey, Ifigured this is a good move, I
(11:47):
think you'll be able to pull itoff, but it's like I don't know,
I've never done something likethis.
Like, do I test the limits?
Do I actually just go?
So that's my long answer toyour short question.
(12:07):
Like, yes, I had a lot of doubtin my mind at some points.
Speaker 3 (12:23):
No, I love it.
I think that's important.
The reason I want to ask thatis I think a lot of people hear
some of these stories andthey're like, yeah, that makes
sense, good for you, you knowyou did the thing.
And they're not recognizingthat like we're all scared,
shitless at first and that'sjust part of the process.
And then we made a cognitivechoice to do something different
and to like go towards it, notjust like, yeah, I'm fine, I'll
figure it out.
Like yeah, we have that mindset, but it's not like that's
ingrained, like you have toforce that and learn it and then
you know, believe it.
So not on the real estate side.
Speaker 2 (12:48):
But what did that whole process let's say
everywhere, from start to finishteach you about yourself?
Oh dude, that's a greatquestion.
Number one is that I'verealized over the years and
again not just real estatespecific that I'm very stubborn,
and I guess the better word forthat is resilient I guess
that's what the cool kids arenow calling it To where I put my
(13:10):
mind that I could do something.
That's not the same thing butcontinue, hey, hey, hey, now you
calm down over there.
I'm trying to put this positivespin on it, right?
So I'm very stubborn.
I get to the point where I'mlike I made my mind up and
nothing is going to stop me fromdoing it Even my own personal
doubts, which we just talkedabout to where it was like I'm
(13:32):
second guessing myself, I'mwondering, I'm questioning
everything, I'm like you knowwhat?
Okay, we're just going to go.
So, wondering, I'm questioningeverything, I'm like you know
what?
Okay, we're just going to go.
So I think that's one of thebiggest things that I kind of
realized about myself and that Ican, I have more resources at
my disposal than I realizedinitially, right, one of the
(13:55):
biggest things for me when I wasgetting started again, not just
real estate specific, but notonly am I stubborn about some of
the things and I kind of set inmy ways, but I often get too
nervous to try to ask for help,and that was a struggle for me
through elementary, throughmiddle high school, hell.
I was a struggle in undergradand graduate school I'm not
(14:16):
going to lie to you, brother,like where I'm.
Just I'm one of those peoplewhere I'm like I can figure this
out.
I don't know if I want to askfor help.
I don't.
I don't know if, again, one ofthose situations where I don't
want to be a burden to somebodyuh, Nate, just fucking do it,
figure this shit out where it'sliterally a conversation can
save it.
And that's bringing it out infull circle, literally one of
the reasons we're doing thisepisode, talking about losing
(14:37):
money and all the types of BSthat we've been through, to say,
hey, sometimes you just gottalisten, ask for help, take
advice and then go ahead andmove forward.
Again, my answer to your shortquestion.
Speaker 3 (14:50):
No, I love it so good .
I'm trying to think if I gotanother follow-up to that.
Speaker 2 (14:54):
No, you don't.
No, it's your turn.
Speaker 3 (15:00):
We're ending this, this suit.
Don't try to get out of thisshit.
I like it, all right, I'll giveyou one.
This is one that I think aboutall the time, and it was like a
blessing disguise, like allthese stories, um, usually turn
out to be.
But when I got started, um, Ibought a duplex.
All's well and good.
I'm not going to go into thatDifferent time, but anyways, I
did this duplex, I figured itout, all was awesome, and I
thought I was hot, shit, I gotthis duplex.
I'm cash flowing, I'm young.
(15:21):
I figured it out, yada, yada.
And so I met this guy and hewas like, hey, I'm selling this
stuff, do.
And so it was a seven-unitportfolio, right.
And so it's four houses sorry,five houses and then a duplex
(15:42):
all right around the block fromeach other, and I think we're
buying at like $90,000 a unit,and the numbers made sense, they
worked.
And so I was like, absolutely,I did this first one.
It looks great, this one makessense, awesome.
And so I didn't have the money,obviously.
So I was like you know, I'mbasically a teenager at the time
still, and I'm like where am Igoing to come up with whatever
hundreds of thousands of dollarsto buy this, because when
you're buying it right, you needa certain amount of money down.
(16:03):
This was no seller finance deal, and so we did get a mortgage.
We did get approvals.
There's all these hurdles thatyou normally go through, and so
I faced this with.
I'm going to figure this out.
I figured that first one out, Ican figure this one out, and so
I did which is awesome and gotit done.
I ended up partnering withsomebody who financed the
acquisition, not the reno, andthe deal was they financed the
(16:27):
acquisition in its entirety, upto closing.
We use all the cashflow from theproperty to pay for the
renovations ongoing.
I do the work, I do the labor,and then we split everything
afterwards 50-50, but only afterwe refinance.
And they pull all their moneyback out and then we split it
right.
So it makes sense.
They put the money in.
I do all the work, I put in thesweat equity, and then they
(16:49):
pull their capital out and thenwe split it 50-50.
They put capital in, I putsweat equity in.
Everyone comes out clean.
We split it right.
Great plan Makes sense.
So we do it.
We buy it and there were littlelearning curves.
So the whole objective withthis was buy it, renovate,
increase value, sell right.
So went in, renovated the firstunit and I'll have you know.
(17:12):
Thank God I had constructionexperience prior to this because
I thought I knew what I wasdoing with that duplex.
When I started it I didn't knowwhat I was doing and so,
thankfully, I had some educationprior to this, where I worked
with a management company and Ilearned so much how to do
plumbing, how to installcabinets, how to install
flooring properly, how to fixthe tub, how to re-glaze,
everything you could think of.
So I was blessed where I gotthat experience and I could do
(17:33):
all these things without hiringoutside help.
And so did it and did the firstunit and it was tough.
Did the second unit and it tookI don't know six months maybe,
which in the grand scheme, isnot long.
I mean, that was my full-timejob and it's funny because I
wasn't even making cash flow offof it.
I was still working on the sidejust trying to like make ends
meet, and I would do propertymanagement during the day and
(18:00):
then I would go do renos allnight and it was brutal days,
but it's part of the game andthe point was, um, I completed
the project.
Everything was nice, hunky-dory,the units were done, um, and I
went to refi and I'm like thisis gonna do great.
I'm looking at the numbers here.
I'm like, all right, we gotseven units.
Noi is high because becausequick refresher if our NOI we
say our NOI divided by cap rateon income approach properties,
(18:21):
that gives you value right.
So, for instance, if you have$100,000 in NOI, you divide that
by your cap rate, you get Xvalue.
So I'm looking at theseproperties and we're cash
flowing fantastic.
We did so well and rents werehigh.
Everything was awesome.
So go to the bank, go for a refiand the appraisal comes back
and it was completely differentthan what I thought.
(18:43):
And I don't mean the numbers, Imean it was the numbers, but I
mean the entire approach waswrong.
From what I understood, I wastold that if you have seven
units you're in commercial right, so that it goes by income
approach.
Nope, sorry, wrong.
I have five houses which arecomparables and then I have a
duplex which is still a comp,and so everything ran on comps
(19:05):
which did not support my incomenumbers.
My income numbers were wayhigher than my whole project was
based on and the comps weredramatically lower.
So not only could we not pullout nearly enough money, but we
basically broke even pretty much, and so it was such a
humiliating process to make sucha glaring mistake.
My investor was pissed becausethen now they have to stay in
(19:26):
the deal.
Thankfully, they decided not tosell, we didn't leave and just
get out of it, but they decidedto stay in the deal and then we
would just cash flow and go fromthere and pausing there, that's
a failure, thought it was goinggood, I didn't know what I
didn't know and made all thesemistakes, thought I was doing it
right, and you just have onepiece of wrong info that happens
(19:47):
to be catastrophic and yourentire plan goes to shit.
However, where the triumphcomes in is what do you do with
that Right?
So at that point my investor'smad Everything's kind of we own
it, but we took no money out,and there's all these issues and
kind of sitting back just going, wow, that's like what do you
do now?
I got no money, I don't have aninvestor, I can't grow, you know
what happens.
(20:08):
And lo and behold, because wepulled so much less out, our
cashflow is dramatically higher,and so I've been able to use
that cash flow to supporteverything that I've done in my
entire portfolio up to thispoint.
I could not be building whatI'm building, I could not be
doing what I'm doing if I didn'thave that cash flow to rely on
that as a base.
And so it might just be like aperspective shift, but having
(20:30):
that kind of understanding ofokay, well, I was dealt this, I
made, made this mistake, nowlet's transfer to this and make
something out of it was kind oflike the difference, I guess.
Speaker 2 (20:42):
Holy shit, oh my gosh .
Okay, so many questions, butpause.
I just want to say I've knownyou for years and we talk all
the time, but to be able to tohear it in real time.
Dude, you are going through it,brother, holy cow.
Speaker 3 (20:59):
It's a $150,000 mistake.
Speaker 2 (21:02):
Oh my gosh dude.
Okay, so let's back this up.
Let me back it up a little bit.
So when you were in the processof doing the renovations and I
know you had a little bit ofthat for a background when you
were doing property managementand all that so what was that
process like?
Did you just like have unitsthat were occupied and then
you'd vacate one and then justwork on it, or what was that
process?
Speaker 3 (21:22):
Yeah.
So when we looked at it, it waswe have seven units and I need
to renovate all those, right?
But I'm one person and the dealis I'm doing the work, so I
can't renovate seven units atthe same time.
That would be stupid.
So units at the same time, thatwould be stupid.
So one, they'd be empty, andtwo, I literally can't work at
(21:42):
all.
Seven, right?
So what do you do?
Well, you just do one at a time.
So we took the most problematicresident and followed by the
lowest income producing property, and then we would either evict
them, tell them to vacate orsome combination, but we'd get
them out and then we'd go and dothat unit.
And then where I was smart withthis and kind of planned ahead
was the other units that I had.
(22:02):
Some of them were goodresidents and so we offered them
to the current residents.
So I have a beautifullyrenovated unit.
Now that's done.
And my goal isn't to get thehighest amount of money it is,
but it's also to get these unitsdone fast as possible.
So we'd have one of our currentresidents.
We'd say, hey, there's gonna bea rent increase, but you can
move into this renovated unitbecause you've done well, you've
already done everything, sojump over, and so we had
(22:24):
probably half of the people dothat, which was awesome.
So we had a couple people thatwe do evict and go through, and
we had a couple that just movedover and we just go one by one,
by one.
Speaker 2 (22:35):
Jesus.
So I know we're wrapping here,but what advice would you give
somebody that's either justjumping in or potentially faced
with one of these kind ofconundrum kind of situations,
and how would you tell them?
I don't know if you would saysomething about mindset or if
you would say something about.
I want you to just let me knowwhat advice would you give
(22:56):
somebody that's just jumping inso just what would I say to
somebody like getting into thisto avoid that situation?
you mean just or how to dealwith it yeah, that's exactly it,
because you said it was 150 000.
So what would you tell somebody?
Speaker 3 (23:13):
I mean, you need help , right, that's the first thing.
You need somebody on your side.
I don't always mean paidcoaches, I don't always mean
somebody that's a buddy, I meansomebody that's done this, that
you can talk to and run yourstuff by like a mentor, an
experienced investor, justsomebody.
You need somebody in yourcorner.
Basically is what I'm trying tosay that you can talk through
(23:35):
the stuff that catches thingslike that, because I didn't
right and that should have beena very simple thing that was
caught and it wasn't.
But if I had the right peoplearound me, somebody would have
brought up hey, you're that plan.
That's not right.
Then here's why let's go intothat.
So that's one thing.
Another thing that I was luckywith is I was always instilled
with kind of the mindset ofyou're gonna figure it out, make
(23:57):
do and just move on.
The mistake's a mistake, youcan't change it.
Now, keep going.
And so I would advise the samething is shit's gonna happen,
it's gonna go wrong, things thatyou can't possibly predict, and
or things that you can predictand still screw up and so just
accept that it's going to haveproblems, things are going to go
wrong and you're just going tofix it and deal with it, because
(24:17):
that's all you can do.
So you can't just sit inside,you can't just dive in expecting
to know everything.
Just dive in.
Speaker 2 (24:27):
Mic drop.
You guys hear me on everyepisode.
I got to do it for this guyhere You're listening, pause,
rewind, play this entire segmentall the way back.
Man, so many gems, so manynuggets dropped, and it's just
two guys, two guys.
I'm younger than Cole now Wink,wink, but I'm younger than Cole
(24:48):
, right?
So, with that being said, westarted out and we had issues.
We ran into issues, we're stillrunning into issues, but we
just as Cole said, you figure itout.
You're going to have F-ups,you're going to have mistakes,
but what you decide to do andhow you decide to pivot and how
you decide to move forward andovercome those obstacles, that's
(25:08):
what's going to separate youfrom everybody else.
This channel here Forged in Fire.
This is what we talk aboutEntrepreneurship,
entrepreneurial spirit.
We talk about growth.
We talk about mindset.
We talk about development.
We talk about being able to tryto take yourself and elevate
yourself to the next level.
That's exactly how we startedthis episode when we initially
kicked it off trying newsoftware, trying new programs,
trying new platforms, trying toexpand, trying to grow, all of
(25:30):
the things right.
And we want to make sure thatyou guys are doing the exact
same things.
We're human, everybody makesmistakes, but what are you going
to do about it?
How are you going to moveforward and how are you going to
learn from those lessons?
So, for those that are tuningin no-transcript.
(25:55):
So if you want more from us,you want to hear more from us.
We have a new feature as well.
Make sure that you check downbelow, underneath the show notes
, we have a place for you to beable to write us a letter, leave
a comment, reach out to us, letus know other topics that you
want us to discuss, hate mailall of it, any of it.
Just do what you got to do toget a contact with us.
(26:17):
We're around but, with thatbeing said, you're driving.
Get home safe.
We'll talk to y'all in the nextone.
Take care, everybody.
Speaker 1 (26:24):
Peace thanks for tuning in to another episode of
Forged in Fire.
If you enjoyed today's raw,unfiltered stories, don't forget
to like, subscribe and leave usa review.
Your feedback helps us bringmore real-world insights to
(26:45):
entrepreneurs like you.
Be sure to join us next timefor even more lessons, struggles
and breakthroughs on the roadto success.
Keep forging ahead.
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