Success Requires Evolving Change and Making Mistakes with Jack and Shecky:
Jeff Schechter and Jack Gibson co-founded a company called High Return Real Estate specializing in turn-key investments. They personally have over 80+ turnkey properties that are producing outstanding monthly cash flow returns. They are the hosts of The High Returns Real Estate Show. In addition to real estate investing both Jack and Jeff have thriving multi-million dollar businesses.
Quote: You miss 100% of the shots that you don't take. ~ Wayne Gretzsky
Jack operates a nutrition consulting and distribution company that he started even before he could rent a car!
Jeff has a private consulting practice helping people realize their full potential in all aspects of life. Between them they have incredible business experience and entrepreneurial stories, and their mission is to teach others how to do it too!
10:45 - I grew up on a farm in Ohio and that's where 50% of the time my mom taught me work ethic. It was working for my uncle, picking up, and clearing off his farmland. I cleared off the land for him and I gave him my invoice for 20 hours and he gave me $100. I'm like no he's not very scalable out here, I'm never working for anybody else again including the wealthy you know entrepreneurial uncle I'm not doing it. I want profits which are way better than wages.
20:00 - I think if younger generations are hearing this right now, and they will be, and watching this, we're not trying to criticize the parents here, the damage is already done. So if anything, there's a statement I learned from a company years ago was one of our missions or value statements, "We're all personally and collectively accountable for our results." So the keyword there is accountability. How are we going to take accountability for what we're going to do moving forward? Stop blaming the past, what are we moving forward?
30:00 - We live with turnkey technology, within 18 months things are obsolete, if not 12 months. Especially if you just talk about computer hardware in general. I just spent $1200 dollars on an iPhone 11 Pro. What's up with that? $1200 dollars for a phone?! I just found that out at Christmas because I have a nine-year-old who told me that mine's obsolete now.
45:00 - In reality we've taken all the costly mistakes, absorb them ourselves so that we're shielding the investor, the end investor from those times of costly mistakes they get to buy when they buy into our system. They're buying into all the knowledge and all the experience and all the mistakes that we've made over the last four years in this company. This is so they can buy a product that is third-party-inspected, twice, it's gone through multiple checkpoints to ensure quality.
50:00 - There's is still a risk. I mean, there are still tenants in these places, and they're still human beings. There's no way you can accurately predict all human behavior. So really what we're doing is we're in the business of minimizing, not eliminating but minimizing the amount of risk that an investor would have, no matter where they live.
57:00 - Final Words
Our Final Words of the Show:
Part 1: I'm just gonna use my, one of my favorite quotes is from Wayne Gretzky, a famous hockey player. You miss 100% of the shots that you don't take. I've learned this from my business partner who's very much probably more of a go-getter than I am. Just get out there and take your shot.
Part 2: My last 23 years in business have been defined with failing forward So all of the young demographics out there, you guys better be listening. You're going to make big mistakes, you're going to fail, you're gonna up come up against things like you can't figure out. Statements like I don't know how to. You're gonna just get resourceful you're gonna figure it out, but be okay with failure, it's only permanent if you accept it. So I don't ever really accept it. You want to just make sure that the mistakes that you do make, don't let them knock you out of the game. If they knock you out of the game, then it's Game Over, right? If you can withstand it, it's just gonna make you that much stronger.