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Speaker 1 (00:00):
Hey, good evening, everybody Peter WebEx here. So, so excited to have you guys it’s Tuesday night, live seven. O’clock Karen, the east coast and whatever else, time that you’re dialing in from glad you’re here. I’m going to give it a minute or two for everybody to join us. Get comfortable. Meantime, if you don’t mind sharing where you are zooming in from what location, what city, what state I know. We probably have a number of regulars here on tonight, which I love, love, love, love. That means we’re doing something right. Probably have some new people here also, which I love also means that you’re hearing about us. And it is very exciting. So we’re going to get started here in just a minute or two. We’ll let everybody pop on, on what’s up, Gordon. How are you buddy? What’s up Shane? How are you? Um, what’s up Brad?
Speaker 1 (00:54):
And you’re going to be here. Uh, what’s up. Karen and Carl. We got Delaware in a house. We have Georgia, my old stomping ground in the house. Yes. Got a lot of sun. Actually. We took the boat out to Sweden, went to the lake house and like, we were literally leaving. We were going somewhere else in a little while. And for 40 minutes we’re like, oh, let’s just go take the boat out and look what happened in 40 minutes. And it was just kinda windy outside and, um, overcast. But man, sun is a powerful, powerful thing. What’s up Eugene? What’s up? Michael? What’s up TME. How are you? One Nita. How you doing? What’s up bill? How are you? What’s up Graham. So let’s see. What do we got here? We got a Western mass and a house. We got Arkansas and a house.
Speaker 1 (01:47):
What’s up, Sandra? Uh, what’s up town. We got Massachusetts in a house. What’s up, Joe, we got Chicago in a house. You Jane, we got Greenville in the house. Uh, Snellville, Georgia, not too far away from where I am right now. I’m actually in bindings, Georgia. Right now. What’s up Tammy, Virginia and a house. How’s everybody doing? Uh, what’s up bill, um, Sacramento. Uh, love, love, love Sacramento. Um, uh, what’s up, what’s up gram, Phoenix, Phoenix. Uh, if you’re in Phoenix, Graham and you probably know DOLLF their roofs, right? You’ve probably know him. Well, a DALSA a friend and he’s actually going to be here and kind of visited me here in the next, I think in two weeks, uh, he actually is maybe with the most, most famous investor in, uh, Phoenix. So glad you guys are here. Thank you. Thank you. Thank you.
Speaker 1 (02:48):
We’re in the middle of holidays and summer time and all this, but man, I love people that aren’t slowing down, right? Wayne, slowing down or chasing our dreams. We’re chasing our goals. And, uh, um, I’m going to give you, I’m going to give you some good stuff tonight, guys. Um, I’m going to give you some really good stuff here. Let me just get dialed in here with my computer. Um, we’re going to talk about a little bit. We’re going to talk about strategy here today. And um, I think strep while I know strategies have very, very, uh, key component, uh, when it comes to real estate investing, right? It’s um, uh, it’s not one of those, everything fits one mold. You gotta be able to strategize three things. And um, um, and so to that, we’re going to talk about strategy. We’re going to talk about slow and fast and aggressive and non-aggressive and all that kind of stuff.
Speaker 1 (03:44):
So, well again, guys, thank you. Thank you. Thank you for being here. My name is Peter [inaudible] partner driven real estate investing. And that’s exactly what I am a real estate investor. Some of you guys here tonight, know me, some of you all may not know me, but what I am with somebody in the street asks me, what do I do for a living? How do I make a, my life income? Uh, how do we derive the things we get out of life? It’s because I’m a real estate investor. I have been a real estate investor for well over two decades now. Well, not well over two decades, but over two decades, about 22, 23 years now. And, um, being an investor, I could also tell you I’ve done all kinds of techniques. I’ve done all kinds of strategies. You know, there’s probably not too many techniques, not too many strategies over as those couple of decades that I have not been a part of that I’m not done to certain level to a certain degree. You know, I’ve done buy and holds. I’ve done creative deals, I’ve done wholesale, I’ve done fix and flips. I’ve done lease options. Um, you know, you name it. I did it. I’ve also done all kinds of property types. You know, I’ve done houses, done apartments, land commercial deals. Uh, I’ve done a shopping center before I’ve done a development deal,
Speaker 2 (04:58):
Speaker 1 (05:00):
Deals obviously. So when you kinda mix it all together, I would say I’m pretty, pretty, uh, versed when it comes to teaching and talking about real estate investing because not only do I teach from a perspective of, well, I know how to do it with some things, I know how to do better than others. I teach on perspective, I’ve done it and still continue to do it. So I would consider myself to be a somewhat authority when it comes to real estate investing, nothing I ever taught or teach comes from perspective of a book of a seminar of a YouTube video that I watched. And I’m like, well, this sounds pretty cool. Let me go teach a bunch of people that we do not hear partner driven, do, do that. Everything we do here at partner-driven, we teach from hands-on experience and actual application of the techniques and strategies.
Speaker 1 (05:47):
But, but we do have this very unusual name, uh, you know, whereas before I was Peter, you know, a real estate investor, now I am a driven real estate investor. And some of you guys here tonight know what that means. Some of you guys are like, well, what does that mean? Well, what that means is this. I do my deals now with partners and I partner with people literally all over the United States and, and we do deals together. It’s a win-win model, it’s a win for myself and my organization because we here, uh, as an investment company, we also, we always want to do more and more deals. Okay. And so a number of years ago, we realized that how, how do we do more deals? You know, and we don’t mean just kind of accidental deals would mean like, you know, ongoing, persistent, consistent deals.
Speaker 1 (06:33):
So how do we do that? And so we realized there repair to time that well, to really kind of infiltrate the whole United States market, because think about this, if you want to have deals going on, right, would you want to be working at a very, very, very, very, very small area or a very large area. You like, if you’re in sales, you know, do you want to have three potential customers and you want to have 3000 or 300,000? Well, everybody understands that the bigger the pool of prospects, it doesn’t matter what you do. The bigger of a chance of you really, uh, getting things done. And it’s no different in real estate. So the ultimate pool of prospects is the whole field of United States. And we actually, before even getting into the field of the United States, we’ve done, we’ve already had done very well. We had, uh, done very well here in Atlanta.
Speaker 1 (07:24):
We did very well in Florida. We did very well in various other markets all the way out to California, but they were very specific, very concentrated, very centered, excuse me, very centered types of markets. And so we said, well, how do we get beyond these very centered markets? Because there are some really good opportunities outside of them. Well, the only way to do it, if you understand real estate is you have to have developed some kind of presence in these places. You got to have to have some kind of boots on the ground. You know, you always hear people doing virtual investing and all that, but I will tell you and make no mistake about it. Although it does work, there is such things known as virtual investing or basically investing outside of where you live. Those deals are foreign foreign few in between the people that have mastered it are very rare who do it consistently.
Speaker 1 (08:13):
Okay. And, um, at best, at best are what we call. One-offs like, you find one deal here. You find one deal here and you know, that’s how that model works at best. But again, it rarely, rarely works to the level that you hear. Some of these gurus out there, you know, pitching the, that kind of a, of a model. But we said, if we literally do open up the whole United States to people, why don’t we just partner with these people to us again, what’s in it for us, we needed more deals. Okay. So we said, okay, we’re going to open up the whole playing field of the United States because we do want to do more deals. But in turn, what we’re going to offer to our local partners is exactly what are known as pillars of success when it comes to real estate investing, okay, we’re going to basically, we’re going to basically give them what is needed to do deals.
Speaker 1 (09:04):
Okay. They’re going to still need to execute. That goes without saying, um, they’re still going to put that time and effort in that goes without saying, but we were, we decided at the point in time that we’re going to give them literally unfettered access to everything that we had developed and everything that we have done here as a, as a real estate investors ourselves. So our partners now get one, they get our coaching and mentoring and make no mistake about it. And this business, you better know what you’re doing. You hear me talk about it weekend and week out. And I could tell you still to this day, every once in a while, somebody somehow gets a hold of me and tells me exactly what I heard about an hour ago. Somehow somebody got my phone number and said, I love what you’re doing. I cannot wait.
Speaker 1 (09:46):
I want to do this. But my wife said, we could build this business by ourselves. And I said, good luck. It ain’t going to happen. Okay. And it just reality. You don’t build this business by yourself, you know, and the way you build this business by yourself, as you arm yourself with a ton of ton, a ton of money, because it’s going to cost you a ton of money and mistakes and errors. You get yourself tough as nails by yourself. Okay. And you just prepare for a long, for a long ride. And by the way, that is possible. I did that took me three years to make like nothing. And it cost me $750,000 for me to finally figure it out. So is it possible to do by yourself? Yes, I did it by myself, but you know, that that’s not what I would recommend to most people.
Speaker 1 (10:26):
So the first pillar we provide to our partners is we coach and mentor them. The second pillar is we actually generate leads for our partners, right? Where they live very important. And not only do we like give them access or help them with that, we actually have a proprietary CRM system that literally takes all the potential owners of properties in their marketplace. And it starts marketing to these individuals on the partner’s behalf. And when the potential seller raises their hand says, yeah, I guess I’ll, I’m open to selling. That becomes a real life lead. And it’s handed over to our partner. That’s pretty cool. And that’s exactly, that’s exactly what we do with our partners. The next thing is we provide technology know, make no mistake about it. Again, you hear me talk about this weekend and week out real estate. You need technology. You know, where is in the stone ages?
Speaker 1 (11:16):
Like when I started technology was a like, what is that? Then it became kind of like a, a give you a leg up an advantage in the marketplace and no longer is an advantage. It’s a must have. As a matter of fact, if you don’t have technology, uh, like the right kind of technology, you are going to be left behind in today’s marketplace. So we provide that for our partners, um, when we find the right property. So I provide a hundred percent of the capital, both for short term deals, like, right. And by the way, right now short term deals, like when I say short term, I mean like wholesale flips that are taking an hour transact. Whereas before many times they used to be able to done, be done under the premise of one closing and no money required. Those days are very quickly like the window on them was mingling.
Speaker 1 (12:01):
So we provide that capital short-term capital to complete deals, to a little bit longer term capitals. If we ever want to fix and flip a property, uh, our back office provides that back office help and support in terms of closing these deals, we put them into market, sell them, split the profits down the middle 50 50. And that right there is the partner driven model. We’ve been doing this a number of years. I could say it. We do it as far as I know, we’re the only ones doing it at the national level. And I a hundred percent tell you could tell you this, we’re the only ones doing it to the level we’re doing it at the national level. And so part of the reason that we do these twos in that webinars is one, it’s a way for us to reconnect with our existing partners.
Speaker 1 (12:38):
Our partners have almost unlimited access to us both one-on-one basis, both through group basis, but this is just another way to connect with our partners. The second reason we do these, choosing that webinars, because we found out over a number of years of doing this as Tuesday night webinars, whether in a live or recorded environment have simply become a very big gateway for people to get to know us, get to feel comfortable with us, you know, figure out if you know where to kind of organization they want to, and the kind of people so they want to align themselves with. So if you’re a partner here tonight, tonight, we’re going to kind of level up. We’re going to, I’m going to teach you some, a couple, a couple of things over here to the next couple of minutes. If you’re not a partner here tonight, and you’re kind of, you’ve been checking us out, feeling us out.
Speaker 1 (13:21):
And it’s like, you know what? I’m not going to put my dreams and goals on hold anymore. You know, it’s kinda like, you know, people could make a decision about buying a car within a weekend, but when it comes to being a better individual, a better person, more successful, more financially secure, better taking care of their family. Sometimes those decisions take months, I don’t get it. But if you’re at the point where you’re ready to get started and become a partner, there’s some team members on standby. I’m sure somebody will put that into chat at the following number 7, 7 0 7 4 6 8 5 8 5 that’s 7, 7 0 7 4 6 8 5 8 5. All right, guys. So that’s kind of the, all the admin stuff out of the way. Let’s talk for a couple of minutes here about the topic at hand today and the topic at hand today. Something that each and every one of us has an option and ability to do, but I could tell you, especially, I think at the very beginning, early stages on, in this business, a lot of us do not do it and we don’t do it for a lot of reasons.
Speaker 1 (14:25):
A lot of what we consider actually legitimate reasons. I didn’t do this thing. What I’m about to share with you when I got started. I matter of fact, let me start tonight by sharing a story with you and about me buying the business about 22 years ago, there was a very, uh, successful guy here in town. He was a wholesaler. His first name was Monik and, uh, uh, I was trying to buy a deal from Mike. Okay. And, and what happened is I thought the price made sense. I thought everything made sense. Um, you know, I, wasn’t a hundred percent sure about the numbers. I was pretty dialed in, but not a hundred percent dialed in, but dialed in enough to make an offer. Okay. Um, but I got a little bit too aggressive on this offer, uh, with some of the stipulations I put in there and maybe even a little bit with the price.
Speaker 1 (15:19):
Cause I wasn’t, you know, it was hedging a little bit, but I knew it was in a ballpark. And back then, and a lot of you guys are not going to know what the heck I’m talking about. But back then we used to have these things called fax machines. And there were boxes about this big and believe it or not, you’d get a piece of paper. Right. And you’d literally like insert inside this box. And somehow the box would like spin and do all this liberal wobble in there. And I don’t know how, but somehow through the air it would take your piece of paper and transmit to another fax number. Now, if you’re anywhere, probably under 20 or 25 today, you’re like, well, that’s BS. No I’m telling you, this is how we used to communicate when we needed to get like paper from one place to another quickly.
Speaker 1 (16:01):
So I get these, this fax machine. I fax over to Michael, my contract, my offer, uh, I remember Michael was already successful in this business. This is one of my first couple deals, you know, a couple of decades ago, but Mike was already knocking out of the ballpark and, and 20 minutes later, so a fax comes back to me. So Mike does did the same thing. He had one of those big boxes. He had that same contract. He somehow shoved that inside this box, this box that something amazing made the paper disappear and somehow send it through thin air. And it comes out of my box, okay. Called the fax machine. And uh, and I kid you not, I can’t remember the word, but I kid you not approximately. This is what he said. It sounds like you want to go to jail. And so, but I, here, here in Fulton county county, we live in is not a bad jail to be in.
Speaker 1 (16:57):
They feed you three times a day. They walk you and blah, blah, blah. And then he says, see you in jail. This is how he responded to my offer. Of course I didn’t go to jail or anything like that. But Mike got me doing things a certain way based upon that facts that he sent back to me, because remember back then I was kinda new. I didn’t have a ton of credibility. Didn’t have a ton of knowledge. Didn’t have really a ton of anything. Um, but I was willing to learn. I was open to learning. And so to me immediately, that became a learning experience. Whereas I should have drawn like a middle finger on this thing and sent her facts that right back to him, because I didn’t know any better. I thought, well, gosh, I don’t want to, to jail. Right? So I’m going to learn from this experience.
Speaker 1 (17:52):
And you know, what that experience taught me is that experience, Tommy, you better find the perfect deal. You better find the perfect deal because of that deal that you just made an offer on. And you’re not willing to pay exactly what you offered. Like whatever I offer, let’s say offered a hundred thousand dollars. Would that taught me that experience over 20 minute experience taught me is that if I was not willing to close, edit exactly a hundred thousand dollars, don’t even mess with it because that could put you in jail. Literally, that is what I got out of that experience with Mike that night.
Speaker 1 (18:32):
And the reason that was such a bad experience for me is he messed me up real bad for quite a bit of time for, for, because for, for, for the next X amount of months, I would do this before. I would get another offer to someone because I don’t wanna go to jail. Right. So here’s what I would do. I would drive to the property. I would analyze the property, I’d get my contractor to the property. I’d um, I get all my numbers lined up. I get my money guy to commit that he could finance that property. I got my realtor to go look at that property to make sure that we could buy it at those numbers. And then she could sell it at a higher numbers. I was air tight. Like man, I was like, what I call, I used to call that university tight, like a professor university tight. Right?
Speaker 1 (19:36):
And guess what happened for the longest amount of time? I got nothing accepted and you know why I didn’t get anything accepted for two reasons. One by time, my whole team assembled. Right? Cause they couldn’t assemble like in 20 minutes they had to assemble over the next couple of days. By time I got all the team to assemble. Then disperse come up with their numbers, get them to me. I plugged them into like a calculator. I run him over. I’d analyze it. I’d calm. Put it out with Zillow and all the other things. By the time I did that. If the deal even remotely made sense, guess what happened to that deal? It was gone. The deal was gone by that time. In essence, what Mike did is he put up a barrier. He put a barrier between me and good deals. Okay. Because he taught me that if you don’t submit a perfect contract and you don’t live up to that perfect contract to a T, right, you’re going to jail and get an, and remember look, and some of you guys are here, you know, you’re new tonight.
Speaker 1 (20:58):
You know, you believe anything, right? You believe whatever, somebody who’s more experienced than you tells you. And back then my kid, nothing on me other than he was experienced. And I felt that if Mike said that I can go to jail by being too aggressive on the contract or on the offer to me, that was gospel. So in essence, Mike really screwed me up because I started making perfect offers like offers I could live in die with. So again, number one, we just talked about it. I lost all the good deals. I lost all the good deals automatically because they weren’t assembling their teams. They weren’t getting the numbers. They were doing what I did initially. They were just firing contracts off. The second thing that messed me up is Mike. He stumped stunt stunted, stumped, stunted, you know, prevented, even prevented my growth in terms of being a very good negotiator. Because with Mike’s philosophy, there was nothing negotiating. Right? You get that perfect offer out. You get it upset, accepted, or rejected. If it’s accepted, you do it. If it’s rejected a year out and there was no need for negotiating.
Speaker 1 (22:32):
I learned through Mike, Hey, it’s a black and white business. Right? And so I missed all the good deals and he pushed my negotiations, strategies, techniques, learning thereof, and all that. He pushed it way, way, way, way out. So even when I understood what Mike was telling me was a bunch of BS. Yes, it took me. Then, you know, it took me maybe five, six months to realize what Mike was telling me was BS. And then it took me another five or six or seven months to start learning the art of negotiating. So it could be argued. This one, bozo pushed my growth in this business backed by you because he took away one of the most important cools that we as investors have. And that is the art of being aggressive. It’s the art of being aggressive. And I can tell you if you’re in real estate and you refuse to be aggressive, you know you, if you hear me talk, you hear me talk about, I talk about, about pillars all the time.
Speaker 1 (23:42):
Like I talk about the pillar of success and mostly I talk about pillars of success, right? But I can tell you, there’s also pillars of failure. There’s pillars that some of you guys bring to this business that I brought to this business. Right. I bought, I brought like my pillars of success. Where does big, when I got started, my pillars are failure where it is big. Okay. So I get it. I’m not picking anybody, but a pillar of fear of failure in this business is refusing to be successful. I mean, yeah, in essence, it’s a refusing to be successful. And that is by refusing to be a [inaudible].
Speaker 1 (24:19):
You have to learn how to be aggressive in real estate. And you have to be learned how to be aggressive in all aspects of real estate. But the very first aspect and the most important aspect is the one that I just shared with you. And that is the pillar of success of being aggressive on your offers. Okay. See, one of the worst, not a one. It is, it’s probably one of the worst things, but the thing that prolonged is one of the things that prolongs people’s success in this real estate business. And you hear it talk about, you know, you hear us talk about it. I’m sure you’ve read about it. If you watch YouTube videos, I’m sure you’ve seen it and a lot. And this has nothing to do with real estate, by the way, this is just reality. And it’s called the paralysis of analysis, right?
Speaker 1 (25:07):
You heard about this right. Paralysis of analysis and that is this. I’m gonna do the perfect offer right now. Remember I got cornered into there. I got cornered into paralysis of analysis because I wasn’t smart enough to recognize a bully, to recognize somebody that was just messing with me. And somebody was just trying to force me to honor a contract that I had the right to back out of any for, you know, for whatever reason during my inspection period. But a lot of people, a lot of people do not get bullied into paralysis of analysis. A lot of people bring that with them and I get it. I get it because a lot of this comes down to like your habits and how you do things and how you look at things and how you were brought up and how you, you know, how you do what you do.
Speaker 1 (26:00):
You know? Like for instance, for instance, I realized like for instance, this paralysis of analysis is many times predicated by professions. Literally like I’ll get ’em, we’ll get an engineer. We’ll be working with an engineer. Now remember an engineer that is, that is no question, better have paralysis of analysis, right? Like I’m on a fourth floor right now in my office. Right? You better believe it. That guy, that build engineer that put the plans together for this four, four fourth floor structure. I hope he had a paralysis of analysis, designing re detail here. Because the last thing I want to do is like, right. Have a cave-in. So a lot of professions have these things that develop habits of paralysis by analysis, engineers, surgeons, right? I’m found over many years of working with surgeons for, for ABI. Hey, I’m doing brain surgery, dude, paralysis of analysis, please let’s get ready for this thing. Let’s go over the top. Let’s plan it out. Let’s strategize. You know what I mean? And astronaut. Yeah. They, and they T they and their teams paralysis of analysis, right?
Speaker 1 (27:27):
Not when you’re in real estate opposite. A lot of times I get sick. When I work with salespeople, you know, salespeople are like, you know, off the cuff, off the cuff, off the cuff of the couple of years to get the deal done. Let’s just get the deal done. Okay. Business owners, a lot of times they understand the business, you got to move quickly. You got to make decisions quickly. It’s not always going to be the perfect decision, but it’s at this decision. So a lot of times paralysis of analysis is based upon the profession where the habits that you bring to the table. A lot of times they’re developed within the business themselves, like mine was developed within the business. Right? I didn’t break. I came with a very strong, um, not real estate background, but sales background, you know? And so for me, I never had, I never had that issue, but that one event, that one, this is by the way, this is why I tell people, if you want to be in real estate, you don’t want to partner with me.
Speaker 1 (28:25):
That’s okay. You better go find a partner because that one night, those 20 minutes cost me over a year in this business. One night, 20 minutes talking to a jerk costs me 20 costs me to cost me over a year. And God only knows how much money I lost in that year because I was on, you know, I was like losing a big time during that time, at that one year and a half, not happen. There’s chances I wouldn’t have bought some of the properties I bought at the inflated prices. I bought them because I thought you had the perfect setup. I thought you had to have the perfect setup.
Speaker 1 (29:05):
So if you’re serious about real estate, and I know this is a little of a pivot here, a little bit deviation, but I will tell you if you’re serious about real estate here tonight, and you’re like beating your chest, then you’re going to knock this thing out. Number one, you ain’t going to knock it out by yourself. Number two, if not with us, find somebody else mistakes in his business, boom happened like this. And they’re missing the, in the, in the ramification of some mistakes last days, weeks, months, as you saw in this one example, a 20 minute costs me over a year in this business, but be aggressive, be aggressive, especially in your offer. See, I could tell you, and I don’t know if this is a hundred percent true, but I bet it’s at least 98% true. So as I bought real estate here in the Georgia market and surrounding markets, before I even started the partner driven model, where it was like our, we did it ourselves. I had frontline negotiators.
Speaker 2 (30:02):
I had a full-time
Speaker 1 (30:04):
Closer by the way, still have all these people, except now they helped my partners across the nation. But when they were all working for me specifically, I would bet to say, out of the last thousand properties we bought, we didn’t see one of them before it made the offer. Think about that. You’re sitting here right now, potentially looking to be in real estate, or maybe you already are in real estate. And you’re asking yourself, why have I not still found a deal? Well, part of it could be you’re looking for the perfect deal and they don’t exist. And because we knew the perfect deals didn’t exist. When I was doing this all about for myself and with my team, since we knew the perfect deals didn’t exist, why even spend our time running around, trying to identify it. Now, now part of the reason is we got very good at it.
Speaker 1 (31:01):
You know, I would still, then I still a hundred percent recommend to the people in this business who haven’t done a ton of deals, whether you’re doing it by yourself or someone else or you’re doing with us. If you have the opportunity to go see the seller, there’s no question about it. You got to do it. But our certain level, we got to be so big. So kind of ginormous. And we got to know the market so well, when you literally knew what block to block, we didn’t even have to go see every property. So we started making blind offers after talking to sellers. Why? Because we just want it to be aggressive. We want it to be aggressive. We kind of, sort of okay. We knew, okay, we know the area. We kind of even know that a couple of block area, because we’d done a deal or two there, or we’ve negotiated a dealer to there.
Speaker 1 (31:49):
We kind of know that’s about a hundred thousand dollar house. The seller is telling us it’s not livable. So we probably know it needs at least 30 to $50,000 with the work, if not more. And that’s all the information we needed to make those offers gotta be aggressive. See any day I tell people any day when I’m like, let’s say I evaluate a someone’s business, right? Let’s say somebody asked me to evaluate their business. There’s a couple, um, markers that I check off. When I look at different people’s businesses, one of the markers is this, how many deals do you have that you’re working on? But you have under contract, let’s say, or maybe in a followup queue and people all time confused that because they think, well, Pete, don’t, you want to know how many deals I have closing tomorrow or tomorrow or in the next week I do.
Speaker 1 (32:50):
Of course, but that’s not a leading indicator. You may have two deals closing, but you might’ve gotten lucky. You might’ve found one seller with two properties that you happen to walk into. Those deals. Didn’t have to be rocket scientists. Anybody could have taught that deal. Had they timed it correctly, right? You just time to correctly, not no skillset. Now I rather know how many deals you have in the works under contract in a follow-up mode. You know, I always tell people key who makes the most money in real estate is not he or she who has the most closings it’s he or she who controls the most real estate.
Speaker 1 (33:35):
Okay. Because when you control real estate, right? Here’s what happens. One of three things, a lot of fallout, right? A lot will fall out. Just whatever, no deal, people change their minds. Some will just get pushed back for whatever reason and some will close. It’s just, it, it just works the same way all the time. So when somebody tells me I have two deals ready to close, I’m a lot less impressed. And when somebody says I got 15 under contract, because the guy or the girl that has 15 under contract understands the concept of being aggressive. I don’t know how to explain it to them, to the guy or the girl that’s got 200 contract. We could really quickly realize, like I said, that they just have to, they just got lucky. I might’ve been a relative that was ready to sell and they had to be good deals. It means nothing. So I have to teach them this concept of being aggressive. The person that’s got 15, 10, 15 tied up. I don’t have to teach them the concept of being aggressive. They got it because they know as well as I know, not all 10 are going to closing. They get it. It’s okay. It’s okay. It’s a lot more important to be aggressive than the close every deal you have under contract.
Speaker 1 (35:06):
If you think about it, that’s how anything works in life, right? When are you always batting? A hundred. When are you have to be in? What, what sense of direct? Like in school, did you bat a hundred, but you graduated right in dating. Did you bag a bag? That’s not a good word. When you’re talking about dating, right? Did you bat a hundred and in, in when you were dating, no chances are you’re married. Okay. When you look for a car, did you buy a car? You saw no chances. Are you driving a car? Well, same thing in real estate. Don’t think you gotta be a hundred. And this is another thing that a lot of times people misinterpret. Right? So another thing people misinterpret they’ll say like, wow, Pete, like I had five deals come through and they’ll see me, like give me five. And they’re like, well, that’s rude. Cause they think I’m rubbing it in their face. They think I’m,
Speaker 2 (36:13):
Uh, messing with her
Speaker 1 (36:17):
Further from the truth. I’m congratulating them because they understand the concept being aggressive. I think down inside, see, I see a differently and they see it. They see this five deals fall through. I see it. That you’re aggressive. You’re smart enough to get a tied up. Now, obviously we’re not talking about like, okay, well let’s just put every property under contract. That’s, you know, it’s worth a hundred, they want 300. I’m going to put it a contract. That’s not what I’m talking about. I’m talking about putting deals that are usually within 10 or 15% of where they need to end up putting those deals under contract. And if your five last deals fail, fell through, that’s okay. You are totally not off track. I’ve had hundreds. I’ve probably know by this time I’ve had not probably I know it to make my numbers work. I know I’ve had thousands and thousands of deals fall through, but the crazy thing about it, I can’t remember them like literally out of the thousands of deals I’ve had fallen through right now. You were here and you’re St. Pete put on that board over there, 50 of them or 20 of them. I couldn’t do it. I mean, I have to really, really, really, really, really, really, really think about it.
Speaker 1 (37:34):
So get comfortable, actually get very comfortable with being aggressive and get even more comfortable with knowing that not everything is going to close. If you get those two things lined up, right? Like I always tell people, I try to teach those, the pillars of success. As we talk about, try to touch people to stay away from pillars of failure. But if you take these two pillars down to Nick, be aggressive and be comfortable with deals falling through those two will carry you very far. One without the other will mess you up, like be aggressive, but be devastated when fall through. That’s a bad one that that combination will kick your butt, right? It’s like, okay, I’m going to be aggressive. Okay. Look, I’m within 10% of this deal, I’m going to put in a contract within 5% of this, dealing with a parent, a contract, um, within this or this, they want to put on a contract.
Speaker 1 (38:37):
And all of a sudden those four or five deals all fall through and you get devastated by that. That’s a bad combination. Now in the beginning, that’s a normal reaction. That’s a normal reaction and that’s okay. It shouldn’t feel good when things fall through, you shouldn’t get pleasure out of that. But when you understand that, that is a pillar of success, of being aggressive and understanding things will come through. That’s not a bad thing. That is actually Pitt two pillars of success. You got it, mate, because then it’s off to the races, right? Talk to the grasses. I’ll be aggressive. I’ll put a punch of things under contract that have a realistic chance of closing, which means they should be within 10 to 15%, the lower the percentage, the better, you know, you should bottom line. It should be right there. Just can’t get it over the top.
Speaker 1 (39:32):
Now, why is this all a reality? It’s all the reality. Because the process of negotiations, it could be argued. Only starts at the time you get it under contract. So, you know, you’re not going back and forth with the seller. You might be sitting at their kitchen table. You might be doing it through the phone. You guys come to a price. You know, let’s say you have to, you know, you gotta be at at least 90 to make the deal work. Let’s say he’s at 95. You’re like, okay, that’s close enough. Let’s put into contract, right? That is the, just the beginning. That is just the beginning of negotiations. The problem comes in is when people think that’s the beginning and the end. Well, I didn’t get it to where I needed to be. I didn’t get it to 90. And so then negotiations is over.
Speaker 1 (40:30):
Now that is the beginning of negotiations. And I could tell you being somebody that’s negotiated a ton of deals, I would consider myself actually be a very good negotiator, by the way, there’s nothing. That’ll make you more money in this business than understanding how to negotiate. Nothing, nothing, nothing. Your contractor could not save you enough money. Your hard money lender could not give you any cheaper money to make the kind of impact that good negotiator will make because there’s a good negotiator. I can knock a price down 10, 20, 30% like that. Right? So there’s nothing in that bit. And there’s no, there’s no other margins that, that has that kind of impact in this business.
Speaker 1 (41:16):
So negotiations is key. I tell you this about how, how would you like to spend a couple hours with me learning and I’ll teach you personally how to negotiate. Well, guess what? And not through like this, but in the live environment, I’m going to do that. I’m going to do that on June 26th and June 27th. I, when we were out here in Atlanta, I want you to come visit me for two days. I’m going to teach you how to negotiate. At least I’m going to take at least a couple hours, probably two to three hours. And I’m going to teach you personally, how I negotiate deals 20, 30 to 40% out each time. What an impact that will have on your business. Right? So partner driven live. I’m sure the registration link is up somewhere. If you’re not committed to coming to Atlanta, you need to partner driven lives can be amazing.
Speaker 1 (42:05):
All right, so let’s go back. Negotiations only start during that part. Your aggressiveness is just enough to get you in the door, into a realistic deal, not a pie in the sky deal. That’ll never happen, but are realistic. You’re within five, 10, maybe 15% of where you need to be. Okay. I can tell you that better to the Gaucher creator, the morning negotiate all the way to the closing. That’s the crazy thing about it. The beginner, the beginner thinks negotiations start and stop at that initial negotiations, a savvy negotiator. You know, when they’re negotiating, driving to the closing. Oh yeah. I forgot to tell you, but I can’t pay this, but I can do this and blah, blah, blah. And all the techniques that come with that. Okay. So the savvy negotiator negotiates all the way down to the table closing table.
Speaker 1 (43:00):
So be aggressive, be aggressive in your offers any day, I’ll rather take a person, an individual. Who’s got a bunch of stuff under contract that at least have a chance of closing. Then that one perfect deal that has all the chance of closing. But then we started zero. Again, no momentum, no contracts, no deals, no this, no that we’re starting up the Mount Everest again. It’s another, it’s another, by the way, it’s another pillar of failure starting at zero all the time. That’s a pillar of failure because it’s just too hard. It’s too difficult. That’s why people that climb mountains when they climb them, they don’t just go jump on another mountain. They sometimes take weeks, months, years to go to up to the next mountain. It takes a lot to climb a mountain. It takes a lot of clothes, a real estate deal.
Speaker 1 (43:59):
Understanding the pillar of success of aggression will allow you. And I literally mean allow you to have more deals under contract, not understanding the pillar of success of aggression, of being aggressive will not allow you’ll Procruit preclude you from doing it. You’ll be too scary to be too worried. It’s not the perfect offer. It’s not the perfect deal. Be aggressive, be aggressive in all aspect, go for it. Being aggressive also is a shortcut to success. You know, people all the time, tell me you got to work hard. There’s no shortcuts. That’s such crap. I dunno where it all started from. There’s absolutely shortcuts to success. Make no mistake about it. Do you have to work hard? Yes. That is not something you’re going to eliminate. Yes. You have to work hard. I work as hard as anyone and I’ve been at this thing for decades and I’ve got thousands of deals behind me. And it’s eight. O’clock here tonight and I still got a little bit more work to do. And I’ll be up at three 30 or four in the morning, you know, going at it. I love working. I work hard because I love to work hard now. Okay.
Speaker 2 (45:13):
Speaker 1 (45:17):
Um, there are shortcuts to success. There’s no question. There are shortcuts to success in one. And one of the shortcuts is understanding that you gotta be aggressive when you’re aggressive. People will actually even treat you with a lot more respect. They’re fewer than if you’re a dandy line looking to do that. Perfect offer people. Don’t have time for that. If I’m a seller and I’m got a good deal that I’m, I’m realizing it’s a good deal. But my circumstances put me in this position, I’ve got to get rid of it. I don’t want to work with somebody. That’s going to take three days, you know, to do the song. It’s a good deal, dude. Let’s go. All right. So be aggressive.
Speaker 1 (46:08):
Our guys. Well, that’s all I got for you tonight. If you’re a partner, be aggressive. If you’re not a partner tonight, but you’re at the point where you’re ready, you’re ready to jump in your, you know, you, you, you, you have committed to putting your boss’s dreams into your number one spot in life, right? Every day you go there and you battle for his dreams and goals and you battle for making him look good and all that, but you’re ready to put your dreams is that battle on the forefront and you’re ready to do it through the real estate investing business. Then we have some team members on standby here tonight at, uh,
Speaker 2 (46:48):
I know this number by now.
Speaker 1 (46:51):
Uh, it is um, 707 0 7 4 6 8 5 8 5 7 7 0 7 4 6 8 5 8 5. Have a couple of members on standby team members on standby. So if you’re ready to get started and getting rock and rolling, give him a call and they’ll get you started. Well, guys, my name is Peter [inaudible] partner driven real estate investing. I really truly enjoy tonight. I hope you got something out of it. What I told you tonight, absolutely. 100% works. It’s not a theory. It’s not a try it out. Let me know it’s a, you do it and you’ll see how it works. So on behalf of myself, most importantly, all the people behind me that make all this amazing stuff happen. I thank you. And we’ll be back here. Same time, same place next week. Bye bye.