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Sean Langston
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Full Transcription below:
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Start investing and what I mean
by that, they think that it
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takes more money than it does.
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You know, what I’ve understood.
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And when I’ve done is if you can find a
good deal, money will come to the deal.
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Pretty Shawn real estate investor
might say, tell us more about this.
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Yeah.
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So, uh, to transition to a
real estate investor mindset.
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From a real estate agent mindset.
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Guess you have to look at the
opportunities from the standpoint of
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how can this actually make money and how
can this make sense as a property where
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you can get a return on an investment.
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And so I think that most agents,
we have been taught to just look
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at it from a standpoint of how
it could, could benefit outcomes.
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And so there’s just a little bit of
a mind shift to figure out how could
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this benefit me if I wanted to look
at this property for an investment.
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And so once you start looking for
opportunities, they’ll just show up and
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say, Looking at it from an investment
standpoint, whether it’s, uh, you know,
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potential for appreciation, maybe it’s
a buy and hold cause you’re looking
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at it better to appreciate over time.
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Or you’re looking at it that it may
advise monthly cash flow or you’re
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looking at it that, um, you know,
the area is changing and you can see.
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That there’ll be an opportunity
for you to maybe, you know, do a,
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do a flip or something like that.
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So just having that different outlook on
the property, as opposed to just looking
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at it from a standpoint of helping someone
else just to purchase the property.
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Hmm.
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That makes sense.
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When you’re looking for the opportunities,
they’ll start to like, appear like
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w when did you start doing that?
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00:02:16,030 –> 00:02:18,700
Or like, how was when was like
the first kind of time where
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something clicked on that end?
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So the first time that I realized and
started to really look at it from an
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investor standpoint, I was actually
working with an investor from California.
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And so the interesting thing about it
was I was doing a ton of short sales.
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This guy actually found me online.
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All the way from Sacramento,
California, he found me online.
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He said, I see you’re doing short sales.
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I see this property.
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I want to know more about it.
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Is it a good deal?
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So I did my research and found
out indeed it wasn’t a good deal.
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And I helped him to
purchase that property.
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And then, uh, he purchased another one
and another one and another one and maybe
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00:03:03,359 –> 00:03:06,480
about five properties into that process.
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I’m like, You know, if it’s good
for him, it’s probably good for me.
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00:03:12,045 –> 00:03:16,245
And just learning some of the things
that he looked at from an investment
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00:03:16,245 –> 00:03:21,585
standpoint, I took that same mentality
and looked at it and say, well,
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00:03:21,975 –> 00:03:25,305
you know, he might have more money
than me, but I have more knowledge
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about this market than he does.
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And so I said, Hey, I just need
to get one property at a time.
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I don’t need to buy several
properties at a time.
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And so I really just started looking.
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For opportunities.
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And one thing that I learned
from that is I started to buy
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properties based upon monthly cash
flow because that’s predictable.
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Right.
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I know that most people like
doing flipped properties, but
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I feel like that’s speculative.
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Like you don’t always know
exactly what you’re going to make.
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You don’t know what
the market is gonna do.
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00:03:59,435 –> 00:04:04,054
But you can pretty much predict how
much you’ll get in monthly rents if
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you place a tenant in that property.
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00:04:06,005 –> 00:04:08,704
And so I buy the property based upon that.
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And then the appreciation
is just icing on the cake.
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And so that’s really my secret sauce.
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00:04:16,815 –> 00:04:19,235
I actually learned that from, from him.
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He’s pretty much became my mentor
and he’s done really well with that.
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00:04:23,615 –> 00:04:29,015
And so have I, uh, so I think that
sometimes we start chasing squirrels and
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00:04:29,015 –> 00:04:32,525
we want to flip a property and all that
good stuff, which is, I do that too.
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But I’m just saying, if you’re
going to last in this real estate
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investing game, you have to.
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Be in it for the long haul.
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And you have to look at it strategically
from the standpoint of how much cash flow
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can this property make on a regular basis.
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00:04:50,565 –> 00:04:52,125
It’s still, that’s pretty
much what happened.
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Like I said, I was working with him and
for him and identifying opportunities.
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And then once I start to understand
it more and understand that, Hey.
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00:05:02,040 –> 00:05:05,820
If he’s going to be spending his money and
some of these properties, he bought sight
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00:05:05,820 –> 00:05:08,280
unseen and get people doing it nowadays.
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00:05:08,310 –> 00:05:10,260
But this was back in like 2009.
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You know, so, so over, you know,
10 years ago, um, he was doing that
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and, and I’m like, wow, he’s buying
these properties sight unseen.
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He’s never stepped a foot here.
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And Charlotte, it’s still, I said,
Hey, if it works for him, works for
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him, it definitely can work for me.
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And so I just really started
being aware of the opportunity.
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Uh, shortly after that and just
acquiring properties as I went along.
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Hmm.
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That’s good for, I guess, for people
like what’s, uh, cause I’m sure, you
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know, there’s realtors out there who they
have the cash, they have the knowledge.
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But they’re just like, haven’t taken
the plunge maybe to, into invest,
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like what’s what’s going on there.
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Yeah.
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That’s a great question.
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I’ll tell you.
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One thing that I’ve seen with a lot
of agents is this there’s several
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things, but one thing in particular,
they’re talking to the wrong.
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Right.
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A lot of them are talking to people that
have never owned an investment property.
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00:06:05,610 –> 00:06:08,730
It’s a funny thing, you know, you would
think that, Hey, we working with all these
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clients that we would have access to that,
but some of us, uh, some agents don’t
102
00:06:13,500 –> 00:06:16,380
have access to, uh, investor type claims.
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And so I believe that a lot of aid
is, are talking to the wrong people.
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What I mean by that is they’ll say,
Hey, I’m thinking about getting
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into, you know, rental properties
and real estate investing.
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And they’ll say it to a friend or
somebody that they know, and that
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00:06:32,625 –> 00:06:37,845
friend that’s never owned an investment
property that, you know, is the, uh, uh,
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00:06:38,025 –> 00:06:43,905
you know, the Google lawyer that knows
everything from Google and social media.
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Oh, you don’t want to own any
rental properties because you know,
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you’re not going to do anything,
but, uh, pep headaches from tenants
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and changing toilets and getting
calls in the middle of the night.
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That’s the furthest thing from the truth.
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You know, once I talked to people that
were actually doing this thing in real
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estate, and I got the real from them.
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Uh, I’ll tell you one of the most
important things you could do is do
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the correct repairs on the property.
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Therefore, you don’t have to worry about
calls and screen your tenants heavily.
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Like that cuts out about 95%
of the issues you’ll have.
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And so I believe.
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Agents are getting the wrong information.
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And then secondly, I believe that
a lot of agents don’t know the next
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step to take, to start investing.
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And what I mean by that, they think
that it takes more money than it does.
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00:07:40,005 –> 00:07:44,565
You know, what I’ve understood and what
I’ve done is if you can find a good deal.
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Money will come to the deal.
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You know, like I’m, I’m
dating myself now, right.
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00:07:51,465 –> 00:07:54,345
There was this guy that late
night infomercials used to come
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on and call it Colton sheets.
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And if you, you, if you’re over
40 years old, you seen them.
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They come on at 12.
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I used to come, come in,
you know, it’d be wake up.
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You know, the TV is on.
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I wake up in the middle of night
TV, still on at CVS and sheets.
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And he used to sell this course said.
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Back then it was the VHS.
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So that was long time ago
and, and, and, and, uh, DVDs.
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00:08:17,705 –> 00:08:24,185
And he said, um, you can buy real
estate with little, to no money down.
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I’m like, that is not true.
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And then I finally bought the
course and I, I studied it and
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I found out that it was true.
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And so what I’ve learned over the years
is if you buy, uh, if you find the
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right deal, People will loan you the
money because it’s less skin in the
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game for them, less risky investment.
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And so people are smart.
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People are looking for
ways to invest their money.
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So I think that’s the biggest thing
that a lot of individuals, agents,
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especially, they, they believe that it
takes more money than what it really does.
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Hmm.
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Yeah, no, that’s, it’s like a,
there’s like a mindset shift or yeah.
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00:09:07,900 –> 00:09:08,290
Yeah.
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Mindset is everything.
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That’s one thing I’ve learned over
time, that whatever you believe
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that’s, what’s going to happen.
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If you believe bad, things
are gonna happen, they are.
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If you believe good things
are gonna happen, they are.
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And so the mind shift it’s and the
mindset is totally, uh, S important.
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That’s the biggest difference right there.
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Just understanding that.
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Hey, what, what I learned from
somebody else or what I was
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taught, you know, coming up.
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And what I learned, you know, about
real estate per se is not a fact, right.
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You have got to have
an open mind and know.
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Anything that you want to do starts.
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Why you say that you can’t do it.
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You won’t do it.
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If you say that you can’t
do it, you can’t do it.
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You say that you can, you will do it.
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00:10:04,239 –> 00:10:10,390
And if you will do it, things will start
happening more, always happening exactly
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the way you want it, but you’ll start
seeing little wins and those successes.
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And so once you do that, You get more
confidence, so mindset and the mind shift
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00:10:21,370 –> 00:10:26,260
to believe that you can be successful
and believe that you can do this real
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estate investing is probably one of
the biggest parts of this process.
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00:10:31,450 –> 00:10:33,090
Yeah, yeah, absolutely.
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00:10:33,150 –> 00:10:35,460
For like, so even.
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00:10:36,185 –> 00:10:41,645
You know, th the mistakes that you
make help in the whole process of
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like, of like your mindset shifting
you’re like, oh, like, no, the
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00:10:45,545 –> 00:10:47,825
mistakes are a part of the growth.
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00:10:48,365 –> 00:10:51,095
Could you kind of like dive
into that a little more?
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Yeah.
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So that’s that’s wow.
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So the mistakes, yeah.
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Always learn something from the mistakes.
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And so.
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00:11:01,305 –> 00:11:07,815
One thing that one of my first
deals I did was craziest thing.
185
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You wouldn’t believe it.
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00:11:09,735 –> 00:11:15,645
The actual transaction
was a great opportunity.
187
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A wholesaler brought it to me.
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Everything was moving along smoothly.
189
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And what ended up happening
is the craziest thing.
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00:11:26,985 –> 00:11:30,555
This is like something you
wouldn’t even believe, but we
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00:11:30,555 –> 00:11:31,875
went through the transaction.
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00:11:31,875 –> 00:11:36,105
So I had a house I turned around
and I, I bought the house from
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00:11:36,105 –> 00:11:40,215
them and I had a buyer I renovated
and I had a buyer for the house.
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00:11:40,215 –> 00:11:40,605
Right.
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So that was sweet.
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00:11:41,835 –> 00:11:43,545
I was going to make a nice profit on it.
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00:11:44,175 –> 00:11:50,085
Well, anyway, as we’re moving through the
process, I sell the house to the buyer.
198
00:11:50,805 –> 00:11:54,915
And my proceeds, my closing
proceeds get held up.
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00:11:54,945 –> 00:11:55,965
I don’t get my money.
200
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And so I’m like, well, what’s going on?
201
00:11:59,895 –> 00:12:06,675
Well, the craziest thing happened, the
actual closing attorney that I hired
202
00:12:07,215 –> 00:12:12,075
stole the money, stole all of the money.
203
00:12:12,075 –> 00:12:12,915
He was still in money.
204
00:12:13,680 –> 00:12:17,700
Apparently for years, he stole the money.
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00:12:17,760 –> 00:12:24,180
And so he didn’t pay off the
previous loan that I had.
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00:12:24,210 –> 00:12:27,030
You know, I bought, I had a loan
against it to get it, but I still
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00:12:27,030 –> 00:12:28,740
had a nice profit margin in there.
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00:12:29,100 –> 00:12:31,050
He didn’t, he didn’t pay the house off.
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00:12:31,050 –> 00:12:35,550
So the house still had an outstanding lien
and come to find out he wasn’t paying.
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00:12:36,305 –> 00:12:36,995
Anybody’s.
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00:12:37,085 –> 00:12:42,245
He was basically taking money from
a new closing, the pay for the next
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00:12:42,245 –> 00:12:43,925
closing, but it caught up with him.
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00:12:44,825 –> 00:12:48,715
Um, the house almost went
the foreclosure on me.
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00:12:48,955 –> 00:12:52,495
I had to go through my title insurance
company to try to make a claim.
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00:12:52,855 –> 00:12:54,385
It was just a disaster.
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00:12:54,775 –> 00:12:59,275
And so one thing I learned from that
was know who you’re working with, know
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00:12:59,275 –> 00:13:01,675
your partners, get some references.
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Like, I didn’t know this guy.
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I didn’t get any references and stuff.
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Uh, I learned that from that experience,
I also learned the importance of
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title insurance, because the title
insurance finally did come through.
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Exactly.
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So you always learn, I believe
from your, your major mistakes.
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And so that’s, that’s
what happened with that.
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And, uh, it was crazy, but when I was
going through it, I was like, this,
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this, this doesn’t even seem real.
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This, this is like something from
a, uh, from a book, you know?
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And so, uh, but yeah, I learned a lot from
that and that was one of my first deals.
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And so I’m learning something
different every day.
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Like I’m even learning with
my different contractors.
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I have to deal with
them in a different way.
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My different contractors,
they communicate differently.
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00:13:53,594 –> 00:13:59,084
And so I’ll understood to, uh, to
deal with them in a different aspect,
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you know, relative to how I might
deal with, for another contractor.
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00:14:02,805 –> 00:14:06,135
And I think that we as real estate
agents, we do that already, right.
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We deal with, uh, different
clients in different ways.
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And so it’s really just
the natural progression.
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Uh, it takes a little bit
more detail and understanding.
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And once you do have that detail and
understanding you can, um, uh, recognize,
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you know, the things that you need to, uh,
change when you’re, when you’re dealing
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with, uh, potential, uh, contractors,
potential people, potential situations.
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00:14:31,710 –> 00:14:32,010
Yeah.
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W w w we have to finish that story though.
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00:14:34,080 –> 00:14:35,670
W what is, what ended up happening?
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00:14:35,670 –> 00:14:39,420
So you had to go through
title insurance, and then.
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00:14:40,040 –> 00:14:40,760
Like, how did it feel?
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00:14:40,760 –> 00:14:41,690
How did that process work?
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00:14:42,590 –> 00:14:47,930
Yeah, so, so I had to go through the
title insurance, and first of all,
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the attorney actually got locked up.
250
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Oh my gosh, you can’t lock them.
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00:14:52,760 –> 00:14:55,450
And you know what, that
the craziest thing.
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00:14:56,474 –> 00:15:00,885
I’m the one responsible for,
uh, uncovering all of this?
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00:15:01,395 –> 00:15:01,785
I don’t know.
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00:15:01,814 –> 00:15:04,604
I didn’t know that he was
stealing money from other people.
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00:15:04,875 –> 00:15:08,864
All I knew was I couldn’t get
my money for my transaction.
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00:15:09,255 –> 00:15:11,505
And so I’m like, what
the heck is going on?
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00:15:11,505 –> 00:15:15,045
So I was pressing his paralegal
and I was pressing her so hard
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that she finally broke down.
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00:15:16,395 –> 00:15:19,244
She’s like, Hey, is something going on?
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They’re investigating us.
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00:15:20,535 –> 00:15:21,974
I don’t know what’s going on.
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00:15:22,214 –> 00:15:24,464
You know, I’ll just,
I’ll just call him John.
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00:15:24,464 –> 00:15:25,214
I won’t put his whole name.
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00:15:25,745 –> 00:15:28,895
Yeah, John, you know, it
has some, uh, some, uh,
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00:15:28,915 –> 00:15:30,995
discrepancies in his, his account.
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00:15:31,235 –> 00:15:34,415
And so I don’t know, what’s
what’s really going on here.
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00:15:34,685 –> 00:15:39,575
And so, uh, we exposed it and come to
find out he had been doing it for years.
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00:15:39,575 –> 00:15:43,085
I mean, it, it impacted, you know,
hundreds of other people’s transitions.
269
00:15:43,735 –> 00:15:49,975
Yeah, the problem was, he was
actually, um, taking that, um, taking
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00:15:49,975 –> 00:15:53,185
money from previous transactions
and paying off other ones.
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00:15:53,185 –> 00:15:55,495
So it’s basically like a Ponzi scheme.
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00:15:55,825 –> 00:15:57,745
He finally ran out and
it caught up with him.
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00:15:57,985 –> 00:15:59,065
So he got locked up.
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00:15:59,125 –> 00:16:03,955
And so the title insurance ended up, uh,
seeing my claim and making me hold out.
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00:16:03,985 –> 00:16:05,155
They took care of everything.
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00:16:05,155 –> 00:16:08,005
I was able to get my money,
but it took a long time.
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00:16:08,245 –> 00:16:14,714
You know, people say these things
like, um, So rental homeowners,
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00:16:14,714 –> 00:16:15,974
insurance and all those things.
279
00:16:15,974 –> 00:16:18,464
That’s, that’s pretty
simple and straightforward.
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00:16:18,464 –> 00:16:18,885
Right.
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00:16:19,244 –> 00:16:22,185
But people don’t understand the process.
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00:16:22,185 –> 00:16:26,295
You have to go through, uh, when you
have title issues, that whole process
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00:16:26,324 –> 00:16:28,484
took me about one year, you know?
284
00:16:28,484 –> 00:16:32,714
So that, that money that was there, I
mean, not profit that I was going to make.
285
00:16:32,775 –> 00:16:37,094
It was just like, I was happy to get
it, but it wasn’t the same profit
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00:16:37,094 –> 00:16:38,805
because it took over a year to get it.
287
00:16:39,185 –> 00:16:39,454
Yeah.
288
00:16:39,765 –> 00:16:40,175
Yeah.
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00:16:40,204 –> 00:16:41,614
It’s like, we’ll pay you back later.
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00:16:45,390 –> 00:16:49,230
Which, which also goes, I think with
like, uh, some of the disciplines you
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00:16:49,230 –> 00:16:55,260
have to have as like a, as you go up in
the ranks and in real estate, um, because
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00:16:55,260 –> 00:16:58,230
if, if you were super pressed for money,
that would have been a very big issue.
293
00:16:58,280 –> 00:16:59,390
Yeah, absolutely.
294
00:16:59,420 –> 00:17:00,080
Absolutely.
295
00:17:00,080 –> 00:17:04,040
So definitely having the discipline,
definitely having the mindset,
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you know, I always believe
that at the end, I’m going to.
297
00:17:07,125 –> 00:17:11,595
You know, so that’s super important
just having that, that mindset that
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no matter what’s happened, that’s
what happens that you’re going to win.
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You’re going to either learn
something or you’re going to succeed.
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And once you have that
mindset is never a failure.
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00:17:21,405 –> 00:17:21,525
Yeah.
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00:17:22,240 –> 00:17:23,170
Uh, nailed it.
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Uh, so good.
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00:17:24,660 –> 00:17:28,830
Uh, thank you so much for sharing
that info, Brian, I appreciate you.
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00:17:28,830 –> 00:17:32,610
If you guys liked this information,
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00:17:32,610 –> 00:17:35,940
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