You have stumbled onto another episode of Get your FILL, Financial Independence and Long Life where we explore ways to achieve those two goals.
I hope you enjoyed meeting JLucky Henry in our last episode and that you’re as excited as I am to welcome him back for a part 2 but before we hear from him, I just wanna talk about the coronavirus. I have not been anywhere in the past week where people have not been talking about and worrying about the freaking Coronavirus and… Yeah, okay, the media has really got everyone hyped up about it but let’s just put things into perspective, okay? If you’re healthy, your chances of dying from the corona virus are pretty much nil, okay? On the other hand, more than 1100 people die every single day from tobacco-related disease, more than a thousand from being overweight or obese and over 100 people are gonna die today in traffic accidents.
Since the corona virus came to the US, there have been exactly 15 deaths. 15, okay, so get a grip on yourself and start worrying about second-hand smoke and start driving more safely and stop obsessing about the freaking coronavirus okay, that’s my rant for the day and now welcome back, Lucky.
C: Let’s assume that someone listening is not really that familiar with wholesaling and doesn’t totally understand how it all works. Will you explain it as if you’re explaining it to a child, really basic because I think that a lot of us start in the middle, you know what I mean? We say, How do you get into wholesaling, how about we talk about what it actually is and how it works?
JL: Okay, if I were explaining it to a child, right? I would say, “Okay you have a puzzle, right?
This puzzle has a 1,000 pieces to it. It’s in okay condition. It’s got some stains on it, and whatever, a little worn. And on top of that, you’re missing about 10 pieces, right? Ten little pieces. Now that puzzle’s worth $100 when it’s brand new in the box but because you have dirtied it up and stained it and it’s missing 10 pieces, so you’re not gonna get $100 for it. You need some money right now, because you are about to move across the country. Sorry, back up – you’re a child. It’s your little brother’s birthday and you need money right now to buy him a gift. Because last year, you didn’t get him a gift and your mom is gonna be upset at you if you don’t buy your little brother a gift this year, so you need some income, so you’re gonna sell your puzzle. Now your friend comes over, right? Your friends’ name’s Lucky let’s go with lucky since that’s my name. I come over and say, “Hey can you help me sell this puzzle or do you know anybody looking to buy a puzzle?
I look at the puzzle. I realize that if it was in good condition it’s worth 100 bucks. I look up on Amazon and I see that I could replace those ten pieces for five bucks and there’s a stain remover, called Puzzle Stain Remover that costs 10 bucks so alright, 15 bucks plus I gotta spend time wiping it down.
And I ask you, how much money do you want for it and you’re like…Well, all I need is 20 bucks. I just gotta get my brother something… And I’m over this puzzle, I don’t want it anymore, anyway.
I say 20 bucks, 20 bucks, that’s it? Okay, so now I do the math: 20 bucks plus the $15 I need to spend… That’s only $35. It’s not gonna be worth $100 cuz it’s not a brand new one but it’s gotta be worth $90 or $80, right?
So, okay, so if I offer you 20 bucks, you’ll say yes. Now I just gonna find someone that will give me $40 because I’ll tell them, “Hey look, you can buy this for $40 spend 15 bucks on it, and it’ll be worth $90.
So, now I find someone that – another kid, an older kid was willing to buy that puzzle, someone who’s reclusive probably who want to spend time wiping stuff down on their own and not talking with people, someone who’s okay with that, I find them and they’ll say, Yeah, I’ll pay you $40 for that.
So the double close is: I take the $40 and I say, give me the money, I’ll bring you the puzzle tomorrow. I go over to my friend. I said here’s $20, you need to have the puzzle they say… Sure, and I take it and give the puzzle to the person who gave me $40 and I put $20 in my pocket ’cause I’m a wholesaler. I just made $20.
C: And you never actually owned the puzzle. You just brought the people together.
JL: I never actually owned the puzzle. Because in real estate, I wouldn’t actually pick up the house and bring it so I never would actually own it, but yes, in theory. Yeah, ’cause even when I carry the puzzle it never owned it, the person already gave me money for it, I was just transporting it to him. It was in my possession, but I never owned it at all.
C: Okay, that was an excellent description, thank you very much. I think I’ll take that out and do a blog about it. Yeah, the… Like a total puzzle.
So, now, how did you get to be – what made you decide to do rap and real estate stuff.
JL: Oh, that’s a great question-besides trying to be different and super out there, there’s a lot of things that contributed to it.
One, I can rap right. I’m no 50 Cent or JayZ, but I can rap, right? I used to be in a rap group when I was younger, probably most young kids who kinda have some flow try it out at some point. And so when I started, I was like, “Okay I like marketing, I like getting myself out there, but when I really got into it was because I wanted to share some of the information that I knew that some people didn’t have access to and I realized that there were a lot of people – like me when I was younger, I had a little bit of ambition and hunger, so it kinda drove me, had the balls to walk someone with a nice car and say: What do you do? You clearly make money. Tell me how you make this money.
I know a lot of people might not do it. That’s kind of awkward, kind of weird… But I did and I said: What if I didn’t have that? How would I get this information? I wouldn’t have got it because – what was I doing? I was listening to rap music, playing video games, and playing sports. So I said, How can I get this information to someone who wants it but isn’t going to go up to that person and ask them for it? And I said, If I put it in a rap song or make it entertaining, maybe people will pay attention to that and listen to it. So I started rapping about different topics: rent control, how to build equity and properties. There’s a song I have coming out about how to flip, it’s called A Recipe to Flippin’, right?
It’s done to the remix to Ignition by R. Kelly. Not that I like what happened, I just liked the song. That’s what kind of made me start. And then some people responded positively to it. Saying: these are hilarious, these are so funny, this and that, and then I was like, “I should just keep doing this. It’s not a very common thing, some real estate agents have made some rap songs but I was like, “I should really just keep doing it, I enjoy it, one that’s what it’s all about. I have fun doing it and second: it’s a great differentiating factor. People are into it.
C: I thought it was great. I watched a couple of them and it actually sparked a conversation this morning. I live across the street from the beach and every morning I walk the beach. So this morning my boyfriend came with me and we had a big conversation about gentrification and what does it all mean? And is it good or bad? And it sparked this conversation. And it was because of your song ’cause I said…I’m really looking forward to talking to this guy today. He’s really cool.
JL: That, that’s awesome. Actually, I was just invited to speak on a panel to a bunch of middle schoolers about different topics and they brought up the song and they wanted to talk about gentrification. And is it good? Same exact question: is it good, is it bad? How do you do this? How do you do that, and I don’t have the answer for everyone but I look at it as: Gentrification is just a thing. It’s not good or bad or hammer, it’s just a thing, it’s just something that happens. What’s bad is when one group of people is forced to move out or constantly move because they can’t afford to be somewhere or because rules change or etc. And my hope and my thought and my belief is that if you live in a neighborhood for generations on generations, you feel like this is your neighborhood, but you don’t actually own it on paper, right, then it can be gentrified, it will be gentrified. Every neighborhood is gonna be gentrified. By gentrified, it just means increasing it from this class to this class. That’s always gonna happen, right? But what you don’t want to happen is you don’t want displacement to happen. You don’t want as this happens to people who’ve been there can’t afford to stay there. So in order for that not to happen, you need to get ownership mentality, right?
I live in JP right now and JP is gentrifying for sure – Jamaica Plain, Boston – however there are a lot of parts of Jamaica Plain that are not getting displaced because there are a lot of people that actually do own here, who’ve been here for a while, and they’re like… I’m not selling, I don’t care if you put these new businesses around, this and that. I’m staying here and if I do move, you’re gonna pay what my house is worth, you’re not gonna low-ball me just get me out of here.
C: Exactly, and that’s it. I actually was attacked by someone – just verbally obviously.
JL: Yeah, okay, I was like, if you did, you probably took care of them.
C: Oh, you got that right.
I’m in this investment club and they’re all over the country. And this one woman, when she found out I was from Boston, she was like, “Oh Boston – you’re getting rid of all the people who are interesting, who make the city, give it its heart and soul and everything and you know, blah, blah, blah, blah. I said, Just the renters, you know what I mean. The people who own these neighborhoods ’cause she was originally she had grown up in Dorchester and she’s like… Dorchester is being destroyed blah, blah, I’m like I know people who own property in Dorchester and they are happy.
Like that same friend of mine who’s originally from the Caribbean, he has five properties there, and he’s happy. He’s a happy camper, watching his properties double and triple in value. That’s a good thing for him.
Is he now gonna be able to rent to people who have more money? Yeah and that raises the value of his property as well. So there’s a lot of different ways to look at it.
I definitely am against the whole- when communities just become sort of generic. They’ve got every chain store and the mom-pop shops go and there’s just all this crap around and it looks like any other town you could be in. That I don’t like. You wanna be able to maintain that soul. The thing that made anybody wanna live there in the first place but in order to do that, like you say, people have to own their own place. You own it, that’s how you can control your destiny – you buy it.
JL: Exactly, exactly if you own it and that’s so true. And this is not a knock on people who can’t afford to live there at all. That’s a whole conversation, an important conversation adjacent to this one that needs to happen about how the access for the pathway to homeownership, the availability of it. However, if the renters were homeowners like you said, they would love gentrification, right? Because it increases their net worth, right, as it goes up. But if you’re not a homeowner, it’s annoying because you gotta pay more rent. And so the other thing that I talk about and rap about in some songs and what the Buy-in Group is also about is about teaching how you can get access to home ownership because even in certain areas, like a lot of people –this is just off the top of my head… I’m thinking about this one right now: I know it’s not Boston, but Lawrence, Massachusetts, for example, they will help you buy a house multi-family, single family with no money down, and horrible credit. And it’s a process, it takes a little bit of time. I think it’s NACA, that does it, but it’s like you can have below 600 credit score and still be putting no money down, and still get into a home there. And if you don’t know about that, you just think, “Oh it’s too expensive to live. I can’t live here. It’s just incredible. But there are opportunities and ways to become a homeowner.
You just – like you said early in in the beginning, and something people talk about a lot is – get comfort being uncomfortable, right? Step out of your comfort zone, look at different things. And just because you’ve always rented, doesn’t mean you need to rent forever and I’m not against renting at all.
So my personal goal right now – I’m not looking to buy something in Boston right now. I’m looking to buy properties like outside of Boston, that cash flow really well and I’m looking to keep renting in Boston because where I wanna live is I wanna live top floor, penthouse, full amenity building. So I’m not going to buy a $15 million condo next year, but I can rent one maybe and I’m okay with that. I will pay the rent to be there because it’s what I want for the time being but the rent will be paid for by the cash flow on properties in the less sexy neighborhood that I buy.
C: So, you bring up a good point that I think holds a lot of people back, that’s credit score. If you’re not intentional about having a good credit score, you probably don’t have one, you know what I mean? If you’re not looking at it, you’re not finding out if there are wrong things on there if you go. I see people, they come in and the stuff that’s holding them back, that’s giving them lousy credit is a Verizon bill from 10 years ago that they just never got around to paying. It’s just like: Take control of your stuff. It’s being intentional. This is what I want and I know I’m gonna get it. What do I need to do, what are the steps I need to take in order to get there?
And unfortunately, I see that a lot in the same communities that are being put out of… I have to leave because I’m getting priced out of this neighborhood.
Well, so when you moved here you could have bought it at that time, right? And your property would have tripled in value and you’d be in a whole another place, but you couldn’t because you just didn’t have your mindset in the right place. You weren’t thinking, okay, what steps do I need to take? Oh, I need to pay this $53 Verizon bill, I need to, right? I mean, that’s just education.
JL: And that’s the thing. And I made maybe 40-50 years ago, it was a lack of access to this education and even now there’s definitely a difference in school systems between different urban communities and suburban communities on how good the school systems are. There’s definitely differences.
C: But no school system is gonna teach you how to be a real estate investor.
JL: Exactly, that’s not the information you’re gonna get. And we all have access to the internet right now so it’s all you have to do. Like I said, I got the nugget of I started wholesaling and that’s all it took for me to go up and go down the rabbit hole of what is wholesaling. And that leads to me starting wholesaling that leads to me and my family having a discussion and us buying a multifamily. And that led to me being a real estate agent now and what having the drive and to say like… Alright, I’m going to look up this stuff. Even if you just go onto Google, honestly, and you just type in how to be rich – start with the most basic question – it’s gonna lead you to real estate, it’s going to lead you to real estate, and then you can like to follow that rabbit hole and then you’re gonna start asking questions. Like how do I buy a house? And it’s kind of what I made a video a day, every day, in that one year when I first started real estate. Videos about the most basic, generic things, like: how to make a good offer, how to buy a house, can you buy a house on Section 8. You can.
Absolutely, it is absolutely possible and I think that that’s… For me, that’s how gentrification that’s one step in the direction of solving gentrification is getting the information. Well no, not solving gentrification – solving the ramifications of gentrification like displacement.
C: The negative ramifications, the displacement of people and the boring-ness of the community, the displacement of good people, of people with anything interesting to say getting kicked out.
Last year, Wells Fargo was giving away $20,000 grants.
JL: The Lift program.
C: All you had to do was to stay in the house five years, you get the money, you don’t have to pay back. I couldn’t give that money away, you know.
I mean, people just couldn’t, I don’t know they couldn’t find a place, so they couldn’t just get themselves motivated.
JL: As a broker, you were trying to help people buy with that?
C: Yeah, exactly, and it’s just like… And they said to me, “Oh we’re gonna have this their day when everybody comes in and learns about the program and you have to get registered and all that kind of stuff, we’re gonna have that day, we limit it to X number of people but we guarantee you that at least 60% of that money won’t get claimed.
JL: Yeah and so I remember that program too, and I was looking to get some people on it as well. And it’s so fascinating that, how much fear controls people, because in the conversations I had with potential clients: five years what if I wanna move in three years, right, then I owed that money. And I’m thinking to myself, like: what if you don’t move and you just keep paying rent for the next couple years, like that was what held some of them back. I did my best to talk them off the ledge and explain to them and actually I got some to apply and the deadline actually, it took so long to convince them that what if five years from now, I wanna move. Let’s cross that bridge when we get there. Second of all, it’s okay. You sell the house. Cool, you’ll be alright. It’s better – you’re still in a better situation then if you rent for the next five years, right?
C: I know it’s, it’s a shame, it’s really a shame, I just… You wanna shake people like come on, but everybody’s different, right? If they weren’t then there wouldn’t be any opportunity for any people like us.
JL: That’s very true. I think that’s my – as an agent and an investor, you see both sides, you see I want to help my clients get the best deal when they’re buying investment properties which means pay the lowest price.
But then if I’m on the other side and I’m helping the person from a wholesale position or a seller, I’m like, “Wow we gotta get you the highest price. And I feel like, Wow, am I a hypocrite? No, I’m not a hypocrite, I’m just helping both sides.
Like, I have these internal conversations and struggles with myself about it too, and I help people make decisions to sell properties when I’m working for a person buying it at a price and I’m thinking: they could make another $50 grand, here another $20 grand, but I’m signed to the guy buying it, the guy or girl that’s buying it. And I’m just thinking, I wish you had the information to know that you could bump your price up by $20 grand. This person would still make a profit, and you guys could be good.
So, but, that fear, I was talking about is there for all of us. I’m sure there are things you get scared of doing when you buy your first investment property and put X amount down and you’re like, Okay, my money is out there, my money is working. You’re kind of nervous, what if it doesn’t work?
You have fear, I have fear but the ability to actually just face that fear is what I feel like holds a lot of people back from a lot of things in life, but specifically, when we’re talking about real estate and owning whether that fear of…
I feel like a lot of people think the biggest thing I hear about people who have a lack of education about real estate is they’re afraid to buy because they don’t know where they’re gonna be in five years, and for some reason in their brain that automatically equates to if I move, I have to sell this property and I don’t wanna buy it and sell it in 3 years.
C: Yeah, I know, that’s it. You don’t have to sell it, you just own something else, I don’t know.
JL: And then it’s… I don’t wanna be a landlord, because my uncle told me one time, he owned a property and the toilet broke, and I’m like… Yeah, that happens. Toilets break at 2:00 AM, there are property managers to deal with that.
C: I know, I know, I remember a conversation I had with this girl. She had been in that situation, her grandfather had owned a bunch of property like three or four units and he wasn’t the kind of guy to force people to pay so he’s paying all this mortgage and the people aren’t paying their rent and blah, blah, blah, blah, I’m like… So, that means you have to do the same thing, you can’t hire a property manager?
C: It’s also what you’re afraid of. Before I ever did real estate or anything, I used to own an import company and so I would import stuff from overseas. Yes, I would basically travel the world, different places and buy stuff and whatever and people say, “Aren’t you afraid to travel alone and do all this stuff?” I’m like, “I’m more afraid to wake up in my bed at 95 years old, I think I didn’t do a freaking thing my whole life.” That is my fear that I’m a FOMO. I’m way more afraid of missing out on something than I am about doing it. So I guess that’s where we differ, right? That’s where we… You and I are different from a lot of the planet.
JL: Exactly, exactly like that is a very, very good point to bring up. What are you afraid of? Because I’m afraid of that, looking back at life and being… I regret this. Do you know what’s funny? A lot of people are also that way, but they’re that way about different things, the same people, the same person might say. Oh, don’t get that tattoo there. What about when you’re 80, you’re gonna look back and regret that tattoo but they won’t buy a property knowing that Hey, if I don’t take his chance, I might look back on it at 80 and regret that I didn’t take the chance. So they already have that framework they just apply it in the opposite way.
The wrong way, I’m like, who cares about tattoos? I’m like at 80 and at 80, I might think it’s a stupid tattoo but guess what? I’m also 80, I don’t care. I can do what I want. I got a tattoo on my arm, so what?
C: It’s funny, I took a lot of grief from people. I don’t even know if you can tell in the TV but I let my hair go gray. And that was a big deal for people. People like, “Oh I can’t believe you’re gonna let it go gray and makes you look older. I am older, what the hell. You don’t like it, look away. I really can’t be bothered with this coloring my hair every five minutes. It’s okay, it’s okay if I look older.
JL: Exactly, that is huge, huge, and a good book, honestly, about the topic of fear since we talked about it so much. Have you ever read – you know who Robert Green is, Forty-Eight Laws of Power?
So Robert Green is an author. His popular books are: Forty-Eight Laws of Power, Art of Seduction, Mastery, those are some of his popular books. He co-wrote a book with the rapper, 50 Cent, the rapper, the entrepreneur. I gotta intentionally stop calling him a rapper, he’s way more than a rapper. He’s an entrepreneur, TV producer, film producer, actor, record label owner, Curtis Jackson and Robert Green co-wrote a book called the 50th Law, and it’s all about the concept of fear. And they talked a lot about 50 Cent’s upbringing and how he had to learn to not show fear in the environment he was growing up in and he couldn’t be scared of small things, and when he’s dealing with life-threatening situations at an early age and that molded him into a really good business man because he’s not afraid of a little risk.
Who cares if he gets cleaned out for $10 million? He’s like: I could have died when I was 12, right, in gang violence or something, I’m not worried about this, I’ll take the chance and I’ll do it. And it’s not just saying, like, you gotta be reckless right? You definitely still calculate risk and stuff, but when the numbers make sense, take the chance. If you have a shot, if you have a shot of winning, you take the shot and it comes down to setting your threshold.
I have a very high risk threshold if I look at it and it says, 51% chance of being successful. 49% of failure. There’s not even a question like I’m doing it, it could say like 40% chance of success, I might still do it, right, I might still give it a shot
C: Well, but you know that you’re not the average citizen – you know that you’re above average, you know that you’ve got a better chance of making it work.
JL: I believe. I’m like the bird, the fat bird on a small branch. I don’t trust a branch to hold me up, I know that I can fly if the branch breaks right, so that’s my threshold. But if you’re more risk averse, set your threshold at 80% but always figure out how to make things quantitative so you can put it on paper, and not go on your gut feel. Put the numbers on paper, if the numbers make sense, and if it’s above your threshold then do it, If it’s below your threshold then don’t.
C: Yeah, I recently learned that when it comes to stock investing. I was a complete failure with investing in stocks because I did that, I didn’t know how to do it, so I was just like, “Oh this looks good, this looks good.”
JL: I like the color of the logo.
C: You know I used to have this alphabet portfolio that were all the stocks that only had one letter in their ticker that I would just buy them. That was so stupid, and it’s not like I was so wealthy that I just couldn’t figure out how to get rid of my money fast enough. I was just like a pretty poor person buying these docs willy-nilly. And in recent years, I’ve joined this stock investment club and learned about analyzing stocks and you look at it and you look at the facts and you see the information you say. Well, yeah, I had started off this journey because I liked the company but now… It’s actually a good stock to own. Okay, or it isn’t a good stock own, the Tesla analysis.
You can make money in a week by owning Tesla, but are you gonna make money in the long term?
JL: It depends on Elon Musk. That company hinges a lot on one person.
C: He gets hit by a car, it’s all done.
JL: He smokes some weed on Joe Rogan’s podcast, you lose $10 grand.
C: Exactly. So it’s the same kind of thing, like you say, you set your parameters and then you stick with them, you don’t say. Oh, I like the color of their logo, I’m gonna go down this road. No, you decide what your parameters are beforehand. You can’t adjust the parameters to fit what you want to happen and then you just trust the process.
JL: Right and I think the hardest part is like we mentioned earlier you try something, it doesn’t work, you quit because it’s not working or you try something, have some success, think it’s a great idea. You make money in a week on Tesla but is it really a long-term solid strategy? I think one of the things is, too, when you set those parameters, before you change the parameters, change what you’re doing to funnel things into those parameters.
So if your parameters are really stringent for investment properties and you’re like: none of these properties work, change your lead source. If you’re going on MLS looking for good deals, for example, you’re not finding good deals that fit your profit margin, then stop going on MLS. Before you change your parameters, try to do cold calling, try to do mailings. Let’s try to do some wholesale, try different lead sources or different whatever you use a funnel it in there before you change. ‘Cause when you made the parameters you most likely sat down, really thought it through, looked at what made sense for you on the back end so and if you’re building backwards, it makes sense to keep – you know what your end goal is and next step… You know that that’s the right next step.
It’s not working, you gotta change what’s coming in here. These are the variables, not your parameters and not your goal. Keep those like as a permanent. A lot of people… Yeah, I think a lot of people do that, they set their goals, set their parameters – if they get to the parameter point – they at least set their goals. It doesn’t work. Okay, maybe change my goal. And it’s like: No, your goal is fine. Keep your goal, change step by step. Get the parameters that work then change what you’re doing on the other end.
C: And that’s one of the things that I’ve noticed in interviewing people for the podcast, is that a lot of them, almost none of them, were successful right out of the gate with whatever they chose to do. So many of them like: Oh I tried this thing and I lost my shirt. And instead of saying: Well I guess I’m just no real estate investor, they said: I gotta figure out how I… What did I miss? Let me learn from this experience instead of just saying, Forget it, I can’t do it.
The guy in this week’s podcast, the one that just went live last night, he tried first of all, he started in 2008 and he put in 50 or 60 offers. They all got rejected. Who would even get to 50 offers, right? Then once he finally got a property and he lost his shirt on that, he didn’t say, “Oh man, this is definitely the universe is telling me something. I just should not be a real estate investor. No, instead, he invests money to take the Fortune Builders class and he just kept pushing and pushing and pushing, until he succeeded. You know, ’cause it depends on so many different things but it’s persistence.
This is Napoleon Hill talking.
JL: You can look at it. Some people look at it, it’s a sign for me to not do it. Like you said, the universe is talking to me and yeah, you can put it that way. Maybe it is, maybe it’s not, I don’t know what signs look like. The language the universe speaks to you is different that the language it speaks to me, right?
However, I know I look at situations like that, and I see, Okay, this was really hard to do and I’m still not succeeding at it and I’m giving it a lot of my time and energy and focus and I’m still not succeeding. Sometimes that excites me – not just because I’m weird and like the competitiveness of it, it also excites me because I’m like: this is a high barrier to entry. I’m putting in this much work to it and I still can’t figure this out yet. Please, when I figure it out, it’s gonna take people a lot of time to catch up to me and go, and they’re gonna need to be strong-willed. Of course they’ll be some people that come by and get lucky and figure it out on their first try, but it’s gonna take a lot, so that means that’s good. When I do get here, it’s gonna be rewarding, right?
Just, like for internally but it’s gonna be rewarding, because I’m not gonna have as much competition because a lot of people aren’t gonna make it to the side ’cause it’s hard to do.
C: That’s an excellent, excellent way to look at it. Alright, if I just can break this thing and like you say, “Go back and say: Alright, what can I do to make it easier, what can I do to do it better? What once you have your first success you can say. Oh, okay, now I see how I could have done this differently. And then you just knock it out of the park the next time.
I think it’s the Audiobook I was listening to, talking about how you incent people and how you get different results. So they had these Russian oil well drillers, they were doing oil exploration and they paid the people by how many feet of drilling they did. The guys just went and drilled a whole bunch of one-foot holes because that was easier. They made great money because they were drilling all this footage whatever but they didn’t ever actually find any oil because they weren’t drilling one big deep hole. I’m putting out a lot less effort now but the one hole I’m drilling is giving me something back.
JL: But yeah, and that’s right. I do have a mastermind group with a couple of millennials and no, we don’t call it the Millennial Mastermind. I know that name’s taken by someone else. We get together, we talk about different things, we’re all different industries, but that’s one of the things we talk about too is like where you’re putting the effort and focus because we all have skill sets, we all have abilities to do things and we may be doing a lot of work that keeps us busy, right and using our skill set on something that’s not bringing back the ROI.
Yeah, like you said, Okay you drilled 10,000 feet, one foot in 10,000 different holes versus one hole 10,000 feet deep and that one hole might not even get to 10,000 feet cuz if you put all the energy there, it’s harder in resistance etc. and you might only be getting to 4,000 feet, but that’s where the oil is, maybe, right? I don’t know how deep oil is.
C: Exactly, I don’t know about oil exploration but we get the analogy.
JL: And I think that when I talk to this group, there’s educators, artists, a bunch of different people and when I talk to them, sometimes for them, it’s really eye-opening. I’ve been spending my time with the skill set solely on customer service of the two clients I have, right, but that same skill set could be used to attract new clients but they don’t consider themself a salesperson and they don’t realize that you got to just tweak it a little bit. You don’t have to suddenly start selling, like Hey, it’s $10,000 for my art.
The same conversation, in the same way you built relationships with the two clients, you could start new relationships and keep doing that and kinda just showing them how to tweak their effort is huge and it for me, what I find really helpful from them, to me is how they go through their creative processes because sometimes I might have drilled a 4000 foot hole and I’m like: there’s no oil here, what the heck? They teach me how to be creative and say, “Why don’t you drill a little bit to the left? You’re 4,000 feet deep, instead of keep going straight down, drill a little to the left you only have to go 30 feet and you’ll hit the oil.
C: Look at things a different way.
JL: Exactly and so it is not right or wrong, it’s a good mix of the two. And if you don’t have the ability to mix the two on your own. It goes back to teamwork, and maybe the person not necessarily a partner, or actual team member, but at least a group of people chatting and getting out there, talking to people. I think it’s genius that you have your own podcast. I want my own podcast too, solely for the reason that I wanna talk to more people who I can learn something from but I think it’s genius.
C: Yeah, exactly and that’s it. If I just said: Hi would you let me ask you questions for an hour? They’d be like: What are you nuts? You know, you’re not even gonna buy me lunch? But they’ll do a podcast and I get to ask the questions I wanna hear the answers to and also hopefully somebody else cares about that as well, but, it’s all about me. It’s all about my goals.
JL: Exactly. So there are enough people, no matter how unique, we’re all unique and stuff, but there are enough people that care about some of the things we care about. No one’s a carbon copy of you and cares about everything you care about. Out of all the questions you asked me, somebody only cares about four or five of them, somebody cares about 12 of them but they’ll all listen to the podcast and get some value out of it.
C: So thank you very much, Lucky. It was such a pleasure meeting you. I’m really looking forward to buying you lunch in the very near future and thank you Listener for listening. Be sure to listen next week, we’re gonna be talking with Nick Aalerud, a wonderful guy who took his first five failed real estate deals and used them as motivation to build the real estate empire that he has today. So be sure to join us. And right now, before you forget, click subscribe so you’ll never miss an episode. Have an amazing, awesome, healthy week.