He's Done 1,500 Renovations. He Says Almost Nobody Does This Right.

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[SPEAKER_02]: And three years, I scaled to $100.

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[SPEAKER_02]: And I, honestly, didn't think I did anything special after 1500 renovations, we developed pretty cool.

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[SPEAKER_02]: Two, nine times out of 10, they don't have a scope of work.

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[SPEAKER_02]: And most of the time, it's 10 out of 10.

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[SPEAKER_02]: I got hit man coming out from me right now because I've been giving out some information.

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[SPEAKER_02]: They're like, well, you go put me out of business.

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[SPEAKER_00]: Welcome to the entrepreneurial experience where we talk all things entrepreneurship, the good, the bad, the ugly, I am your co-host Coach Joe and we have Jared Taylor and I got JT visuals without the eye because it's more meets the eye.

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[SPEAKER_01]: There we go.

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[SPEAKER_00]: I forgot that I'm with action coach here in Kansas City.

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[SPEAKER_00]: We got a special VIP guest Joe dude when we say VIP you guys are in for a treat Actually we haven't practiced this we want it all to be raw, but I have my very own Amazing friend Michael Mitchell who has multiple businesses and so much experience in the real estate market here I'm gonna let you explain everything because I will not do it any justice But there's a new thing that he's doing right now called scope first and we are so excited to unpack that with you Michael what is going on brother

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[SPEAKER_00]: Oh man, another beautiful day I do in general.

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[SPEAKER_00]: Yeah, good.

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[SPEAKER_00]: A beautiful day in here is all black.

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[SPEAKER_02]: It's a little different being in here as I was so enjured.

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[SPEAKER_02]: It's almost like being like in an airplane.

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[SPEAKER_02]: It's like the sound quality is just the sound proof.

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[SPEAKER_02]: Yeah, the sound proof.

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[SPEAKER_02]: Yeah.

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[SPEAKER_02]: It's a little dull.

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[SPEAKER_02]: Right.

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[SPEAKER_02]: It takes in a just mountain.

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[SPEAKER_02]: I'm doing better than that.

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[SPEAKER_02]: Yeah.

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[SPEAKER_02]: Yeah.

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[SPEAKER_02]: Getting doubt in here.

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[SPEAKER_01]: It's detoxifying or whatever it is.

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[SPEAKER_00]: Detoxifying.

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[SPEAKER_01]: Yeah.

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[SPEAKER_00]: All right.

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[SPEAKER_00]: Well, hey, Michael, look, I think a lot of people love the concept of real estate, but I think that you have a different edge or you'll say, because you've seen the good, the bad, the ugly.

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[SPEAKER_00]: I have my experiences.

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[SPEAKER_00]: We talked often about that, but give us a 30,000 foot view of who you are, how you started.

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[SPEAKER_00]: What you've been able to accomplish and what you're doing right now.

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[SPEAKER_00]: I know that's loaded, but take your time there.

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[SPEAKER_00]: Oh, man.

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[SPEAKER_00]: Yeah.

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[SPEAKER_02]: Well, so about journey started back in 2009.

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[SPEAKER_02]: I was a tree service guy.

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[SPEAKER_02]: I always wanted to be a real estate investor.

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[SPEAKER_02]: Just I had certain beliefs in my head that you needed a lot of money.

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[SPEAKER_02]: You needed to have a certain Education and so like a lot of these limited beliefs helped me back.

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[SPEAKER_02]: So as years went by I I feared the renovation whole process

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[SPEAKER_02]: And, and so I started a construction company back in 2013.

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[SPEAKER_02]: I've never swung a hammer.

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[SPEAKER_02]: I just built a team and wanted to I just wanted to understand construction for I got into it.

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[SPEAKER_02]: And so my slurs kind of long to get me into, you know, real estate.

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[SPEAKER_02]: And they say, you know, never give up on a dream for the amount of time it will take, the time is going to pass either way.

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[SPEAKER_02]: So luckily I held on to that dream because now it feels like I blinked, you know, being today.

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[SPEAKER_02]: But so 2013, so the construction company, and then around,

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[SPEAKER_02]: 2016 about my first two plugs kind of like what everyone thinks you buy real estate to 20% down to 25,000 dollars down And that conventional yeah, yeah, yeah, yeah, there's a guy that's selling on market and made sense And I thought that's just how you did real estate Yeah, I was like man, it's $25,000 down.

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[SPEAKER_02]: They were bill scaled this way.

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[SPEAKER_02]: I never billable to you know It'd be every couple years.

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[SPEAKER_02]: I'd had to add to the portfolio, but

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[SPEAKER_02]: So I continue to build in the construction remodel business.

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[SPEAKER_02]: We're actually working for real estate investors.

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[SPEAKER_02]: And one day, he just kind of hit me.

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[SPEAKER_02]: I was like, well, I'm working for these real estate investors.

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[SPEAKER_02]: They're skilling their portfolios.

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[SPEAKER_02]: So why don't I just ask them?

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[SPEAKER_02]: How are you doing it?

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[SPEAKER_02]: And so then I started learning about those.

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[SPEAKER_02]: That simple.

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[SPEAKER_02]: I mean, someone's doing what you want to go do.

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[SPEAKER_02]: Why don't you ask them?

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[SPEAKER_02]: It's amazing.

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[SPEAKER_02]: How much information a person will share?

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[SPEAKER_02]: They talked about flips.

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[SPEAKER_02]: They talked about burrs and Airbnb's and all these different strategies and burrs to seem like the one that spoke to me.

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[SPEAKER_02]: You buy the house, you go find the property, wholesalers, all the money bills, whatever.

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[SPEAKER_02]: Then you got to rehab it.

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[SPEAKER_02]: So I buy them run down, and then you rehab them, you rent them, refinance, and repeat.

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[SPEAKER_02]: And the whole thing, that's the bird.

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[SPEAKER_02]: That's the bird.

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[SPEAKER_02]: Buy, rehab, rent, rent, rent, rent, rent, rent, rent, rent, rent, rent, rent, rent, rent, rent, rent, rent, rent, rent, rent, rent, rent, rent, rent, rent, rent, rent, rent, rent, rent, rent, rent, rent, rent, rent, rent, rent, rent, rent, rent, rent, rent, rent, rent, rent, rent, rent, rent, rent, rent, rent, rent, rent, rent, rent, rent, rent, rent, rent, rent, rent, rent, rent, rent, rent, rent, rent, rent, rent, rent, rent, rent, rent, rent, rent, rent, rent, rent, rent, rent, rent, rent, rent, rent, rent, rent, rent, rent, rent

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[SPEAKER_02]: I would rehab it fixed it up, so like the comparable comp, say that house is worth 200, we'd refinance it, say 75% 100 faded on our loan, I gave your money back plus interest, I keep the property.

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[SPEAKER_01]: So, when I saw a hundred K in, like what's the ideal on the math there?

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[SPEAKER_01]: Like, you said 50 K and then to buy 70 K to rehab, and then

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[SPEAKER_01]: rent.

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[SPEAKER_01]: You would just do the math to make sure that.

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[SPEAKER_01]: Oh, you can be great question.

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[SPEAKER_02]: Yeah.

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[SPEAKER_02]: So I run.

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[SPEAKER_02]: I run all my numbers off like PIT.

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[SPEAKER_02]: So I tell my lender like, hey, on this particular house, three bedroom house, I want my PIT to be no more than a thousand bucks.

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[SPEAKER_02]: So if that means we're going to do a rate in term refinance.

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[SPEAKER_02]: Basically, we just.

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[SPEAKER_02]: There's no, we're not pulling any money equity out, we're just going to refinance for what we have into it, pay off our lenders, then we'll do that.

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[SPEAKER_02]: But if if we're into the deal good enough, and we're able to do a cash out refinance, still keep the payment at a thousand bucks, but maybe plot twenty thousand dollars.

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[SPEAKER_02]: then we'll take, you know, go that route.

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[SPEAKER_00]: And I understand what PITI is, but what is PITI for, like these new investors are probably trying to get the information.

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[SPEAKER_01]: Yeah, I want 100% know what it is, but just because no one else does.

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[SPEAKER_01]: So that's okay.

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[SPEAKER_02]: So your P-I-T-I, so once you refinance with the bank, they're going to escrow your taxes and insurance.

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[SPEAKER_02]: So basically they're going to pay those for you.

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[SPEAKER_02]: So then you're going to have your payment interest, right?

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[SPEAKER_02]: So your payment is bare bones that is going to come off your amortization schedule, and then the bank, they got to make money for the money, so they're going to have their interest tax to that.

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[SPEAKER_02]: So right now it's about 7% APR.

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[SPEAKER_02]: And then you hearly taxes and you hearly insurance is lump something there.

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[SPEAKER_02]: So that's what you'll offer as long as you make that payment, you're not going to give it before closed on, basically.

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[SPEAKER_00]: So yeah.

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[SPEAKER_00]: And by the way, too, we're talking to 100,000, we're here in the Midwest.

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[SPEAKER_00]: I know that we have some California listeners.

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[SPEAKER_00]: Well, you definitely have to adjust those numbers to call for me.

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[SPEAKER_00]: Yeah, yeah, yeah, yeah.

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[SPEAKER_01]: So you buy the house for a million.

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[SPEAKER_01]: Oh, yeah.

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[SPEAKER_00]: A rundown house for a million.

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[SPEAKER_01]: I heard someone say like the quickest way to make a million dollars is to buy something for five million and sell it for six.

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[SPEAKER_01]: Yeah.

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[SPEAKER_01]: And then someone else reacted to it and they're not a business person at all.

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[SPEAKER_01]: But they're like, the best way to make a trillion dollars is to buy one for two and sell it for three.

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[SPEAKER_01]: That's crazy.

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[SPEAKER_00]: All right, Elon.

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[SPEAKER_00]: Yeah.

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[SPEAKER_00]: Appreciate that one.

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[SPEAKER_00]: Yeah.

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[SPEAKER_00]: So cool.

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[SPEAKER_00]: Keep going.

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[SPEAKER_02]: Yeah.

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[SPEAKER_02]: So well, here's kind of a long story.

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[SPEAKER_02]: So when I jumped into the burn, I realized that this model worked really well.

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[SPEAKER_02]: And three years, I scaled to a hundred doors.

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[SPEAKER_02]: And I honestly didn't think I did anything special.

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[SPEAKER_02]: If I'm being real honest with you, it's like coming from building a lot of other companies.

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[SPEAKER_02]: And while I started like getting in my consultant and talking to people, and it's like, you know, we have all the education in the world and how to find the house.

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[SPEAKER_02]: It's like we can tell you right now, how to go find houses.

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[SPEAKER_02]: There's wholesalers, all the market deals, you know, options.

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[SPEAKER_02]: We could tell you all day long that like how to get the tenants and find those.

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[SPEAKER_02]: And if you have the right deal and it makes sense, like find a money, it's easy.

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[SPEAKER_02]: Right.

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[SPEAKER_00]: Yeah.

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[SPEAKER_02]: So we're the hang up and this whole process for most people was always the renovations.

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[SPEAKER_02]: Because everybody's told go out and get three general contractors.

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[SPEAKER_02]: That's the men's in fact the one you like the most and I didn't realize it until I was talking to one of my students and I'm going to say them on name just because he's watching.

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[SPEAKER_02]: But I can use having some trouble.

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[SPEAKER_02]: This is a middle of a renovation.

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[SPEAKER_02]: And I said, hey, man, it's hard to say his name.

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[SPEAKER_02]: We'll call him Sam.

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[SPEAKER_02]: How about that?

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[SPEAKER_02]: I'm going to give him names like him.

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[SPEAKER_02]: So I was in the middle of the project called me because something just right.

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[SPEAKER_02]: So the very first thing I always asked was, give me your scope of work, the scope of work.

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[SPEAKER_02]: contract assessment.

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[SPEAKER_02]: I said, no, no, I need the scope of work that details out the work before the, the estimates ever written.

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[SPEAKER_02]: Because while I got my contract assessment, I was like, that's not a scope of work.

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[SPEAKER_02]: And that's, and I didn't realize the pattern that I was going to start seeing, you know, across the board from anyone is, if you're doing any kind of renovations, nine times out of ten,

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[SPEAKER_02]: they don't have a scope of work and most of the time is 10 out of 10.

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[SPEAKER_02]: A lot of times we see a scope of work is when you're hiring those Fortune 500 companies.

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[SPEAKER_02]: We can't afford them as investors, and so us as investors, we're hiring the ones that don't have very good management skills, right?

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[SPEAKER_02]: They're great builders, but they just don't have the business side figured out, right?

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[SPEAKER_02]: That's why they need so they need Joe.

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[SPEAKER_02]: We'll work on that.

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[SPEAKER_00]: Listen.

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[SPEAKER_02]: I didn't pay him for that one.

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[SPEAKER_02]: Anyways, when I worked with this particular guy in the Mill of Project NIs for this go work, he gave him his contractor's estimate.

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[SPEAKER_02]: And it was, I mean, it was instant.

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[SPEAKER_02]: Like, it's like if you're, if you're going to detail out a plan, and you're going to go into a major renovation, like you should know the steps to take you from A to Z.

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[SPEAKER_02]: And then it's what I looked at this estimate, it was bathroom remodel, kitchen remodel, pick up the trash and paint inside and outside.

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[SPEAKER_02]: It's like interesting, and it's like sort of still coming with like the, you know, the problem had is, well, come to the house and know, the outlets are working now, and there's trash everywhere, because then I try to go get a draw from my lender, and they wouldn't give it to me, because there's still trash here, the outlets ain't working, and like, let's all those, all these details, and I say, well, how much money is your contractor asked?

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[SPEAKER_02]: He goes, well, he's already asked for 15,000.

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[SPEAKER_02]: I was like so I'm looking around the house like well first off when you stop the project and I think this is the part people don't like when I talk to them, but it's necessary is the fact of like you must stop the project right then and get it back on board.

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[SPEAKER_02]: And so people keep trying to push through the contractor keeps pulling money because there's no real system in the milestone there's no real system in the process of the project because the truth is like in a renovation there's a 21 step trade sequence.

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[SPEAKER_02]: And the only way to operate your business renovation is to outline that 21 trade, and then take that in order from demo to final clean.

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[SPEAKER_02]: And so anyways, we got through, we stopped the project, I helped them create a scope of work, get them back on point.

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[SPEAKER_02]: And luckily, he had that gut feeling where he stopped the soon enough, so we were able to get it back on track and he's still able to refinance that deal, get his money back, and then cash flow really well on the property.

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[SPEAKER_02]: what happened to the contractor did you guys let go of the contractor or did you get the contractor actually work with your scope that you were able to build out just do so Sam Sam right yeah Sam Sam Sam so it was a tricky situation because the the contractor was in yes man and like like there's a lot of contracts that are yes man and see like and I want to be clear it's like I do have a contracting background built structure company you know built

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[SPEAKER_02]: small trucks companies to a multi-million dollar construction companies and I love gc's and love contractors and you know a lot of my videos that I'm doing right now Like I'm you know people are taking like I mean, I'm not the puts you out dude You put those out of contractors I laugh you know it's like well Really just trying to get like raise awareness that this is a problem on both sides and so like I don't want to put down contractors And I want to put down investors but if we can get the language clear and get the systems in place and standardized the process

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[SPEAKER_02]: it makes the world a better place and so so with this so with this contractor he was definitely yes man he had to me project going we ended up squeezing a little bit more work out of him it's like look dude where once we laid off the scope and laid out the details and we could start scene well inside this project you know you've heard been paid 15 thousand dollars and you wanted like another 3000 as like that puts you at drywall stage and

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[SPEAKER_02]: And currently we're not even close ready for drywall.

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[SPEAKER_02]: So where do we meet in the middle here?

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[SPEAKER_02]: And attention was like either see if we could get him to finish the project or get him a little bit further and then boot him.

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[SPEAKER_02]: Because I mean you're getting a live on interest payments with your hard money lender.

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[SPEAKER_02]: So it's like yeah.

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[SPEAKER_02]: You need to make a decision, you know, on like what we're doing here.

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[SPEAKER_02]: So luckily the guy had a little integrity, I'm going to leave a few details because it did go a little bit sour with him because he was under the impression that he was going to do more work and get paid for it, even though technically,

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[SPEAKER_02]: the point that he has paid, it should have gotten through drywall.

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[SPEAKER_02]: So on our side, you should be through drywall and then we're even.

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[SPEAKER_02]: He's seeing it as, oh, I want to do more work and they get more pay.

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[SPEAKER_02]: So you just got lucky with the investor that had the system upfront and overpaid you.

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[SPEAKER_02]: So now we need like, yeah.

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[SPEAKER_02]: So nothing unethical.

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[SPEAKER_02]: Like, you know, it wasn't like we didn't lie into.

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[SPEAKER_02]: It's just like, dude, you've been paid this far into a job and you're 25% into it.

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[SPEAKER_02]: And so we got

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[SPEAKER_02]: He got a little upset and left, and so, then we just brought another contracting crew.

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[SPEAKER_02]: And I think that was a beautiful thing about detail on the milestones, because like, once you come into the demo, then you go to the framing, and I can you complete these tasks, a hundred percent, and you move to the next one.

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[SPEAKER_02]: Once you fire a contractor, if you have to, hopefully you don't, but unfortunately in this business, sometimes you just, it's just part of it.

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[SPEAKER_02]: But the next contractor come in and pick up right then.

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[SPEAKER_02]: Yeah, if you were to fire that contractor during the chaos during the mess and brought a new one in here to have to start back over so that 15,000 would just been just a complete loss that actually happened to me.

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[SPEAKER_00]: So I dabble in flipping obviously not a hundred dollars in three years, but I've done a good amount of flipping.

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[SPEAKER_01]: And they did 200 in two years.

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[SPEAKER_01]: You see.

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[SPEAKER_01]: Yeah.

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[SPEAKER_00]: The one that we have done where things didn't go well is that very thing.

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[SPEAKER_00]: We did not get a clear scope of work and get a good understanding with the contractor on the milestones.

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[SPEAKER_00]: And it's funny because I knew that.

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[SPEAKER_00]: And we talk about this all the time.

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[SPEAKER_00]: I knew that.

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[SPEAKER_00]: And this one I was just like, oh, great opportunity.

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[SPEAKER_00]: Let's rush into it.

14:27.103 --> 14:28.224
[SPEAKER_00]: Let's do it quick and boom.

14:28.304 --> 14:29.084
[SPEAKER_00]: Kick this in the butt.

14:29.725 --> 14:31.486
[SPEAKER_00]: You know, a contractor walked out $30,000 and I'm like,

14:32.987 --> 14:34.768
[SPEAKER_00]: Can I say that you have a book out that you're working on it?

14:34.848 --> 14:35.749
[SPEAKER_00]: It's working on it.

14:35.989 --> 14:37.049
[SPEAKER_00]: We're talking with you about it.

14:37.249 --> 14:39.111
[SPEAKER_00]: And I give you permission to tell my story in your book.

14:39.131 --> 14:41.692
[SPEAKER_00]: Because it's like, if that's just need to know and understand this.

14:41.912 --> 14:46.795
[SPEAKER_00]: Now that I actually use your system when I flip houses, I'll tell you what is done for me.

14:47.715 --> 14:53.659
[SPEAKER_00]: It's gotten me out of what could have been horrible deals because people want too much money for very, very bad houses.

14:54.399 --> 14:56.440
[SPEAKER_00]: And so I don't do small little tiny rehabs.

14:56.720 --> 14:58.900
[SPEAKER_00]: I like to do the bigger ones where it's like really, really nice.

14:58.940 --> 14:59.800
[SPEAKER_00]: That's my preference.

15:00.240 --> 15:01.221
[SPEAKER_00]: It's got the chime in.

15:01.381 --> 15:02.501
[SPEAKER_02]: Well, that let's come to us.

15:02.521 --> 15:03.561
[SPEAKER_00]: Let's competition.

15:03.641 --> 15:05.502
[SPEAKER_00]: We could sell the house for three to 400,000.

15:05.542 --> 15:07.082
[SPEAKER_00]: And we kind of like that range.

15:07.162 --> 15:12.803
[SPEAKER_00]: But what we're finding is the wholesales or the house is people want too much for it because of the size of the house.

15:12.863 --> 15:18.765
[SPEAKER_00]: And so when we go in our scope first, we know exactly what our maximum allowable offers the MAL, right?

15:18.785 --> 15:19.125
[SPEAKER_00]: Like no.

15:19.745 --> 15:28.354
[SPEAKER_00]: scope is this and I know it's going to cost at most this we can't give you more than this and we're working on a deal right now we're probably going to get it with the guys like well that makes sense.

15:28.394 --> 15:28.794
[SPEAKER_00]: Beautiful.

15:29.215 --> 15:32.779
[SPEAKER_02]: So Joe what is our motto that we always say?

15:32.799 --> 15:33.840
[SPEAKER_00]: You put me on the spot here.

15:34.040 --> 15:35.421
[SPEAKER_00]: Joe, the scope first is the first one.

15:35.481 --> 15:37.003
[SPEAKER_00]: Yeah.

15:37.103 --> 15:37.984
[SPEAKER_00]: Um numbers.

15:39.005 --> 15:42.986
[SPEAKER_00]: Number number second, and then my favorite part that negotiating, negotiating part.

15:43.007 --> 15:52.770
[SPEAKER_00]: I love the negotiating part, and it scope first actually helps with that, because it's like, well, sorry, dude, if you want 100,000 more than what my maximum allow of Wawfer is, I'm walking away.

15:53.530 --> 16:03.274
[SPEAKER_00]: And I will tell you this, the most painful thing that I've done in the last three weeks was walk away from three jobs that I actually wanted, but I looked at my wife and I said, hey, we walked out of something bad.

16:03.594 --> 16:05.855
[SPEAKER_00]: Hey, sorry to interrupt, but Joe, you got something on your chest.

16:07.565 --> 16:11.210
[SPEAKER_00]: When I filled my first eight business, I chalked it up to a couple of things.

16:11.911 --> 16:18.980
[SPEAKER_00]: Number one, I was very proud and I didn't learn how to build a business, but the second thing I realized is I didn't go to school for this.

16:19.441 --> 16:25.529
[SPEAKER_01]: And it's fun to try to figure things out and explore, but then there comes a point where you're like, wait, hold on.

16:25.969 --> 16:28.812
[SPEAKER_01]: What are all the other successful business owners doing?

16:29.032 --> 16:33.255
[SPEAKER_00]: We've provided something for you if you feel the same exact way.

16:33.556 --> 16:46.327
[SPEAKER_00]: We've provided school SKWOL entrepreneur experience where you can actually have a free content and a community of people that are also in there that are entrepreneurs that love to give feedback and ask for feedback.

16:46.447 --> 16:51.151
[SPEAKER_00]: If you don't feel like you have the resources enough to help you become successful, join our school.

16:51.531 --> 16:52.692
[SPEAKER_01]: It starts for free.

16:53.112 --> 16:54.072
[SPEAKER_01]: So what do you waiting for?

16:54.353 --> 16:57.274
[SPEAKER_01]: Go to JTViguals.com slash school.

16:57.494 --> 16:59.015
[SPEAKER_01]: That's JTViguals without the eye.

16:59.435 --> 17:00.816
[SPEAKER_01]: And that's school with a kick.

17:01.216 --> 17:02.177
[SPEAKER_02]: Now back to the show.

17:02.237 --> 17:05.559
[SPEAKER_02]: Let's put this in context for people who's just getting into real estate investing.

17:05.579 --> 17:06.559
[SPEAKER_02]: They've done a couple of deals.

17:07.119 --> 17:09.121
[SPEAKER_02]: And they don't know that motto yet.

17:10.041 --> 17:17.225
[SPEAKER_02]: Most people, and this is what I see, again, 9 out of 10, there's always that one off that kind of comes in the game and understands this process.

17:17.265 --> 17:20.407
[SPEAKER_02]: But what I see a lot of times is people will,

17:21.430 --> 17:29.792
[SPEAKER_02]: You know, look at the house, they will go get three contractors estimates, and then say that's $50,000, $50,000, $60,000, $70,000 and $3,000.

17:29.812 --> 17:32.513
[SPEAKER_02]: So, like, okay, I'm just going to go to the lowest one, $50,000.

17:33.593 --> 17:36.554
[SPEAKER_02]: They buy the house, then they start building the scope.

17:36.574 --> 17:36.734
[SPEAKER_02]: Yep.

17:37.014 --> 17:39.715
[SPEAKER_02]: So, they're numbers, negotiate, then scope.

17:40.435 --> 17:46.357
[SPEAKER_02]: the danger with that is and and they know this after their first one or second deal because they blame the contractor.

17:46.457 --> 17:49.939
[SPEAKER_02]: Oh, it's price just went up and people just think that's like the normal paradigm.

17:49.959 --> 17:56.941
[SPEAKER_02]: Like, you know, very soon, like, we're already changing industry and this is going to be one of those things that people, it's like PayPal.

17:56.961 --> 18:07.505
[SPEAKER_02]: You know, I was like, well, I used to give the money to the buyer and the sellers, like, and people all came in and said, no, no, all the money and you pay us and then you send the product and then we'll make sure the transaction works out.

18:07.825 --> 18:08.886
[SPEAKER_02]: And that's what we're doing here.

18:08.906 --> 18:18.232
[SPEAKER_02]: So we're like, so if people are getting numbers, then negotiating, it's like, what are you, you're negotiating a contracture's bid that is going to go up?

18:18.272 --> 18:19.653
[SPEAKER_02]: And like, well, that's why I had a contingency.

18:20.194 --> 18:24.257
[SPEAKER_02]: Yeah, but your contingency should be for the things you can't see in the wall.

18:24.517 --> 18:35.465
[SPEAKER_02]: The bus of plumbing, the mess of electrical and the wall that turned my damage, shouldn't be for the rusty hot water here threaten your face, the broken tub, the cabinets that should get replaced, the granite countertop, the things that you can see

18:36.065 --> 18:38.869
[SPEAKER_02]: that should be in your scope, the contingency covers the unseen.

18:39.249 --> 18:43.996
[SPEAKER_02]: So we got to stop with the fact of the contingency just covers the things that the contractor just missed.

18:44.256 --> 18:45.858
[SPEAKER_03]: No, I guess it's not even because I know that.

18:46.319 --> 18:50.745
[SPEAKER_02]: So, so once you buy the house, then then the contract you get started, then

18:51.566 --> 19:16.752
[SPEAKER_02]: investors start building the scope all want tile here LVP there I want granny here and then it contracts like whoa everything I've done up this point was make ready's and I never did granite I never did LVP like what's going to be extras I've been carpet and we're just going to clean this up keep that vanity and paint like I can't keep that vanity I need to replace that vanity but if they do the numbers first then they're fighting for their pay right sure because

19:17.452 --> 19:21.775
[SPEAKER_01]: whatever they can under do, yeah, walk out with the rest, right?

19:21.795 --> 19:21.955
[SPEAKER_02]: Yeah.

19:22.316 --> 19:22.456
[SPEAKER_02]: Yeah.

19:22.476 --> 19:23.597
[SPEAKER_02]: So they're positive thinking of that.

19:23.657 --> 19:24.097
[SPEAKER_02]: Am I right?

19:24.457 --> 19:24.698
[SPEAKER_02]: Yeah.

19:24.718 --> 19:32.483
[SPEAKER_02]: Like if they're like the contractor, yeah, if they say that they're going to do it for 20,000, anything less than they keep the, the profit.

19:32.884 --> 19:33.004
[SPEAKER_02]: Yeah.

19:33.064 --> 19:36.166
[SPEAKER_02]: And next, that's a whole other, that's a whole other day.

19:39.002 --> 20:03.222
[SPEAKER_00]: work contractors we understand this and I'll say this in utilizing your scope first and and we've kind of come out to it's not just an app it's it's actually operating this operating system the crazy thing is that actually can work very well for both investors and contractors to maintain an amazing relationship like once that agreement is in place in both contractor and investor understand we're going to build a scope out first

20:03.862 --> 20:06.045
[SPEAKER_00]: I'm going to go and negotiate the numbers afterwards.

20:06.165 --> 20:11.031
[SPEAKER_00]: If I can get the house for what we need for the scope, you get paid, I get paid, we're all happy.

20:11.071 --> 20:11.452
[SPEAKER_00]: Winwin.

20:11.732 --> 20:12.833
[SPEAKER_00]: It's actually a win-win.

20:12.934 --> 20:14.656
[SPEAKER_00]: It doesn't actually demean the contract.

20:14.676 --> 20:16.278
[SPEAKER_00]: It actually elevates the contractor.

20:16.298 --> 20:21.484
[SPEAKER_00]: Because I remember when I was doing my first flips, everything was on the fly and somebody told me it's like,

20:22.165 --> 20:26.626
[SPEAKER_00]: If you really want to make this work, you have to systemize even your approach to everything will flip.

20:26.666 --> 20:29.247
[SPEAKER_00]: Like you can't make every flip look totally different.

20:29.727 --> 20:32.168
[SPEAKER_00]: You won't even be able to maintain your margins or anything.

20:32.488 --> 20:35.068
[SPEAKER_00]: And I think when we start talking more, it's like, that makes more sense.

20:35.088 --> 20:36.349
[SPEAKER_00]: Like I always do this.

20:36.469 --> 20:37.409
[SPEAKER_00]: I always do this.

20:37.849 --> 20:41.470
[SPEAKER_00]: And if there's a unique feature of our house, we'll make that part unique.

20:41.490 --> 20:42.630
[SPEAKER_00]: Just for a sellable thing.

20:42.770 --> 20:44.131
[SPEAKER_00]: Yeah, for an accent wall.

20:44.331 --> 20:44.671
[SPEAKER_00]: Exactly.

20:44.691 --> 20:45.551
[SPEAKER_00]: Accent wall.

20:46.571 --> 20:49.232
[SPEAKER_00]: My wife watched Chip and John again shipwrap will be here.

20:49.732 --> 20:57.320
[SPEAKER_02]: Yeah, I blocked that channel, I want to make a show like this, I was on a GTV for two episodes.

20:57.420 --> 20:58.161
[SPEAKER_02]: Yeah, which one?

20:58.221 --> 21:01.064
[SPEAKER_02]: It ruined TV for me, you know, 10 per day.

21:01.104 --> 21:05.589
[SPEAKER_02]: She's here in Kansas City and she's wonderful, but the whole show thing.

21:07.110 --> 21:18.796
[SPEAKER_02]: You know, there's things that we filmed on the 14th day that they edited and cut and made look like it was on the first day, and the way they spawned the narrative is like Like we did this whole kitchen for $7,000 bull poop

21:22.017 --> 21:36.364
[SPEAKER_02]: No, no, no, I was like this kitchen was like 20 grand, you know, but there was the power He said the comment and it's like this HTT was running people like and I listened to like the way that the handle of contractors run the project and I'm just like

21:37.885 --> 21:48.696
[SPEAKER_02]: They want you like engage, you know, some common enemy, like where they're like, I'm so mad at person or like you're like, you're fighting, you know, you're full of family suppression, because it's entertainment first.

21:48.756 --> 21:50.779
[SPEAKER_01]: That's, yeah, it's, that's all it is.

21:50.959 --> 21:53.081
[SPEAKER_01]: They're making more from the show than they are the house.

21:53.321 --> 21:53.682
[SPEAKER_01]: That's it.

21:54.102 --> 21:54.382
[SPEAKER_00]: True.

21:54.542 --> 21:54.863
[SPEAKER_01]: That's it.

21:55.203 --> 22:00.486
[SPEAKER_00]: Well, now, when I became a contract, when we started flipping, I was like, there's no way chip in Joe and I was able to do this for that much.

22:00.626 --> 22:15.653
[SPEAKER_00]: Like, there's no way, but I want to get into the entrepreneurship side of things because like the fun part is the product of buying the house, doing the scope, you know, doing your numbers, negotiating, and then like you get a house.

22:16.314 --> 22:24.218
[SPEAKER_00]: You've been able to scale your business, not just your contract and businesses to multi-millions, but you've been able to scale a real estate portfolio as a business.

22:24.778 --> 22:24.938
[SPEAKER_02]: Yeah.

22:25.078 --> 22:36.348
[SPEAKER_00]: And I feel like investors fail to see that that in itself isn't a business approach, which in turn actually helped you create a scope first and now it's like, well, that is also a business.

22:36.448 --> 22:39.011
[SPEAKER_00]: You've been able to scale to over a hundred dollars and three years.

22:40.132 --> 22:46.457
[SPEAKER_00]: And you thought nothing of it until you found out that you're like surpassing a lot of very experienced investors.

22:47.653 --> 22:48.393
[SPEAKER_00]: How did you do it?

22:49.094 --> 22:52.395
[SPEAKER_00]: How did you have to approach as a business to get those type of results?

22:53.055 --> 22:57.557
[SPEAKER_02]: Well, well, I can tell you, it all started in 2017 when I met in a guy named Marty.

22:58.517 --> 23:00.598
[SPEAKER_02]: I was running my business as very much chaos.

23:00.758 --> 23:02.439
[SPEAKER_02]: And I was kind of quit the question you asked.

23:02.779 --> 23:04.320
[SPEAKER_02]: I was doing projects as a contractor.

23:04.340 --> 23:08.121
[SPEAKER_02]: I was like, hey, if it's $20,000, I can do for $15, I made $5,000.

23:08.522 --> 23:11.483
[SPEAKER_02]: So I had no real way of tracking anything.

23:11.843 --> 23:14.144
[SPEAKER_02]: So I met a guy named Marty, guy from California,

23:17.145 --> 23:20.047
[SPEAKER_02]: He basically looked at my business goes, dude, your system sucks.

23:20.067 --> 23:22.429
[SPEAKER_02]: He's like, system was like, I've been to job and do the job.

23:22.469 --> 23:25.131
[SPEAKER_02]: And, you know, I think they're, you know, more than this.

23:25.151 --> 23:32.357
[SPEAKER_02]: And I think that's, you know, how most investors too look at the, look at investing, like they're going to flip the house while I fight for this and just rehab it for this.

23:32.957 --> 24:00.552
[SPEAKER_02]: we sell it and then there's like it's kind of a real quick process and but you know after work with the marty and he taught me you know how to break everything down and and trade sequence and track each trade and you know really how to get the best prices without sacrificing the qualities that system was then allowed me to start reading numbers right because that's what we're doing here and I were trying to buy low so high yeah and and so when I

24:02.673 --> 24:26.310
[SPEAKER_02]: the real estate space like I had the system already that was already taught to me I figured out and I didn't realize at the time like how powerful it was going to be that coming into the real estate space where I messed up I talked about where I've morally screwed up when I was gone into this get real as the juicy stuff is I didn't build the full team like what I need to so at the speed we scaled about 30 doors and two months

24:27.010 --> 24:27.850
[SPEAKER_02]: It sounds awesome.

24:27.870 --> 24:28.771
[SPEAKER_02]: Like, oh, I want to do that.

24:28.811 --> 24:29.671
[SPEAKER_02]: No, I don't know yet.

24:29.971 --> 24:31.651
[SPEAKER_02]: I would do that only if you had the team built out.

24:31.731 --> 24:33.532
[SPEAKER_02]: So if you're buying birds.

24:33.932 --> 24:39.194
[SPEAKER_02]: So once you Rint it, that's a whole process in it in itself.

24:39.214 --> 24:39.394
[SPEAKER_02]: Yeah.

24:39.734 --> 24:45.456
[SPEAKER_02]: So when you look at the bird strategy, basically what we what we did is we broke down a playbook inside of our company.

24:45.496 --> 24:45.636
[SPEAKER_02]: Right.

24:45.656 --> 24:49.337
[SPEAKER_02]: So we have the buy and process the teams like we built out for that.

24:49.777 --> 24:49.977
[SPEAKER_02]: And then

24:50.197 --> 25:13.086
[SPEAKER_02]: every step of the process and so like now we we track it in in Google drives and I know we talked about like so we have like a folder system and and so as we fill these folders we kind of know we're moving down to the next step and so in that beginning there I didn't have the whole team built out all I knew was go find the house and we have it really quickly so we bought the 30 and that first two months well when you finish a renovation you got to get it rented yeah

25:14.245 --> 25:18.588
[SPEAKER_02]: Well, we didn't have no system for that at all to get tenants in there.

25:18.608 --> 25:25.653
[SPEAKER_02]: So I found a lease in agent and, like, you know, we're kind of going through the process well, I was like, I need an application.

25:26.214 --> 25:28.736
[SPEAKER_02]: And so like we look at the application, like, oh, this is great.

25:29.416 --> 25:32.218
[SPEAKER_02]: Well, that first month of mortgage payments sort of coming out.

25:32.378 --> 25:33.899
[SPEAKER_02]: And then it was like in wintertime.

25:34.300 --> 25:38.943
[SPEAKER_02]: So then we had, you know, $67,000 in gas bills, you know, $15,000 in mortgage payments.

25:39.303 --> 25:42.526
[SPEAKER_02]: Well, when those first round of bills hit, I called the lease agent, I was like, listen, they can breathe.

25:43.006 --> 26:05.146
[SPEAKER_02]: just put them in the property at this point like they have any money don't care just put so you know put someone in it and that's I don't recommend that because there's a lot made me clean trouble with a lot of bad apples you know we moved into the property and those bad apples go sour really fast and so now we have these properties that we're interested in not paying and then and then we've got to do a lot of evictions so

26:06.107 --> 26:07.528
[SPEAKER_02]: building the system side of it.

26:07.808 --> 26:16.072
[SPEAKER_02]: I noticed a lot of people go out and get business partners and I don't know if that's necessarily the right move because like there's three parts to it.

26:16.293 --> 26:18.974
[SPEAKER_02]: The funding, the acquisition and the renovation.

26:19.674 --> 26:23.736
[SPEAKER_02]: And if you're going to look at building a team, I would just start there if I was going to keep this as simple as possible.

26:24.337 --> 26:27.378
[SPEAKER_02]: And you kind of break it down to like its fundamentals would be.

26:28.079 --> 26:30.080
[SPEAKER_02]: So funding is going to be someone who's going to

26:32.281 --> 26:37.224
[SPEAKER_02]: the acquisition is going to be the whole cell of the realtor, pocket listings, auctions, like what you're going to find a deals.

26:37.804 --> 26:39.685
[SPEAKER_02]: And then the renovation is your construction team.

26:40.165 --> 26:47.950
[SPEAKER_02]: So if you're just getting into it, you know, before you get married into a long term partner partnership relationship, like you can do a one off deal.

26:48.110 --> 26:49.371
[SPEAKER_02]: And I do these all the time with people.

26:49.771 --> 26:52.793
[SPEAKER_02]: Like my first partner that we said, hey, we're going to do one deal.

26:53.513 --> 26:55.235
[SPEAKER_02]: to, like, we're just doing one deal because it's good.

26:55.315 --> 26:56.136
[SPEAKER_02]: It'll do another one, do another.

26:56.536 --> 27:02.282
[SPEAKER_02]: And so I got really good at, like, finding the acquisition and the renovation, and obviously we had the renovation of control.

27:02.583 --> 27:04.425
[SPEAKER_02]: So I partnered with the lender.

27:04.865 --> 27:10.431
[SPEAKER_02]: So I was like, hey, you, you put the money in, cover the fees, I'll bring the deal, where we have it, we'll split the profits.

27:11.372 --> 27:35.370
[SPEAKER_02]: And I noticed like when I in the beginning like having those kind of partnership like that like it made the business systems a lot easier because it is a lot like to become pro you you're the you you you fund it you have the acquisition you have the renovation you're all three but in the beginning it maybe maybe can even be three partners were you partner with someone who can fund a deal because like someone who's funding it they're they're familiar they're going to underwrite the deal.

27:35.590 --> 27:38.254
[SPEAKER_02]: They're going to make sure it's going to cash flow or make sure you can flip it.

27:38.714 --> 27:49.829
[SPEAKER_02]: And so you can like learn from them on that side of like how they work their calculators, like how they, you know, how the money's going to funnel through the renovation and and like interest payments and whatnot.

27:50.470 --> 27:52.853
[SPEAKER_02]: We did acquisition for a little bit like on the wholesale side.

27:53.674 --> 28:11.699
[SPEAKER_02]: and I said from day one I didn't want anything to do with it so I brought in a partner sitting here you're going to run this because I I didn't want to get accustomed screamed at for all your whole sellers out there I love you guys I know what you deal with and that's why I pay their fees I don't ask questions we have wholesalers make forty thousand dollar rippers do it all some deals don't care because we run our numbers and we keep it works right

28:11.919 --> 28:12.840
[SPEAKER_02]: It works, it works.

28:13.400 --> 28:26.487
[SPEAKER_02]: So, you know, on the business side, man, it really, it probably wise on your first or two, three or four, maybe, maybe five to your comfortable, is do one off deals, and neither partner with somebody's gonna fund it, partner with the acquisition guy, or partner with the renovation guy.

28:26.827 --> 28:40.875
[SPEAKER_02]: Ideally, you probably partner with a renovation guy, because you're gonna get it at cost, you know, and then you're gonna learn, learn the construction process, or you come work with us a scope first, and you're not coming to our school community, and we take a school community.

28:41.155 --> 28:41.835
[SPEAKER_02]: Yeah, let's go community.

28:41.855 --> 28:42.215
[SPEAKER_02]: Yes, sir.

28:42.456 --> 28:42.876
[SPEAKER_00]: Yeah.

28:43.056 --> 28:47.478
[SPEAKER_00]: So the Alex from OZSKOL.com backslash.

28:47.498 --> 28:49.138
[SPEAKER_00]: Let's go first.

28:49.278 --> 28:52.520
[SPEAKER_00]: And it's, uh, access is free for anybody for now for now.

28:52.680 --> 28:54.000
[SPEAKER_02]: For now, for now, for now, for now.

28:54.020 --> 29:07.406
[SPEAKER_00]: It's like, uh, uh, uh, uh, uh, uh, uh, uh, uh, uh, uh, uh, uh, uh, uh, uh, uh, uh, uh, uh, uh uh, uh uh uh uh uh uh uh uh uh uh uh uh uh uh uh uh uh uh uh uh uh uh uh uh uh uh uh uh uh uh uh uh uh uh uh uh uh uh uh uh uh uh uh uh uh uh uh uh uh uh uh uh uh uh uh uh uh uh uh uh uh uh uh uh uh uh uh uh uh uh uh uh uh uh uh uh uh uh uh uh uh uh uh uh uh uh uh uh uh uh uh uh uh uh uh uh uh uh uh uh uh uh uh uh uh

29:10.048 --> 29:11.389
[SPEAKER_02]: Yeah, we're still growing.

29:11.409 --> 29:11.830
[SPEAKER_02]: We're at 40.

29:11.870 --> 29:12.911
[SPEAKER_01]: We're getting there.

29:12.971 --> 29:14.173
[SPEAKER_01]: You're going to get 41.

29:14.473 --> 29:15.114
[SPEAKER_01]: I'm joining.

29:15.154 --> 29:16.095
[SPEAKER_00]: Come on.

29:16.976 --> 29:17.236
[SPEAKER_00]: Thank you.

29:17.256 --> 29:17.356
[SPEAKER_00]: 41.

29:17.376 --> 29:18.257
[SPEAKER_02]: I just went to pay today.

29:18.317 --> 29:19.459
[SPEAKER_02]: So I get to credit card.

29:19.659 --> 29:20.219
[SPEAKER_00]: We can see.

29:20.239 --> 29:22.422
[SPEAKER_00]: The reason why I asked that question is like,

29:26.086 --> 29:38.153
[SPEAKER_00]: When you run any business, whether it's a side hustle, because some investors are side hustlers, they have a full-time job or full-time business, and they do birds or flips or it's like, it's a side hustle for me right now, so I have full-blown business.

29:38.334 --> 29:45.638
[SPEAKER_00]: But either way, like, everything that you put your efforts into when it comes to making money, the best thing to do is to systemize your approach.

29:45.938 --> 29:48.980
[SPEAKER_00]: You find what works and you systemize it from there.

29:49.240 --> 29:52.943
[SPEAKER_00]: Because sometimes, like, for me, like, my first five flips, for example, I did it one year.

29:55.324 --> 29:56.285
[SPEAKER_00]: was figuring everything out.

29:56.485 --> 29:58.206
[SPEAKER_00]: You know, I had a rich friend in California.

29:58.246 --> 29:59.987
[SPEAKER_00]: He funded one, we split the profit.

30:00.047 --> 30:06.671
[SPEAKER_00]: That was, that was actually the best he loved ever made because it's like, with cash, you could actually name your price and people like, hey, can you close the nine days?

30:06.871 --> 30:07.772
[SPEAKER_00]: I can actually do that.

30:07.812 --> 30:08.572
[SPEAKER_00]: Those are three.

30:08.612 --> 30:08.952
[SPEAKER_00]: Boom.

30:09.233 --> 30:10.734
[SPEAKER_00]: But you had to come down 50,000.

30:11.054 --> 30:11.574
[SPEAKER_00]: Cool, bet.

30:11.594 --> 30:12.715
[SPEAKER_00]: We'll do that.

30:12.795 --> 30:15.136
[SPEAKER_00]: But we split, like those were always the best deals.

30:15.156 --> 30:18.999
[SPEAKER_00]: Like if I could find something with cash, that's a friend that could just wire me the money tomorrow.

30:19.379 --> 30:20.059
[SPEAKER_00]: I can make the deal.

30:20.079 --> 30:20.840
[SPEAKER_00]: We just split 50, 50.

30:21.100 --> 30:22.782
[SPEAKER_01]: because they're cutting out the lending.

30:22.802 --> 30:24.143
[SPEAKER_00]: We're cutting out a lot of middle people.

30:24.163 --> 30:24.863
[SPEAKER_01]: Okay, see you soon.

30:24.883 --> 30:30.368
[SPEAKER_00]: Didn't my wife got a real estate license so that way we can, you know, come back on that 3% and then make more profit on that.

30:30.629 --> 30:34.853
[SPEAKER_00]: That was, I mean, she doesn't do anything for anybody else except for our own deals, which makes a lot of sense.

30:34.893 --> 30:35.073
[SPEAKER_00]: Yeah.

30:35.473 --> 30:42.059
[SPEAKER_00]: And then we found contractors like we cut out the GC and we found everybody for their trade and we made an agreement.

30:42.079 --> 30:45.783
[SPEAKER_00]: Well, buy the materials ourselves and we'll pay you a very high hourly rate.

30:46.323 --> 30:51.704
[SPEAKER_00]: But we have an agreement like, hey, certain square footage if you do x, y, and z, like what's the expected time?

30:51.724 --> 30:57.246
[SPEAKER_00]: Like we try to keep them within a certain agreement, because people that do hourly, they're trying to put that time sometimes.

30:57.286 --> 31:01.247
[SPEAKER_00]: And I mean, so like we agree on, hey, this should take you know a lot more than this.

31:01.287 --> 31:02.907
[SPEAKER_00]: And that's what the 20% buffer there.

31:02.947 --> 31:04.887
[SPEAKER_00]: So we've kind of been able to familiar or another.

31:04.907 --> 31:06.148
[SPEAKER_01]: That just make you the GC.

31:06.728 --> 31:07.068
[SPEAKER_01]: It does.

31:07.128 --> 31:07.848
[SPEAKER_01]: It does.

31:08.108 --> 31:12.929
[SPEAKER_00]: With some of our investors, we have an agreement that I'll even mark that up by 5 or 10%.

31:16.310 --> 31:23.573
[SPEAKER_00]: So we're making money on my wife's commission when we purchase because that's always great when she makes six or seven grand when we purchase because that's her she's a realtor.

31:24.993 --> 31:35.197
[SPEAKER_00]: If I gc the work and I add five or ten percent on that and then when we sell the property we make more profit because by wife's real estate commission we bring it down like one one percent.

31:35.237 --> 31:36.098
[SPEAKER_01]: Yeah, you know what I mean?

31:36.118 --> 31:37.118
[SPEAKER_00]: So we keep two percent there.

31:37.498 --> 31:41.562
[SPEAKER_00]: And 2% on $200 or $300 or $400,000, that's a lot of money, so that's not it.

31:41.683 --> 31:52.254
[SPEAKER_00]: But we've systemized an approach that so it's like, hey, we do this, this way, this way, this way, like we know that we, we mainly do LVP or if it's like the the wood force good, we sand it and we do it.

31:52.294 --> 31:52.814
[SPEAKER_00]: You know what I mean?

31:52.854 --> 31:54.316
[SPEAKER_00]: It's just one of the other boom boom.

31:54.556 --> 31:55.197
[SPEAKER_01]: It always praying.

31:55.217 --> 31:55.617
[SPEAKER_01]: It's good.

31:56.958 --> 32:00.620
[SPEAKER_01]: So like most of these houses in Kansas City do have a great hardwood floor do do that.

32:00.680 --> 32:07.664
[SPEAKER_00]: I love doing older houses Which is also my kryptonite because those are always harder harder rehabs But when when they come out bro, they look so beautiful.

32:07.784 --> 32:17.210
[SPEAKER_00]: Oh, I love the way they look But people are pride in their work back, you know 120 years ago Everything's very custom when you look at those old stone foundations that are still there.

32:17.230 --> 32:23.494
[SPEAKER_00]: I'm like They did something right like our foundation suck right now They crack in the first year.

32:23.654 --> 32:25.315
[SPEAKER_00]: Yeah, but I say that to say like

32:26.115 --> 32:32.783
[SPEAKER_00]: Would you agree with me that systemizing even an investor's portfolio, like as a business, would be the wisest thing to do?

32:32.863 --> 32:33.484
[SPEAKER_00]: Oh, absolutely.

32:33.724 --> 32:34.024
[SPEAKER_00]: Yeah.

32:34.645 --> 32:36.147
[SPEAKER_00]: And it makes it easier.

32:36.207 --> 32:40.872
[SPEAKER_02]: And as you start building in systems and you review them weekly, right?

32:40.932 --> 32:41.112
[SPEAKER_02]: Like,

32:41.833 --> 32:44.774
[SPEAKER_02]: you start finding where you're leaking money.

32:45.254 --> 32:46.754
[SPEAKER_02]: And so it doesn't have to be as advanced.

32:46.934 --> 32:52.936
[SPEAKER_02]: You know, like, obviously, we have very advanced systems now, but in the very beginning, it's like, just start somewhere.

32:52.976 --> 33:01.319
[SPEAKER_02]: Like, bust out your playbook, like whatever strategy you're doing flips or burrs, whatever, right out the strategy, what it is, and it's start to just kind of build on that.

33:01.439 --> 33:08.561
[SPEAKER_02]: And as you start to go through it, you talk to people who's obviously been in the game, then like, you can fast-track that a little bit,

33:09.821 --> 33:17.931
[SPEAKER_02]: most of the numbers are fixed from work with hard money lending your insurance and buying a deal right that the cops.

33:18.492 --> 33:27.083
[SPEAKER_02]: So a lot of these numbers are always going to be the same but it's going to be the I think the renovation is before anyone gets into the deal like really

33:28.144 --> 33:29.705
[SPEAKER_02]: really understand a system for that.

33:29.805 --> 33:33.086
[SPEAKER_02]: And I think to me, people put too much trust in their G.C.

33:33.126 --> 33:38.967
[SPEAKER_02]: He's like, oh, because you got a told-built like, you're the man, you're going to make this place beautiful, you're going to make much money, you're going to make money.

33:39.247 --> 33:40.588
[SPEAKER_02]: That's not true, you know?

33:40.608 --> 33:42.809
[SPEAKER_02]: It's like even, even doctors, white coats.

33:43.309 --> 33:44.629
[SPEAKER_02]: Like, go get a second opinion.

33:45.209 --> 33:46.330
[SPEAKER_02]: Oh, he's always.

33:46.550 --> 33:48.150
[SPEAKER_02]: And you just, you can't just sit there with your doctor.

33:48.170 --> 33:49.671
[SPEAKER_02]: I'm like, oh, well, he's, he's the one.

33:49.691 --> 33:53.372
[SPEAKER_02]: I mean, you've heard of situations where someone will go talk to two, three, you know, different doctors.

33:53.392 --> 33:55.672
[SPEAKER_02]: They go, oh, you're just low and iron.

33:57.413 --> 33:59.774
[SPEAKER_02]: You know what I mean, it's like iron surgery.

33:59.794 --> 34:01.714
[SPEAKER_02]: Let me try the iron first, is it in the naked health?

34:01.774 --> 34:04.295
[SPEAKER_02]: It's something with contractors, like none of these guys are created equal.

34:04.415 --> 34:08.676
[SPEAKER_02]: And they're, oh my goodness, so I understand your systems and like how you're going to build that out.

34:08.736 --> 34:18.619
[SPEAKER_02]: I think it's the most profitable thing you can do, because like you work so hard on your ARVs, you you find it the lenders, you hunt the deal, and then you digress the renovation.

34:18.979 --> 34:19.559
[SPEAKER_02]: There you go Mr.

34:19.579 --> 34:20.059
[SPEAKER_02]: Contractor.

34:20.139 --> 34:20.619
[SPEAKER_02]: Look at this house.

34:20.659 --> 34:21.240
[SPEAKER_02]: Make it beautiful.

34:21.320 --> 34:21.900
[SPEAKER_02]: Make it nice.

34:22.320 --> 34:23.520
[SPEAKER_02]: I need a new bathroom kitchen.

34:23.620 --> 34:26.081
[SPEAKER_02]: Like, that's their scope that they just told them like, okay.

34:26.801 --> 34:28.861
[SPEAKER_02]: And so they want to make it.

34:29.321 --> 34:37.403
[SPEAKER_02]: And look, and honestly, if contractors were real estate investors, there would be no more doors open for any normal folk to come in because they take it all.

34:37.423 --> 34:37.923
[SPEAKER_00]: They would take it over.

34:37.943 --> 34:38.603
[SPEAKER_00]: They would take it all.

34:38.703 --> 34:39.183
[SPEAKER_00]: They would take it all.

34:39.203 --> 34:40.604
[SPEAKER_02]: They would take it all because they understand.

34:40.624 --> 34:43.644
[SPEAKER_02]: They understand scopes and processes and at least most do.

34:44.185 --> 34:45.265
[SPEAKER_02]: If you're a contractor watching it,

34:46.645 --> 34:48.606
[SPEAKER_01]: Like seriously like you take it over.

34:48.626 --> 35:02.274
[SPEAKER_00]: I'm pretty sure we worked with one that did that we I worked with a few that've done it, but like if you're a contractor that's what they did you've been able to make beautiful looking houses you have an amazing opportunity with real estate they would connect straight to buyer

35:03.414 --> 35:03.894
[SPEAKER_00]: Oh, for sure.

35:04.435 --> 35:18.904
[SPEAKER_01]: And so like they could acquire it for lower and then they could sell it to them or they would do like in they could partner with a mortgage company or they could finance it seller finance it there's so many opportunities like a contractor owns it.

35:19.065 --> 35:22.067
[SPEAKER_02]: Yeah, I think there's contractors who love work of our homeowners.

35:22.947 --> 35:23.627
[SPEAKER_02]: commercial jobs.

35:24.128 --> 35:34.252
[SPEAKER_02]: I think that's what made it so easy for me to switch over because like when you when you start in real estate investing like man you control all the pieces right like I control day-to-day who I work with.

35:34.312 --> 35:42.095
[SPEAKER_02]: I'm all clients like who I'm dealing with like man is so much freedom that comes with it's it's quite incredible really can be depressing at times.

35:42.916 --> 35:44.196
[SPEAKER_02]: It's like you know

35:48.018 --> 35:51.881
[SPEAKER_02]: I was like a Wednesday, you know, 10, you got nobody to be able to hear you.

35:51.901 --> 35:54.503
[SPEAKER_00]: Yeah, that's seriously, you know, that's so much freedom.

35:54.623 --> 35:57.886
[SPEAKER_02]: So I decided to have more kids, you know, so I decided to do that.

35:57.906 --> 36:00.728
[SPEAKER_02]: Yeah, you know, we just came down and it's good for time.

36:00.748 --> 36:06.032
[SPEAKER_02]: We travel a lot, you know, but I think you want contractors realize that they can become their own clientele.

36:06.752 --> 36:11.496
[SPEAKER_02]: Because I make money out the renovations like we can do these birds because I'm running the project I'm running the scope first.

36:11.516 --> 36:12.096
[SPEAKER_02]: There you go.

36:12.276 --> 36:18.361
[SPEAKER_02]: And so instead of paying the money to a middleman Like it's kind of what you're saying and Somebody will say well, I ain't got time for that.

36:18.381 --> 36:28.608
[SPEAKER_02]: It's like we'll look even if you just pulled out like six trades Because again, if you look at these projects is 21 trade sequence and you've bought six trades Do you take those on make the money off of them and then have a GC do the rest of the work?

36:29.249 --> 36:31.570
[SPEAKER_02]: He who owns a scope controls the renovation.

36:32.131 --> 36:33.272
[SPEAKER_02]: So if you have a contractor

36:33.912 --> 36:35.414
[SPEAKER_02]: create the estimate of scope of work.

36:35.714 --> 36:39.819
[SPEAKER_02]: If you try to pull anything out of what he just did, he's going to be Superman hanging a work for you.

36:40.560 --> 36:41.421
[SPEAKER_02]: Reverse psychology.

36:41.502 --> 36:48.130
[SPEAKER_02]: If I go in and create the scope and give it to the contractor and my, hey, but I'm going to take care of ABC and F down here.

36:48.631 --> 36:49.432
[SPEAKER_02]: You take care of the rest.

36:49.952 --> 36:54.354
[SPEAKER_01]: Okay, yeah, it's like we were done a dynamic change in it.

36:54.514 --> 36:58.055
[SPEAKER_01]: It's just aligning the expectation You have a lot of positioning expectations there.

36:58.115 --> 36:58.976
[SPEAKER_01]: I love that.

36:59.076 --> 37:07.559
[SPEAKER_01]: So, but you've got a gap it seems like like I'm from an outside perspective I've filmed things like this, but that's as far as my knowledge goes

37:08.306 --> 37:10.508
[SPEAKER_00]: you should get him to fill in one of your little deals.

37:10.948 --> 37:15.672
[SPEAKER_00]: Let's go over the scope first and sell it in the scope first community.

37:16.152 --> 37:16.392
[SPEAKER_00]: Yeah.

37:16.712 --> 37:22.136
[SPEAKER_01]: Yeah, I'm seeing a gap though that I didn't even realize was like between contractors and investors.

37:23.097 --> 37:24.158
[SPEAKER_01]: And major gap in.

37:24.358 --> 37:26.720
[SPEAKER_01]: And it's really like a communication gap, right?

37:26.920 --> 37:28.421
[SPEAKER_01]: It's all, it's all, it's all it is.

37:28.441 --> 37:28.621
[SPEAKER_01]: Yeah.

37:29.182 --> 37:33.765
[SPEAKER_01]: But you made something and you made a tool of how people can do that.

37:33.825 --> 37:34.606
[SPEAKER_01]: But also,

37:35.366 --> 37:44.643
[SPEAKER_01]: If they did know that it should be scope first, not as your brand, but that you should scope first, how do they do that?

37:45.532 --> 37:51.093
[SPEAKER_01]: And so, then they probably scramble, maybe they come up with something, and then they have to build their own thing.

37:52.353 --> 37:55.474
[SPEAKER_01]: But actually, you put in the time to build that thing.

37:55.814 --> 38:00.715
[SPEAKER_01]: And so now you can save their research and just let them just use it.

38:01.115 --> 38:01.375
[SPEAKER_01]: You know?

38:01.735 --> 38:04.596
[SPEAKER_02]: See, not the course, go first is what we do.

38:05.336 --> 38:08.637
[SPEAKER_02]: We can help a 12 year old go and build a very detailed scope of work, but it's so much

38:10.237 --> 38:32.106
[SPEAKER_02]: investors think room by room assessment right we go in this room paint flooring right kitchen cabinets and that's how we that's how we think like that's what we're seeing a contractor don't think like that and come in dimmel they're dimmel now everything and all this basically inside outside whatever it is then they're going to go down the next trade framing right and then rough in installation drywall and it's going to go all the way down these orders so

38:33.206 --> 38:49.652
[SPEAKER_02]: that is one of the biggest gaps in communication because an investor doesn't understand it's 21 trade sequence, a contractor does, but a contractor also will look at a room by room assessment and just be like, I ain't, I ain't doing this, like, yeah, if you want it, and it's still confusing, especially when an investor like scrumbles it up.

38:50.052 --> 38:51.013
[SPEAKER_02]: So with the scope first,

38:51.653 --> 39:17.152
[SPEAKER_02]: we we put all together so I guys as an investor and their language and room by room assessment and then translates over and to a trade flow with a contractor understands so he changes changing thing on the scope of work room by room assessment and trade flow changes the flow so it's also translation absolutely not just so you can deliver a project packet so you go room by room assessment as long as you know what pain is, flooring is, light is, drywall, door hardware

39:18.333 --> 39:40.884
[SPEAKER_00]: I mean, my 12 year old there's never done a renovation and can walk in a house and he has he's built a detail scope of work and he hits a button and it translates it over to you talk about school you talked about the button I don't think we gave this show the details on how like what have you created to help build the scope first because there are people think like okay cool but that sounds intimidating what have you done to simplify that process

39:41.284 --> 39:46.672
[SPEAKER_02]: First, as we just kept everything very, very surface level, very, you know, simple.

39:46.893 --> 39:55.606
[SPEAKER_02]: So, as you're walking to a room, you know, first, your GPS, you know, picture like we got at a house, and, you know, you put your address in, you take a,

39:56.347 --> 39:57.028
[SPEAKER_02]: from pitcher of the house.

39:57.188 --> 39:59.330
[SPEAKER_02]: You remember where you're about to build the scope at?

39:59.510 --> 40:07.138
[SPEAKER_02]: Well, what I tell people to do is when you first get to a property, walk the entire house, make sure the flow feels good because it feels weird to use.

40:07.158 --> 40:08.179
[SPEAKER_02]: It's going to feel weird to a buyer.

40:08.199 --> 40:11.862
[SPEAKER_02]: It's going to feel weird to a tenant and you're going to sell the property or you're going to rent it for very long.

40:12.303 --> 40:13.644
[SPEAKER_02]: So first fill the flow, right?

40:13.664 --> 40:15.446
[SPEAKER_02]: There's a couple of steps in here, like you want to understand you.

40:15.726 --> 40:17.888
[SPEAKER_02]: You want to come into and with the house first, right?

40:17.948 --> 40:19.089
[SPEAKER_02]: So you walk the house.

40:19.690 --> 40:27.601
[SPEAKER_02]: You know, inside outside, and then once you go back in the front door again, you're going, you have the app in your hand, and you say you walk in the living room first, you open living room.

40:28.262 --> 40:32.328
[SPEAKER_02]: And as long as you can answer some simple questions, you know, as a trash.

40:33.227 --> 40:33.427
[SPEAKER_00]: Yes.

40:34.067 --> 40:35.648
[SPEAKER_02]: Click, you know, and then you look around.

40:35.668 --> 40:36.929
[SPEAKER_02]: It's like, is the room need be painted?

40:37.469 --> 40:38.429
[SPEAKER_02]: Maybe painted, right?

40:38.449 --> 40:43.072
[SPEAKER_02]: If it needs, you know, the cracks in drywalls are falling from the ceiling, but on these be replaced or repaired, right?

40:43.472 --> 40:45.433
[SPEAKER_02]: And so you do this for every single room.

40:45.613 --> 40:51.776
[SPEAKER_02]: We're having you answer the questions in trade flow from day one, like we're getting you used to how old project should run.

40:51.816 --> 40:55.157
[SPEAKER_02]: So you're doing room by room assessment in trade flow and every room.

40:56.770 --> 41:17.915
[SPEAKER_02]: the trade flows breaking down if it's like demo framing right and that's how you're answering the questions so as you check the boxes you answer the questions like you don't have to know how to build it that's not your job I never swung a hammer never did any of it like I just come up like hey I need this room painted your painter great your painter right and so I would let the professionals build it out right so we build out the scope and that just basically gives us a

41:19.075 --> 41:19.935
[SPEAKER_02]: a foundation now.

41:20.176 --> 41:25.318
[SPEAKER_02]: Like, okay, Joe wants LVP, wants a granite, and he wants to tie on the bathrooms, tie on the floor.

41:25.698 --> 41:36.182
[SPEAKER_02]: There's no guessing of the contractors like, if you just say, make the kitchen nice and bathroom nice, he's not just guessing of what his definition of nice is completely different, right?

41:36.342 --> 41:43.025
[SPEAKER_02]: Joe's very high in, so like his, his nice is completely different mind out in the country where we have weeds as tall as I am.

41:43.045 --> 41:44.686
[SPEAKER_02]: You know, he's nice, you know?

41:45.286 --> 42:06.174
[SPEAKER_02]: And so in the same with contractors like depending on their skill level and how far they come inside of You know their business, but anyways, point is as you detail each room room by room assessment We're everything like so we're we're teaching you to think and trade flow So like once the project actually starts and you hadn't that trade flow to your contractor not only is that trade flow

42:06.854 --> 42:09.295
[SPEAKER_02]: how the contract is going to work, but this is also your milestones.

42:09.656 --> 42:11.456
[SPEAKER_02]: That's what you also handed to your hard money lender.

42:11.817 --> 42:14.578
[SPEAKER_02]: So the first thing that's going to get done is demo typically.

42:14.638 --> 42:17.580
[SPEAKER_02]: So you're going to do the demo and then that box is done.

42:17.860 --> 42:20.401
[SPEAKER_02]: Then naturally you move down to next box, framing, right?

42:20.761 --> 42:22.722
[SPEAKER_02]: And so we keep this so simple.

42:22.862 --> 42:26.024
[SPEAKER_02]: You don't need to know how to build and you don't need to know how to organize this stuff.

42:26.464 --> 42:27.165
[SPEAKER_02]: where you did it for you.

42:27.185 --> 42:27.665
[SPEAKER_02]: Like it's done.

42:28.065 --> 42:31.328
[SPEAKER_02]: Once you did the room by room assessments, you break down the trade flow and head to your contractor.

42:31.768 --> 42:32.368
[SPEAKER_02]: It's done.

42:32.629 --> 42:34.730
[SPEAKER_02]: And it's hard money, lender approved.

42:34.750 --> 42:35.831
[SPEAKER_02]: We have hard money lenders right now.

42:35.851 --> 42:41.755
[SPEAKER_02]: We're working with their actively sitting in their clients because they're seeing the power and it's like our clients are going to build turn projects faster.

42:42.096 --> 42:45.158
[SPEAKER_02]: There's tons that are having so much chaos in middle of a project.

42:45.418 --> 42:48.300
[SPEAKER_02]: And when chaos happens, your lender's not coming to save you.

42:48.901 --> 42:52.804
[SPEAKER_02]: I think the big miscaceptions like, like, oh, my lender has all this money in their home for me.

42:52.964 --> 42:54.105
[SPEAKER_02]: But you can't just go

42:54.685 --> 42:55.806
[SPEAKER_02]: pull and they're not piggy bank.

42:55.826 --> 42:56.686
[SPEAKER_02]: They're not just going to give it to you.

42:56.706 --> 43:08.533
[SPEAKER_02]: And if you go over budget, sorry, because then the hard money lender needs to know, like if something happens with you, have with the contract or whatever, and they need to take this property back, then they can flip it themselves and get their money back.

43:08.773 --> 43:11.555
[SPEAKER_02]: With the trade flow breakdown, it keeps everything neat and organized.

43:12.015 --> 43:21.100
[SPEAKER_02]: And then you're also tracking number for number and you're tracking anything extra that would come up, because like typically your changes should be in the very beginning, like when you dimmo those walls, or you start to rough in,

43:21.500 --> 43:28.634
[SPEAKER_02]: should come up right there right then and then the rest of the project should go smoother you know towards in but a lot of times what people have is they have a chaos in the beginning

43:29.739 --> 43:39.841
[SPEAKER_02]: They see all this money they had in this budget, so $50,000, and then they're putting a lot, you know, $15,000 extra in the beginning, just to survive that rough and phase.

43:40.241 --> 43:43.282
[SPEAKER_02]: But then the sacrifice quality is the very end.

43:44.442 --> 43:46.903
[SPEAKER_02]: So like they can't afford the grant of cotton tops, no more.

43:46.923 --> 43:57.305
[SPEAKER_02]: So they got put for Mike and they can't afford the nicer lights and what they don't understand is all that work they did on the front end, getting their comps and like that number now changes.

43:57.745 --> 44:00.646
[SPEAKER_02]: because you're not comparable to those half of those three comps you got.

44:01.026 --> 44:07.089
[SPEAKER_01]: And remember back to the buyer and you got to tell them all prices just came now, your profit just went.

44:07.489 --> 44:09.890
[SPEAKER_02]: And like, and let's back all the way up.

44:10.050 --> 44:11.511
[SPEAKER_02]: We're, we're the problem start.

44:12.131 --> 44:13.472
[SPEAKER_02]: The fricking scope of work.

44:13.652 --> 44:14.873
[SPEAKER_02]: Let's go for a scope of work.

44:15.293 --> 44:16.753
[SPEAKER_02]: Like this all spirals.

44:17.274 --> 44:20.975
[SPEAKER_02]: So people would done last money before before the first hammer even swung.

44:21.135 --> 44:22.276
[SPEAKER_02]: Before demo even started.

44:22.616 --> 44:26.458
[SPEAKER_00]: Like a 30,000 foot view of the entire project and you can see everything happening in a lifetime.

44:26.478 --> 44:27.038
[SPEAKER_00]: That's very easy.

44:27.478 --> 44:31.141
[SPEAKER_02]: Right there and it all it's all it's all traces back to the one thing.

44:31.241 --> 44:46.392
[SPEAKER_02]: It's go for that's what it's go first It'll always be scope first and I'm about to go out there and stop traffic with the sign Is this go first because it's going like don't do that without having us record I do an out here So one of your items in there when they're scoping

44:56.760 --> 45:11.685
[SPEAKER_01]: like as an add-on plan for more premium version could really help the investor side, especially if they're a brand and want to be recognized, would be to scope in pricing for a video crew to come out and record two.

45:11.825 --> 45:12.385
[SPEAKER_00]: It's in, right?

45:12.405 --> 45:13.786
[SPEAKER_00]: And use JTV as well.

45:13.866 --> 45:15.586
[SPEAKER_01]: Let me message my developers now.

45:16.447 --> 45:17.667
[SPEAKER_01]: Yes, get to work in video.

45:17.807 --> 45:18.828
[SPEAKER_01]: What did in the scope?

45:19.048 --> 45:19.748
[SPEAKER_02]: Yeah.

45:19.788 --> 45:22.709
[SPEAKER_02]: We could do fixed items, fixed line lines and stuff like that.

45:22.729 --> 45:24.750
[SPEAKER_02]: We're working on staging and different things.

45:26.230 --> 45:27.091
[SPEAKER_00]: I was just a staging.

45:27.251 --> 45:34.715
[SPEAKER_01]: Yeah, helps out a little bit if you like the visuals like can you go do since it's an app that makes it a tech company, right?

45:34.795 --> 45:51.406
[SPEAKER_01]: And so then everything's way different in that scope of work, you know, so does that mean that with the way technology is moving today in the future could be something like MCP connection or anything or do you know about that yet?

45:56.115 --> 45:57.016
[SPEAKER_02]: I hired nerds.

45:57.076 --> 45:58.297
[SPEAKER_02]: I'm not the nerd in this thing.

45:58.337 --> 45:59.278
[SPEAKER_02]: I'm just a visionary.

45:59.298 --> 45:59.839
[SPEAKER_02]: There you go.

46:00.039 --> 46:01.300
[SPEAKER_01]: There's a lot's for near experience.

46:01.340 --> 46:02.962
[SPEAKER_01]: You don't have to be the one to know it.

46:04.464 --> 46:06.066
[SPEAKER_00]: You just got to know the guy who knows it.

46:06.166 --> 46:07.147
[SPEAKER_00]: Yeah, exactly.

46:07.367 --> 46:09.670
[SPEAKER_00]: There was so much gold at what you talked about.

46:09.890 --> 46:14.134
[SPEAKER_00]: And I'm going to spin it on a way here as we close this thing up is, you know,

46:14.955 --> 46:17.996
[SPEAKER_00]: We have entrepreneurs here that run a business.

46:18.196 --> 46:22.058
[SPEAKER_00]: Some of you have not even used real estate as a way to build your wealth.

46:22.718 --> 46:26.719
[SPEAKER_00]: But I honestly, for me, like I have multiple businesses like cash flow.

46:27.120 --> 46:29.640
[SPEAKER_00]: And I love to take that cash flow and invest in real estate.

46:29.660 --> 46:32.782
[SPEAKER_00]: Like for me, real estate is a wealth building strategy.

46:32.902 --> 46:33.902
[SPEAKER_00]: It's a best investment.

46:34.142 --> 46:35.662
[SPEAKER_00]: But it's still a business to do it.

46:35.703 --> 46:37.303
[SPEAKER_00]: Like I still have to treat it like a business.

46:37.643 --> 46:41.864
[SPEAKER_00]: You know, you can use Michael Mitchell strategy, which is like, you buy up a lot of doors and you burn them.

46:42.445 --> 46:43.545
[SPEAKER_00]: Me, which I flipped them.

46:43.685 --> 46:45.505
[SPEAKER_00]: And some of them, I'm like, I want to hold onto this.

46:45.545 --> 46:45.966
[SPEAKER_00]: You know what I mean?

46:45.986 --> 46:46.986
[SPEAKER_00]: Like boom, we could do that.

46:47.086 --> 46:48.927
[SPEAKER_00]: So there's just a different way of doing it.

46:48.947 --> 46:53.108
[SPEAKER_00]: But as an entrepreneur, when you have cash flowing assets like your business,

46:53.928 --> 47:00.771
[SPEAKER_00]: one of the things that I see so often are people just increasing their lifestyle and spending all that profit.

47:01.132 --> 47:08.155
[SPEAKER_00]: That's fine, but if you can delay that even that gratification and build wealth through real estate, through stocks, through things.

47:08.275 --> 47:10.836
[SPEAKER_02]: You come just to the lender when you just keep buying.

47:11.137 --> 47:11.577
[SPEAKER_02]: Exactly.

47:11.657 --> 47:17.720
[SPEAKER_02]: And there's never no true freedom in that, but when you start paying stuff off and you can live humble so much freedom with it.

47:18.240 --> 47:23.763
[SPEAKER_00]: Well, that delayed gratification gets to the point where now like you, you're taking a one month vacation and you're shutting everything down.

47:23.803 --> 47:38.893
[SPEAKER_00]: Like you even told me how your truck payment is one of your properties a monthly cash flow like there's different ways that you can do that if if I want to buy a boat my wife and I know we're flipping a house and taking that profit to buy a boat because we're not utilizing our profit to buy a boat.

47:39.113 --> 47:40.614
[SPEAKER_00]: And that comes from Rich Dad Poor Dad.

47:40.934 --> 47:46.217
[SPEAKER_00]: I mean, like, right, how you want, if I want to buy something, I find a piece of property, I flip it, I make it better, I sell it.

47:46.577 --> 47:49.319
[SPEAKER_00]: And now you made money to buy that thing that you wanted.

47:49.339 --> 47:51.040
[SPEAKER_02]: Yeah, the dividends from your investment.

47:51.100 --> 47:51.680
[SPEAKER_00]: Exactly.

47:52.160 --> 47:52.841
[SPEAKER_01]: Yeah, great color.

47:52.881 --> 47:54.381
[SPEAKER_01]: And says, he's like, he said a lot.

47:54.502 --> 47:55.542
[SPEAKER_01]: Well, I can see.

47:55.622 --> 47:58.144
[SPEAKER_01]: He's like, I'm not buying it if it doesn't have babies.

47:58.324 --> 48:05.928
[SPEAKER_01]: And that was like a super simple, five way to say, like, don't just go spend it all on stuff that doesn't bring back income.

48:06.088 --> 48:06.288
[SPEAKER_01]: Yeah.

48:06.448 --> 48:12.249
[SPEAKER_00]: And that's where the middle class stay middle class because you utilize your paycheck to buy up all your stuff.

48:12.349 --> 48:16.410
[SPEAKER_00]: And most of the time you're in debt just to maintain that lifestyle, you want to be wealthy.

48:16.951 --> 48:26.773
[SPEAKER_00]: I challenge you to look at real estate or something like that that the pays a difference like stocks or something like that because this is a way where you can actually make money while not having a physically be there.

48:27.133 --> 48:30.816
[SPEAKER_01]: I want to invest in like a partial group or something like that.

48:30.836 --> 48:32.296
[SPEAKER_01]: I want to do like a partial invest.

48:32.317 --> 48:33.337
[SPEAKER_02]: Like a syndication.

48:33.357 --> 48:35.939
[SPEAKER_01]: Yeah, like do they have like private ones though?

48:36.059 --> 48:40.422
[SPEAKER_01]: Like because I don't want to go like online and find one and they get screwed over or something.

48:40.462 --> 48:40.842
[SPEAKER_01]: I don't know.

48:40.882 --> 48:43.024
[SPEAKER_02]: Bring me some money and I'll best at fooling you return.

48:46.646 --> 48:47.747
[SPEAKER_02]: We got a lot of private money.

48:47.767 --> 48:48.787
[SPEAKER_02]: You know, we run off of and

48:49.628 --> 48:54.833
[SPEAKER_02]: You know what they want to throw a throw in what you're saying about you know like live and blow your means for a long time I got bragged about this.

48:54.873 --> 49:10.709
[SPEAKER_02]: I was kind of funny, but I drove around at a 2016 Ford F-150 Yeah, I had a crack when shield bolt tires paint was kind of like and I like I already owned over a hundred doors You know, we're flipping and it's like, do I made the money by the truck cash you know if I wanted to but it kind of to the point Well, I was like this thing's been paid off

49:12.210 --> 49:15.592
[SPEAKER_02]: runs great and I'm not like so it's kind of weird.

49:15.612 --> 49:22.597
[SPEAKER_02]: It's like whenever I was trying to build build build, whenever I was scaling and building, I really wanted to truck really, really best.

49:22.617 --> 49:32.763
[SPEAKER_02]: So I I waited and once I got to the point where I actually could afford that truck just flat cash if I wanted to just get paid, whatever I wanted, I didn't want to truck no more.

49:32.923 --> 49:38.986
[SPEAKER_02]: Yeah, it was so weird like I wanted it because I think it was like going to feel like a part of hat because man Scaling is hard.

49:39.006 --> 50:00.598
[SPEAKER_02]: I switched when you scale a hundred doors and you know that's short amount of time It's like I wanted all these things and like I always have this rule like if I want it I'll look at it and I give it some time because easily something happens will scale them right out of the money That I thought I had and it's like okay, I'm glad I don't go by the truck or go by that whenever it was and so the time passes and then I was like Well, I'll drive this for as long as I can and it was cool like looking at the bank out like

50:01.178 --> 50:06.823
[SPEAKER_02]: I'm going to vehicle, but not, but then going on like a nice vacation with the family and built those memories.

50:07.103 --> 50:08.124
[SPEAKER_02]: It was so much more.

50:08.344 --> 50:11.607
[SPEAKER_02]: That's where we got the scuba certified and we took some tricks.

50:11.947 --> 50:14.769
[SPEAKER_00]: I feel like the value is in the experiencing and bring my family.

50:15.069 --> 50:16.891
[SPEAKER_02]: I couldn't, I'm all the experiences right now.

50:17.111 --> 50:20.955
[SPEAKER_00]: And I'm also, I believe below my means, I always buy use vehicles.

50:21.095 --> 50:22.256
[SPEAKER_00]: Like, that's just how it looks like.

50:22.276 --> 50:23.257
[SPEAKER_00]: Yeah, personal level.

50:23.397 --> 50:25.118
[SPEAKER_00]: I don't carry any personal debt.

50:25.198 --> 50:27.020
[SPEAKER_00]: All my businesses do, but that makes money.

50:27.100 --> 50:28.221
[SPEAKER_00]: That's my concept of that.

50:28.361 --> 50:30.943
[SPEAKER_00]: I'm waiting to hit a certain point where I can buy myself that brand new car.

50:31.144 --> 50:36.248
[SPEAKER_00]: Like, I've given myself that rule, but the feeling of knowing, I can't if I wanted to.

50:36.468 --> 50:40.952
[SPEAKER_00]: I feel like that's the wealth of flex right there, not in what I can showcase to the world.

50:41.233 --> 50:41.693
[SPEAKER_00]: Because I've been...

50:41.773 --> 50:45.994
[SPEAKER_00]: at a certain point when you have the success, you also don't even care about what other people think.

50:46.395 --> 50:47.815
[SPEAKER_00]: Like it's just like, I'm insured.

50:47.895 --> 50:49.136
[SPEAKER_02]: I'm a bomb dude.

50:49.996 --> 50:51.436
[SPEAKER_00]: I mean, I'm happy though.

50:51.917 --> 50:52.137
[SPEAKER_00]: Boom.

50:52.177 --> 50:52.697
[SPEAKER_00]: I'm happy.

50:52.857 --> 50:53.957
[SPEAKER_02]: You know, I'm at peace.

50:54.297 --> 50:55.258
[SPEAKER_02]: Man, you can't shake that.

50:55.338 --> 50:56.798
[SPEAKER_02]: You don't get into somebody, dude.

50:56.818 --> 50:58.679
[SPEAKER_02]: It's just like, you have to find out for somebody.

50:58.699 --> 51:05.601
[SPEAKER_02]: When you're slave to the lender and slave to all the toys, I know people have really big companies, but they have the boat payments, the house payments, the lake house.

51:05.721 --> 51:06.982
[SPEAKER_02]: It's like,

51:07.802 --> 51:11.384
[SPEAKER_01]: I mean like they look happy on the surface the Facebook looks great Oh, trust me.

51:11.404 --> 51:13.925
[SPEAKER_01]: There can be millionaires who are pay-tech to pay-tech Is what you're saying.

51:13.945 --> 51:14.186
[SPEAKER_01]: Great.

51:14.206 --> 51:24.151
[SPEAKER_00]: Yeah, I coach this business owner I coach these business owners who come and then they're like 10 15 20 million all it comes It's like something's eye adding up and it always comes down to This is my version.

51:24.171 --> 51:25.932
[SPEAKER_00]: Let's go first personal budgets first.

51:26.152 --> 51:28.533
[SPEAKER_00]: Yeah, I can come down to personal budgets first.

51:28.573 --> 51:29.734
[SPEAKER_00]: Yeah, you got to control that

51:30.014 --> 51:37.478
[SPEAKER_01]: We've lived off of, like, so little, mean my wife and family, and it's like, how do we always make it through?

51:37.859 --> 51:38.999
[SPEAKER_01]: And one, it's always God.

51:39.400 --> 51:44.623
[SPEAKER_01]: But what God's put in us is to live well below our means, like, we lived in Africa for a little bit.

51:44.643 --> 51:48.025
[SPEAKER_01]: So we were like, oh, okay, we didn't like, we don't expect a lot.

51:48.185 --> 51:48.405
[SPEAKER_01]: Yeah.

51:48.845 --> 51:52.727
[SPEAKER_01]: And people were getting upset at dollar general and stuff because it was moving slow.

51:53.288 --> 51:53.728
[SPEAKER_01]: And we're like,

51:54.128 --> 51:54.769
[SPEAKER_01]: I know it's fine.

51:55.009 --> 51:55.389
[SPEAKER_01]: Yeah.

51:55.449 --> 51:57.290
[SPEAKER_01]: I'm just happy that I can run a credit card.

51:57.371 --> 51:57.911
[SPEAKER_02]: We didn't have that.

51:57.931 --> 51:58.491
[SPEAKER_01]: We didn't have that.

51:58.511 --> 51:59.112
[SPEAKER_02]: We didn't have that.

51:59.132 --> 51:59.712
[SPEAKER_02]: We didn't have that.

51:59.732 --> 52:00.173
[SPEAKER_01]: We didn't have that.

52:00.193 --> 52:00.633
[SPEAKER_01]: We didn't have that.

52:00.673 --> 52:01.293
[SPEAKER_01]: We didn't have that.

52:01.313 --> 52:01.714
[SPEAKER_01]: We didn't have that.

52:01.734 --> 52:02.214
[SPEAKER_01]: We didn't have that.

52:02.234 --> 52:03.315
[SPEAKER_01]: We didn't have that.

52:03.335 --> 52:03.855
[SPEAKER_00]: We didn't have that.

52:03.875 --> 52:04.336
[SPEAKER_00]: We didn't have that.

52:04.356 --> 52:05.136
[SPEAKER_00]: We didn't have that.

52:05.156 --> 52:05.617
[SPEAKER_00]: We didn't have that.

52:05.637 --> 52:06.417
[SPEAKER_00]: We didn't have that.

52:06.437 --> 52:07.538
[SPEAKER_00]: We didn't have that.

52:07.558 --> 52:08.039
[SPEAKER_00]: We didn't have that.

52:08.059 --> 52:08.559
[SPEAKER_00]: We didn't have that.

52:08.659 --> 52:09.159
[SPEAKER_00]: We didn't have that.

52:09.179 --> 52:09.620
[SPEAKER_00]: We didn't have that.

52:09.640 --> 52:10.060
[SPEAKER_00]: We didn't have that.

52:10.080 --> 52:10.641
[SPEAKER_00]: We didn't have that.

52:10.661 --> 52:11.121
[SPEAKER_00]: We didn't have that.

52:11.141 --> 52:11.641
[SPEAKER_00]: We didn't have that.

52:11.661 --> 52:12.422
[SPEAKER_00]: We didn't have that

52:13.022 --> 52:15.424
[SPEAKER_00]: Dude, Michael, thank you so much for gracing us with your time here.

52:15.644 --> 52:17.245
[SPEAKER_00]: Real Estate has been a passion of mine.

52:17.525 --> 52:21.467
[SPEAKER_00]: Coming from Southern California, I remember like, well, I never be able to get into the state.

52:21.847 --> 52:25.269
[SPEAKER_02]: We moved to the Midwest and it's like, yes, we could do it now.

52:25.309 --> 52:27.630
[SPEAKER_00]: Man, it's a learning experience.

52:27.650 --> 52:31.833
[SPEAKER_00]: I feel like if I can help people avoid a lot of my early mistakes.

52:33.258 --> 52:41.150
[SPEAKER_00]: I'm pretty sure you're on the same boat too and so how can people actually get a whole of you and get all your content and everything like they're like, where can they find you?

52:41.751 --> 52:43.413
[SPEAKER_00]: What are some special things that you have going on?

52:43.433 --> 52:47.359
[SPEAKER_00]: Maybe to help out the serious investor who is willing to put some money down to get some help.

52:47.877 --> 52:52.658
[SPEAKER_02]: Well, first of all, I mean, follow me on Instagram at the Michael Mitchell, and Michael Mitchell.

52:53.118 --> 52:53.398
[SPEAKER_02]: Yeah.

52:53.438 --> 52:54.519
[SPEAKER_02]: Well, the real Michael Mitchell.

52:54.539 --> 52:55.559
[SPEAKER_02]: Please stand up.

52:55.579 --> 52:57.559
[SPEAKER_02]: Please stand up.

52:57.599 --> 52:59.120
[SPEAKER_02]: Please.

52:59.540 --> 52:59.700
[SPEAKER_02]: Please.

52:59.720 --> 53:00.300
[SPEAKER_02]: Please stand up.

53:00.420 --> 53:01.200
[SPEAKER_02]: Please.

53:01.220 --> 53:06.801
[SPEAKER_02]: You sent me a DM on there, and I'm passionate about helping people and getting people on the right track.

53:06.861 --> 53:14.543
[SPEAKER_02]: And so, send me a DM there, come to our school community, you know, s-k-o-o-l.com-backslash scope first.

53:15.363 --> 53:20.586
[SPEAKER_02]: And it's free for now that we'll change in the future, but we're putting everything out in their life Q&A's.

53:20.906 --> 53:24.869
[SPEAKER_02]: So any question come on in ask it, you know, live on the spot, we answer it.

53:25.429 --> 53:26.590
[SPEAKER_02]: And you give the answers.

53:26.610 --> 53:28.451
[SPEAKER_02]: Like I've seen you give out the answer.

53:28.471 --> 53:30.832
[SPEAKER_00]: There's detail in the screen around it just to sell something.

53:30.992 --> 53:31.993
[SPEAKER_00]: You give the answer.

53:32.013 --> 53:32.353
[SPEAKER_00]: I like that.

53:32.473 --> 53:39.715
[SPEAKER_02]: Our goal is to come in and change the industry and make it a better place and it's all down the communication.

53:39.815 --> 53:45.416
[SPEAKER_02]: It used to be like you had to rely on the contractor, you had to rely on all the different pieces as I said.

53:45.916 --> 53:55.198
[SPEAKER_02]: It's the game's change, technology's changed and so after 1500 renovations we developed a pretty cool tool, you know, scope first system, you know, so

53:55.478 --> 53:56.399
[SPEAKER_02]: people really want to win.

53:56.679 --> 54:03.804
[SPEAKER_02]: They want to have the life that they dream of, the true freedom and you know, stop the chaos in the project because like change orders don't have to be a thing.

54:03.824 --> 54:14.390
[SPEAKER_02]: Change orders will come up, you know, that are necessary, like a side of walls or they want to add a bathroom or something you didn't see the space before, but it shouldn't be just because of the lack of communication.

54:14.471 --> 54:14.671
[SPEAKER_02]: So,

54:15.371 --> 54:18.933
[SPEAKER_02]: You know, when you're in the contractor can work in harmony, man, it's just such a better place.

54:19.333 --> 54:22.355
[SPEAKER_02]: There's a reason why I work with some of my guys for 13 years now, 15 years.

54:22.555 --> 54:26.697
[SPEAKER_02]: But yeah, if I'm going to Instagram, that's where I'm on the most active of the school community.

54:27.197 --> 54:27.878
[SPEAKER_02]: Yeah, it's awesome.

54:28.658 --> 54:31.640
[SPEAKER_01]: Yeah, and if you're in our school community, I'm your premier experience hub.

54:32.820 --> 54:58.233
[SPEAKER_01]: scope for school community is like a brother it feels like like Michael is one of our top school community contributors the value that everyone gives in that group is just so good and it's like we don't want to be the end all be all we want to be the hub of the connector of everything yep so I'm happy for you to even like influence people towards your school too

54:58.633 --> 55:05.683
[SPEAKER_00]: And if you need to just have a conversation or even just your hands being held, I think Michael also helps out with that.

55:05.723 --> 55:10.850
[SPEAKER_00]: And you can have a private conversation with them, just chat them up on school and as the app free to download.

55:10.870 --> 55:14.816
[SPEAKER_01]: They're just free to download and yeah, you did too, yeah.

55:15.176 --> 55:30.919
[SPEAKER_02]: You can get two uses out of it, and so we are building a training series, it's going to be coming out, it's going to be very detailed on how all the pieces of, you know, work with lenders and when you buy the house and like understand the comps and like in fitting everything in the scope first and all the how to's.

55:31.180 --> 55:37.261
[SPEAKER_02]: Yeah, and then really had to maximize your return on your renovations without sacrificing.

55:38.181 --> 55:43.345
[SPEAKER_02]: calling that, which is so important, so important that you get done for a better price because that's who truly wins.

55:43.825 --> 55:51.751
[SPEAKER_02]: How then investors, you know, it's like, if the ones who can get the rehab done for the best price, but better or higher quality, that's who wins in this game.

55:51.991 --> 55:53.972
[SPEAKER_02]: And so I'm laying out all the secrets.

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[SPEAKER_02]: I mean, I got, I got hitman coming out from me right now because I haven't given out some information and they're like, well, you will put me out of business.

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[SPEAKER_02]: It's like, that's not the goal.

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[SPEAKER_02]: It's not the goal.

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[SPEAKER_02]: I know, like, it's really

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[SPEAKER_02]: so it's better because it's you know when doing it than right if nobody's coming after you bro I am telling you I feel good about it because I know more people will win because of this you know yeah that's good it's like you can't hide behind vague scopes and

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[SPEAKER_02]: just like this, that's included in the site.

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[SPEAKER_02]: Man, we're cleaning it, we're cleaning it up.

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[SPEAKER_02]: And people don't like that.

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[SPEAKER_02]: We're getting everything transparent clear on the table because all that money that they're hiding behind before, it's exposed.

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[SPEAKER_02]: We put the light on it.

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[SPEAKER_00]: Yeah.

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[SPEAKER_00]: So love it.

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[SPEAKER_00]: Well, if you enjoyed that podcast, make sure to like and subscribe to our channel and also to follow Michael Mitchell, go to his school, scope first, check him out on Instagram.

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[SPEAKER_00]: Very entertaining by the way.

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[SPEAKER_00]: I love all the stuff they have.

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[SPEAKER_00]: So, scope first guys, stay strong, and keep on keeping on.