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The Secret Habits of Top Performers with Jerome Myers
Episode 3458th May 2022 • Real Estate Investing with the REI Mastermind Network • REI Mastermind Network | Real Estate Investing
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Jerome Myers (a/k/a “J”) is a developer of people and places. He is the founder and Chief Inspiration Officer of DreamCatchers and The Myers Development Group.

Through these entities he gets to live out his childhood dreams of helping people manifest the things they imagine and create social proof that dreams should be real.

Since leaving corporate America after building a 20MM division, J has become one of the most sought after thought leaders in the multifamily development space. His company, The Myers Development Group, built a multi-million-dollar portfolio following the principles of Myers Methods.

This success has led to him being featured on top podcasts such as Best Real Estate Investing Advice Ever with Joe Fairless, Apartment Investing with Michael Blank, Multifamily Investor Nation with Dan Hanford, Target Market Insights with John Casmon, and at least two dozen others.

Although he’s often told that he makes investing look easy, the people closest to him know the road wasn’t without challenges. So, he created Myers Methods, a real estate education company, to dispel many of the myths related to the industry and educate investors on his 4-step process to owning and operating apartments.

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"You can invest 10,000 hours and become an expert or learn from those who have already made that investment." - Jack

Transcripts

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Welcome to the REI Mastermind network where host Jack Haas gathers amazing stories from leaders in real estate investing.

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In each episode, our guests will tell you what they're doing that works what they've tried that failed, and best of all, you'll learn actionable steps to take your real estate investing.

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To the next level now, here's Jack with another value packed episode.

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What we have.

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Jerome Myers on the call. Jerome is involved in a couple of ventures and before we even start, I'm going to send you over to a couple of his websites jeromemyers.co

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Jerome, do you have any preference of where you'd like to send people here today just so they can maybe follow along?

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Because we're going to be.

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Specifically talking about high performance habits.

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Now Jerome wires that CEO is the place to go.

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From there you can get anywhere else that you need to go.

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That's kind of the road map for folks who are interested in.

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Learning more about what we.

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Have going on over here.

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So, with all that being said, you know Jerome has a ton of things going on and and especially regarding the high-performance habits.

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But he's also involved in some multi $1,000,000 portfolio and multifamily investing, so maybe we'll be touching on that in the end.

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But I really wanted to focus on the high performance.

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Habits because I think the mindset aspects of real estate investing and being entrepreneurial is kind of lacking.

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To be honest.

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On my show here.

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So, Jerome when you talk about high performance habits.

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Like, let's talk about that in regard to real estate investors like what's some of the low hanging fruit that you've run into in talking to real estate investors that they can maybe focus on and and incorporate and make it become habits.

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Yeah, that's a great question.

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'cause I think the majority of us feel like we've got it figured out because we've been successful in some regard in some arena.

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And at some level up to this.

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Point, and I think for the majority of us, if we really take a step back, we probably haven't ever reached a potential that we truly aspired to.

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We came just short of it, or we fell really short of it depending on what the goal was, and so when I think about high performance habits is how do I get across the finish line instead of just?

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Two or just.

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Below it, the majority of people come into the real estate industry, and they do it without much education and they usually don't have some type of mentor and so they are self-taught and they're using free mediums in order to get.

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It what I think.

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Most of us miss out on is that that stuff never ends to end.

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It's always disconnected or disjointed.

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You get a little nugget here and a little nugget there, but you never get a full plate and so having that comprehensive knowledge is kind.

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Of the base.

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Allows you to elevate, uh, the triangle or the pyramid that I think every investor is dealing with, and that pyramid has four levels, is knowledge on the base deal flow is second level.

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Experience partners is the third level and then capital is the 4th and I think a lot of people get that out of order, but I can guarantee you if you ascend the pyramid in that order, you'll get your deals closed faster and you'll probably have a more profitable business, sure.

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Sure, so no, that that's, uh, that's a very good point, especially about getting that knowledge.

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Unfortunately, I think what happens in some cases, and I ran into this frankly.

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Quite a bit.

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Is that we deal with this analysis paralysis that we consume and consume and consume, and then without ever taking that real action?

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Yeah, but I think there's the other side of that too. Jack where people will go in and they will just go take action and it's not well thought through and then they end up in a pickle and it may be OK on the 20 or $30,000 house.

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But if you're going to do that on a 2 or $3 million property, you can end up in a place where you can't get back.

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Out if you're not careful, and so I think depending on the sophistication, sophistication of the deal that folks are trying to do, and even.

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And if you're doing those smaller deals eventually, you don't just want to do one of those, you want to scale.

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You may want to do five of them at a time or something you want to make sure that you're in a great place and coming in with strategy and being super intentional about the actions that you're taking and being intentional is usually tided to having the proper foundation.

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So, when you talk about being intentional, are you talking about actually doing the exercise and and writing some things down and actually planning it out?

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What?

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I've kind of.

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One of my taglines.

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I think it's become one of my taglines is the is the fact that.

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I've said a time and time again it becomes.

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It's a dream if you're just kind of carrying it around.

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It doesn't actually become a target until you actually write it down.

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Yeah, so the writing does a tremendous amount for creating clarity.

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I think most people think, oh yeah, I thought about it.

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It's kind of good.

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I'm gonna go with it and what they don't really think through is all of the things that could go wrong, and that's the beauty of the actual writing or the typing, depending on how they want to get the ideas out of their head and onto paper.

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What I've learned is that if you have to explain what you're doing to somebody else, your plan is so much more cohesive, and it dramatically increases the likelihood of success whenever that happens.

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And so, yes, writing is part of it.

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Spending some time in meditation and visualizing is another part of it.

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And then actually going and taking the action is probably the final piece to make that dream a reality.

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And some people say, well, it's not going to be right.

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For instance, when I do a multi-family property analysis.

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Yes, I know that the numbers that I put on the paper are not going to be the numbers that come in the door.

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My expenses are going to be high or low.

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My income is going.

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To be higher or lower, but the exercise of actually going through and thinking through what could go wrong, what to expect, what to think.

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Is invaluable.

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Right, because I've actually come up with risk mitigation strategies before the.

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Thing actually happened that we're concerned about happening.

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So, you know when we're talking about this as well and and the process of writing it down and and taking action.

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What I actually found really useful is that I actually put down not only like what my goals are, and doing some of that visualization, but I actually started putting down and.

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Made a list.

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Of like these are the actionable items that actually generate money that that are actually worthwhile, and that that is what I should be focused on during business hours.

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If you will.

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That's when everybody else is operating and doing their business versus.

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Designing my next logo or business card or what have you that that was that was set aside for business hours.

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If it wasn't under these core tasks.

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I tried not to allow myself.

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To do it.

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During those business hours.

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Yeah, so I call them profit producing activities and I think the majority of your calendar should be spent on those.

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I'm not as extreme as you.

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That you probably should have 60 to 80% of your time if you're the person responsible for revenue in your company on.

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And the profit producing activities and then the other time can be spent on admin or lead generation or some of the other things that are necessary in order for your business to run.

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But you know that:

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I called.

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I don't really call them top performers or calling apex performers.

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They color code.

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Their calendar and so there isn't time in their day that isn't allocated.

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Kind of similar to what you would hear Dave Ramsey say on his budget, where it ends up at 0.

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Month, everything every minute gets an allocation and depending on how it's being spent, it gets a color and so if its profit producing you give it a green color.

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Because you're making money.

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If it's admin type stuff, we tend to put that in red because it's not actually making money, but it's necessary in order to run the business.

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And then if you're doing like some external promotion, maybe a yellow, and if there's like development calls, another color, and then if you've got some content marketing that you do, you know that's probably another color.

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It's not really admin, it's more of a marketing function, so.

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You don't want to lump it in with the other stuff because eventually that will lead to some revenue for you.

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Sure, yeah, that's kind of an interesting concept of color coding.

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You know, I have.

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I have a variety of calendars and each calendar has its own color code, but I've never thought about categorizing it down to the task level like that.

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Yeah, we.

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Use one calendar, right?

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We use one calendar and we put everything there in the various colors.

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And if you do a glance at your week, if you look at 4-5 days on your week, you can see really clearly.

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If you're in a profitable week or not, and then at the end of the month you should.

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See a very different.

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A balance in you.

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Account so outside of that, like what other tips and strategies would you have for us that regarding these top producers?

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Think the one thing that.

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A lot of us.

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It's funny, that's gonna end up being up on the one thing a lot of the apex for performers do is they do one thing.

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They figured out what they want to be best in the world at best in class, and if you go to the book, good to great.

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They talk about the hedgehog concept if.

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You read the book 1.

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The one thing, but I think J.

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Keller and I forget the other guys.

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Name, but it begins with the P.

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They talk about finding that one thing.

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Or one making a decision that one decision that allows you to not have to make a ton of other decisions.

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And then there's also what can you be best in class at when your best set class, you're able to be compensated at a level that a mediocre performer could never dream of.

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Right for some folks who do coaching, they make about $50,000 a year. There are other people who make that on a single climb.

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And and so what's the difference between them?

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For a lot of people, the amount of results they get and some of its brand positioning, but results are necessary in order to be able to command a fee.

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The only way that you get that good at something is if you're if you focus on it and so getting really clear on what you're uniquely put on this planet to do.

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And then doing that.

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David Messler talks about activities, and he says he said this thing and it just stuck with me.

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Me on so many different levels 'cause it made me rethink life.

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He said I get there are activities that I get paid for and their activities that I don't get paid for.

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And that's just how I live my life, and it allows me to engage and interact with people in a very genuine space.

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And if they ask me to do something that I get paid for, I let them know that.

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Hey, that's something that I get paid for and here's what it would cost for me to do that for you.

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And then if they ask, hey, can you make an introduction or do some of these other things?

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He does that.

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It doesn't ask for anything and he's glad to do it.

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And when you have that level of clarity in addition to that thing that you're put on this planet to do, it makes it really easy for you not to be awkward when you're having conversations with folks when you're doing business development or if you're out networking because you know a lot of people have.

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A fear of being the sleazy salesperson.

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But if you're going to grow your enterprise, you're going to have to make offers and get people to accept those offers in order to get revenue through the door.

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Or if you're in the real estate business, accept your offer to purchase the property or sell it.

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Right?

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Yeah, one of those things that you just brought out, I'm going to go back to what you just said here in just a second, but I just wanted to remind everybody head over to jeromemyers.co and I'll make sure to have that link in the show notes because I know that there's quite a few resources there for people as well.

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But you what you just said, is that, uh, you decide on what you're going to focus on.

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As we all know, it's what we focus on is what, unfortunately, in the real estate industry, I think there's a lot of shiny object syndrome.

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You know, you might start with wholesaling.

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The next thing you know, you're you see the alert.

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Of rental properties and the multifamily properties.

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And the next thing you know, you're spread out in a variety of ways, and frankly, I think.

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A bit too thin.

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Then how do you how?

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Do you keep things constrained a little bit so you can?

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You can focus on one or two things.

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I'm the guy that dropped out of corporate America without a Plan B, right?

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Yeah, I thought I was going to go buy an apartment building and that didn't work out the way that I thought it was going to work out initially.

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Eventually I was able.

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To be successful at it, but ten banks.

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Told me no, they weren't going to give me loans and I had to pivot and go fix and flip and do some wholesale and a bunch of other stuff in the interim time until I actually had the network necessary to actually get the first deal done.

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With that said, if you were looking to transition, make sure that you transition.

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And it's kind of like having a closet, right?

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You go open the closet and everybody got one.

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I don't care how good you are.

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Everybody had a closet.

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There's got so much stuff in it that you don't want anybody to open the closet.

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Everybody does and you don't want that to be your business, because if that's your business then it's really difficult for you to show it off to folks if you go into a space and they say hey, what do you do or how do you earn a living or how are you serving people he's like?

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Well, I do.

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This and I do this, and I do this, and I do this.

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I'm probably not going to hire you.

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For any of that, and I'm probably going to not think and for me I was like, oh, that makes me sound sophisticated, and I got this really big company and really not making money in any of the stuff that we're doing.

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But there is a thing that you are again uniquely positioned on to do and leaning into that.

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Isn't going to let you or make you lose money is going to help you make more because you have laser focus.

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For instance, I buy real estate, multifamily real estate in a market.

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I talked to people, and they buy the Carolina, so they buy not only a city or a neighborhood or street.

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They buy the whole state, so it's impossible for you to look at all those deals.

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So really, what are you looking for? The other thing is if you want to get referred. If you want people to think of you when you're not in the room, you need to be very precise in the problem that you solve so that they are triggered when that thing comes up, and somebody looking for help has somebody asked me for a reference for YouTube as today.

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If I didn't know anybody that did that, you two ads, I wouldn't be able to make that referral.

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And you know, there may be a marketing guy who does SEO and then he does social media marketing.

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He does this and oh yeah, he does.

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Social media, YouTube as well.

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I'm probably not going to recommend that person 'cause they're not the expert to help this person get to that next place, if that makes sense.

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No, that makes a lot of sense, and you know that that's one of the reasons you know.

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I find that a lot of a lot of what we've been doing, especially lately, is the is the wholesaling and fix and flipping.

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You know those type of aspect aspects dealing with single family home.

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Times where we can.

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It's amazing through word of mouth and you showing that type of specialization, how it kind of spreads, spreads in your market.

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I think you want to be the person that gets thought of when a particular problem comes up as being the person that can solve it.

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I think if you can get there, and enough people know that.

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You're that person.

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You won't ever have to worry about revenue generation in your biz.

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Right, you know I'm always curious about this.

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You know you.

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You personally are a motivational speaker.

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I mean you go to your website and there's a variety of topics.

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In fact, I think you even hold kind of a very unique title at your Dream Catcher Catcher's company, where you're the.

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Chief inspirational off.

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Uhm, I just find it really interesting.

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How do you maintain your mindset?

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Is it something that it's just not come natural to you?

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Or are you constantly feeding yourself with books?

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Well, obviously books you've already rattled off a few that that you were referencing.

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But is this an ongoing battle for you, or is it something that comes naturally?

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I wish I was that talented and gifted and confident in myself, but in no way shape or form.

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Is that the truth?

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So, most mornings I get up before 5:00 o'clock and I don't spend time with anybody else until after 9.

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And that time for me is spent on working on myself, and it's a combination of things.

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Its meditation is journaling.

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Affirmations it's working out in some way, shape or form.

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It's working on a foreign language.

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It's reading and doing those things put me in a position in a state where I can go out and serve people.

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And that's literally what I want to do on a daily basis.

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I want to fill my cup up so that when I pour out of it, I don't run dry.

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That is especially interesting.

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I think I think that and and there's a lot of people that are lacking in that.

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You you've you.

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Spend 5:00 AM to 9:00 AM working on yourself and and its proven time and time again and I don't.

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Know how?

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Often, I can reiterate this concept is that that is probably the best and biggest investment.

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You can possibly make.

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I know we talk about multifamily investing and wholesaling and and fix and flipping it, but that time spent on working on yourself like you are I don't know if there's a better and bigger return.

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You won't get a better return on that.

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Investment on any other end.

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Passement the thought that the things are going to be more profitable than what you can do is an illusion.

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Our ability to grow our assets, our wealth, our portfolio.

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Our business is totally tide to our capacity as a person.

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Our leadership.

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Skills our ability to influence our confidence, our ability to attract.

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Top talent to come help us execute against our mission.

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All of that is tide to who we are and if you have.

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If you don't have what you want, it's because you haven't grown into the person that you need to be in order to have it.

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That might offend some of the listeners, they may.

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Cut the episode off Jack, but no I.

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I just find it fascinating that.

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I mean, you know just you saying you spend.

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5:00 AM to 9:00 on yourself every day.

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OK it.

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It proves I'm not probably putting in the amount of time that I need to.

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I mean, that's setting aside that amount of time.

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It speaks volumes as to the importance in your life.

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It's probably a little outrageous.

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It's not practical for most people.

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I think those who follow the miracle morning are doing an hour, I think.

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Well, how Ellrod has them in and out in less than an hour.

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But you know, I want to live an extraordinary life.

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Jack and I want to help other people do that, and if people are coming to me to help them figure.

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Out how to.

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To make their dreams a reality and fight off their fears, I gotta have a whole lot in me.

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So, when the situation comes up, I can pull from the resources and give to them so that they can go off and accomplish the tasks that they're trying to accomplish.

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You know one of the things too.

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Before I got into real estate investing and and listening to the number of books and podcasts and everything that I do.

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You know what I think is funny now, like five years ago I would have told you know the.

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Journaling the vision boards.

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All this mindset stuff was.

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A bunch of.

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Hooey that it there was nothing associated with it.

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And how do you?

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How do you convince people?

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Or how do you?

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How do you get them when the light bulb goes off for them to realize that there is actually something?

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To all of.

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This I love that question.

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Its Hui is woo woo.

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Of attraction and you don't have to do anything.

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Yeah, faith without works is dead.

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Right, you gotta do.

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Something, but here's the thing, if you.

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Don't believe it.

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But then you won't take the action if you don't take the action.

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You won't get the result you have to do something to believe.

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And if you're not seeing yourself with the, for me, it's the cars, right?

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Like I want a Lamborghini Aventador.

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I look at it most days, all day, every day because it sits on the desk with me.

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If I can't see myself with it.

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It won't ever.

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Come, it happens twice, first in your mind, then in the physical.

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Everything that's in your world happened first in your mind.

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Then it showed up in the physical and so until you can prove to yourself in your mind that this is possible for you, it won't happen, and we can run down the list of all the things Now the other piece.

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Is the actual work and what most people will do is.

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Say I want this thing and then they just wait for it to show up and nothing happens, so they don't get it and you get it through a strategy and the strategy is usually based on somebody who already went down the let's call it the ski slope.

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And they cut in the path so that you can find your way.

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Now it might be covered up because there is some new snow.

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Flaw, but if.

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You look closely.

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You can see the track.

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Max you can see where you should go and end up safely down at the bottom of the hills.

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That's where you're trying to get to, but most people don't look for that, and so when those folks actually do go on that journey, they kind of get lost.

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And when they get lost, they terminate the actual mission, which is.

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It's a great disservice we.

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When we don't do what we're supposed to do on this planet, we're keeping somebody else from doing it, and it's a whole lot of obligation.

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They probably didn't turn on this real estate podcast for that Jack, but here.

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If you don't do.

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What you're supposed to do and.

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You're uniquely positioned to do it.

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If you don't do what you're supposed to do, there's somebody else who's not going to be able to do what they're supposed to do because you didn't put your piece into the puzzle, so the puzzle is not complete.

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We can't complete the puzzle without you doing your thing, so we've got to get you to a place where you actually do the thing in.

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That dream that.

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You had in your mind, or that tug that you have in your heart to do something.

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It's not there by chance.

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It's not there by access.

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Yeah, it's not there because somebody marketed to you because that's what you're supposed to do is.

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Why you're here?

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You know that reminds me of a recent conversation I had with somebody else.

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That and and we were talking about how it.

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It's almost, you know, I hate it.

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I don't want to say you go into spirituality, but frankly there is a there is a level there.

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Of like you said, obligation, responsibility and I almost want to say stewardship where we do have an obligation in order.

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To accomplish certain things.

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So, the beautiful thing about this world, this life that we have is every day that you wake up.

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You're one day closer to not being here.

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Nobody knows when the clock actually runs out, but you know that you're one day closer to not being here.

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And if you think that you deserve.

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Craft just because you woke up.

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Then you're probably taking the most beautiful gift in the world for granted.

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I believe that you have to earn your breath.

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I and I think you earn your breath by making progress on your mission, and so if you're actually making progress on the mission and you're earning your breath, then I think you end up being rewarded by with more days so that you can actually complete.

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The mission that you were placed here for, and it doesn't matter what you believe in what?

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Is your payment.

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To whatever you believe in for you.

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Being here in the time that you have, I remember when I was, I was 30 and my buddy from high school who played linebacker on our team.

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We were Co captains of the team.

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He died, he died.

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His brother passed away a few weeks before he died, not.

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They were long after and he was one of the best people that I ever met.

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On the face of the planet.

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And to think that I was still alive, and he wasn't here.

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There was a shocker because if I was in a head on collision with a dump truck and I didn't die, how on Earth could hambone not be here so I don't think people really understand how fleeting life can be and I don't know that they're actually doing everything they can to make the most of the opportunity that they have.

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That troubles me.

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Yeah, it should trouble a lot of.

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People and and uh.

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Boy, that that really hit me hard to be Frank.

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I mean, the way you've just weird them.

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Way, you just put that.

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So, with all of this, you know we've also.

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We also talked quite a bit about being around like-minded individuals, finding mentorship and and that type of thing.

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How important is it for people to find whether in their backyard or somebody that they can?

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Then lean on in the in a type of mentorship type role you already talked, talked about the ski slope and seeing those previous skis.

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He's I. I also one of the one of the tag lines or the tagline of this show is we can either put in 10,000 hours of being an expert or learn from people that have already made that investment.

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How important is that in your in your eyes?

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I I'm a fan of Tony Robbins and he talks about collapsing decades in todays.

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And I think that is really true.

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You know, I believe that you learn more from the mistakes of others than you'll ever learn from their successes.

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And so, I don't really care how successful the person is, right?

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What I want to know is what lessons did they learn?

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What mistakes did you make?

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Because if I can avoid those missed.

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Days then I can, you know, go through the school of Hard Knocks at a higher-level task.

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It's always interesting when we talk about you know poverty and education and you got those kids who only eat when they go to school, and they won't eat again until they get back to school.

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And if they don't have that, how are they ever going to learn, right?

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'cause they're trying to figure out how they're going to sustain themselves.

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They don't.

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They don't care about what's happening in trigonometry and so.

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I think about mistakes that way, as an investor you know what mistake can I learn from the Jack made so that I can skip over that?

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And then go to the next one and you know some of us get embarrassed.

::

We don't want anybody to know that we made mistakes, but I don't care who a person is.

::

In fact, the more successful are, the more mistakes they made because it's a part of the process.

::

It's the only way to actually get.

::

Right, I and and I.

::

I think that's again, Jerome.

::

You're kind of blowing my mind here today, so you focus on people, mistakes and learning from those mistakes.

::

You know it in in our world and and the gurus that are out there, it seems like there is a huge focus on the successes.

::

You rarely take a minute to talk about the mistakes.

::

Yeah, it's one of my problems with the industry.

::

If I'm totally frank, I don't care about how many thousands even the multi family.

::

Place it's all about door councils or assets under management.

::

I don't care how many doors you own, right?

::

I want to know what your first deal was if that I'm in a place where I'm going from zero to one or I want to know about your 15th deal.

::

If I'm in the space where I'm scaling and where did you go wrong?

::

When did you hire staff?

::

When did you realize?

::

Let you out over your skis if you file bankruptcy, what could you have done to prevent that?

::

Like I, I want to know.

::

Where what potholes I need to avoid, right?

::

Because if I can do that then I can really direct my energy on the other stuff and really work hard to be successful.

::

You wouldn't be here as a thought leader if you weren't successful.

::

You don't need to beat your chest and tell me how successful you are.

::

It's probably written in your bio being you come in.

::

And you know the beautiful thing about what you did when you introduced me is you didn't go through the accolades.

::

You didn't go through the other stuff you brought me on.

::

And I think the credibility that you have with your audience allows us that come in and have this authentic conversation.

::

And hopefully I've said something over the course of this episode that gives them a reason to continue to want to listen to.

::

US right, but.

::

I want to teach them from those places where I've seen mistakes.

::

I've made mistakes, so it's not just theory or concept, it's something that I know to.

::

Be true, yeah, you know.

::

And and you bring up the fact that I didn't go into detail regarding your background, but I've just learned that.

::

That you know, as a guest you've told your story a million times, and in fact you know we direct people to your website where you know they can.

::

They can get that detail and and our time here is brief, so I guess I kind of jump into the meat and potatoes.

::

I do the same thing I think it's the fastest way like I'm not just going to bring anybody to my audience.

::

The person is going to be credible.

::

So now let's have a great conversation right, and Luna.

::

Listen in and let you decide for yourself and.

::

You know, the older I get, the grayer hairs I get the more I realize you can tell if somebody is real or not.

::

You can tell if they're authentic and showing up in a way that's actually going to positively impact your life.

::

Really can.

::

So, you know you know if you have a time stop, let me know but I'm just going to keep going.

::

Your home I need to understand I need to.

::

Know what are a couple of your biggest mistakes that you we can learn.

::

From where do you want to go?

::

You want to go personal you want?

::

To go multi family is.

::

How about one of you?

::

Each about one of each.

::

Yeah, so multifamily.

::

I'll cluster in a bunch on a single deal.

::

How hopefully that makes sense.

::

So, the first contract that I wrote in Greensboro, NC I bought.

::

Off of a.

::

Letter that I sent to owner owned multiple properties.

::

We ended up buying a 20 unit and the 8 unit from him.

::

at:

::

Dollars a year.

::

Now I missed it. My partners in the deal miss it. The bank missed it and when we got the bill at the end of the year, was a $10,000 tax bill, which is more appropriate for a deal of that side?

::

And I didn't know what to do with that.

::

And if you understand the way that properties evaluate it, you realize that I literally changed the valuation of the property.

::

At the minimum, $100,000 shame on me for not putting their expenses in the way that they were supposed to be put in.

::

I made the mistake I didn't have the appropriate mentorship or people looking over my shoulder to make sure that I did the right thing.

::

In that same deal, we went into one of the units in the 8-unit property.

::

And we looked up, and we saw that the central HV AC unit ours.

::

Registers were taped.

::

Off and we're like, why would anybody have central HV AC and then use a window unit?

::

And so, we tried to turn it on and it's like, yeah, I just kept cutting off.

::

So, we tried to turn it on again.

::

And then we went outside.

::

It's like the fan spinning.

::

It seems like it should be OK.

::

And then when we went back in the unit, there was this awful smell in the unit.

::

We didn't know what was going on.

::

But we looked at the owners like hey, do you know what's up with this?

::

And he's like, yeah, don't worry about it.

::

They're just weird.

::

Some people don't want central HV AC, they just want to have the window units.

::

I wouldn't worry about it.

::

Everything is fine, so we go in.

::

We close the deal and then we get our new property manager engaged.

::

They're saying, hey, we're going to get this fixed.

::

We did inspections.

::

They send HV AC person in to check out and see what's going on and we find that a possum had fallen into the furnace, got burned onto the strips and.

::

And we needed to replace not only the unit but the outside unit and all of the ductwork in order to get.

::

The smell out when.

::

They went to replace the unit.

::

There was still a possum family living in the attic and so we had to get an exterminator and it just became a big old mess, right?

::

So, what did I learn from that?

::

Take action?

::

Yeah, kinda right.

::

You're talking about potentially a couple $100,000 on the pro forma from the taxes you're talking about a $10,000 situation on.

::

The HV AC.

::

Depending on which vendor you use and so on and so forth, so you know you're talking about real money and not everybody can just write a check to fix those problems.

::

Right, and for me I was like oh man, I'm messing up.

::

And then if I go back over to the 20 unit, we start rehabs over there and I didn't have all the utilities turned on in all of the units and when I closed and we got ready to start renovation on one of the units, we turned the water on at the street there was no cut off.

::

Valve in the actual unit when we turned the water.

::

Early on we get back to the front door because it was all the way across the parking lot, and we see water coming out.

::

Of the bathroom running down the stairs 'cause it's a townhome unit to the front door.

::

Like what in the world is going on so hey rush go turn the ward off.

::

Go turn the.

::

Water off, we get into the unit.

::

We see that waters run down into the kitchen.

::

This running the cabinets waters in the unit next door and so all of these things were happening because I didn't spend the time to get the owner to turn the unit water on and make sure that there were no issues.

::

The pipe in between the toilet and the shower room.

::

And that's why the unit was out of service when.

::

We toured it.

::

The owner didn't tell us, and we got a good surprise and got to buy two sets of cabinets and redo a kitchen and try to spend some money on a or we spent money on a humidifier to get the water out of the hardwood floors that were ruined.

::

So, you know I made a ton of mistakes on that, and so what are the last?

::

Since always make sure that somebody who has more experience than you review your underwriting.

::

Always make sure all the utilities are turned on in every unit went before you buy it, so you can make sure that it's checked now.

::

Mind you, I paid a person to do a due diligence inspection, but when the power is not on when the word is not on.

::

They just shrug.

::

Their shoulders and move on to the next unit.

::

And then I think the last piece is if somebody says they don't worry about it, it's not a big deal.

::

You need to trust, but verify because once the transaction closes, it's your problem, right?

::

And so that is my multifamily story, whereas there's a ton of missteps and an opportunity for a lot of people to learn.

::

I think the personal one I'll tell you about and I alluded to earlier, it's really about being a corporate America dropout.

::

And so, I left corporate America after building a $20 million division for Fortune 550, we had 30% profit margins and my reward for that was getting a phone call on 455.

::

On December 24th and it went something like this. Hey Jerome, I know we've been going back and forth from this man, but we're going to lay him off.

::

He's like, no, no, we're not going to lay him off like we need these people.

::

We gotta figure out something else to do with him.

::

Yeah, you said that before.

::

Here, this isn't a discussion I'm letting.

::

You know that I've made a decision.

::

This is what we're going to do.

::

No, no, no like that's not the right answer.

::

We've got to figure something else out.

::

Jerome, I'm telling you what's gonna happen?

::

Now you can be a part of it or not.

::

It's totally up to you, but that's what's going to happen.

::

And of course, I I'm still advocating for the folks on my team.

::

And then he says.

::

Well listen, I'm going to go spend the rest of year with my family.

::

We're going to lay half the staff off.

::

I'll talk to you in the new year and then I got the infamous three beeps that you get whenever a phone call is ended.

::

When you're still talking on the iPhone, but for me it was pretty disheartening because I thought we conquered the world, and I didn't sleep through Christmas or New Years, and I didn't.

::

Eat much and I just didn't feel like.

::

It was OK.

::

To do what we were doing, and so I took the attitude.

::

Hey, they're making me.

::

They're making me do that and they didn't make me do anything.

::

I was a willing participant in the process, and so the mistake that I made was thinking that passing the buck in order to compromise my morals was the right thing.

::

To do it was.

::

It and it took me going through that process and.

::

You know, on the backside one of the folks that we laid off committed suicide.

::

There are other people who lost a lot of stuff.

::

One guy didn't have health care.

::

After that he got sick.

::

He wasn't able to get the care he needed, he passed.

::

The way, and I saw these things happen and I was like I was like I was part of the chain that launched all these events and so I promised myself I would never do that again.

::

And so, when I saw that situation happen again, I realized like this is not who I am.

::

This is not what I.

::

Want to do and.

::

The fact that you have agency the fact that you get to choose nobody can make you do anything Jack nobody can make you do anything.

::

In every situation you get a choice and I always get people say, well, somebody is holding a gun then they are making me do it.

::

No, you still get to choose.

::

You may not like the alternative.

::

You may not like the choices that are presented to you, but you.

::

Always get a.

::

Choice and if I can't inspire anybody not to give up.

::

The freedom of choice, then I think our job here.

::

Is done well, you are definitely.

::

I now understand the focus that you have, especially.

::

Regarding earlier you talked about us having an obligation I.

::

I mean your personal story.

::

There definitely echoes that and rings pretty loudly in my ears.

::

I hope it does so with our listeners here today as well. Just one last time I wanted to remind everybody to definitely check out Jerome's website again, Jerome.

::

Meyers.co, I'm going to make sure to have that link in the show notes, but this was a fantastic conversation here today. Jerome I, I hope you'll consider coming back.

::

Here you have an open invite as far as I'm concerned, so please take me up on that and you know I went way over what I told you I would hear today.

::

But before I let you go, is there a question or a concept or a thought that you wish we would have covered here today?

::

Well, first of all, Jack.

::

I'm so grateful for the opportunity to hang out with you today and I'm extremely excited to come back in and do some more content with you.

::

Yeah, the concept is just my thesis on life.

::

Man, your dreams should be real and so if you got to this point of the podcast.

::

You're still here after I said all the stuff, I said then you're here to get that last nugget and that nugget will free you a lot of us get into the space.

::

We're told that we need to be practical, but that practicality is the fastest way to mediocrity.

::

And if you want to be a person who has a huge impact.

::

In the world, if you want to be a person who changes your family tree right?

::

If you're investing in real estate, it's 'cause you're trying to create some wealth, and usually that's gets passed on to other folks.

::

You should have that it should happen, but you gotta have the right strategy.

::

You need some support.

::

And then you got to do them.

::

Work you.

::

Get those three things with the right dream.

::

And you can.

::

Change everything in your world total transformation.

::

Well, thank you so much Jerome.

::

I hope we get to talk again very soon, and if there's anything I can do for you, please let me know, thanks.

::

So grateful for the opportunity.

::

Thank you, Sir.

::

Learned at least one actionable step to incorporate into your real estate investing.

::

If so, please consider returning some of that value by leaving a positive review, subscribing to our YouTube channel, or joining our growing network on Facebook and Twitter.

::

You can find links to all of our social media accounts in the show notes. See you next time.