RPF0366-Rod_Khleif_Interview
00:00:00.000 | Welcome to Radical Personal Finance, the show dedicated to providing you with the knowledge,
00:00:05.760 | skills, insight, and encouragement you need to live a rich and meaningful life now while
00:00:10.680 | building a plan for financial freedom in 10 years or less.
00:00:14.840 | My guest today is Rod Khalif.
00:00:17.040 | Rod is a long time, what do you call yourself, Rod, a real estate investor?
00:00:22.080 | How do you introduce yourself to the cocktail party?
00:00:23.840 | I wear a lot of hats.
00:00:25.080 | I've been in real estate my entire life, but I've also owned about 18 businesses, but real
00:00:30.400 | estate is my love.
00:00:31.400 | Well, this will be interesting because sometimes when people say, "I've owned many businesses,
00:00:36.800 | that could be a great thing," sometimes that can be a bad thing.
00:00:39.680 | Oh, no, I can tell both stories.
00:00:41.480 | I've had spectacular successes, but equally spectacular failures.
00:00:46.080 | So that means you've been involved in business then, huh?
00:00:48.480 | Yes, I have.
00:00:49.480 | We call them seminars, though.
00:00:50.640 | We don't call them failures.
00:00:51.640 | We call them seminars.
00:00:52.640 | I like that.
00:00:53.640 | That's good.
00:00:54.640 | So, I mean, to start at the beginning, what was your path into the business and real estate
00:00:59.320 | world?
00:01:00.320 | Well, I immigrated when I was six from Holland, and my mom and I and my brother immigrated
00:01:08.400 | on a boat and ended up in Denver.
00:01:11.040 | And we grew up...
00:01:13.400 | Why did you guys come over here?
00:01:14.800 | Well, my mom and dad had gotten a divorce, and she had met a guy through mail correspondence
00:01:23.240 | that his wife had died.
00:01:25.200 | And so my mom had two sons.
00:01:26.980 | He had two sons, and he lived in Denver, and he needed a housekeeper.
00:01:32.280 | So he agreed to allow her with us to come and live in his home.
00:01:37.040 | They ended up getting married and having a son.
00:01:39.000 | So it was yours, mine, and ours, five boys in this house.
00:01:42.320 | But we didn't have much.
00:01:45.920 | It was a very, I won't say poverty, but it was low on the economic scale.
00:01:50.760 | We had to...
00:01:51.760 | I remember my clothes came from the Goodwill.
00:01:54.360 | We had powdered milk instead of regular milk because it was cheaper.
00:01:57.900 | We had day-old bread.
00:02:01.200 | And I don't have any regrets about that because I really believe that's where I got my drive
00:02:05.080 | from.
00:02:06.200 | But I got into real estate when I turned 18.
00:02:08.520 | I went out and I got my broker's license, which you were able to do then in Colorado
00:02:12.400 | without experience.
00:02:13.520 | You could go directly to broker.
00:02:14.880 | And typically, you go from an agent to a broker.
00:02:17.080 | But I made the paper because I just turned 18.
00:02:19.120 | I got my broker's license, made my mom proud.
00:02:21.720 | And I got into real estate.
00:02:23.520 | And I started buying and selling real estate.
00:02:26.680 | Didn't really make very much money.
00:02:28.080 | I'm sorry, I started helping other people.
00:02:30.600 | I acted as a broker in real estate my first couple of years and didn't make very much
00:02:35.420 | money.
00:02:36.420 | And then I started buying.
00:02:37.420 | And I ended up buying about 500 houses in Denver as a buy and hold strategy.
00:02:44.000 | And then I went to Memphis, bought a couple of hundred houses there.
00:02:48.160 | And this is a decade we're talking about now, this period of time.
00:02:51.720 | And then ended up in Florida, where I've been for 16 years.
00:02:55.320 | I love it.
00:02:56.320 | I've bought between 1,300 and 1,400 houses here in Denver.
00:03:01.120 | And by the way, I would not recommend...
00:03:02.120 | Denver or Florida?
00:03:03.120 | Florida, Florida, Florida, Florida, Florida.
00:03:05.120 | Sorry.
00:03:06.120 | By the way, I would not recommend what I've done to anybody.
00:03:09.840 | And when 2008 hit, I had one of those seminars I was talking about, and it was the biggest
00:03:16.440 | one ever.
00:03:17.440 | It was a huge one and got my butt handed to me.
00:03:20.640 | And what was interesting is my houses didn't do great, but I had multifamily properties
00:03:26.320 | at the time as well.
00:03:27.320 | So, you know, I've had a couple thousand houses in my career, but I've also had numerous multifamily
00:03:31.480 | apartment buildings.
00:03:32.680 | And those did just fine through the contraction in '08, the crash.
00:03:36.400 | And so, you know, my big...
00:03:39.160 | What I enjoy talking about now is multifamily real estate because I really believe that's
00:03:45.880 | the ticket.
00:03:46.880 | I know a lot of people have made a lot of money in houses.
00:03:49.160 | I've made a lot of money in houses, but, you know, here in Florida particularly because
00:03:54.480 | the taxes and insurance are high and the caliber of houses that I was buying were kind of the
00:03:59.560 | low end.
00:04:00.560 | So there was a lot of turnover.
00:04:01.720 | I had to sell a house occasionally or refinance a house occasionally to make it.
00:04:06.400 | And I'd refinanced a few too many.
00:04:08.900 | And so when '08 happened, yeah, I got my clock cleaned and...
00:04:14.320 | But it's all good, you know.
00:04:16.400 | I learned the lesson.
00:04:17.800 | I got the memo.
00:04:19.040 | And now my focus is multifamily investing.
00:04:22.160 | Love talking about that.
00:04:23.920 | In hindsight, what have you changed in your thinking and your strategy since 2008 based
00:04:32.240 | upon your lessons?
00:04:33.560 | Yeah, well, I'm a lot more cautious.
00:04:37.600 | I won't say to a fault, but I'm much more conservative than I was then.
00:04:41.960 | And you know...
00:04:42.960 | How so?
00:04:43.960 | How is that being expressed?
00:04:45.960 | Well, you know, we've looked at...
00:04:49.400 | We look at a whole lot of properties before we pull the trigger.
00:04:52.480 | Now again, we're at the...
00:04:53.480 | You know, fairly high in a cycle right now.
00:04:56.440 | We're at the crest of the wave where, you know, I feel like there's a contraction coming.
00:05:00.160 | In fact, you know, as you know, I have a podcast and I interview people as well.
00:05:04.160 | And I interviewed a guy that was a billionaire and he has 35,000 apartment units.
00:05:09.960 | And he said, "Hey, there's a contraction coming in the next like 24 months.
00:05:13.640 | It's not going to be as bad as '08, but it's going to be a pullback."
00:05:18.620 | And then I interviewed somebody else that has a few hundred million dollars with the
00:05:21.060 | real estate, said the exact same thing.
00:05:22.640 | And when people of that magnitude say these things, you start listening.
00:05:27.600 | And you know, I've been through three of these cycles already.
00:05:31.960 | Nothing like '08 though.
00:05:34.100 | So I'm going in with both eyes wide open, Josh.
00:05:40.040 | I counsel people that flip houses and I tell them, "Listen, if you're going to flip houses,
00:05:44.920 | that's great.
00:05:46.280 | It's a great way to make money.
00:05:47.720 | But I would not be doing higher end houses right now because you should have a second
00:05:51.020 | exit strategy just in case the market contracts.
00:05:53.640 | Because when it does, financing will dry up and you won't be able to sell.
00:05:56.440 | So you better be able to rent or have another exit strategy."
00:05:59.840 | So it's things like that.
00:06:02.660 | It's things like, you know, when I'm looking at a multifamily complex, I want to look at
00:06:07.960 | the worst case, you know, what happens.
00:06:11.360 | And I want to be able to tell my investors this.
00:06:13.200 | And I do.
00:06:14.200 | And that, you know, if the market contracts and cap rates, which is how commercial property
00:06:20.360 | and multifamily property is measured, it's a multiple of the net operating income.
00:06:26.820 | It's called a capitalization rate.
00:06:28.300 | If cap rates go up, then values go down.
00:06:31.040 | And it's possible in this upcoming contraction that cap rates could go up a little bit.
00:06:35.000 | And if that happens and you buy a multifamily property with the idea that you can refinance
00:06:40.880 | it or sell it in four or five years, again, you better either have a second exit strategy
00:06:46.600 | or make sure that you plan a little more long term in case this contraction that everybody
00:06:52.160 | talks about comes to fruition, which, you know, I kind of believe it will after the
00:06:56.560 | election.
00:06:57.560 | So it's things like that.
00:06:59.440 | It's looking at the exit strategies, looking at having a little longer measuring tape as
00:07:04.520 | it relates to your liquidity event after you've purchased a property.
00:07:08.440 | So I'm getting a little detailed here, but I really don't know how to how else to answer
00:07:12.240 | your question.
00:07:13.240 | I mean, that you know how I look, you know, these are the things I'm thinking about and
00:07:15.920 | looking at.
00:07:17.240 | Detailed meat is exactly what the Radical Personal Finance audience is looking for.
00:07:21.560 | We're meat eaters.
00:07:22.560 | We're not fluff eaters.
00:07:23.560 | So, yeah, so so that's what I you know, I look at, you know, I have a little longer
00:07:28.800 | window in my in my analysis of properties because, you know, I want to I want to be
00:07:34.800 | OK and have my investors be OK if you know that or when that contraction happens, if
00:07:40.760 | we can't liquidate right away.
00:07:42.980 | So, you know, I want to make sure the debt is long enough.
00:07:45.320 | Like I wouldn't want to do a five year balloon right now.
00:07:47.560 | I'd want to do a seven to 10 year balloon, ideally 10 years just to just to, you know,
00:07:52.360 | be safer.
00:07:53.360 | And I wouldn't have been that careful.
00:07:54.520 | And I wasn't that careful prior to 08.
00:07:58.120 | But you know, when you have a big seminar like that, you learn.
00:08:02.240 | That's.
00:08:03.240 | I want to ask a question, and this is a sincere question.
00:08:09.040 | It's not it's not meant as a as a means of entrapment.
00:08:13.000 | It's a sincere question.
00:08:14.000 | Here's the question.
00:08:15.000 | When you talk about, you know, having owned all these hundreds and I mean, your website
00:08:19.440 | says over 2000 apartments and homes.
00:08:22.320 | The scale of that number to me is a little bit mind boggling.
00:08:27.960 | What is the word you're looking for?
00:08:29.480 | Well, I mean, that's a recipe for pain.
00:08:33.760 | I guess I think about it and I have pain, you know.
00:08:37.160 | Listen, listen, my my forte is systems.
00:08:39.920 | OK, I'm good at systems.
00:08:41.520 | And I was able to buy these houses.
00:08:43.080 | I mean, I didn't buy bulk packages of houses.
00:08:45.460 | These are one off one at a time.
00:08:46.880 | I was going to ask that one at a time.
00:08:48.720 | I bought 2000 houses.
00:08:50.560 | And, you know, I got lucky in Denver.
00:08:52.640 | I mean, you know, people say you luck combined with action, you know, is really is really
00:08:57.720 | how to be a success.
00:08:58.800 | But I did take action.
00:09:00.040 | But I was in the right place at the right time there because the market had just crashed.
00:09:04.480 | I got in and everybody was hurting and they were giving they were selling houses to investors
00:09:09.460 | for 500 down.
00:09:10.680 | And then it went to 5 percent down.
00:09:13.200 | And I had a real estate license, a broker's license.
00:09:16.440 | So I got a 6 percent commission whenever I sold or bought a house.
00:09:20.560 | So do the math.
00:09:21.560 | I was getting houses with nothing down basically.
00:09:24.600 | And and I, you know, I got a lot of partners involved.
00:09:28.480 | You know, if your listeners are interested in getting into the real estate space, you've
00:09:31.920 | got to educate yourself because you've got to have confidence because that confidence
00:09:37.520 | will give you the ability to influence.
00:09:39.960 | And and you need that ability if you're going to bring partners into deals and and and and
00:09:45.400 | you've got to have the knowledge so that that you don't you know, you don't damage your
00:09:48.800 | partners that you do it right.
00:09:50.320 | And I brought in partners in in in Denver and bought a lot of houses that way, ended
00:09:54.680 | up buying most of them out.
00:09:55.680 | But but, you know, I bought them one at a time and renovated them and rented them out.
00:10:01.520 | And again, it's systems.
00:10:03.120 | And again, I wouldn't wish that on anybody.
00:10:05.360 | And that's why I say if you're interested in getting into real estate investing, really
00:10:08.440 | think about multifamily.
00:10:09.920 | It's so much easier for a whole bunch of reasons.
00:10:12.600 | So so we'll go to multifamily in just a second.
00:10:14.880 | But that's I guess that's the question I was driving at when I do this this show.
00:10:20.240 | Part of it is for my audience and part of it is for me.
00:10:22.200 | I kind of think that if I indulge my curiosity and ask you the questions that I'm interested
00:10:27.000 | in, then the audience will benefit.
00:10:29.320 | And so as a young man, I'm 31 years old.
00:10:31.960 | And as I think about my own personal real estate investment strategies, I've only I've
00:10:37.560 | never owned an invest a real estate investment property with the goal of investment yet.
00:10:43.480 | And I've been studying my local market and partly studying it and partly waiting on a
00:10:51.240 | couple of things in my personal life and partly waiting on changes in the market cycle.
00:10:55.640 | But as I look at it, it's just so mind boggling the high volume.
00:11:01.280 | And I think, OK, I buy a good house a year.
00:11:06.040 | John Shobb strategy of buy a three, two.
00:11:09.960 | That strategy has just really resonated with me.
00:11:12.080 | And so I think, OK, I'll just buy a house a year.
00:11:14.520 | Maybe then after a few years, maybe a couple of houses and you wind up, depending on the
00:11:19.880 | number over the course of a couple of decades, you wind up with a portfolio of houses that
00:11:23.480 | you like and it's enough money.
00:11:25.560 | And then you can maybe do some partner deals on the side and it seems relatively low stress.
00:11:30.720 | 2000 houses just sounds crazy stressful.
00:11:33.960 | Did you make money that it was worth it?
00:11:35.960 | Oh, no, I made a ton of money.
00:11:37.240 | I mean, I built a 10 million dollar testament to my ego on the beach here in Florida.
00:11:41.880 | You know, the Lamborghini, you know, I did.
00:11:44.200 | I mean, I had big goals.
00:11:45.640 | I had big dreams.
00:11:47.080 | And and my life has changed.
00:11:49.020 | And what drives me now, you know, like I just did.
00:11:51.520 | I was mentioning to you before we started on the air here, I just did a goal setting
00:11:56.120 | workshop.
00:11:57.120 | And so this is kind of fresh in my mind.
00:11:58.360 | And I showed pictures of these things that I've that I've acquired over the years from
00:12:02.400 | that house on the beach to, you know, my present compound on the on the water to, you know,
00:12:07.200 | these cars that I thought were important, the Rolls Royce, the Lamborghini, these things
00:12:10.560 | that I thought were important, which I don't any longer.
00:12:12.960 | But but, you know, I wanted to prove something, because, again, from my upbringing, I came
00:12:18.840 | from from very little and I had something to prove, I think, you know, and and and so
00:12:24.560 | I wanted to do it bigger.
00:12:26.100 | And it was just to me, it was easy.
00:12:27.680 | The systems were easy.
00:12:28.680 | And it was like, why isn't everybody doing this?
00:12:30.500 | You can buy these houses for, you know, 30, 40 grand fully financed.
00:12:34.400 | I can rent them in cash flow.
00:12:36.740 | And I'm like, why isn't it the reason everybody wasn't doing this because they just had their
00:12:40.080 | butt kicked, you know, in the in the crash prior to when I was buying in Denver.
00:12:43.900 | But, you know, I guess I've just always tried to think a little bigger.
00:12:49.620 | And and like I said, I want to look great.
00:12:51.420 | Yeah, I want to look crazy with the houses.
00:12:52.980 | I wish that I had done it with multifamily because I wouldn't have gotten my clock cleaned
00:12:57.740 | in a wait.
00:12:58.740 | But, you know, hindsight's 20/20 and and it's OK because, you know, things are going well
00:13:03.500 | now.
00:13:04.500 | But, you know, I think it's those goals that that, you know, people have and yours, you
00:13:11.980 | know, your your your your your your way of the way you just described how you would do
00:13:16.700 | it, a house at a time.
00:13:17.700 | There's nothing wrong with that.
00:13:18.700 | In fact, it's fantastic.
00:13:20.060 | I would just give it a caveat.
00:13:21.580 | I would just say instead of a house, do a duplex, do a fourplex.
00:13:25.540 | Sell me on multifamily.
00:13:26.540 | And let's switch to there.
00:13:28.340 | Why should I pursue multifamily housing instead of single family housing?
00:13:33.300 | Well, I guess put a picture of my my face on the wall, my ugly face on the wall, because
00:13:38.980 | I had the houses.
00:13:40.660 | OK.
00:13:41.660 | And and, you know, the thing with a house is if if it's empty, you're 100 percent vacant.
00:13:47.180 | OK.
00:13:48.180 | And if you've got a mortgage on that house, you're going to be paying that mortgage.
00:13:52.020 | Now if you have a duplex or a fourplex and you've got a unit empty, you may very well
00:13:55.580 | still be breaking even.
00:13:58.040 | So, you know, if you're thinking houses, see what's in your market for duplexes and triplexes
00:14:04.420 | and quads, because not only are they safer, they're they're they're going to be better
00:14:09.180 | to survive a contraction.
00:14:11.840 | People need a place to live.
00:14:13.820 | You know, right now, in my opinion, real estate is about cash flow.
00:14:19.100 | You shouldn't even be looking at value.
00:14:20.540 | You should be totally focused on cash flow.
00:14:22.740 | And this is again is from my seminar.
00:14:26.060 | Had I paid more attention to cash flow, I would have survived the crash.
00:14:30.100 | But, you know, I was I was you know, I had a big ego because in 2006, my net worth went
00:14:35.000 | up 17 million dollars.
00:14:36.440 | OK, that's just by sleeping.
00:14:38.780 | My net worth went up 17 million bucks in '06, but that was '06.
00:14:41.800 | OK.
00:14:42.800 | And I you know, it went down a whole lot more than that in '08.
00:14:45.860 | But had I focused on cash flow instead of value, you know, I'd be on the back of my
00:14:50.800 | yacht right now, frankly.
00:14:53.020 | So, you know, that's I like multifamily because it's safer.
00:14:57.040 | It's easier to manage.
00:14:58.040 | OK.
00:14:59.040 | I mean, you can imagine I had 800 houses here in Florida when it crashed.
00:15:01.900 | I had houses two hours north of Sarasota and two hours south of Sarasota and everywhere
00:15:06.240 | in between.
00:15:08.240 | Just the logistics of leasing an empty property, the logistics of handling a maintenance call.
00:15:13.760 | But even let's do it on a smaller scale.
00:15:16.000 | Let's say you've got five to ten houses and they're spread throughout town.
00:15:20.240 | You send a maintenance guy out there, you know, he's got to go see what it see, what
00:15:24.320 | it needs.
00:15:25.320 | Chances are the mechanical in each one of the houses is going to be different.
00:15:28.520 | The appliances are going to be different.
00:15:30.620 | So from a maintenance standpoint, much harder to manage from a leasing standpoint versus
00:15:34.560 | like a 10 unit.
00:15:35.980 | So you know, or a five unit or a four unit.
00:15:38.700 | It's just easier to manage.
00:15:40.080 | It's easier to lease.
00:15:42.480 | It's it's you know, it's it's going to it's going to be contraction.
00:15:47.040 | I won't say proof, but much safer if for when a contraction happens because of what I said
00:15:52.200 | about vacancies.
00:15:54.520 | And you know, frankly, they're going to go up in value as much or more than a single
00:15:59.900 | family house.
00:16:01.000 | So you know, honestly, buying a duplex or a quad is just as much work as buying a house.
00:16:07.360 | I mean, it's the same amount of work to buy a house as it is to buy a plex.
00:16:11.420 | If you're thinking, you know, that size.
00:16:14.640 | And frankly, buying a 10 unit is as easy as buying a fourplex.
00:16:17.960 | So you know, why not?
00:16:21.240 | That's my answer to your question.
00:16:22.440 | Why not?
00:16:23.560 | So you live there in Sarasota.
00:16:25.360 | So I mentioned John Schaub.
00:16:26.760 | Yeah, that's where he's from.
00:16:28.240 | I really connected with his, I guess, just with this, the simplicity of his books and
00:16:33.560 | his approach.
00:16:34.720 | So he takes those things on and here and I'd love to hear your rebuttals because this is
00:16:39.320 | what real estate people do is argue with one another left and right.
00:16:42.240 | But here are his rebuttals in favor of single family houses.
00:16:45.680 | Number one, that housing, single family houses, because they are not just in the investor
00:16:52.320 | marketplace, meaning that you're not just dealing with professional investors who are
00:16:56.360 | swapping properties around.
00:16:58.760 | Single family houses can benefit from the potential for higher appreciation than multifamily
00:17:04.480 | because you've got people who may want to move in there.
00:17:06.760 | They want to live there.
00:17:08.240 | They're buying in the retail marketplace based upon what they want.
00:17:12.160 | They're liking the neighborhood there.
00:17:14.160 | They move there and they want the house and you fix it up.
00:17:16.440 | So you have a potential for higher appreciation than multifamily.
00:17:20.480 | Great, great comment.
00:17:22.320 | Great comment.
00:17:23.320 | Let me give you my rebuttal.
00:17:24.320 | Go for it.
00:17:25.320 | My rebuttal is what's your end game?
00:17:26.320 | Okay.
00:17:27.320 | It's a question.
00:17:28.320 | Are you interested in cash flow or are you interested in flipping houses?
00:17:32.280 | Okay.
00:17:33.280 | If you're interested in flipping houses, John Schaub's model is fantastic.
00:17:36.800 | Okay.
00:17:37.800 | Buy a house.
00:17:39.160 | You know, maybe flip it right away.
00:17:41.040 | Maybe sit on it for a while.
00:17:42.400 | Sell it.
00:17:43.400 | Sell it within a few years.
00:17:44.500 | But if you're interested in lifetime, long-term cash flow, then you're much safer in a multifamily
00:17:53.400 | property for the reasons I said.
00:17:54.760 | If that house is empty, you're 100% vacant.
00:17:57.520 | Okay.
00:17:58.520 | Granted, yes, it does open up to all the buyers that are out there if you're in single family
00:18:03.800 | homes.
00:18:04.840 | So if your goal is to buy and ultimately sell, then certainly houses should be on your horizon.
00:18:11.480 | But if you're interested in lifetime cash flow, an annuity, something for your kids,
00:18:18.320 | buying something that someone else is going to pay off, please consider multifamily instead.
00:18:25.240 | That's my two cents on that one.
00:18:26.800 | Number two, he talks about single family housing as being advantageous for low hassle management
00:18:33.880 | if purchased and rented out appropriately, meaning that not dealing with low-end properties,
00:18:42.240 | but his model, buy a 322.
00:18:44.920 | That way you're dealing with middle-class people.
00:18:47.720 | And then you're not getting professional tenant.
00:18:52.560 | By renting out that type of house, you're getting a higher quality tenant, and you have
00:18:57.120 | the potential for building a much longer-term relationship with the tenant.
00:19:00.520 | I don't remember what the exact number was.
00:19:02.360 | I respectfully disagree with that last comment about the longer-term relationship.
00:19:07.280 | I've owned properties where people have been in there for literally 20 years.
00:19:10.280 | I'm looking at a 20-unit right now in my general area, 24-unit, I think, actually.
00:19:15.280 | And there are people that have lived there for 30 years.
00:19:17.640 | These are little duplex apartments.
00:19:19.480 | So I don't agree with that last comment.
00:19:21.720 | But listen, if you're going to buy houses, I completely agree with John.
00:19:25.080 | Buy 322s because there's always a demand.
00:19:29.180 | And yes, you can position the house, the renting of the house, so that it is less maintenance.
00:19:36.520 | Typically, that involves a lower rent payment, though.
00:19:39.040 | You drop your rents down a little bit, and you tell the tenant, "Listen, I'm going to
00:19:42.960 | give you this great deal on this place, but I don't want you to call me for every maintenance
00:19:46.600 | thing.
00:19:47.880 | If it's going to be over $100, then you call me and we'll work it out.
00:19:50.880 | But if it's less than $100, I don't want to hear from you because I'm giving you this
00:19:53.480 | deal so that this is a hassle-free investment for me, too."
00:19:57.220 | And that is a great strategy.
00:19:58.600 | And I think that might be what John's alluding to.
00:20:00.680 | I've never actually read any of John's stuff.
00:20:02.280 | I just know he's a local here, and he's a great guy with a great reputation.
00:20:06.120 | But that's a way to do houses, and I did that with houses.
00:20:09.660 | You can also do lease options on houses.
00:20:11.600 | I did hundreds of those where you get a few thousand dollars up front, and you give an
00:20:15.160 | option to buy over a period of time, and they'll typically take better care of the house.
00:20:19.400 | That said, and I've tried all these strategies.
00:20:22.400 | That said, I am interested in long-term wealth.
00:20:26.440 | I'm interested in, and I was talking about the people I've interviewed, and that billionaire
00:20:31.760 | I interviewed.
00:20:33.120 | I asked him, I said, "Do you sell?"
00:20:34.440 | And he said, "No, I'm not a real estate seller.
00:20:36.320 | I'm a real estate buyer."
00:20:39.400 | And everybody that I've interviewed, they all regret ever selling any of their real estate.
00:20:44.960 | It's always a regret.
00:20:46.020 | They always wish they'd have held onto it because of what happens.
00:20:49.120 | I tell you, my houses in Denver, I sold all those houses, and I sold them in the $100,000
00:20:54.120 | range.
00:20:55.120 | I just sold the house next door to my mom for $320,000 in Denver.
00:20:59.080 | Now, if my dumb rear end hadn't sold my Denver houses, do the math on 500 houses at $320,000.
00:21:08.040 | It's a big number.
00:21:10.560 | So I have the same regrets, and that's why, to me, there's nothing else you can buy that
00:21:16.040 | someone else pays off.
00:21:17.800 | There's nothing better than free and clear real estate.
00:21:20.280 | I met a guy in Denver, an old Jewish guy, and I was looking at his apartment complexes.
00:21:25.840 | This is decades ago, and I was just a 20-year-old punk, and I said, "Hey, you know, I want to
00:21:31.480 | buy your apartments."
00:21:32.480 | And he had them free and clear.
00:21:33.480 | He was a funny guy, but he said something to me that I've never forgotten, and that
00:21:36.840 | was, "Son, if you buy apartments and you let other people pay them off, when they're free
00:21:40.480 | and clear, you will have buckets of money."
00:21:42.920 | And I've never forgot that visual of buckets of money, and so that's why I advocate for
00:21:48.160 | multifamily now.
00:21:50.640 | But if you were starting over, a young man took away all your advantages, took away all
00:21:58.040 | your connections, and said, "You've got to start over today, 2016," how would you approach
00:22:04.080 | the challenge of starting with nothing and getting rich?
00:22:07.840 | Give me the actual steps.
00:22:10.440 | Absolutely, and this is what I tell people.
00:22:13.080 | I take free phone calls from people that listen to my thing, and I tell them, "Take two approaches,
00:22:20.360 | okay?
00:22:21.360 | One, get out there and educate yourself, number one.
00:22:25.000 | Take the courses or find the books.
00:22:28.500 | You can learn a lot from podcasts.
00:22:30.520 | Don't get me wrong, and that's a fantastic vehicle, but you really need more than that
00:22:35.060 | if you're going to get serious about real estate investing.
00:22:37.200 | You need to know what a contract looks like.
00:22:38.820 | You need to know the nuances of talking to sellers and brokers and bankers.
00:22:44.540 | So number one, there's two tracks.
00:22:46.660 | Track number one is educate yourself, okay?
00:22:48.220 | So you don't make the mistakes that I made, and trust me, I'm the poster child for mistakes
00:22:52.140 | because I did not do that.
00:22:53.220 | I did not educate myself.
00:22:54.460 | I'm a fire, fire, fire, fire again, and then think about ready and think about aim.
00:23:00.740 | But I would educate yourself, number one.
00:23:02.540 | Number two, get out there and immerse yourself in the marketplace.
00:23:06.020 | Go kick the tires, go start talking to brokers, start evaluating properties, run the numbers
00:23:11.540 | on properties, learn, and do this in your backyard.
00:23:15.300 | You know, learn about real estate.
00:23:17.760 | Go to your local real estate investor club meetings.
00:23:20.020 | I mean, that's where I just came from.
00:23:21.780 | I did a little goal-setting workshop for mine, and there's really nothing in it for me anymore
00:23:27.020 | because I don't need to learn, but I do learn.
00:23:29.620 | What's funny is I do learn when I do that anyway, but the point is get out there and
00:23:34.540 | actually immerse yourself in whatever it is you're going to do, be it real estate, be
00:23:37.940 | it anything.
00:23:39.900 | Immerse yourself in it because you're going to learn by doing.
00:23:42.700 | But what people do sometimes, they'll do one or the other.
00:23:45.620 | Like I did just the, I just did it, and I didn't learn, and I made so many mistakes.
00:23:50.340 | Had I done the courses or learned more about what I was doing, I would have made a lot
00:23:55.820 | more money and saved myself a lot of heartache.
00:23:58.140 | So I would do both of those simultaneously.
00:24:00.620 | Actually be looking and educate yourself.
00:24:03.340 | And that's what I would do if I had to go back in time to do it right.
00:24:07.900 | So now next steps.
00:24:09.060 | I'm a learner, I'm studying, and I'm out there doing.
00:24:13.580 | What tactically am I doing?
00:24:15.620 | Okay, sure, sure, sure.
00:24:16.620 | Remember, I alluded to this earlier, okay?
00:24:18.720 | And that is you don't need money to buy real estate, okay?
00:24:24.180 | What you need is knowledge, confidence, and the ability to influence, okay?
00:24:30.060 | And if you know what you're talking about, and you know your market, and you find a deal,
00:24:36.900 | and you're confident in your abilities, you'll be able to influence somebody to go in on
00:24:40.980 | it with you, okay, and put up the money.
00:24:42.620 | I mean, I bought 500 houses.
00:24:44.180 | Most of them, other people put up the money, and I got half the deal.
00:24:47.020 | So that's what I would do is I'd get out there and I'd network, but I'd do the first two
00:24:53.820 | things I talked about.
00:24:54.820 | I'd be out there looking at deals, I'd be understanding the market, I'd be learning
00:24:57.620 | everything I possibly could about the market, I'd be educating myself, and I'd be networking
00:25:02.980 | and talking about what I'm doing.
00:25:06.700 | You know, if somebody, you know, have an elevator pitch.
00:25:09.140 | If somebody literally is standing there, and you've got their attention for two minutes,
00:25:13.340 | they need to know what it is you do.
00:25:14.740 | Hey, I look for fantastic deals in real estate.
00:25:16.860 | I'm always looking for partners.
00:25:18.100 | If you know anybody that, you know, wants x-ray to return, let me know.
00:25:23.620 | You know, I find some great deals, and those are the things that I did.
00:25:26.380 | That's what I did, and that's what I would do again.
00:25:30.060 | How do you build a team, a company that does this so it's not just one person?
00:25:37.420 | Well, if we're talking about real estate specifically, you need somebody to help you with the numbers.
00:25:44.820 | You need somebody to help you with the evaluation of the properties, and really, particularly
00:25:49.020 | if you're in a multifamily space.
00:25:50.900 | I've got a CPA that's on my payroll.
00:25:53.460 | And I've always had, you know, a high-end bookkeeper prior to having the CPA.
00:25:59.580 | Somebody that can help you, you know, do an analysis, maybe do a proforma on the property.
00:26:04.380 | You know, you want to know how to do it yourself.
00:26:07.340 | You know, either have some evaluation software or, you know, be able to utilize Excel.
00:26:12.020 | I would have, you know, a team.
00:26:14.860 | I would have an attorney, a real estate attorney, somebody that's actually doing the types of
00:26:21.580 | deals you're interested in doing, be it residential, be it, you know, multifamily.
00:26:26.900 | Ideally want an attorney that is actually an investor that owns his own property because
00:26:30.780 | then he really understands it.
00:26:32.700 | I would have either a good title company, if that's what you have in your state, title
00:26:37.460 | companies, or sometimes it's just attorneys.
00:26:40.180 | I would have a relationship with a title company.
00:26:43.420 | I would go out there and meet as many brokers as possible in whatever caliber or sector
00:26:48.320 | of real estate you're interested in buying.
00:26:51.140 | And those are the very important relationships.
00:26:53.860 | You know, you buy them a cup of coffee, you tell them that, you know, tell them you're
00:26:56.940 | new if you're new.
00:26:57.940 | Don't be afraid to tell them that.
00:26:59.220 | And you won't get the, when you're developing broker relationships, you won't get the high-end
00:27:03.980 | brokers that are moving, you know, big tons of property.
00:27:06.780 | They won't waste their time with you, but there'll be lots of brokers that will, and
00:27:11.700 | you'll learn a lot from them.
00:27:12.700 | And you'll get referrals to good management companies.
00:27:15.060 | You'll get referrals to good attorneys.
00:27:16.460 | You'll get referrals to, you know, people that sell the insurance.
00:27:19.700 | You'll get referrals to the bankers, the mortgage brokers.
00:27:23.700 | And these people will all refer each other.
00:27:26.760 | And that's the other thing you're going to need to develop a relationship with your local
00:27:29.740 | banker or with a mortgage broker for the financing for whatever caliber of property you need.
00:27:34.660 | But again, all of this stuff, even building the team, you'll get if you've educated yourself,
00:27:40.160 | because any good course is going to talk about team.
00:27:42.840 | And these are things that you really, and how to approach like a broker with, you know,
00:27:48.500 | because you need to know that a broker doesn't get paid unless the property actually closes.
00:27:53.180 | So, you know, they don't want to have you tie up a property if you're not going to be
00:27:57.620 | able to pull the trigger on it.
00:27:58.940 | So you need to know how to talk to them and reassure them and sell them basically.
00:28:05.780 | And so I think I've touched on most of the team there.
00:28:08.300 | I mean, if you're going to be doing value-add properties where you want to fix a property
00:28:13.020 | up, then you're going to need a good maintenance man or a good contractor.
00:28:17.620 | You know, I actually typically in every state that I've ever bought in, I've actually started
00:28:23.240 | a real estate company.
00:28:24.240 | I've hired a broker, put them on my payroll and that way I have access to the MLS.
00:28:28.820 | I am able to share in the fees that are collected when we buy or sell a property because I own
00:28:34.300 | the real estate company or own a part of the real estate company.
00:28:36.820 | The broker typically has to own part of it as well.
00:28:38.620 | But you know, I mean, there are lots of...
00:28:40.940 | You can take this thing a lot of different directions and, you know, a team is very,
00:28:46.700 | very important.
00:28:47.700 | I would go to your local real estate investor club meetings if you're thinking real estate
00:28:51.220 | and meet people there.
00:28:53.220 | There'll be hitters there.
00:28:54.220 | There'll be people that, you know, that might be able to be mentors to you.
00:28:58.020 | I highly recommend that you do that as well.
00:29:01.740 | And you know, if you're going to buy a larger property, a larger multifamily property, you're
00:29:06.860 | probably going to need what's called a sponsor.
00:29:09.460 | And that's somebody that owns similar property that has a decent net worth that will sign
00:29:13.740 | on the debt for you.
00:29:14.780 | And you're going to give away a chunk of the deal for that.
00:29:17.380 | But that's okay to give away a chunk of the first one or two or three deals.
00:29:21.540 | Because once you've got two or three deals, then you have the ability to take down a larger
00:29:26.140 | property.
00:29:27.140 | But initially, you know, to buy a larger property, you're likely going to need somebody called
00:29:30.220 | a sponsor.
00:29:31.940 | And you'll negotiate how much they get for the privilege of using them and their net
00:29:37.740 | worth and their experience to take down the property.
00:29:41.260 | You've been broke and you've been rich.
00:29:44.900 | I have.
00:29:45.900 | I have been really broke.
00:29:49.980 | And I've been doing pretty darn well too.
00:29:53.020 | What is the best thing about being rich?
00:29:56.340 | Well, now if I answer that question today, it's the ability to give back.
00:30:04.300 | If I answer that question 20 years ago when I was young and stupid, it was to be able
00:30:08.180 | to buy a Lamborghini and a Maserati and Corvettes and a Rolls Royce and Panteras and stupid
00:30:14.140 | stuff.
00:30:15.140 | But today, the best thing and the best thing for me today about having money is security
00:30:21.700 | and peace and the ability to give back.
00:30:26.260 | And just to be incredibly grateful, which I think you can do without being rich.
00:30:29.380 | But if you certainly should do that anyway, whether you have money or not, you should
00:30:32.380 | be grateful.
00:30:33.380 | But it's definitely the ability to give back.
00:30:35.980 | What changed between 20 years ago when you were young and stupid and today?
00:30:39.900 | Well, luckily, I met a guy named Tony Robbins 16 years ago.
00:30:45.340 | And I was a real narcissist before then.
00:30:48.700 | It was all about me, me, me.
00:30:50.700 | How can I show them I'm good enough?
00:30:52.180 | How can I show them that I'm worthy?
00:30:54.900 | That was my mindset because it was tough coming from another country, not speaking English.
00:31:00.140 | I get picked on at school and so I kind of felt the need to prove myself.
00:31:06.360 | But I met Tony Robbins and was so blown away by his technology.
00:31:09.500 | I've been involved with him for 16 years and actually do a lot of volunteer work with him
00:31:14.700 | and it changed my life.
00:31:17.460 | So like what, 11 years ago, maybe it's been 16.
00:31:22.980 | 16 years ago, I formed a foundation to start feeding kids and went out and got the idea
00:31:31.620 | from him.
00:31:32.620 | And my brother and I decided to feed five families for the holidays, for Thanksgiving
00:31:35.840 | it was.
00:31:36.840 | And so we went and bought food and we found five families through a church that really
00:31:41.860 | needed help.
00:31:42.860 | And I went to one of the doors and it was a really crappy house.
00:31:49.100 | And it was like a shack.
00:31:50.920 | And this woman came out, saw the food, it was the day before Thanksgiving and she started
00:31:55.580 | crying.
00:31:56.580 | Her husband had left just not that long before then, like a few days before then.
00:32:01.780 | And the five kids came out that she had and they all started crying and I was hooked.
00:32:06.520 | And so the next year I did 50 families.
00:32:08.020 | The year after that I did 100 and I doubled it every year, 200, 400, 800.
00:32:12.420 | And then in 2007 I did 1600 families and I paid for it.
00:32:17.140 | And just incredible joy.
00:32:20.020 | Now since then I started taking donations because '08 happened and I was filled with
00:32:24.860 | fear and I formed a foundation and we've now fed 40,000 kids for the holidays.
00:32:29.820 | And then a few years ago we started doing backpacks filled with school supplies and
00:32:34.340 | we have done thousands of backpacks filled with school supplies.
00:32:37.300 | In fact, a week from Saturday we're doing it here in Sarasota.
00:32:39.980 | We're doing 1500 backpacks.
00:32:41.180 | It's just astounding to me that kids in the United States of America don't have the basic
00:32:46.580 | school supplies to be a success in school.
00:32:48.660 | I just, don't get me started, that just makes me crazy.
00:32:51.540 | But anyway, so we're doing 1500 backpacks here locally and then we also have given thousands
00:32:56.780 | of teddy bears to the local police departments for officers to keep in their vehicles when
00:33:00.660 | they encounter a child that's experienced some trauma of some sort.
00:33:04.060 | And that has given me my greatest joy in life.
00:33:06.340 | So that's what I would say to somebody.
00:33:09.220 | That's the advantage of being rich or having money is the ability to share and give back.
00:33:16.020 | When you were younger and more broke than you are now, I would imagine when you're dreaming
00:33:20.900 | about being rich, you were thinking of something.
00:33:25.180 | What was the thing that you were dreaming of that life would be like when you were rich
00:33:28.940 | that turned out not to be so?
00:33:31.500 | Oh, good question.
00:33:33.420 | What was I dreaming about?
00:33:35.460 | Well, you know, it's funny.
00:33:37.820 | As you focus on the outcome, you focus on the goal and it's always a letdown when you
00:33:43.700 | achieve it.
00:33:44.700 | I built this $10 million house on the...
00:33:46.620 | And I just told this to the guys in the goal setting workshop, so it's fresh.
00:33:49.460 | I built this $10 million house and I'm floating in the pool.
00:33:53.260 | Look at...
00:33:54.260 | It's at night and this pool was spectacular.
00:33:55.980 | It was a waterfall from the second floor into the pool and it changed colors.
00:34:00.880 | It had the...
00:34:01.880 | I forgot, the fiber optic lighting and it changed colors.
00:34:05.060 | I'm laying in this pool and I got depressed.
00:34:06.860 | It's like I just built this huge testament to my ego and I'm depressed.
00:34:12.660 | And I realized that it's never about the goal.
00:34:15.520 | It's about who you become while you're trying to achieve the goal.
00:34:18.580 | It's about the journey.
00:34:20.820 | It's never about the outcome.
00:34:22.340 | And like I told these people in this goal setting workshop, it's whenever you get close
00:34:26.540 | to reaching a big goal, you should definitely have other goals lined up because, you know,
00:34:31.420 | like the good book says, without a vision, the people perish and you need a vision for
00:34:35.820 | the future.
00:34:36.820 | And I didn't have one at that point when I was floating in the pool and I didn't realize
00:34:38.660 | why I was depressed.
00:34:39.660 | And I've learned now since then why that happened.
00:34:42.860 | But you know, that's...
00:34:46.740 | There's my answer.
00:34:47.740 | What else?
00:34:48.740 | What else?
00:34:49.740 | Well, you know, I would tell you listeners, if you're thinking about getting into real
00:34:57.340 | estate investing or you think whatever any business that you're thinking about getting
00:35:01.620 | into, make sure that you have written goals.
00:35:05.180 | Make sure that you have the whys for those goals written down.
00:35:08.740 | Make sure that you incorporate giving back if it's to your family, if it's to doing something
00:35:12.900 | for your parents or your children or whatever.
00:35:14.980 | Make sure that's incorporated in the whys.
00:35:17.500 | And my advice would be get pictures of those goals.
00:35:20.780 | I have pictures all over my workout room and my office of the things that I want, the things
00:35:24.740 | that I want to accomplish.
00:35:25.980 | And it's funny.
00:35:26.980 | I was just showing the people at this event my work, my planner, my Franklin planner,
00:35:31.700 | my daily planner.
00:35:32.700 | And I've got pictures in the back that have been put in the sheets of plastic.
00:35:37.900 | And they've been there for 16, 17 years.
00:35:40.940 | And three fourths of those things I have now because, you know, I visualize them and I
00:35:45.460 | visualize as if I already had them.
00:35:47.260 | So I would tell you guys that are listening, do that.
00:35:49.780 | Do the goals, do the whys, do the pictures, visualize yourself as already having those
00:35:53.540 | things and you will get them.
00:35:55.500 | So, you know, that's what else.
00:35:57.420 | Do you have kids, Rod?
00:35:58.740 | I have two.
00:35:59.740 | I have a 25 year old daughter.
00:36:01.540 | She's in Japan teaching English.
00:36:02.940 | And I have a 21 year old son that's here in Florida.
00:36:08.540 | I'm trying to get him into real estate, but I'm not sure it's for him.
00:36:11.540 | But he's just kind of coasting through it right now while he's deciding what he wants
00:36:14.940 | to do.
00:36:15.940 | But how effective do you feel that you've been in teaching them the skills of wealth
00:36:21.500 | and passing on some of the lessons that you've learned to them?
00:36:25.220 | Embarrassingly ineffective because I didn't have much.
00:36:29.180 | I spoiled them.
00:36:30.980 | And like I bought them each vehicles when they turned 16.
00:36:33.420 | And I would not recommend that to anybody.
00:36:35.300 | If you've got young children, don't buy them a car.
00:36:37.500 | Make them work for it.
00:36:39.540 | That's one of my bigger regrets.
00:36:42.300 | And I went through a nasty divorce, unfortunately.
00:36:45.140 | And because I only had them half the time, I wasn't able to influence them like I would
00:36:48.580 | have liked to.
00:36:49.580 | And I'm not going to get into the detail of how that manifested itself with the ex.
00:36:55.620 | But no, I don't feel like I was nearly as effective as I could have been.
00:37:01.540 | And I wish I had been.
00:37:03.180 | Now I'm making up for lost time.
00:37:04.900 | My son was at this goal setting workshop and he was very, very proud of me and is proud
00:37:10.940 | of me anyway.
00:37:11.940 | And both of my children will be big successes.
00:37:15.180 | But could I have done it better?
00:37:16.700 | Absolutely.
00:37:17.700 | Well, it's a common challenge.
00:37:21.560 | Because what happens is you grew up in relatively poor circumstances, buying clothes from Goodwill,
00:37:29.900 | using powdered milk.
00:37:30.900 | And so you want to give your kids something better.
00:37:33.680 | But the problem is that those circumstances in some ways, either you could say, well,
00:37:38.720 | maybe they shaped you or formed you.
00:37:40.080 | You could at least say they contributed to who you were and to some of the things that
00:37:45.320 | drove you to work hard and to build certain attitudes and habits and character traits.
00:37:51.540 | And then if you take those experiences away from your kids, as is common among wealthy
00:37:55.480 | parents wanting to give their kids something better, sometimes you deny those experiences
00:38:01.600 | that are going to be formative.
00:38:04.240 | So I'm curious, in your interactions with other wealthy people or even just yourself,
00:38:08.420 | if you were going to give somebody some advice from just what you've learned, the hard way,
00:38:13.800 | the great way, whatever way, of how to work with children and train children around wealth,
00:38:19.000 | how would you approach that advice?
00:38:20.800 | >>Well, I would definitely not give them everything.
00:38:25.240 | I would make them work.
00:38:26.240 | I would instill a work ethic in them.
00:38:31.800 | And that's a tough thing to do, particularly if you're in a fragmented home where you only
00:38:37.360 | get them half the time.
00:38:38.360 | That's another component.
00:38:40.000 | Mom lets us do this.
00:38:41.640 | Or while you have them, you want to give.
00:38:45.440 | And there's a book called "The Five Languages of Love," and it talks about these five ways
00:38:50.100 | that everybody's got one way that they primarily give love.
00:38:53.100 | And mine is giving.
00:38:54.100 | Okay, mine's gifts.
00:38:55.580 | And so that doesn't serve you when you're trying to raise a child to be self-sufficient
00:39:02.060 | and to have a great work ethic and to want.
00:39:06.060 | And like my son, for example, he's, like I say, he's 21.
00:39:11.320 | And he throws it up at me that he's not in school right now.
00:39:16.920 | He actually dropped out of college just recently to come work with me in this real estate.
00:39:21.780 | But he throws it up at me that I didn't go to college, which I didn't.
00:39:24.200 | I never have gone to a single class in college.
00:39:26.380 | And I had a $50 million net worth in 2008.
00:39:30.320 | And so, but I'm very well read and I'm very driven, which he's not.
00:39:35.280 | And so it's very important that, obviously, he's using me as an example.
00:39:44.680 | And I'm not a good example because I had such a drive that I went out there to learn.
00:39:48.280 | And I'm always learning and constantly trying to learn and curious.
00:39:53.400 | And so what I would tell parents that are listening is try to make your children as
00:39:58.260 | curious as possible.
00:40:00.240 | Don't give them everything.
00:40:01.920 | Make them work for it, even if it's painful, because they'll be so glad you did.
00:40:07.940 | And I mean, we're working through it now.
00:40:09.720 | My son and I are working through it.
00:40:11.420 | And my daughter will be a huge success.
00:40:13.680 | I already know that.
00:40:15.200 | But I'm sharing things that have gone on over the last 10 years in my life with my children
00:40:23.040 | and the regrets that I have.
00:40:25.520 | And you got me to be a little vulnerable here, Josh.
00:40:28.720 | Good job.
00:40:29.720 | I don't think I've ever talked about this publicly before.
00:40:32.200 | But that'd be my advice, is to give them that work ethic.
00:40:38.800 | And don't give them everything, because it spoils them.
00:40:41.440 | It truly does.
00:40:42.720 | And now my son's working hard.
00:40:44.800 | He's working two jobs.
00:40:45.800 | And he's tired all the time.
00:40:47.120 | And that's OK.
00:40:48.640 | And that's what it takes.
00:40:50.240 | So don't feel guilt about making them work and support themselves.
00:40:56.160 | He's struggling.
00:40:57.160 | He's got his own little place now.
00:40:58.600 | And it's tough.
00:41:00.600 | But it's OK, because that's how you grow.
00:41:03.800 | That's how you get strong.
00:41:04.800 | That's how you deal with when life kicks you in the butt.
00:41:07.480 | That's how you get back up again.
00:41:08.840 | Because if you don't train them to do that, when they fall, they're going to stay
00:41:12.640 | down.
00:41:13.640 | And as I mentioned, I've had 18 businesses.
00:41:17.080 | Some have been successes.
00:41:18.720 | Some have been spectacular failures.
00:41:20.880 | But I've gotten back up every single time because of my work ethic, because of my goal
00:41:25.280 | setting, because of my visualization of the things that I want.
00:41:29.640 | And you need to instill that in your children.
00:41:31.120 | I would recommend you have them write their goals.
00:41:32.960 | I would recommend-- my son has a vision board.
00:41:36.760 | Have them do vision boards of the things they want.
00:41:38.680 | Have them think about the future beyond their cell phones.
00:41:43.560 | And so hopefully that answered your question.
00:41:46.600 | Yeah, it's really useful.
00:41:47.600 | And I appreciate your being willing to share.
00:41:50.320 | These are some of the things that matter.
00:41:53.480 | And you mentioned vision boards.
00:41:57.440 | It's easy to put a black Corvette on a vision board.
00:42:01.200 | It's a little harder to put-- help my children to grow into confident, capable adults.
00:42:08.240 | I will tell you, it's really not.
00:42:11.000 | And I respectfully disagree.
00:42:13.960 | Because my son is dyslexic, and he has a very hard time reading.
00:42:18.680 | And so on my vision board, I have a picture of him reading when I'm reading to him.
00:42:22.200 | And that prompted me for literally years to read to him every single night.
00:42:26.960 | And we did.
00:42:27.960 | Every night I had him, I read to him.
00:42:28.960 | We went through the whole Harry Potter series.
00:42:32.080 | So you can visualize what you want for your children.
00:42:36.520 | And I will tell you, and I don't do it anymore, and I should start doing it again.
00:42:40.600 | I used to visualize, I would sit and I would think about my children coming to me with
00:42:45.720 | their children and successful and happy.
00:42:48.440 | And I would visualize them coming to me.
00:42:50.160 | Because I will tell you guys, those of you listening, that stuff works.
00:42:52.920 | It really works.
00:42:54.520 | So visualize what you want in life, be it with your children, be it with your success,
00:42:59.720 | with your spouse, with your health, as if it's already there.
00:43:03.640 | And do it with gratitude and you will get it.
00:43:06.400 | Rob, it's been awesome.
00:43:08.320 | I appreciate you coming on.
00:43:09.320 | Tell us about anything.
00:43:11.920 | Tell us about your website, your podcast.
00:43:14.280 | Oh, thank you.
00:43:15.280 | Thank you.
00:43:16.280 | Thank you very much.
00:43:17.280 | You're writing a book, I think, too.
00:43:18.280 | Yeah, I'm writing a book and I'll give it to your listeners for free.
00:43:20.800 | And it's going to be really damn good if I say so myself.
00:43:24.080 | It's 200 pages on multifamily real estate investing.
00:43:27.200 | And if any of you are thinking about it, text me, text the word Rod, my name Rod, to 41411
00:43:37.240 | and I'll put you on the list for it.
00:43:38.440 | I'm not going to try to sell you anything.
00:43:39.800 | Don't worry about that.
00:43:41.320 | And don't hold me to, I'm hoping I'll have it done within 60 days.
00:43:45.840 | It could be 90 days or even a little longer.
00:43:47.920 | Those things go, but I will send it to you if you text me.
00:43:50.760 | And if you're interested in multifamily real estate investing, please come listen to my
00:43:53.520 | podcast.
00:43:54.520 | I just had Grant Cardone on it.
00:43:57.020 | Those of you in sales, he's just a fireball.
00:44:00.640 | And it's been doing really well and it's Lifetime Cashflow Podcast.
00:44:05.560 | And I'd love to have you come listen if you're interested.
00:44:08.880 | And Josh, it's been awesome.
00:44:10.040 | You've asked some of the best questions I've ever been asked.
00:44:12.300 | So I will tell you, I'm really impressed.
00:44:14.200 | I can see why your show is such a success.
00:44:16.920 | Thanks for coming on.
00:44:17.920 | I really appreciate it.
00:44:18.920 | Absolutely, buddy.
00:44:19.920 | You take care.
00:44:20.920 | Thank you for listening to this episode of Radical Personal Finance.
00:44:23.600 | If you're interested in building financial freedom for yourself and your family, please
00:44:27.680 | subscribe to the podcast with our free mobile app so you don't miss a single episode.
00:44:32.400 | Just search the App Store on your mobile device for Radical Personal Finance and download
00:44:36.940 | our free app, which also contains an archive of every past episode of the show.
00:44:41.760 | If you have received value and financial benefit from the content of today's show, please consider
00:44:47.500 | becoming a supporting patron.
00:44:50.080 | Radical Personal Finance is listener supported and it's your direct financial support which
00:44:55.240 | enables me to bring you this content.
00:44:57.540 | In addition to your voluntarily paying for the content you've just heard, as a supporting
00:45:02.240 | patron you will receive a number of member only benefits, including a private Facebook
00:45:06.640 | group, access to our weekly Q&A calls, and discounts on future products and services.
00:45:11.840 | Details can be found at RadicalPersonalFinance.com/patron.
00:45:14.280 | Again, RadicalPersonalFinance.com/patron.