Full Transcript for Avoid Rookie Mistakes with Pro Strategies

causes people to start out and make a lot of errors in the beginning? Speaker 2: 3:00 Yeah. So what's interesting about it is passive income. I like to say this to people and they kind of scratch their head it's a lie and it's true at the same time. Okay, and the lie part about it is think about all the work that it takes to find a property, negotiate it, buy it, renovate it if it needs renovation, manage contractors, put a tenant in there, you name it, renovate it if it needs renovation, manage contractors, put a tenant in there, you name it. Speaker 2: 3:30 If you're the one doing all the work, it's opening up a new business and building recurring revenue, and so there's structures out there like real estate funds. We run a couple of real estate funds that a team will do all of the work and it will create passive income for you, not because being a landlord is a passive activity, but because our team and teams like ours will make passive income for you. Not because being a landlord's a passive activity, but because our team and teams like ours will make it passive for people so that they don't have to do the work. So what's interesting is that a lot of realtors will get they'll get a call from a potential investor and say, hey, can I make 30 offers on $50,000 properties Cause I'm looking for a rental, but will you be my realtor and anyone except for like a brand new realtor is like, okay, like no that's all right, I don't want to deal with this. Speaker 2: 4:20 What I found that's incredibly valuable is that, as a realtor, if you can be that resource, that, even if someone's needs don't necessarily fit like what your business model is is if you have the right resources to then send referrals back and forth, right and they'll come to you on the next real estate need, even if it's not finding them an investment property. But everyone buys and sells or moves their own personal residences every few years too. It used to be seven years when I started. It's like 10 now. I think it's been going up how often people move, but anyway. So it's a really nice opportunity to be able to help somebody and really still be that resource and not have to drive them around to 30 properties and write $50,000 contracts and then by the end of it it's like goodness. Speaker 2: 5:04 I covered my gas money, but I basically worked for free. Speaker 1: 5:08 Exactly Well, and I love what you mentioned about networking, because that's one mistake I see a lot in newer realtors is they think if I'm not making this sale then it's of no good to me, and so they kind of become self-focused and instead of realizing working with other realtors, working with brokers, working with people that are in investments by helping them they're going to be able to bring business back to me. That's one thing I love about the real estate world is, in some ways, it's a community to know other people, which is one reason why social media can be so valuable, is not

just for the purpose of selling homes or trying to build those investments, but also creating those connections with other realtors so that you can have those referrals and those inner workings. We all know that social media can be overwhelming. You think it takes so much time. You look at all these amazing creators who are doing insane viral posts and think how can I ever measure up to them? The good thing is you don't have to. Speaker 1: 6:10 Your point for being on social media is probably to earn money. You want to increase your sales, you want to gain more clients so that you can have more free time to pour into your clients to pour into your family. Digital Journey can help you with that. We have a group coaching program targeted specifically for people who are overwhelmed with social media. It's really not as complicated as you think. Who are overwhelmed with social media? It's really not as complicated as you think. We can teach you how to spend 15 minutes or less a day on social media so that you can gain more clients and you can up your sales. So if you want to learn more, you can go to digital-journeynet and we'd love to help you out. Now back to the episode. Speaker 2: 6:53 That's right. And if you had to ask me like hey, jim, you've been doing this for a decade and a half, your teams have done over 3,500 deals. This is a tough market, right what would you do? Obviously, it's finding the listing right, but really what I would say is differentiate yourself by putting the client first and having that right network around you, that that you can be a true fiduciary and you can be a true resource for the clients. And then like and like. What's interesting is is you become so much more referable when it's like wow, I called, I called jim and he actually sent me somewhere else because they were a better fit. Speaker 2: 7:36 Yes, that guy really takes care of people. I'm going to tell my brother like, oh my gosh, you got to talk to Jim. Like this guy really helped me and that's different than the realtor that comes with it with like commission breath or like just sees dollars and cents and gives that icky feeling to the client. Speaker 1: 7:57 And that's one thing that can set you apart so greatly is being client focused. Because when people see that you actually care for them and when they see that you're willing to turn away people because it's not in their best interest, that actually makes you stand out. Because so many people are just I want to make the buck, I don't care if it's best for them, and so being able to have that foreknowledge and that wisdom of saying if a client's not right for me, let me get them to someone that is going to be best for them, makes you stand out from the crowd automatically. Speaker 2: 8:29 Yeah, and I get it. This morning I sat down with someone that's thinking about investing and we talked about different options and at the end of it I was like, talk to your husband.

Speaker 2: 8:40 I'm not sure it is a good fit, but talk to him and we can sit down and we can talk a little bit more. But you know, she had a really good thing going with some private lending that she was doing on her own. What I told her was well, the way we're doing it's better than the way you're doing it, because she was only making 1% more, but she's doing all of the work for it. And then I said well. And then I said well, here's the deal, though If you like what you're doing and you charge more, you can create a bigger gap to make it worth your time. But you know she's taking on all the risk and really not making and making equivalent money. I'd only met her for at this point it was about 20 minutes into the call. We did a 30-minute call. Speaker 2: 9:20 I had almost immediate rapport and trust because I was telling her that I wouldn't eat on her, I wouldn't make a sale on, and it was true. When you really treat people the right way, it's amazing how it comes back. Speaker 1: 9:35 And one thing that's so valuable is by doing that. I think everyone in their life needs someone that's willing to tell them those hard things and that's willing to be honest with them, and that's one reason why when you find a person that, in almost a way, can mentor you by saying this isn't best for you, I'm not best for you, that makes you stand out, and that's one reason why having someone that isn't super invested in you immediately that they're not losing something necessarily If they're like this isn't best that makes them see that you care, and we live in a world where it's all about make money, make money, make money. And when you're investing, when you're working with anything, with homes, there's some emotional connection to it, whether you're selling a house, buying a house, investing, and you want other people to feel that, you want other people to see that, and so when people are able to view you as a person and not just a potential income, it's a game changer. Speaker 2: 10:38 Yeah, there's been times where I've done it both, Like I mean, where I really kind of got commission breath and then most of the time I didn't get the deal by the way when I did that. Speaker 2: 10:48 So, not only is this the right thing to do by people, you end up closing more deals and, ironically, making more money, but I don't want to be up here on the mic acting like I've done it perfectly the whole time. There's been times where it's like what's a $500,000 listing? Realtors are better at that math than any other math. Right? Oh, what's that? Times 3% or what it's like? Oh yeah, that would be a really good theme. Speaker 1: 11:14 Right. Speaker 2: 11:14 So there's a hustle in every market and if you match it with the market of the moment, you can be very successful. There's people that have to move, no matter what's going on in the market. So in today's market at the moment, one of the things we're having a lot of success with

is going to homeowners and saying, hey, you have multiple options when you sell your house. You can sell to a great. So getting knowledgeable on that and being able to kind of broker and structure deals like that is, you know, it's not a fit for everybody, you know. But being able to talk like that and have language around that, even if they end up doing a traditional listing, is beneficial. That's something that can differentiate yourself as a market expert and potentially help you do a deal that maybe they wouldn't have moved had you not been able to structure it that way. Speaker 1: 12:04 Right and you're reaching out to a different audience. In a way, you're able to be able to gain more clients in a different way, which is one of the purposes of digital marketing. So how do you use digital marketing in your business? Are you active in social media? Is that one of the ways, or do you have other forms of digital marketing you focus on? Speaker 2: 12:26 So for me, I'm talking to a lot of people potentially interested in investing in real estate. We really help a lot of like doctors, attorneys, small business owners that have already figured out how to generate income, but they don't. They don't, they don't have and they like the idea of investing in real estate and the passive income that comes behind it, but they don't have time to really do any of the work. So the Passive Wealth show is really about how do you invest in real estate and make it actually passive, not that it sounds like a guru saying oh, this is passive. Speaker 2: 12:58 How are the structures in place, like private lending, equity investment, how do you do that and how do you become a savvy and passive investor? So that's really what it's about, and so I do an episode a week and then we kind of chop it up into reels, spit it out all over the internet. Speaker 1: 13:15 That's great and that's an example of social media doesn't have to be super complicated. You know you're already doing the podcast, the show, you already have it going and then you can use those reels, spit it out and you know, go ahead and have content that way and you're not having to record extra things. People when they look at social media think this has to be overwhelming and really you can often use a lot of the content you're already producing. Speaker 2: 13:36 Well, yeah, and I would say too, guys, is like, know your strengths. I'm comfortable in front of the mic and talking, but I'm comfortable now. But I've been doing it for like a decade. I started out not comfortable at all with it. And if you're someone that's really more of a writer, well then, write, like have a blog and throw out the articles, like on LinkedIn and all that place, right. If you're someone that really wants to be in front of the mic and wants to talk, there's a lot of different ways that you can do it. Have a little self-awareness on what your skill set is and what some of your strengths are too. And then the consistency of doing the work. I do it relatively frequently and get those reps in and you just have to be willing to put in the time and get good at it, right. Speaker 1: 14:20 Yep. Consistency is key, and practicing and being willing to fall short and then picking back up again and getting back at it. Well, thank you so much for coming on. Where can my listeners find you if they're wanting to know more about investing? Speaker 2: 14:33 Yeah, absolutely so. I have a website called the Passive Wealth Show and on that website I have a couple of free resources. I have what's called Passive Profits, a step-by-step guide to your first real estate fund investment. And then I have a passive income course that kind of dives into like it's been over $10 million of passive income, like 100% passive income, that we've generated through three main strategies the last two years, and so the course dives into like what were the strategies, how does it work, and kind of educating a little bit around that and you know. And so the courses are a hundred percent free. So if you just go to passivewealthshowcom, there's like a little investor tab. You can kind of learn more about what we have going there, and then there's a resources tab if you want one of the free courses. Speaker 1: 15:21 Awesome, and we'll have all of that linked down in the description below. Thank you so much for coming on the show today. It was great and I know my listeners learned a whole lot, so thank you very much, jim. Speaker 2: 15:30 I hope so. Yeah, Thanks, guys. And hey, keep on hustling and having fun with it. Guys Appreciate you and and uh, yeah, thanks for having me on. Speaker 1: 15:38 Absolutely.