[0:00] What's another asset type that's better
[0:02] than Airbnb that has an average RV
[0:04] parks, but nobody talks about it?
[0:09] If, you, told, me,, Pace,, I, have a, job, I
[0:11] hate, my boss is the worst, and I'm
[0:12] barely making ends meet.
[0:14] >> I, would, tell, you,, jump, into, single
[0:15] family right now
[0:16] >> and, replace, your, active, income, with
[0:19] other active income. Got
[0:20] >> it.
[0:21] >> What, you, need, to, do, right, now, because
[0:22] you have good active income
[0:24] >> is, you, need, to, get, supplemental, income
[0:27] from passive income.
[0:28] >> Okay?, which, would, be, an, RV, park., Here's
[0:31] what I would be doing, a daily activity.
[0:33] I would go on like Krexy, Loopnet, and I
[0:36] would go into the sub two underwriting
[0:38] zooms. There's four of them a week. Just
[0:40] pick one that you like
[0:41] >> and, go, in, there, and, say,, "Hey, guys,, can
[0:43] you look at this and tell me why this is
[0:44] not a good deal?"
[0:46] >> And, I'd, spend, three, months, literally
[0:48] just learning why something's not a good
[0:50] deal. Why 3 months pace? Cuz you're only
[0:52] going to do one Zoom a week.
[0:53] >> You, don't, need, to, overwhelm, yourself
[0:55] with 5 hours a day. It's like, let me do
[0:57] two hours this week and then I'll spend
[0:59] the rest of the week 20 minutes, 20
[1:01] minutes, 20 minutes, 20 minutes every
[1:02] day just looking through the sites
[1:04] finding next week's reason why I'm going
[1:07] to go into that Zoom.
[1:08] >> You, go, into, the, Zoom,, they, underwrite, it
[1:09] for you. Within 3 weeks, 4 weeks, 5
[1:12] weeks,, you're, going to, go,, I, kind, of
[1:14] know kung fu.
[1:18] >> I, know, kung, fu.
[1:22] Show me.
[1:23] >> Like,, I, know, what, I'm, looking, at, now.
[1:26] Okay. Now, what you're going to do is
[1:27] you're, going to, go, find, somebody, that's
[1:28] buying RV parks in owners club and go, I
[1:31] want to bring you an RV park. I'd like
[1:32] to get 10% and a little bit of money up
[1:35] front so I can gain confidence and bring
[1:37] you a second one.
[1:38] >> Okay?
[1:39] >> And, within, 6, months,, you're, going, to
[1:40] have ownership in a park. You're going
[1:42] to probably have made 50 grand in
[1:44] finders fee for bringing that deal to
[1:45] somebody and 10% ownership. Well, pays
[1:48] 10% ownership ain't going to change my
[1:50] life. Yes, it will. Because now the
[1:52] second one you bring, you can be like
[1:54] 20, 30, 40%. And by the third one, you
[1:57] go, I think I could just do the third
[1:59] one by myself. So your first deal, it's
[2:01] like I I tell a lot of people that are
[2:03] jumping into passive, I'm like
[2:05] >> list, out, all, your, bills, and, start
[2:07] chiseling them away with each asset you
[2:09] buy.
[2:10] >> Okay,, rent's, gone,, car's, gone,, cell
[2:13] phone, groceries gone, and now you're
[2:15] like in four assets, I'm I'm free
[2:17] right? So that's what I would be doing
[2:19] if I was somebody who has a good paying
[2:21] job. Stay at the job, especially if you
[2:23] like it.
[2:24] >> Yeah.
[2:25] >> And, it's, the, cheat, code, and, go, buy, a
[2:28] couple of assets by the This is what
[2:29] Jordan Rays did. He bought a park with
[2:31] me.
[2:31] >> Yep.
[2:32] >> He, got, a, second, park,, brought, to, me,, got
[2:34] another check for 90 grand. And then on
[2:37] his third park, he went and bought a $5
[2:39] million park on his own.
[2:41] >> Nice.
[2:42] >> And, now, he's, on, to, like, his, fourth,
[2:43] fifth, sixth park. He's like, and he's
[2:46] also simultaneously buying businesses
[2:48] with creative finance. He just bought a
[2:49] handyman business and a painting
[2:50] business.
[2:51] >> Yeah.
[2:51] >> So,, he's, doing, other, things, with
[2:53] creative finance, too, to bring in more
[2:55] income, but he has the confidence now
[2:57] because he knows I don't have to worry
[2:58] about money because I have passive money
[3:01] coming in. Okay. So, how does it work?
[3:03] It's really, guys, seller finance is
[3:06] self-descript. Meaning
[3:08] >> it, means, exactly, what, it, says., The
[3:11] seller is financing you. Okay? Okay. So
[3:13] if I go to Adler, who's holding this
[3:15] camera, and let's say this is Adler's
[3:16] gear. Is this your Apple Watch?
[3:18] >> Uh-huh.
[3:18] >> Okay., What, do, you, think, this, is, worth
[3:20] today?
[3:20] >> Oh,, 100, bucks.
[3:21] >> Okay., You, want, to, upgrade, that, Apple
[3:23] Watch at some point, right?
[3:24] >> Yeah.
[3:24] >> Okay.
[3:25] >> Or, you, want, to, get, rid, of, it?, You, want
[3:26] to retire from it? Right. Okay. So, I go
[3:28] to you, the seller, and I say, "Hey
[3:30] Adler, I'd like to buy your Apple Watch.
[3:32] What would you sell it to me for on
[3:33] cash?"
[3:35] You, go, list, it, for, a hundred, bucks.
[3:37] Right? This is I'm describing how it
[3:40] works right now because this is exactly
[3:42] what happens. Him, the seller, goes and
[3:45] puts it on a broker, which is
[3:46] Craigslist, eBay, or whatever, and he
[3:48] tries to get the highest number possible
[3:50] on a cash offer. So, let's say I take
[3:52] this $100 watch and I put it on
[3:54] Craigslist., Am, I, getting, a hundred
[3:55] bucks?, No., because, you're, going to, have
[3:58] wholesalers or cash buyers or investors
[4:01] come along and go that $100 watch I need
[4:04] to make sure I got a deal to feed my
[4:06] family. So, I'm going to pay I want to
[4:08] buy that for 50 cents on the dollar in
[4:10] order for me to make money. Follow?
[4:13] >> Yeah.
[4:13] >> Okay., This, is, exactly, how, real, estate
[4:14] works, guys. It's no different. Okay.
[4:17] So, this seller is belligerent. He's
[4:21] owned this this Apple Watch for x amount
[4:23] of time and he really has emotional ties
[4:25] to it and he wants to make sure he gets
[4:27] his hundred bucks. So, this thing sits
[4:29] on the market for a significant amount
[4:31] of time. That's where creative investors
[4:34] come along and go, "Hey, uh, ring ring.
[4:36] Hey, Mr. Seller, I see your watches on
[4:38] Craigslist for over a 100 days. Have you
[4:41] sold that thing yet?" No, I haven't.
[4:44] Okay. Well, what's been keeping you from
[4:45] selling? Well, everybody's lowballing
[4:47] me. Bro, I'm literally describing every
[4:49] conversation you're going to have in
[4:51] real estate right now. This is happening
[4:53] right now. And I go, cool. Um, okay.
[4:56] Well, I would probably guess you're
[4:58] getting offers somewhere around 50 or 60
[5:00] bucks for your watch. Oh, yeah. Well
[5:02] how how do Yeah, you're right. How do
[5:04] you know that? Well, cuz if I was going
[5:05] to give you a cash offer, I would also
[5:07] give you that that number. Seller then
[5:09] says, "What do you mean if you were
[5:11] going to give me a cash offer?" Well
[5:12] I'm not going to give you a cash offer
[5:13] because if you were going to accept a
[5:15] $50 or $60 offer, you would have already
[5:17] sold the watch.
[5:18] >> Yeah.
[5:18] >> So,, how, about, I, give, you, a, $90, offer, as
[5:22] close as possible as I can get to that
[5:23] number, but I need to make monthly
[5:26] payments to you instead of one lump sum.
[5:29] >> Yeah.
[5:30] >> And, you,, Adler,, let's, say, you, haven't
[5:32] sold this watch for six months. It's
[5:34] been on the market for a hundred bucks
[5:37] and you're sick and tired of looking at
[5:38] it and having to recharge the thing
[5:40] right? maintenance on the property and
[5:43] somebody comes along after 6 months and
[5:45] says, "I'll pay you close to that
[5:47] hundred bucks, but I need to make you
[5:48] monthly payments to do that." What is
[5:51] the likelihood of you saying yes to
[5:52] that?
[5:53] >> Yes.
[5:53] >> Yes., Now,, here's, how, this, works., Again,
[5:56] how does this work? If the Apple Watch
[5:58] has been on Craigslist for 3 days, do
[6:00] you think Adler's really going to be
[6:01] motivated to give me seller finance?
[6:04] >> No., So,, when, people, can, say,, "I, called
[6:05] the seller. They said they're not
[6:07] interested." Okay. Well, what's the
[6:08] listing look like? And I look at the
[6:10] listing. I'm like, "It's been on the
[6:11] market for three days, you idiot.
[6:13] There's no motivation.
[6:15] >> You, So,, I, call, the, seller, and, I, appeal
[6:17] to their greatest pain, which is I'm not
[6:20] getting the number I want." And I go
[6:21] "Great. I'll get you the number." And
[6:22] the seller goes, "Yeah, I'll do
[6:23] creative. I'll do seller finance. That
[6:25] makes sense. Well, what kind of payments
[6:26] are you looking for?" I go, "Well, look
[6:29] I've got to make money on this
[6:31] >> and, here's, what, my, terms, would, be.", So,
[6:34] for example, I reverse engineer
[6:36] everything with my sellers. So, I'll
[6:38] tell my sellers on an RV park or a
[6:40] multif family, I go, I need to make sure
[6:42] that after all my team is paid, after my
[6:45] payment to you, after utilities, after
[6:48] capex, which is like monthly repairs and
[6:50] capital expenditures is what that's
[6:52] called. After everything, I need to make
[6:54] sure I'm netting $10,000 a month. That's
[6:56] my biggest concern.
[6:57] >> Okay?
[6:58] >> So,, I, reverse, engineer., And, that's, the
[7:00] beautiful thing about creative finances.
[7:02] You can skin the cat a thousand
[7:03] different ways. And I start with the end
[7:05] in mind. They go, "If I can get to a
[7:08] point where I'm netting $10,000 a month
[7:10] and I'm paying you a monthly payment and
[7:12] you're happy with it, I can get you that
[7:14] number." And that's how that works. And
[7:16] guess what? We create what's called a
[7:18] promisory note or a an IOU. And we
[7:22] record that with the state, okay, as a
[7:25] lean. And that is now a debt instrument
[7:28] or a security or a lean or a promisory
[7:31] note. Okay? It's an IOU. It's a fancy
[7:34] way to say I and I owe you and I make a
[7:38] monthly payment and guess what you
[7:39] became? You became the bank, didn't you?
[7:42] >> You, financed, me., You, gave, me, the, asset
[7:44] and you let me make monthly payments on
[7:46] it. So that is
[7:49] um how that works.
[7:51] >> So, with, that,, that's, how, you, like, you
[7:55] can negotiate terms of like how how many
[7:57] months you're going to like
[7:58] >> Yeah., Like, I'll, give, you, we, haven't, been
[8:00] to this property in a couple of years
[8:01] but I have a property in San Angelo just
[8:03] like four four hours away from here and
[8:05] the seller wanted a really high number.
[8:07] >> So, obviously, you, were, going, to, negotiate
[8:10] like, hey, if I got to make X amount of
[8:12] money, let's say it's the $10,000.
[8:14] >> Yeah., He, wanted, Here's, what, I, told, him.
[8:15] I said, I need to make $8,000 a month on
[8:17] this property.
[8:18] >> It's, 43, units., It, brings, in, 40, grand, a
[8:21] month.
[8:21] >> Okay.
[8:22] >> Okay.
[8:22] >> What's, the, the, cost?
[8:24] >> So, 40, grand, is, what, it, brings, in
[8:26] revenue. you've that's revenue. That's
[8:28] topline, right? I I have 43 tenants. The
[8:31] average rent is under $1,000. So, I'm
[8:33] bringing in $43,000 a month. I'm sorry
[8:36] bringing in 40 grand a month off of 43
[8:38] tenants.
[8:39] >> Um,, your, average, vacancy, is, going, to, be
[8:42] about 5 to 7%.
[8:44] >> Okay?
[8:44] >> So,, 5%, of, 43, is, basically, three, units.
[8:48] So, I have 40 units paying me about
[8:51] $40,000 a month, right?
[8:52] >> Cool.
[8:53] >> I, collect, that, 40, grand, because, I'm, the
[8:55] new owner. His payment, it goes to him.
[8:57] His name is Mario. I pay him 16 grand a
[9:00] month.
[9:00] >> Yeah.
[9:01] >> 3%, interest., That's, He's, the, bank.
[9:03] That's my bank loan. 16,000. I've got
[9:06] handymen. I've got insurance. I've got
[9:08] maintenance. I've got repairs. I've got
[9:10] all sorts of things. And after
[9:12] everything's said and done, I take home
[9:13] about $11,000 a month.
[9:16] >> Okay.
[9:16] >> Okay.
[9:17] In order for me to get there, in order
[9:21] for me to get there, we had to stretch
[9:23] my payments out to 50 years. So, this is
[9:28] what's crazy. You can skin the cat in
[9:30] ways you don't even you can't even
[9:31] comprehend. I will pay him well after
[9:34] he's dead. Why? How did I structure this
[9:37] deal? I structured this deal by saying
[9:38] "Mario,
[9:40] that's a really high purchase price. $3
[9:42] million for these 43 units is really
[9:44] high. I probably should be buying this
[9:45] for about $2.3 million. And he goes
[9:48] "Well, let's make it work. How can we
[9:50] make your payment low enough to justify
[9:52] the $3 million purchase?" I said "Well
[9:55] we got to stretch this to maybe 50
[9:57] years, maybe 60 years, so my payment
[10:00] stretched out over a longer period of
[10:02] time." And he goes, "Well, I'll be
[10:05] dead." And I go, "Yeah, you will be
[10:08] dead, and maybe even I will be, but my
[10:10] team won't be. My company won't be. My
[10:13] kids won't be dead. And wouldn't it be
[10:15] cool if my kids are still alive paying
[10:17] your kids who are also still alive? So
[10:18] the case study of Mario is a good it's a
[10:21] really good case study. I've interviewed
[10:23] Mario. He's on the channel. We should
[10:24] pull it up.
[10:25] >> Okay.
[10:25] >> And, Mario, and, I, have, had, multiple
[10:27] conversations on live Zooms where
[10:29] Mario's like, "I got another property
[10:30] for you. Got another property for you.
[10:31] I'm going to make you rich base." I I
[10:34] bought that property from him three
[10:35] years ago in San Angelo. And the way I
[10:38] got the deal is it was with a broker on
[10:41] the market for a really long time. We
[10:43] called the broker and the broker said
[10:44] "Oh, Mario fired me a long time ago. I
[10:46] don't even know know why that listing's
[10:47] on there." Okay, but this goes back to
[10:49] the Apple Watch, doesn't it? It was on
[10:51] the market for a long time. So, I call
[10:53] Mario and I go, "Hey, man. Are you open
[10:54] to seller finance?" He goes, "Yeah, of
[10:56] course I am, but it just kind of depends
[10:58] on what your terms are." And I tell him
[11:00] "I need to make $8,000 a month net." And
[11:02] he goes, "Well, you've never seen the
[11:04] property." I go, "Well, if you're
[11:06] interested in creative financing, you're
[11:07] not going to waste my time. I'll fly out
[11:09] and I'll meet you." So, I go out and I
[11:11] meet him at the property, 43 unit deal
[11:13] and we were in the parking lot and his
[11:16] Escalade was running and we were sitting
[11:18] there on the hood of his car with his
[11:19] running vehicle. And I'm like, "Why are
[11:21] like turn the car off, man? It's loud."
[11:23] My kids's inside. And I go, "Why doesn't
[11:25] he play on the playground, right? The 43
[11:27] unit has an a playground." He goes, "He
[11:28] hates this property."
[11:31] I go, "Why? That's interesting. If he
[11:33] hates the property, why would I buy it?
[11:35] What's wrong with it?" He says, "Well
[11:37] let me put it this way." On his 11th
[11:40] birthday, when my wife asked him what he
[11:43] wants for his birthday, his answer was
[11:46] "I want my dad to love me as much as he
[11:48] loves his tenants." Okay? See pain.
[11:52] And on his 12th birthday, which was
[11:55] about 6 months ago, this is when he put
[11:57] it on the market. Okay? This is you got
[11:59] to understand people's motivation. He
[12:01] puts it on the market because for his tw
[12:02] 12th birthday, Mario had to miss his
[12:06] son's baseball game to go fix a problem
[12:08] with a leaky toilet. Okay? And so his
[12:11] son didn't want to talk to him for like
[12:12] a month. Like my dad misses games. He
[12:14] loves these people more than he loves
[12:16] me. And so Mario put it on the market
[12:18] and tried to sell it for a high purchase
[12:19] price, right? Because he cared about his
[12:21] legacy and passing something down to his
[12:23] kids cash-wise. And so I go
[12:25] "Interesting." And so the way I
[12:27] structure the deal, understanding what
[12:29] his pain point is, is I said, "Well
[12:32] what better way, Mario, what better way
[12:34] to show your child that you love him
[12:37] than to send him a check every single
[12:39] month for the rest of his life for
[12:40] $16,000 a month." He goes, "Where do I
[12:42] sign?" And that's how I close the deal.
[12:45] The other thing is like you want to
[12:46] There's a couple of questions I would be
[12:48] asking like what are asset types that
[12:50] are going to be around in 10 years
[12:51] right? Because
[12:53] >> you, also, don't, want, to, would, you, go
[12:54] marry I know it's a stupid question but
[12:56] would you go marry an 85year-old woman
[12:58] right, now, by, default, you're, going to
[12:59] usually be like no she's going to she's
[13:01] going to die in 10 years right or five
[13:03] or whatever it's the same thing with
[13:05] Airbnb like think about Airbnb it is d
[13:07] it's not dying off
[13:09] >> it's, just, dwindling, this, is, the, number
[13:12] one reason why people jump into Airbnb
[13:14] you want to know what it is
[13:14] >> yes
[13:15] >> no, you, have, no, clue
[13:17] >> I
[13:17] >> it's, going, to, make, so, much, sense, it's
[13:19] tax benefits because they have a high
[13:22] income W2.
[13:24] >> Yeah.
[13:24] >> And, their, CPA, is, a
[13:27] >> what, is, the, what, how, can, I, qualify, as, a
[13:29] real estate prof? You can't get the tax
[13:31] benefits unless
[13:32] >> spend, a, certain, number, of, hour, 100, hours
[13:34] a year, right?
[13:35] >> 100, hours, a, year, more, than, anybody, else
[13:37] on that asset.
[13:39] >> You, can't, do, it, as, education., You, can't
[13:40] be like, oh, I'm in a mentorship that
[13:42] gives me 200 hours a month or whatever.
[13:44] >> Ask, that, question, to, Carl,, too., Yeah., So
[13:46] the number one qualification is it has
[13:48] to be an asset that has 7 day stays or
[13:52] less on average. What are some assets
[13:55] that do that? Section 8. No stay
[13:58] forever.
[13:59] >> Multif, family.
[14:00] >> No.
[14:01] >> No., That's, year, to, two, years,, right?
[14:03] Okay. So what about Airbnb?
[14:06] That makes sense. Okay. Average stay for
[14:08] Airbnb is like 5 days. What's another
[14:10] asset type that's better than Airbnb
[14:12] that has an RV parks? but nobody talks
[14:16] about it. I think that there's a really
[14:18] massive misunderstanding of what
[14:20] actually is an RV park versus a trailer
[14:22] park, an RV park, and a mobile home park
[14:24] are three different things. And here's
[14:26] the thing is that there are a lot of RV
[14:30] parks that also have trailers in them.
[14:31] We call those hybrids. So my these RV
[14:34] parks that I'm we're going to right now
[14:36] the average stay is not 7 days. It's
[14:38] much longer.
[14:39] >> Okay?
[14:40] >> Why?, Because, the, people, that, are, renting
[14:42] from me in Big Spring, Texas, are oil
[14:46] workers and they stay the whole year
[14:48] because they're this is their job. They
[14:49] work they move around for their job
[14:51] right? So their average the average stay
[14:53] here is like 3 or 4 months. Do you see
[14:55] we're in oil country by the way?
[14:57] >> Oh, yeah.
[14:57] >> This, is, why, my, RV, parks, are, long., The
[15:00] stays here are much longer cuz all the
[15:01] guys that are renting my spots are
[15:03] working these oil pumps. And so there is
[15:06] some challenging parts there. But here's
[15:08] the reality. Most Airbnb operators do
[15:11] not make money. But what are they doing?
[15:13] Here's what they're banking on. This is
[15:14] why Airbnb is up. One, CPAs lie. Not
[15:18] because they intentionally lie. They're
[15:20] uneducated. So, this is interesting.
[15:22] From your path from 0 to a million
[15:25] dollars net worth. How many times does
[15:27] the average entrepreneur change their
[15:28] CPAs? Four times.
[15:30] >> Four.
[15:30] >> Four, times., Why?, Because, you, learn, that
[15:32] most CPAs don't know. Then you realize
[15:35] the only CPAs you should be working with
[15:37] are their average clientele is worth a
[15:40] hundred million bucks. Okay? So you but
[15:43] you those why would that CPA work with
[15:45] you
[15:46] >> if, you're, not, worth, millions, of, dollars.
[15:48] And so CPAs are meant to be upgraded
[15:51] along the way. And so what happens is
[15:54] low-level people I was also a low-level
[15:57] net worth. You end up getting low-level
[15:59] CPAs. a recommendation by a guy named uh
[16:02] Brian about seven years ago. And I go
[16:04] "Dude, I need a better CPA. This
[16:06] paying, money, in, taxes, and, blah
[16:08] blah blah blah blah." He goes, "Yeah
[16:10] here's my here's my lady." And I go down
[16:12] there and I said "How many of your
[16:13] clients don't pay taxes?" She goes
[16:15] "100% of my clients pay taxes. What are
[16:17] you talking about?" I go, "You are the
[16:19] wrong person for me immediately. I need
[16:20] a CPA that is like,"None of my clients
[16:22] pay taxes." That's a CPA. The difference
[16:25] between a a bookkeeper, they just track
[16:28] your expenses. you then have a an
[16:31] accountant who then files your taxes. So
[16:34] these CPAs that are lower level, they go
[16:36] to these conferences or whatever and
[16:38] somebody goes, "Oh, just tell your
[16:40] clients to do Airbnbs." So imagine
[16:43] 200,000 CPAs around the country telling
[16:46] their clients who have a 9 toive job
[16:48] hey, if you want to get out of your
[16:50] taxes, go buy a Airbnb. So all these
[16:54] Airbnbs have gotten oversaturated. Did
[16:57] you see the article last year that
[16:59] 400,000 Airbnbs were dumped off the
[17:02] platform because they're such operators?
[17:04] These are poorly done Airbnbs and that I
[17:07] look I don't hate Airbnb. I hate the
[17:10] people that think Airbnb is their
[17:11] solution. There's literally I think one
[17:14] person I've ever met, Bill Faith that
[17:16] actually teaches Airbnb properly. He
[17:17] says, you're, going to, be, buying, super
[17:19] properties and you're going to be a
[17:20] super host otherwise you can't compete.
[17:22] >> Yeah.
[17:23] >> And, your, properties, are, going, to, be
[17:24] $800,000 to $2 million. going to have
[17:26] incredible experiences. So anyway, that
[17:29] is the reason why people jump into
[17:30] Airbnbs is because they want the tax
[17:33] benefits. The other thing about Airbnb
[17:35] guys, let me tell you what Airbnb is.
[17:37] It's a exit strategy. So if I tell you
[17:40] how to manage an Airbnb, how to go
[17:42] market it, fill the tenants, cash flow
[17:44] blah blah blah blah blah. Where do I
[17:46] find the property? That's an acquisition
[17:49] strategy.
[17:50] >> So, I, acquire, the, property, and, then, I
[17:53] make money on it, which is an exit
[17:55] strategy. So flip is an exit strategy.
[17:57] >> Um, section, 8, is, an, exit, strategy,, right?
[18:00] People go and learn exit strategies
[18:02] before they've learned acquisition
[18:03] strategies. So what happens is I go to
[18:05] all these Airbnb conferences. Your
[18:07] people in the hallway, they come up to
[18:09] me after I speak and they go, "We've
[18:11] been here 3 days. Nobody's once talked
[18:13] to us about where these deals come from
[18:15] because they're being educated on an
[18:17] exit strategy to apply this to Adler
[18:20] who's holding the camera. If you go
[18:22] hey, I want to be a videographer. And I
[18:25] go, cool. Let come to our videography
[18:27] seminar for three days. And the only
[18:29] thing I teach you is how to edit and
[18:32] bill your client.
[18:34] >> That, is, called, an, exit, strategy., What, I
[18:37] acquired, which is the video, video, the
[18:39] camera, the sound, the audio, the
[18:42] equipment, the acquisition is more
[18:44] important than the disposition. Okay? In
[18:47] fact, the disposition, getting rid of or
[18:49] the exit strategy, the house determines
[18:52] the exit strategy, not you. Here's what
[18:56] I mean by that. If I send you a house in
[18:58] an HOA and you're an Airbnb investor
[19:01] interesting. So, like 99% of the houses
[19:03] on the planet do not apply to you. What
[19:05] you, told, me, is, you, don't, know how, to
[19:06] find deals. Why do I know that? Because
[19:08] if I, let's say I go and I do an
[19:10] acquisition strategy, which is
[19:12] foreclosure, probate, tax leans
[19:14] creative finance, sub 2, seller finance.
[19:16] I'm acquiring an asset, right? I go and
[19:18] acquire the asset and it's in an HOA
[19:20] that does not allow Airbnb. Oh well, all
[19:23] of a, sudden, Airbnb, doesn't, work., The
[19:25] house determines the exit strategy, not
[19:29] you. So, what you need to learn when you
[19:31] first start real estate is how do I
[19:32] acquire leads, motivated sellers, and
[19:36] then determine what category they go
[19:39] into. So, for example, if I'm a
[19:41] videographer, I go into the wedding and
[19:44] I go, "Okay, I'm going to acquire all
[19:46] these, shots., I'm, going to, get, video,
[19:47] still photos, drone shots. I'm going to
[19:49] acquire all this stuff." And then based
[19:52] on the bride that I'm working for will
[19:55] determine what I edit and what I create.
[19:57] Does that make sense? So, it's the same
[19:58] thing in real estate. What I do is I I
[20:01] now go, "Okay, well, somebody sent me a
[20:03] deal. Well, it doesn't work for me
[20:05] because I'm an Airbnb investor. I'm not
[20:07] an Airbnb investor. I will I will put
[20:09] stuff in section 8 when it's
[20:11] appropriate. I will put stuff in a co-l
[20:13] livingiving when it's appropriate. I'm
[20:15] an investor. Imagine Walmart's like
[20:18] "Yeah, we only sell milk." No. When you
[20:20] limit yourself to one exit strategy, you
[20:22] get screwed. And you also go, "Well, I
[20:24] don't know how to find deals. I just
[20:26] need people to send me exactly what I'm
[20:27] looking for." And that's okay, too. But
[20:30] you're just going to grow really, really
[20:31] slowly.