Are you ready to partner with Peter and Julie?
Speaker 1 (00:03):
Hey everybody. How is everybody doing? It’s Peter Vekselman. It’s Tuesday night live seven. O’clock Eastern. I bet it’s dark wherever you are, because it sure as heck is dark hair. Thank you. Thank you for joining me. It’s almost Christmas Eve. What are you doing on a webinar? Right? You must want to be really, really successful, but, um, Hey, I’m glad you’re here. I’ll have some super-duper stuff for you as we’re dialing down here or it’s Christmas towards the end of the year. This is actually a time. If nothing else to plan ahead, uh, or just to blow right through. Um, you know, so for those of you that are blowing right through the holidays and keeping it going, or for those of you that are making some big plans ahead, this is going to be good stuff for you guys tonight. I promise we’re going to get started here in just a couple minutes again, so glad you guys are here Monday night.
Speaker 1 (01:08):
We’ve been doing these things forever and ever tell me where you’re from, where you’re dialing in from. We got good old Brad. What’s up, Brad representing Marietta is always what’s going on, Christine. What’s going on, Nancy? Um, what is going on everybody? How is everybody doing today? Hopefully everyone’s having a great, great day getting ready for the holidays. We’re going to get started here in just a minute or so while we’re dialing in and dialing up and zooming in and zooming on, let me know where you’re calling in from. I’d love to know. I’d love to hear. I’m trying to get myself situated. I got this weird lamp above me and when I do this to my office and I sit back, it looks like a halo. So I always have to like strategically position myself when I’m making calls for me here. So what’s up Amos from college park. What’s up Russell, New York represented Maryland in the house, Kentucky in the house. What’s up, Stan, what’s up Ralph Merry Christmas to all you guys that are wishing us Merry Christmas and to everyone else. Um, looks like Delaware, um, in the house. Um, let’s see. Buford, Georgia in the house of Albuquerque, New Mexico. How are you? Um, wishing everybody happy. Thanks. Happy Thanksgiving leek. I think we like it all
Speaker 2 (02:59):
Together after a while. Right? Uh, happy Christmas week. Happy holidays. Happy new year. I mean, all these things happen like in the next week. Isn’t not amazing. Like all these amazing things. Take place back to back to back to back to back, but what’s up Joseph? What’s up Martha, uh, Jersey here. Um, you’re right, Sandy. I agree with that. Speed. Speed. Speed. It’ll be over before we know it. So it’s just a matter of where are you going to be when it’s over all these holidays and all that. What’s happening? Erica, Georgia in the house, my neck of the woods.
Speaker 2 (03:40):
Let’s see. Let me start in here and just the little bit getting some stuff out of the way. I got some good stuff for you guys here, um, tonight. So, um, I’m just gonna be talking about some, two news for next year. Like some tools, some arsenal, some things that you absolutely need to have for next year. Um, and, uh, with everything in mind with COVID in mind elections in mind, um, uh, the state of the economy in mind, specifically as it relates to real estate, you know, I’m just going to kind of just go down a little bit of a laundry list of, of what I think is absolutely critical to be successful, um, going into next year. And, um, this is the time to be thinking about next year guys. I mean, we are literally literally, you know, a week or two away from next year.
Speaker 2 (04:36):
So if you’re not even in, in your mind, like I haven’t even accounted for that. Um, you should, you should. Um, we it’s, it’s, it’s very important with all the things that are taking place. So I’m going to give you some of the tools and resources that we ourselves are using, um, and all that stuff. So, um, take some notes. If you ever take notes, this could be a time to do it or consider doing it. Um, and, uh, um, I’ll be hitting on some, what I think are absolutely must haves in order to be successful in this business, uh, tools, strategies, techniques, resources, people around you, not people around you, all that kind of stuff.
Speaker 2 (05:27):
All right. I got my, like I got my first meeting tomorrow at 8:00 AM. Um, and as I was waiting for you guys, I wonder if everyone saw that, um, as I was waiting for you guys all to get started here, I just took some notes for it. And so that’s what I do. Like when I think about something, I just kind of sit down and I write down, write it down, write it down, take some notes. And I keep it next to me, like for the next half hour to an hour, when I got done, like strategize about something, all this to say this very long winded, explanation that in the middle of the webinar tonight, I literally may pick up a pen and write something. It’s not because I’m not paying attention to you guys. It’s because I’m still a little bit, you know, my mind is a little bit in that project, still trying to think through a couple of things.
Speaker 2 (06:16):
Um, so right guys, thank you. Thank you for being here. Uh, for those of you that do not know my name is Peter Beck Schulman, for those of you that, uh, sorry about that. I turned the phone off for those of you that are like, well, he looks a little different than normal that’s because this is the first time ever that I’ve been doing these webinars. I’ve done them in glasses, like literally. Um, and, uh, one of my kids, my middle one had a little outpatient procedure this morning at 6:00 AM at a hospital. Just cut a couple, just a knee issue from playing all these years of sports. So I had to get up like at 4:00 AM. And so I’m like, I’m going to give my eyes a rest for my contact lenses. So yes, this is Peter, even though I am wearing my, um, uh, glasses.
Speaker 2 (06:59):
Um, I’m glad you guys are here. Um, you know, I, um, uh, I would say tonight I represent the partner-driven family. There’s a lot of people behind me though, and there’s a whole team of people at the partner driven and there’s hundreds and hundreds of partners that we have across the United States that the partner driven and the partner driven is a model. Uh, you know, first and foremost, it became a model and the model was very simple. Um, you know, before the partner driven model, I was atypical real estate investor. Um, I think I’ve achieved a measure of success over 20 some years of investing. Um, you know, I’ve done thousands of real estate deals and I, we used to be a typical real estate investor, basically spine deal, do deal, find, deal, do deal. And we, we were very successful at it and we did thousands of deals like that.
Speaker 2 (07:48):
Uh, and this is how my model was for many, many years and how the partner driven model became a model. It was a really out of necessity and it was not out of necessity necessarily just going out there and helping random people or those you will see as I tie up the loop, that’s exactly what it became. But in the beginning it was just a necessity of like, I just personally wanted to do more deals like back then when we switched to the partner driven model, um, you know, we were doing somewhere between, let’s see, I think probably about 30 to 40 50 deals a month. And I was trying to figure out how do I get to the next level? How do I get to the 70 a hundred, 200 deals a month level? And I knew infrastructurally would be very difficult for myself and the team I’d assembled to do it ourselves.
Speaker 2 (08:35):
You know, we were limited, we were limited by space geography. We were limited by even knowledge base. We were, you know, in real estate, you’re always limited to a certain degree by finances. I don’t care how little or how big you are. So that model of spine deal do deal is a very limiting model for anyone that’s ever invested in this business. Um, but also the model that knocks out most people in this business because, um, it’s a limiting model on the advanced side, like on my side, I had perfected it, I think to a certain degree. Um, not that I was above making mistakes. Um, but that model in of itself was a limiting model when you become successful, because it’s got limits to it again, geography, finances, knowledge base infrastructure, and all this, but it’s even more limited being a model for the new person when you try to find a deal and do deal.
Speaker 2 (09:30):
Uh, because that is when everything bad happens. This is why most people never get past initial stages of this business is because, um, it’s a very difficult business and it’s an extremely difficult business, especially if you do it yourself. And so, you know, if you think about it, that’s kind of a weird, right, like CBL do deal. It’s limiting on the front end for the new guy, because there’s too, it’s too overwhelming. It’s too crushing. And most people never get past initial stages. But even when you do get past the initial stages, it’s a limiting model when you become successful, because you’re limited by other things. And so this is where may a number of years now the partner model became the partner model. You know, we started kind of putting the word out in the street that, Hey, we want to do real estate deals and we want to do a lot of them.
Speaker 2 (10:16):
And we started just basically literally finding partners, people across the United States to do deals with, and this is where it just started that way. And it took a life on of its own. And where we are today is that I can honestly say no longer am I in the real estate business, just for myself, I’m obviously in it for myself, but I’m into it in this business for our partners. At this point, you know, the partner driven model has taken on a life that is, I never dreamt that that would be possible. And literally it is now a model that we call. It’s a fi it’s a family built model. And those that become our partners are really, um, run under two, uh, two big umbrellas umbrella. Number one is a partner. We want you to take, we want you to take, we want you to take in masses and droves.
Speaker 2 (11:08):
Uh, we don’t put a limit on how much you could take and what you could take as this. You could take as much knowledge as you could possibly need. Number two, take the leads that we have, take them, take them, take them, uh, take the technology we use. You know, we, every techno everything we do with technology take, take, take, um, take our money when you right deal comes along, take the back office that I was assembled over, you know, over 12 years, you know, let, let my back office basically guide you through the deals, helping negotiate deals, put contracts out, move the files through the process and let my back office take a deal all the way from inception, all the way to closing, take as much of it as you need to. No problem there. Some of these properties don’t need work, but some them do.
Speaker 2 (11:53):
And when they do take as much of our construction expertise as you need, um, let’s fix them together. And then we just put them in market and sell them. And so if you’re a partner, we want you to take as much of that as you need, um, to be successful. Um, but the other thing is if you’re part of the partner driven model and the partner driven family, we want you to give, because we’ve learned as we built this business, that this has become just kind of a rallying cry of people, helping people, um, become successful. And so our partners, you know, if you are a partner now, and this is like, what is he talking about? Maybe you’re new and you don’t understand that yet, but this is exactly what want you to do. We went to, to take, take, take, but please, please, please give something back, uh, help someone.
Speaker 2 (12:38):
It’s just, that’s all we ask help, help, help lift somebody. Who’s got a bad day, uh, team up with somebody that may need some infrastructural work, whatever it is, just give back because when you give back, man, it makes that taking a so much easier and believe it or not, it makes that when you take, but you’re also giving, it makes you much more effective as an individual, as an investor. Um, so that is the rallying cry of the partner driven model. And the end, the goal is to do as many deals as possible. Um, we unite under many different fronts through zoom meetings like this and a daily basis. We also have an incredible Facebook community. And if you’re a partner, um, make sure you, you go in there tonight, check it out, be inspired, contribute back, answer some questions. Um, some of you guys are here tonight and you want to not in the partner model and you’re probably only a year for one reason, maybe a couple of reasons, but the main reason you’re here is you’re just checking us out.
Speaker 2 (13:34):
I mean, listen, you’ve heard about us. Uh, you might be talking to somebody here from our team, um, and you’re just like, you want to put the nail in the coffin, as they say, in terms of decision making, like, are you in or are you out? And that’s okay. That’s okay if you’re out, we wish you the best. Uh, keep us posted on your progress. Uh, if you’re in, this is no better time to get in than right now. Uh, by the way, for those of you that are, are ready to start doing deals, start getting coached, started getting mentored, started getting leads, start get the latest and greatest technology have access to all my funding. Um, you know, put the properties in the market, sell and split the profits. If you’re ready, like if tonight’s the night, then make a decision. Uh, we, um, we want you to call a number and that number will actually row.
Speaker 2 (14:19):
If you’re already talking to somebody, a literally rotate you to the person you’re talking with. And if you’re not yet talking to somebody and you’re ready to begin the conversation, are you really just getting ready or you’re ready to start tonight? Uh, please call 707468585 that’s 707468585. I’m sure it’s somewhere on your chat. So for those of you that are ready to become a partner, we, we, we welcome you to the family in advance. So here’s what I want to talk to you guys about tonight. I want to talk to you about a very relevant, and that is what do you really need going into next year to be successful now, you know, when we were sitting here kinda chit-chatting last couple of minutes, I made a statement that, you know, this is the time, you know, this end of the year, we ended the holidays.
Speaker 2 (15:09):
We’re rolling to the year and you better make accounting of that. And all that. I don’t know if that was a really a true statement online is you always need to be armed and ready. Okay. You always gotta be armed and ready. It’s not all of a sudden, like in July, you’re like, well, there you go, July is here. So the rest of the time I’m just coasting. No, uh, real estate is an ever changing business. Uh, it’s got an ebb and flow to it. It’s an up business. It’s a down business. It’s an appreciation, it’s a depreciation. I mean, let me put it. This are real estate. Um, it changes, it changes. And in my opinion, you absolutely have to arm yourself. And it just so happens since it’s the end of the year. I thought it’s been a couple of minutes with you guys and kind of go over some things that I think, and I feel strongly you need in order to be successful.
Speaker 2 (15:54):
Um, going into next year, I could tell you some of you guys know my story, some of you don’t, but I could tell you almost every time I’ve made a mistake in real estate. And I made plenty, like, uh, you know, instead of talking for the next couple of minutes about what you should be doing for next year, we could be talking for the next 10 hours of all the things I did wrong in his business. Like if there’s anything to be done wrong, I raised my hand at this point and I take responsibility because there was anything to be done wrong. There’s any, like if there’s 20,000 different ways of losing money in real estate, like I’ve done 19,999 of them. Okay. Um, and uh, my point there is that, uh, almost every time that somebody makes a mistake in this business, almost every time somebody knocks themselves out of this business, almost every time somebody quits does business.
Speaker 2 (16:50):
It’s because they just don’t know what they’re doing. I mean, really that’s really what it comes down to. Now. They don’t say that, you know, usually it’s like, oh, this doesn’t work or I’m in the wrong market. Or you guys don’t know what you’re doing, or I wish I would have done it five years ago or, you know, I can’t quit my softball league. Cause my buddies will think I’m soft. You know, all that kind of stuff. But reality is almost everyone that gets out of the real estate business gets out of it because of a mistake. Okay. It could be a mistake in a deal. They do. It could be a mistake in a simple decision. They make, you know, it could be a mistake from the wrong contractor. They hired, it could be a mistake because they need money and here’s how you get it.
Speaker 2 (17:31):
But they’re over here chasing it here. So what happens when you make mistakes in here? Most people, because they don’t understand how to interpret success versus failure. We’re right. Versus left. Most people interpret their mistakes is something doesn’t work. Okay. That’s almost mistakes get interpreted in this business. Um, now some mistakes are just like blatant and you can’t like, you know, like when I got started and I lost half a million dollars, boom, blatant mistake, I could identify that one. I could own up to it. And that was black and white, but most mistakes, they’re kind of subtle in this business, you know? And um, and the only way to avoid mistakes and in turned only way, what I feel like that you could avoid of getting yourself out is you gotta be prepared. There are certain pillars in this business that you absolutely need to have.
Speaker 2 (18:27):
Now, interestingly enough, you know, I was just telling you a couple of minutes ago that this is kind of an ebb and flow business. You know, it flows in different directions and things like that, but there are some pillars to this business that haven’t changed. Like they haven’t changed for the 20 some years. I’ve been in this business. I bet they were the same for the hundred years before I got in this business. And I venture to say, unless you start inventing, um, uh, unless you just kind of start inventing robots out there, uh, these are the same pillars that you need to have to be successful. So here’s one. And I don’t know if I’m going to go in any particular order, but I will tell you a key, key factor that you need to have for next year. If you’re going to be successful, you gotta know what you’re doing.
Speaker 2 (19:16):
I mean, like, this is a in of itself, you have to know what you’re doing in this business. You know, you cannot shortcut. There’s a lot of things. There’s a lot of things in life that we learn as we go and it’s okay. Like it’s okay to learn. Let’s say, uh, math as you go, okay. It’s okay to learn math as you go. I mean, like, you’re not going to go to first grade and start an algebra, right? You’re going to go to first and gray. You’re going to lose in your, or maybe it’s. I can’t remember. My kids are sold, but maybe somewhere in a first, second, third grade to learn to add, you learn to subtract. By the time you get into 10th and 11th, you get geometry and all that stuff. Um, swimming, swimming, you can learn as you go, right? You start in the shallow end and you work your way up into a little deeper place.
Speaker 2 (20:06):
You learn how to flow. You learn how to, you know, kind of where they call dog pedal. Then you learn how to do strokes and then you start swimming and, and there’s quite a number of businesses that you could literally learn as you go. Um, and I will tell you, although you will hear people tell you real estate is one of those things that you just learn as you go. I can tell you if you don’t have the right training wheels, you’re going to be dead in the water for one very important reason. Um, the consequences of mistakes made in the real estate business are big. Like, you know, what’s the consequences of lab jumping in the water and you know, you’re, you’re, you’re jumping in, or maybe you’re walking in and all of a sudden, you know, you get to here, let’s just start walking backwards.
Speaker 2 (20:58):
Right? That’s all it is. You just start walking backwards, no big deal. Um, you know, math, you know, you get in over your head, okay, will you go back a level, go back to a different math class? And there’s a lot of businesses you could literally learn as you go. You could kind of stage them stage by stage, by stage. Well, what happens in real estate? You can’t really do that. You could do that up to a certain point. Like you could say, I am only going to, for the rest of my life, send direct mail out. Even when I get a super deal on board and somebody wants to give me their property, I’m not going to move forward. And yes, you will. You’ll never make a mistake. You, you know, if you’re never get beyond talking to a seller, you’re in a safe mode, right?
Speaker 2 (21:45):
Um, unfortunately if you want the results, if you want the results of the real estate investing business, if you want the results of making money, if you want the results of doing real estate deals, um, you get, you have to get into the deep end and you, don’t kind of just like crawl into the deep end and real estate and real estate. You like jump in, right? You’re like, boom. It’s like, okay, now I own a house. And now I got a hundred thousand dollars on the line and I only have 110,000 in my checking account. That’s a mistake you may not recover from. So the bottom line is this, oh, you could be a contractor. I mean, I’ve always told people and goodness knows I’ve done this. You could sneeze the wrong way in real estate and lose 20 grand, you know? Um, so in real estate, when you get past certain points in this business, um, and if you make mistakes at those points, depending on your financial situation, your credit situation, your time situation, your ability situation, some mistakes you just can’t recover from.
Speaker 2 (22:51):
You know, I kind of almost pride, not pride myself, but I always should like tell people about this half a million dollars I lost when I got started. Right? But this is a very important piece to understand. Had I not had that half a million dollars to lose? I would have been out. I mean, that, that’s it, because that was like cash. I needed that cash to do the things I was doing. So had I not had the half, a million dollars, I wouldn’t be able to absorb that kind of mistake. I would’ve been dead in the water. So in, in this business, it’s very important to understand there are some mistakes you can recover from there, certain mistakes people never recover from, and that’s what puts them out of the business. So one of the huge pillars in this business, I will tell you is, um, you gotta know what you’re doing.
Speaker 2 (23:44):
You have to know what you’re doing, and you have to know what you’re doing on an, uh, pretty much on a daily basis. Let me give you an example. You know, thousands of reels behind us, my team, you know, two decades, I have over two decades in his business. And do you know that to this day, we still make mistakes. I mean, not too long ago, I made a, uh, over a hundred thousand dollar mistake over a hundred thousand dollar mistake. Now here’s the thing, um, can afford, afford to absorb that mistake. But my point is mistakes. Mistakes happen at every level, even when you get to these high, high, high levels. So it’s almost like you have to grow on this side with your ability to absorb mistakes on this side. And this side has to be, has to be greater. Um, so knowledge is critical.
Speaker 2 (24:39):
The other thing about knowledge and as a relate to, uh, to this business is that every deal is different and this is why knowledge and real estate is so tricky is that I could teach you everything I just did to close our last deal. Like I could teach it to you into a T that you understand every single intricacies of the last deal we closed, like from how we found that to how we negotiated it, how we contracted it, how we inspected it, how we let’s say fix it or how we sold it. And you could, you could get that to a T. And for those of you that were trying to do real estate, you’ll appreciate what I’m about to tell you. You could then get out there and do the next deal. And it’s like, you’re in a different business. And it’s like, wow, you know, adhere.
Speaker 2 (25:34):
He said, it’s blue, but it’s green here. He said this to the seller, but the seller said this. And, and so that’s the other thing is you need to literally put yourself in a position as you’re learning that you can get information almost in real lifetime because it’s, every deal is different. Every deal, every day’s different. So knowledge, absolutely pillar to success and, and going to next year, I do believe you need to have a new set of knowledge skills that previously, like, if you’ve been in this thing for two years, you probably don’t have to see what’s going to happen right now with the COVID, you know, kind of, you know, the COVID wave coming through, um, without getting into all the intricacies of how it’s affecting real estate business, but what’s happening right now because of COVID, uh, let’s say the, the, the, the, the, the foreclosure market has been brought to a standstill.
Speaker 2 (26:38):
Uh, the eviction market in many places has been brought through, through to a stand still. And so what happens as slowly, these moratoriums get lifted, what’s going to happen. People are going to be dislocated from their properties, whether they’re going to be evicted, or they’re going to be foreclosed on, uh, or both, some, some people are going to go through evictions. So because they have to go through evictions, their cashflow stops. So they do intern in the morning through foreclosure, right? So it’s like a, it’s like a, a tumbling effect. Well, what has been dead almost entirely in the nuts, in the last number of years, the foreclosure game, right? The foreclosure game has been almost non-existent. I mean, I haven’t, you know, I haven’t chased a foreclosure in years. I mean, how can I do thousands and thousands of deals? And the last, let’s say several four or five years, not even bought one foreclosure, because that game has been dead.
Speaker 2 (27:32):
It’s been a live and booming for the amateurs, the inexperience, the seminar goers, but for the sophisticated investor, it’s pretty much been a dead game for a couple of reasons. One, the reason for closures to REO business became so big, especially after the oh 8 0 8 crash is a lot of banks became actually insolvent. And so when they started taking all these properties back, you know, 10, 12 years ago, they couldn’t afford to keep them on their books. So they started dumping their assets, right? Cause they want it to their books to look good. They needed more liquidity to operate. And so this whole world became into existence, the REO game. And a lot of us, myself included, bought hundreds of farms at a hundreds and our egos. Well, why is the foreclosure game been dead except to the amateur or the, to the guy that doesn’t know how to build this business banks have been great doing super-duper recently.
Speaker 2 (28:30):
Number the last number of years, they’ve been solvent, they’ve been liquid. They’ve had plenty of good assets on their books. So when they take a property back, they don’t got to give it away at 50 cents in a dollar pack. No, they could sit on that property. Right. So that foreclosure business has been out. Why else has the foreclosure business been out well, for those of you that have been around like living and breathing in the real estate business for the last number of years, knowns, there’s been a giant that has come into this world that it wasn’t even around 10, 12 years ago. And that is the, uh, um, uh, the hedge funds, hedge funds of command and hedge funds are basically investment vehicles instead of investing in institutions for lack of a better word, um, that have billions and billions and billions of dollars.
Speaker 2 (29:24):
And a lot of these hedge funds have law have moved there, uh, in, have moved their investing into the real estate investing world. Now, the way hedge fund operates is very simple. They raise billions of dollars here. And on this side, they have to invest it into something. So these hedge funds that moved into the real estate game have to invest it into, uh, properties, right? Well, when you got to be like $10 billion to spend, do you think you’re going to like send direct mail out, like, uh, and take a call from a motivated seller and try to negotiate a deal for 50 cents and a dollar heck to the no, none, no, no, no, no. Not when you’re playing with other people’s money, it’s a gets a lot easier. Like when you’re playing with other people’s investors’ money and you just got to spend it, your goal is to spend it.
Speaker 2 (30:15):
Are you thinking about equity place? Heck no. You’re looking for inventory inventory, inventory inventory. So here’s why else the REO game has been dead for the, the hedge funds have taken over it. Hedge funds are just like here where I live in Atlanta. Um, they would just show up to the courthouse when the Oreos were, when banks were, were bidding out to Oreos, they’d bring like $20 million in certified funds. And no matter how high the bid was, they just pay whatever they had to afford. So you can’t beat a hedge fund. Right? And the REO game was a great game for the hedge funds because there was still inventory there and they could buy it in masses. Right. So, so you got a bank on one side who takes the property back and they’re willing to sell a dollar and a dollar and you got a billion dollar buyer.
Speaker 2 (31:03):
And this says, okay, I’ll pay dollar in a dollar. So that wiped out the REO game, all this to say, because of COVID and because of these moratoriums getting lifted and because, um, uh, um, mass, uh, owner, uh, motivation to sell again, because of COVID, there’s going to be a flood of Oreos that are going to be hitting the market, just an absolute, positively flood. And so the REO business is going to be back in game. And so if you’re, I’m going back to this knowledge again, if you’ve never played in a REO game and you don’t understand how to work in the REO world, and you don’t understand how to operate there and how to do, let’s say all your due diligence ahead of time and the title work ahead of time and all, it’s a totally different way of operating than when you’re just like CDO and, you know, see owner and buy deal from the owner.
Speaker 2 (31:59):
Um, so, so there’s going to be huge, huge, and in my estimation opportunities coming up in the bank or the REO world, huge opportunities. Um, but this is why, again, not only just so important because you have to know how to operate in that world. And if you haven’t, didn’t operate in it like, you know, 10, 12 years ago and operate in it successfully. Like some of us did you, you’re going to miss up on ton and ton of ton of ton of opportunity. Here’s another huge pillar to success. And by the way, this next pillar is a pillar. I wouldn’t have been brought up to you like 10 years ago or five years ago.
Speaker 2 (32:36):
And that is the pillar of technology. See, when I got started in this business, uh, my technology, let me tell you how sophisticated my technology was. Um, for those of you that are heard of the word white pages, like I know I’m dating myself, but that was my technology 25, some years ago when I was in this business, I used the white pages and white pages for those who don’t know. And I don’t even know how to explain it to people. Like sometimes I try to explain this and like the new kid, like he laughs he’s like, no, that’s not possible. But back then, if you want it to find someone’s phone number, like let’s say I live in Atlanta. I want to find someone’s phone number. There used to be books that are like this thick. And they literally had every single person’s name and phone number.
Speaker 2 (33:24):
So if I wanted to call Bob Smith today, I want to call Bob Smith. I just pick up the phone, I push a button, I sell, you know, call Bob Smith. Um, I could do research through this phone. I could there’s million. I can go to Facebook and find, but there’s billions of waste to find Bob Smith, like in prehistoric times my time, there’s only one way really to find Bob Smith that as you go to the white pages. Okay. So that was about as sophisticated as technology got for me there, you know, and then I used these incredible computer programs back then they were called XL. Right. And so I would go to technology, white page extract a name super-duper and planted into my, uh, Excel spreadsheets. And man, I was rocking and rolling. So all this to say, I didn’t need technology back then.
Speaker 2 (34:16):
Okay. That was the, there was no advantage to having a little technology back then or not having a little technology because 98% of us didn’t even have it, the 2% that had it. It was so unsophisticated. It really did not give us any kind of advantage. So back then when I got started, it was, uh, it was just, um, just about legwork. Now, make no mistake about it right now. It’s still a lot, a lot, a lot, a lot, a lot about legwork, but, but there is technology available today. And when, what I tell people is that if you do not plug into technology in the real estate business, you have, uh, an incredible disadvantage and incredible disadvantage. It’s like take real estate out of it, right? Like if you walk into, um, they go out of all the things that we use right now, like that have technology associated with them, right?
Speaker 2 (35:16):
Medicine has technology associated with it. Um, directories, when you walk into buildings, they have technology associated with it. Um, you know, when you, when you look at, oh my goodness, this, this is technology, you know, the phones that we touch a thousand times a day, that’s technology at our fingertips, um, cars have technology associated with them, right? So if you think about a really, any major industry, if it’s not utilizing technology, it’s, you’re not probably going to be buying those products. Like if that industry has technology as almost every industry, does, you are only going to be gravitating towards that brand that has somehow ability to utilize technology. Y ease of use speed, um, look slicker, I mean, 50,000 different guess what same thing in real estate, real estate, you need technology. Now I will tell you, I think as a whole, the real estate industry, especially the investing is lagging there.
Speaker 2 (36:25):
Okay. It is absolutely lagging. I mean, you look at the car industry and the sophistication of like some of these cars, you know, you look at the airline industry and what technology has done to the airline industry. You know, you look at almost any major industry, you know, not just a cell phone, but, uh, to the music industry, um, the, the medical industry, what technology has done to it. I I’m, uh, I will tell you, in my opinion, real estate industry as a whole is very much lagging in technology, but that’s a good thing if you’re an investor, because if you do utilize technology, if you do utilize the right technology, it gives you an advantage in the marketplace. It literally gives you an advantage in the marketplace. So a huge, huge, huge pillar to success for next year is you have to somehow be plugged into technology, ease of use access to information, access to behind the scene stuff, um, lifestyle driven, right?
Speaker 2 (37:39):
Because technology allows you to, you know, what you used to take. Like, you know, I used to sometimes have to go to courthouse. It’s like, can you, like, some of you guys have been started this business in the last couple of years. I bet you have done deals. If you’ve done deals and you’ve never been to the courthouse, I could tell you when I was doing deals, when I started, I used to not live, but I used to always go to the courthouses. Well, guess what technology today prevents the newer guy from ever even having to show up at the court as they ain’t even know what the heck these exists for. Right. So technology very, very important. I’ll tell you another pillar to success. Like technology, I think is a new one. That’s like a F you know, 3, 4, 5 year old one. We wouldn’t even have been discussing it 7, 8, 10 years ago, but it, it, it’s an important one, very critical.
Speaker 2 (38:32):
Um, I’ll give you another pillar for, for next, and this next one is important because I think of what’s happening with COVID obviously I’ve done like whole state of the unions on COVID and, you know, I don’t want to spend too much time talking about it, but the bottom line is, there’s an incredible opportunity right now. I call it the equilibrium opportunity. Right now you have this unbelievable pent up motivation from sellers to sell who got wiped by COVID. But at the same time, there’s unbelievable amount of new capital in the markets to buy properties. So huge, huge, huge, huge supply and huge demand. It doesn’t get any better than that. Right. Um, but it’s limited in terms of time. I can, you know, uh, I can’t say that’s going to happen forever to say Quilly equilibrium will fall out of equilibrium. Right? People will climb out of the COVID problems.
Speaker 2 (39:31):
You know, there’ll be issues on the, on the money supply side. So that won’t be as easy as it is now. So this perfect equilibrium of huge supply and huge demand will fall out of place. I don’t know when, okay. I don’t know how much time we have with for it. I don’t think, I think anyone that’s sitting here and telling you, you know, you got three months, you got three years. I don’t know who knows, but it’s here and it’s only getting better and we’ll continue to get better for an indefinite amount of time. And it’ll stay really good for indifferent my time. But sooner or later, things will get out of whack. Like they always do in real estate, all this to say, you have to capitalize. And, and, and if you want to see, you know, like, let’s say, when do you want to capitalize?
Speaker 2 (40:18):
You want to capitalize at the peak amount of, you know, at the peak? Well, we’re, we’re at the peak where like, not quite at the people we’re going towards the peak, but in order to capitalize in the real estate game may make no mistake about this next pillar. You have to have a functioning team around you. You have to have it, you know, before, before, like in my days, um, I don’t think team was as critical because things moved slower back then, you know, for so many reasons, like lack of technology, uh, because the, the field was a lot more evenly spread out for all of us. Um, because back then you could buy a property from a real estate agent let’s say, and today, obviously you can’t for obvious reasons. And so, um, back then, it was much easier to operate as a one man or 1, 1, 1, 1 woman show, I think in today’s in market and today’s environment.
Speaker 2 (41:17):
And because there’s only a finite amount of time to take advantage of this incredible opportunity. Um, you have to have a team like, and you have to have a killer kind of team, um, too many moving pieces. Every deal has too many moving pieces. Like, think about this. Like you get on a real estate and you never get into real estate. And you think to yourself, I’m an incredible, like negotiator, you might’ve been negotiating skills, but you’re not like, you know, if you, if you have a top-notch negotiating skills, you may like become an agent to superstar or, you know, a basketball player or a rock star. You know, nobody thinks wow with my negotiating skills, I’m going to be in real estate. We all get our real estate for really two basic reasons. We want to make money and we want to have a great lifestyle, right?
Speaker 2 (42:07):
But you get in this business and you realize you need 20,000 other skillsets. All right. It’s one of those few businesses that literally under one roof of real estate, let’s say real estate investing in order to be successful, you have to have like 20 to 30 different skillsets. You got to know how to negotiate. You gotta know how to raise money. You got to know how to find a contractor. You gotta know how to do draws. You got to know how to do inspections. You know, you have to know how to be a great marketer. You know, you have to know how to sell things. You have to know how to buy. I mean, don’t, you don’t think about that stuff. And so the only really way to become successful in this business is you have to have to have an amazing team around you.
Speaker 2 (42:52):
That’s it? I mean, you know, think about it after doing this for as long as I have. If anybody by now should have developed the skills better than most people. It’s someone that’s been doing something for 20 some years. Well guess what? I’ve actually done that totally opposite. Yeah. I’ve developed these skills along the way, but I have not partaken more in my deals. I have actually partaking less in my deals today than I ever have because of the team. And the team will always outperform an individual, right? I don’t care what you’re comparing, you know, but the team will always outperform an individual. And so, uh, uh, there’s many reasons to have that team, like I said, multiple skillsets, you know, how you want to operate from a lifestyle perspective on and on and on every deal’s different perspective. And so team needs to be able to respond.
Speaker 2 (43:50):
You gotta have a team. It is an absolute 100% over the top. Absolutely necessity to be successful, knowledge technology, um, team you, um, you gotta know how to market. It’s a huge pillar. All right. Think about this. You know, you’re thinking, okay, I’m really going to kill it next year in real estate. How are you going to get your deals? I can tell you, I’m not going to sit here, talk to you why you can’t do it, but you can’t use a real estate agent. Those days are gone. Remember you’re competing against hedge funds that are paying dollar and a dollar. Um, so th the, the real, the realtor game is shut off, you know, buying stuff from a local wholesaler. That’s, you know, amateur hour at best. They’re there just to take advantage of the new guy. Um, so you gotta be, you gotta be great marketer, all right, you gotta be able to generate leads if you don’t know how to generate leads.
Speaker 2 (44:48):
And by the way, there’s only one lead source that works. That’s it right now. And if you want to have consistency of anything, like more than just, I got lucky and did a deal. And now, you know, it’s taking me eight years to execute it. And now I realize I made, you know, 30 cents an hour doing this thing. But if you want to consistent, you know, consistently be doing deals and consistent deal flow and consistent, uh, money coming in. Um, I don’t know how to market, right? That’s like an ongoing pillar of success. You got to know how to generate leads. You gotta know how to negotiate the stuff. Um, you got to do the, that white elephant, and nobody wants to talk about, but as it is, the, the, the killer of any real estate investor is you gotta know how to fix the stuff.
Speaker 2 (45:35):
Whether you do it yourself, or you gotta be able to put crews together or GCs together, it did. If you don’t know that game, and you want to get into that side of the business, like buying, fixing, and selling, don’t do it. So all I can tell you, if you don’t own that game, you don’t, that is not a part you want to learn by yourself. So you gotta know how to do that. You know, you gotta know how to sell stuff, or you gotta know how to get people to sell stuff for you. So there is some very, very critical keys to success and kind of the weird thing about it, although you don’t have to be perfect. Each one of these pillars of success, if you don’t know how to do one of them, that could be enough to sink any deal. So you don’t gotta be perfect.
Speaker 2 (46:23):
You gotta be really good at a good number of them. If you want to have a chance of doing deals, but if you like suck at one of them and that particular deal needs it, you’re dead. You’re dead. So these are kind of the non-negotiables. And so inclusion, I tell you this, um, as you’re listening to me tonight, if you’re a partner, we got every single one of those for you. And so we celebrate that. We we’re so glad you’re part of the partner family. And that is exactly what we do every day, day in and day out with our partners. We coach you, we mentor you. We generate leads. We give you technology. We’ll obviously give you the money. We help with construction. We give you the back office support. Um, it’s, it’s, that’s it. If you’re a partner, you gotta utilize it. Please, please utilize it.
Speaker 2 (47:18):
Take as much as you can. Or as you want, remember, if you’re a partner, we do want you to help and give something back. It’s very important to keep the partner family going. Uh, and if you’re not a partner, then I will tell you if you’ve got all those pieces in place, then my hats off to you. But the cool thing is we’re always looking for new partners to do deals with and all of those pillars we provide them do for our partners. So for those of you that are ready to kind of jump in and get going, uh, we have some amazing team members on standby today, and you can call them directly to get started. Not if you’re just kicking tires, just go to our website, partner-driven dot com and check it out. If you’re ready to pull the trigger right now, you’ve hopefully already been talking to a couple of our partners and you’re ready to go, um, call them at (770) 746-8585.
Speaker 2 (48:07):
And it’ll magically route you to one of our team members that hopefully you’ve already been talking to. We haven’t been talking to anyone and you’re ready to pull the trigger, call that number and somebody who’s on standby. So having settled as guys, I, um, it’s been another amazing year. I think we’ll do this one more time this year, before new years. Um, but as we kinda bring this year to a close, I’ll tell you, I love doing these Tuesday night calls. Uh, as long as we’ve been in the partner driven model, we’ve been, you know, religiously loyal to these calls. Sometimes it’s myself. Sometimes it’s another team member, but man, we, we love it. We feel like this is the gateway into the partner world. Uh, for those of you that already part of the partner world, this is just another way for you to kind of keep it going.
Speaker 2 (48:52):
So for myself, for all the team members behind me to make all this stuff happen, um, thank you Merry Christmas to everybody. If I don’t happen to see you, uh, until the end of the year, uh, happy new year, uh, look forward to an amazing, amazing 20, 21 together. Uh, it’s been an amazing 2020. We’ve seen amazing things happen with the partners already. And, um, um, I’m signing off. Uh, like I said, hopefully we’ll be here one more time before the year’s out. Uh, but to each and every single one of you, happy holidays, Merry Christmas. Thanks.