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In this episode, you’ll discover:

  • The “2000 Mile Litmus Test” to see if you have what it takes to make it in real estate (5:27)
  • How becoming a loan officer can propel you into becoming a real estate investor (8:00)
  • The single most important skill you need to be successful in real estate (8:54)
  • Why being smart can be a disadvantage in real estate (9:09)

Hey! Want to do a deal? Need my help? No cash to make an offer? Send me a quick text at 440-389-3883 and we’ll work together to get you the deal.

Read Full Transcript

Welcome to Cleveland real estate investor. On this podcast, you'll hear about every aspect of the real estate investment business. You will talk to your rockstar investors about their businesses, how they built them, where they came from, and where they're going. Who am I? I'm Joe Lieber and I've made millions of dollars from the real estate investment business over the last 20 years. If you're ready to hear the good and bad from a guy who's learned this business from the school of hard knocks and get educated by some bad ass entrepreneurs, then put your helmet on, strap on your chin strap. Let's ride.

(00:36): Hey, what's up guys? I wanted to tell you another good story tonight. You know, I had such a big response. So many of you are emailing me about the story. I told about big Mike from Arizona about the dude who hopped off the airplane with a million bucks and everyone loved that story so much. So I'm going to tell another good one tonight and I hope you like it. I think you will. Their response was just thanks for all the emails. I appreciate that guys. That's really cool. QC motivated. He keeps you wanting to keep telling you great stories and hopefully you guys can see between the lines and this stuff and, you know, extract the nuggets, right? There's golden nuggets in this information. You just got to extract it. So tonight I'm going to tell you the story and I know Isaac's listening and this is awesome.

(01:25): He's going to get a kick out of this. This episode is for you buddy. So here it goes about three years ago, I'm over at my house in Hinckley and walking up the Hill. I live on this Hill, right? The steep Hill. I'm trying to get like a workout in, you know, and I wear this Gold's gym, 20 pound weighted vest. And just like make my walks a little more intense, you know, walk up the Hill and get a good sweat going on. Kind of walk up the Hill one, two or three times, and I'll really get a good sweat going on. So I'm walking up the Hill. It's a hot, hot, like June day and the phone rings again. Like I always does. And I get an erupt. I don't recognize the number. I answered the phone and this dude on their line says, this is Joe.

(02:18): Yeah, this is him. Well, what do you need me? He goes, Hey, I saw you online. And I really want to get into real estate. I'm thinking, Oh man, here we go again. I get this call probably once a month. You know, someone saying they want to get in the real estate and they want me to coach them. And I'm like, alright, I want you to says, I want you to coach me. I'm like, look, I'm not a coach, man. I'm honestly a better player than I am a coach. I don't do that. Am I set up for it? I don't know how to coach somebody. It's not really my thing. And I figured this call would go away, you know? But it didn't. He kept me on the phone. He has persistent. No, I really want to do this man. I'm trying to change my life.

(03:07): And I agree. I'm like, dude, do you want to come in? We can have a half hour conversation. That's fine. He's like, well, I live in salt Lake city, Utah, like, well, hell dude, that's a long way from Cleveland. I was like, well, I can't help you, bro. It's not what I do. He keeps on. He's persistent. So completely out of my ass. I just make this up as I go, I go, listen, you want me to coach? You bring me $15,000 in a Brown paper bag. And here's what she'll get two times a month. I'll have a half hour phone consultation with you and you get to ride around with me for four hours once a month. He says, okay, it's a deal. I'm like, Oh my gosh. I mean like couldn't believe it. Right. So I'll do it. I'm like sure you will.

(04:00): Okay. Whatever. So I didn't hear from him again, the call ends there and I figured that's a good way to get someone off the phone. Right? Bring me 15 grand and you know, a half a freaking hour, twice a month and a four hour ride around. I mean, I thought I could just stop the whole thing right there. So I didn't hear from him again. I'm sitting in my office about three and a half weeks later. I hear someone comp the steps. I'm like, gosh, who's walking in and out thinking it's a salesperson trying to sell me a copy machine or business supplies. Like they always walk in and do, and this dude walks in and goes, hi, I'm Isaac. I'm from salt Lake city. Like, Whoa. It's like, I talked to you on the phone. I'm like, Oh, you're, you're that dude. Cause yeah, here's the 15 grand.

(04:50): When do we start? I go. What? Like, are you kidding me? He drove in his car all the way from salt Lake city to Cleveland, Ohio to learn real estate from me. I couldn't believe it. I'm not. I mean, for you guys that know me or don't know me, I'm not, I don't have a huge online presence. I really don't. I probably have three or four YouTube videos. Couple of Facebook post. I haven't posted in over a year on there. I'm not on inside Instagram, but I mean, I haven't posted on that in a year. The biggest thing I've done is had to have this podcast going for like three months. That's I'm not a big social guy. And he liked to what the few things ahead on social is like, nah, you're a genuine dude. I can tell, I want to work with you.

(05:36): I'm like, Oh my God, he's here. He just drove 2000 plus miles to come see me. And he paid and he wants me to coach on me. Oh, a coaching program. I don't know I do, but I'm in now. And there's no way out. So I turn over a piece of paper and I start jotting down. How I'm going to train this dude. I do a lot of cool stuff. You know, I was really, really forthcoming. I really played all out with them. I didn't, although I told him the half an hour, twice a month crap or whatever, I didn't do that. Like when someone paid me that like I felt so obligated, right. I was like, ah, I got, give them way more than that. And I was like, really, you know, show them just you're on the right path. Give them the information to read, show them how to underwrite deals.

(06:23): I mean, we were really, I really put some time into this and you know, things grow, they evolve things change. So it started off where I was kind of, I don't remember. It's been three years now. So I'm really remember. I think we started off where I was wholesaling houses to him and then he was rehabbing them and he was fine, his own turnkey buyers and sell them. So it was cool. It was making some money, but he's very green. Remember Hill. He didn't know much, really anything about finance or real estate. And I really wanted to get him acclimated to the business and learn, learn this. I mean, he paid me and I really wanted to play all out for him. So we got him doing that for a little while. And then I just got him into cause he was doing good pull and leads for turnkey buyers all over the world.

(07:18): Really. I started having him sell my stuff turnkey and I was paying him really good fees basically for selling my turnkey properties. So he made a bunch of money there. And then I saw that Isaac, you know, he really needed to learn finance and understand loan, to value debt, to income ratios and understand how low the loan game work. Just so it will be helpful not only to him, but if you're really in real estate, you need to understand finance. You need to understand what a front end backend debt to income ratio is. You understand what LTV and C LTV is. It's very important to know those things. And I ended up getting him a job at my buddy's mortgage company. Just temporarily I go, I want you to work here for a year cause I want you to understand finance. So I got him in there and he worked it.

(08:15): He did good. He made some money. It's a lot of fun a little while ago. He left that position because that was the plan. That's what he needed to do. He didn't come here to be a loan officer. He came here to be a real estate investor and then it grew into what I do now oily with, with folks is joint ventures. So now we have this great relationship where I'm bringing deals to the table and he's running operations and renting them out and getting the houses rehabbed. And then I'm selling them turnkey to my client list. Or sometimes you might even bring a buyer or sometimes he brings the acquisition. But the point of the story, Isaac is becoming very, very successful in this business right now because he listens. He does what I say. Cause I've been there. I can see around those corners that he can't see around.

(09:14): And he's smart enough to know that he can't see around him and he's not going to try to reinvent the wheel. He knows I've already been around that corner. And I know what's on the other side of that wall and he listens and he's becoming wildly successful. You watch what this kid does. And I said, I call him a kid. He's not a kid. He's a grown man, but you watch what he does over the next couple of years. It's going to be unbelievable. It's going to be unbelievable. And since then I would like to add, he has moved his entire family here, his wife and five kids all now move from salt Lake city to Cleveland, Ohio. And they live here. That's how much his life has changed and he's doing well. And this guy has got a bright future. I know he does.

(10:11): He listens. He knows isn't challenge me. He knows I've been around that corner. We have a lot of fun together and we're really doing something big here. Future scope. We've talked about after a few years, maybe doing their Orlando market. I Lando is a great place for investment real estate or Jacksonville is another great place for it. And once he really becomes a seasoned real estate investor under my expert doodle image, he might migrate down South and we start partnering and doing deals in that market too. But who knows what the future holds he's here. He's doing really good. It's whole families here. And he listens. That's the thing. You know, he really puts the time into the business. He has to make your work. He's got a family and it's going to be good for him. So, you know, that's a story. I just wanted to share that with you about the Isaac. And I hope you like the story, Isaac. I know you're probably checking out the show, so cool. Well, Hey, thanks so much for tuning in and have a wonderful, wonderful day.

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