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The Secret To Long Term Success

SHOW SUMMARY:

What is the secret to success? In this episode, Larry talked about what you need to achieve it. He also shared the key things that can help you achieve long term success in real estate. In addition, Larry also tackled his deal of the week.

SHOW HIGHLIGHTS:

  • Share sponsor winner
  • Deal of the week
  • What you need to do to be able to do deals
  • Secrets to long term success:
  • - Focus
  • - Balance
  • Apps that helps you communicate with your team
  • Generating motivated seller leads
  • Areas to have balance in:
  • - Faith
  • - Family
  • - Finances
  • - Fitness: Nutrition and Exercise
  • - Friends and Fun
  • 3 day event

QUOTES:

  • "All you really need is a seller and a phone."
  • "If you don't feel good, you are not going to act right."
  • "Seek wise counsel."

RESOURCES AND LINKS FROM THIS SHOW:

SHOW TRANSCRIPT:

Larry: Hello, hello, hello. How is everybody doing? This is Larry Goins and welcome to BRAG Show, and you noticed today Kandas is not with me. Kandas is a little under the weather. She is at home. She is not feeling well. In fact, her and her husband both are sick. So, send out your thoughts and prayers to them as well. If it’s your first time watching, thanks so much for watching. I really appreciate it. This is called BRAG Show, Be Rich and Generous, okay? It’s all about making money in real estate and using your blessings to go out and be generous and help others at the same time, okay? So, please share this. If you like this, if you enjoyed it, please share it. We really appreciate that. It means a lot to us. And, you know, share it with your friends, your family, whatever, and we really, really appreciate that. In fact, we always have a Share Sponsor, a little competition, and, Manny, what’s up? How you doing? Yeah, Kandas is not here, so, yeah, like I said, send her out your thoughts and prayers. We appreciate that. Please share this video and the winner of last week’s Share competition, right? The winner of last week’s Share competition is none other than – it’s Jodie Christiansen. All you need to do is e-mail customerservice@larrygoins.com and you’ll get your free real estate day trading jump start, okay? Your free real estate day trading jump start, right? So, hey, Dave, how you doing? Hey, Elaine, how’s it going? You survived fifty-degree below windchill in Chicago. Man, that sounds cold. Wow. I can’t stand that. I don’t even like fifty, much less fifty below, right? So, Gregory, what’s going on? How you doing? What’s up? How you doing? Shout out from New Jersey. Awesome. Awesome. Man, you’re up there where it’s cold too. Absolutely. So, guys, if you want a free investor’s kit, we have this little investor’s kit that we put together. It’s a copy of my book, Getting Started in Real Estate Day Trading. It’s a copy of my other book, HUD Homes Half-Off, and then it’s also some other training as well like we’ve got self-directed retirement account training and asset protection entity structure training, training on real estate day trading, as well as training on, what else is it? The Filthy Riches model, right? So, there you have it. So, if you call and talk to Zenobia, Zenobia has been on this show before, okay? She is our marketing manager for our properties and she’s also in our accounting department. So, she can market our properties and keep track of the money, right? So, there you have it. So, if you wanna call her, 877-LARRY-GO. That’s 877-LARRY-GO. Give her a call and she’ll be glad to get all your information and then send you that investor’s kit as well.
So, I wanna talk about the Deal of the Week, okay? I get a little disappointed when I don’t get a deal every day, right? I do like to get a deal every day. Not every day I do. Some days I get two or there, one day I got five deals a couple weeks ago in one day. But yesterday, I got two deals yesterday. One of those deals is gonna be my Deal of the Week. It was a deal where there was a lady, she was asking – I can’t remember how much she was asking. She wanted $35,000 for this property, that’s what it was. She wanted $35,000, I wanted to pay her $20,000 cash. Now, this was a rental house for her, right? But she was renting it for I think $800 a month. Twenty-six hundred square feet. Twenty-six hundred square feet, okay? But it needs about $20,000 worth of work. So, I wanted $20,000, she wanted $35,000, I said, “I’ll tell you what. Would you be interested in seller financing?” So, we started talking about that and after I share with her the benefits ’cause she’d depreciated it down to about nothing, so, she was gonna have a tax bill when she sold it, so I said, “What about if we finance it?” So, check this out. I negotiated this deal for $35,000, no money down, 5 percent interest, twenty-five-year amortization that, yeah, there’s gonna be a three-year balloon, but that will give us or our buyer, which will be our buyer, plenty of time to fix up the property and then refinance it and pay her off. But check this out. For the next three years, the payment on $35,000, 5 percent interest is $204 a month. $204 a month. So, you can’t beat that. No money down and so all we’re gonna do is we’re gonna go sell the property. In fact, Angel’s out right now putting signs out to sell the property, so we’re gonna sell the property for probably $49,900 and then we’re gonna get $15,000 down and then our seller is gonna finance the balance. So, all we’re really doing, it’s very similar to a wholesaling lease options deal or a subject-to deal, but all I did was negotiate seller financing with my seller and now I’m gonna sell that deal with financing in place, okay? With financing in place. So, there you have it. That’s the Deal of the Week. I believe it’s over in Forest City, North Carolina. You’ll see it come up on our website in the next couple of days because Angel’s gone out to take pictures and put out signs today. So, there you have it. That’s the Deal of the Week.
So, let’s jump right in to the training, okay? I wanted to share with you guys the secret to long-term success, alright? And a lot of people say, “What is the secret to success? What do you need to do?” Well, let me tell you something, guys. Real estate is not that difficult, right? Real estate is not that difficult, okay? Thanks, Dave, I appreciate it. I’m glad you liked the Deal of the Week. All you really need is a seller and a phone to do a deal. That’s all you need, is a seller and a phone to be able to do deals. I’m on the phone probably about half the day making offers on properties, right? That’s what I’m doing. I got a few people out here and what they’re doing is they’re separating the suspects from the prospects and then I get on the phone and I close the deal over the phone, right? And then sometimes we renegotiate those deals down to a deeper discount. For example, we had a deal, I think it was the Deal of the Week a while back, a few weeks ago, where I was buying it for $75,000 and I went in and I renegotiated it down to $50,000 and now we’re selling it for $89,900 so we’re making $40,000 on this deal, right? So, don’t be afraid. Don’t be afraid – that’s right, Manny. The three most important things in real estate: make offers, make offers, make offers, right? That’s the three most important things in real estate, right? And thanks, guys, for all your feedback. I really appreciate your comments and feedback. Please keep ’em coming. That’s awesome. Hi, Melody. How you doing?
So, yeah, the secret to long-term success, it’s not knowing everything about real estate, it’s not, you know, building an awesome team, it’s not any of that. In my opinion, it’s two things. Long-term success. It’s two things. It’s focus and balance, okay? Focus and balance. Now, for example, I’m the one buying houses here in our office, right? If I wasn’t focused on the phone making offers, calling enough people, I wouldn’t get enough deals, right? I wouldn’t get enough deals. Now, I’ve got to stay focused. One thing that’s gonna really, really help you stay focused is I want you to read this book. This book is called The ONE Thing by Gary Keller, right? The ONE Thing. Keller Williams? Gary Keller wrote this book called The ONE Thing and it’s all about what is your one thing that if you do that, it will either eliminate or reduce everything else, right? Everything else. It’s like when I was a stock broker, years ago, years ago, when I was a stock broker, we used to have a little motto. “When in doubt, cold call.” If you don’t know what to do, pick up the phone and cold call, right? And I told that to Angel the other day and he’s like, “Man, that makes sense. That makes sense. So, I’m gonna start, if I don’t have enough leads coming in, I’m just gonna get on the phone and cold call,” and that’s what he’s been doing.
So, the number one thing for long-term success is focus. You need to think about what is that one one thing, right? That one thing that you can do. If you focus on that one thing, it will either eliminate or reduce everything else that you need to do, right? Everything else. I read one time there was somebody, I can’t remember who it was, I can’t remember who it was, but somebody pretty famous, a historian or politician or something, but they would not open their mail for a week and the reason they didn’t open their mail for a week is because by the time they opened it, half the stuff was already done, right? Half the stuff was already done or didn’t need to be done or didn’t need any attention, right? It was over with. So, another big, big time killer right now in today’s society is e-mail. Guys, if you’re staying on your e-mail and, listen, I’ll tell you, I’m just as guilty. I’ve got my e-mail open right here. I’ve got dual monitors and a stand-up desk so I’ve got my e-mail open all the time on one screen, but I have dual monitors and they each have two screens so I’ve got four screens I can use in my office, but the e-mail is a huge time waster. Don’t be afraid to put in your signature line in your e-mail that says I check my e-mail at ten and four or nine and two or whatever, you know? If I don’t respond in between then, it’s because I haven’t checked my e-mail, right? So, don’t be afraid to do that. That’s really, really, really a good tip. If you’ve got a team, a couple of tools you can use is if you’ve got a team whether it’s in house or virtual or whatever, a couple of tools you can use to help you stay focused is one is Voxer, V-O-X-E-R. There’s an app for Voxer, and another one is called Slack, S-L-A-C-K. Voxer and Slack. Those two apps will help you communicate with your team but not have to do it through e-mail, right? Not have to do it through e-mail. So that’s the first part. Focus. You’ve gotta focus. I want you to think about it. Get out a clean piece of paper and write down what is the one thing I can do right now, if I do that, everything else won’t matter. Nothing else will matter if I do that one one thing, and for most real estate or aspiring real estate investors, that’s gonna be generating motivated seller leads, right? That’s gonna be what that’s about. Now we do a lot of direct mail to generate motivated seller leads but that’s our one thing is generating leads. Generating leads. It’s all a huge pipeline. You make the phone ring then you separate the suspects from the prospects and then I close ’em. So, that’s focus.
The second thing for long-term success is balance. You’ve got to have balance. For the longest time, I didn’t get it. I did not get that at all. I just got back from three days at Myrtle Beach, right? I haven’t been to the beach in years. Spent three days with my wife’s mom and we had a great time, it was just awesome. My wife walked up and down the beach for hours and miles and miles and she found probably forty or fifty shark teeth which was really cool. She found this little thing called a sea biscuit which is a little bigger than a golf ball but looks like a sand dollar but it’s round on the top. It’s really cool. It was petrified. It was awesome. So, just had that, but you’ve gotta have balance, okay?
And I’m gonna give you some areas to have balance in. Number one is faith, right? Number one is faith, and I don’t know if you’re a Christian or whatever your faith is or if you don’t have any faith or whatever, you know, I mean, you gotta have faith. If you didn’t have faith, you know, if it wasn’t for faith, if we had all the answers there’d be no need for faith, right? But faith is the first thing and whether you go to a church or you meditate or whatever it is you do, you need to have faith.
Number two is family. Family. Faith and then family. You need to spend time with your family. Kids don’t stay young forever. I know I missed a lot of the time when my daughter was growing up, I was traveling and speaking and teaching and training and I missed a lot of that and just this past November I decided to come off the road. I don’t travel and speak and teach anymore. I do everything right here from my office and all of our events every year are in Charlotte, North Carolina, so I can sleep in my own bed at night. So, you have faith. You have family, and that’s very, very important.
Faith and family, and the third thing is finances. Faith, family, and finances, right? You gotta keep track of your finances. And then the next thing is fitness. Gotta be healthy. Gotta be healthy. Listen, if you don’t feel good – if you don’t feel good, you’re not going to put forth enough effort and you’re not gonna be able to have the stamina to push through because let me tell you something. Business is not easy. Business is hard. Business is difficult. Real estate is difficult for a lot of people, right? And you’ve gotta have that stamina. You gotta be able to push through when things don’t go your way, right? When you lose that deal, you were gonna make ten grand and that was gonna pay your house payment, get your house payment caught up or whatever it was gonna do for you, then you gotta have that stamina to push through and that starts with fitness. And with fitness, there’s a couple of different things. There’s nutrition and there’s exercise, right? I started this thing called Whole30. Some of you may have heard of it. Give me a shout out if you have. It’s called Whole30. You can go to whole30.com, W-H-O-L-E-3-0, dot com. And it’s basically similar to a paleo diet which you eat fruits and vegetables, you eat meat but you eat no dairy, you eat no sugars, and you eat no legumes, right? Beans. Beans and peanuts, right? And it’s basically to kinda reset your system but I feel so much better since I’ve been on this thing. I’ve been on it twenty-two days now, okay? And I’ve got eight days left but I really do believe that after going through this thing – I mean, I could start adding back dairy. I could start adding back – oh, and no carbs too, except for natural, you know, like potatoes or whatever, but no grains. No grains, I should say. So, I could start going back on grains. I could start going back on dairy. I could start going back on sugars, but I think I’m gonna stay off. I’m gonna try my best to stay off of the dairy and I’m gonna try my best to stay off of the sugars, right? Grains are good. Whole grains are good. Long grain, brown rice is good, but you need to watch your nutrition. That’s very, very important. You need to watch it, okay? And also exercise. Just get up and move. They say you need to be exercising thirty minutes a day five days a week. I don’t care if it’s walking, running, lifting, whatever it is, right? You need to do some kind of a, what do you call that, a high-intensity training or like a Tabata workout, T-A-B-A-T-A, is another name for that, a Tabata workout where you do like two sets of ten reps of burpees or whatever and then you do something else, you know, you rest twenty seconds in between, you do something else. So, you wanna take care of yourself ’cause if you don’t feel good, you’re not gonna act right. You’re not going to have the stamina to push through. You’re not gonna feel like, you know, coming in early, staying late, and doing what it takes, okay? Very important, guys. Very important.
So, so far, we’ve gone on focus. We’ve talked about focus, and then we talked about balance. So far with balance we have faith, family, finances, and fitness. The next is friends and fun, right? Friends and fun. Not that it can’t be family and fun, but friends and fun. You need to have friends. You need to have somebody you can confide in. That’s very important. Have someone you can confide in and talk to, because everybody needs – I’m not saying you need a therapist or a counselor but everybody needs somebody you can talk to, right? You can talk to and you can tell things to and they can give you feedback and help you. You know, you can call it a mentor, you can call it a counselor, you can call it whatever you want to but even the Bible talks about, you know, “Seek wise counsel.” Seek wise counsel. It’s very important.
And if you do all those things, faith, family, finances, fitness, friends, and fun, that’s gonna equal freedom. Guys, it’s gonna equal freedom. Sometimes, if you’re stressed out, if you are just trying to make it happen, just trying to work, trying to do things, make it happen, right? Sometimes you may think, “I just need to push more. I just need to push more.” Sometimes, the best thing you can do is go for a run, right? Go for a walk. Walk out in the woods somewhere. Drive to a park and walk around. Sometimes that’s the best thing you can do. Also, sometimes, some days, the best thing you can do is not even wear your watch. Not even put your watch on. Just stay in bed or don’t even put your watch on, just relax, do whatever, ’cause that’s all a part of balance. All a part of balance, right? So, guys, those are the two things for long-term success. Yes, swimming is great. That’s awesome. I’m glad you brought that up, Elaine. When we were at the beach, we would go out and walk on the beach in the morning and then my son and I who’s fourteen, Noah, we would come back to the resort and then my wife and mother-in-law would still be out walking on the beach, my son and I would go down to the pool, we get in the hot tub, and we would swim laps in the pool and to get him to exercise more, whatever amount of laps we were doing, you know, like he would say, “How many are you gonna do?” I said ten, so we’d get to about ten and he had twelve and he’d always say, “How many are you gonna do?” I’d say, “I think I’m gonna do twenty,” and I got up to where I was – I did thirty laps and he did thirty-three, so he got to beat me but I got him to do thirty-three laps, right? But it helped me at the same time, right? So, remember, there’s so many different ways and you’ve gotta find something that you enjoy doing. That you enjoy doing. I used to run three miles a day. I don’t like running that well. And, plus, it’s difficult on your joints and stuff. You hear people, you know, that used to run and they have really bad problems with their joints, their knees and ankles and whatnot, so I’m gonna try out racquetball. I’m getting ready to join the Y here. I’m gonna get my son to go with me. We played racquetball at the resort over the week at Myrtle Beach so I’m gonna try to get him to go with me and play racquetball so that will be one way we can get some fitness in.
So, guys, I really, really hope you got a lot out of this. It’s not always about getting deals, doing more deals, all that. You gotta have balance and you gotta have focus. Put the blinders on, right? And focus.
Now, I’ve got a three-day event coming up right here in Charlotte. It’s February 21st, 22nd, and 23rd, right? It’s a Thursday, Friday, Saturday. We don’t do Friday, Saturday, and Sunday. I wanna take Sunday off, okay? So, we do Thursday, Friday, Saturday, alright? It’s three full days of me teaching and training. We go over wholesaling. We go over marketing. We go over negotiating. We go over HUD in detail. Automating your business. Systems, processes, procedures. Setting up your phone system. Setting up your CRM. We go over asset protection, entity structuring, tax planning. All that good stuff. We go over everything. Just about anything you can imagine. We go over all the different types of self-directed retirement accounts like IRA, ESA, HSA, 401k, solo 401k, SIMPLE and safe harbor 401k. See, some of those you might not have even heard of, right? So, we go over all those and we go over how to utilize them. How to build a big account with a small account. You can start with as little as $500. How to grow a retirement account or ESA or HSA or whatever with as little as $500, and we show you how to do that, step by step what to do and how to do it, we go through and show you all that. If you wanna register, go to larrygoinslive.com or call 877-LARRY-GO to register, okay? 877-LARRY-GO to register. Now, we do charge a $97 seat reservation fee, but it’s gonna be refunded to you after you attend the event. It’s just so we can get an accurate count ’cause some people used to just e-mail us and say, “Yeah, I’m coming,” they’d be in California and then they ended up having to work or couldn’t get a flight or whatever, so we wanna make sure that we get an accurate count for the room, right? So, go to larrygoinslive.com or call 877-LARRY-GO.
Now, we do have a couple of openings right now for our partner program. Our partner program is basically a program where we’re going to work with you one on one, coach you and mentor you, and help you get your first three deals. The goal is ninety days. I can’t guarantee that but we’ve got a lot of people who’ve done it. Our goal is to get you deals in ninety days. Three deals in ninety days, right? And it is a true partner program where, number one, you’re gonna get your tuition back for that out of those first three deals plus some profit but then, over and above that, the additional profit that you make, you and I split that and your half goes to you and my half goes to a charity. Yeah, you’re right, Manny, you can also, if you don’t wanna get – if you wanna get all the slides for the event, I have over six hundred PowerPoint slides and if you wanna keep those, we’ll keep your $97 and we’ll send you all the slides. There’s over six hundred slides in that. So, yeah, just go to larrygoins.com/apply, or you can call 877-LARRY-GO and we’ll see if you qualify. We’ve got a little application process that we go through to make sure it’s a good fit for both of us, right?
So, guys, please share this. I hope you enjoyed this. I hope you got a lot out of it. Please share it with your friends on your Timeline, whatever, and thank you, guys, so much for watching. I really, really appreciate it. Please keep Kandas and her family in your prayers. She’ll be back next week and, yeah, so, thank you, guys, so much for watching. I really appreciate it, and go out there and get it. Let’s make it happen. So, with that, thanks a lot. I’ll see you guys next week. Buh-bye.