From defense contractor to seasoned real estate investor and coach with Rick Abbiati Episode - 520

I recall specifically one Thanksgiving, I had a young couple that rented to own one of my properties, and on Thanksgiving I texted them and I said, Happy Thanksgiving. And the reply I got back just floored me. He said, Rick, it's because of you that we have so much to be thankful for. And that just meant the world to me.

Welcome to Streams to Impact and be inspired to engage passionately in the work of your calling while achieving financial prosperity through multiple streams of high-yield returns on investment to bring your dream of making a meaningful impact to reality. I'm your host, Dr. Allen, and I am delighted that you are joining us today. If you haven't yet, get a complimentary copy of our exclusive guide, High Yield Investment Blueprint: Secure 18%+ Returns in 60 Days. Go to our website, highyieldblueprint.com. That is www.highyieldblueprint.com. Just provide your email address and we'll send you a copy today. Welcome to Streams to Impact. I'm your host, Dr. Allen, and it's so delightful that you are here with us today. And we have a very interesting topic for you today. Rick Biotti is a U.S. Navy veteran and has been working in the defense industry for over 30 years, and he successfully transitioned to full-time real estate investor and coach and achieved financial freedom in only 2 years with over $400K earned from his first 4 deals and now closing in on $1 million in revenue. Rick now helps others navigate the complexities of real estate investing, and I know Rick has a whole lot to offer all of our audience members because of his track record and because he's doing a lot of things that our audience is doing and wants to do. So Rick, welcome to the show. We're glad to have you with us. And so Rick, if you'll just take us into the show. And share with us that journey that took you from your status with working with the U.S. government to taking that step to real estate investing and how that passion drove you to where you are today.

Well, first off, thank you for having me on the show, Allen. I appreciate that, and I'm excited to join you. My journey, as you mentioned, I had over 30 years, actually closer to 40 years in the defense industry. As you mentioned, a former U.S. Navy submariner. And I started in systems engineering and worked my way up through program management and up to the director of engineering level throughout the corporate ladder. Because I was in defense contracts, of course, as many people know, those defense contracts only last 3 to 5 years and then they're recompeted. So, there was no real job security other than tenure. And you would transition from one company to another, which a lot of uncertainties come with that. But as time went on and I started looking towards retirement, there was no light at the end of the tunnel. And also with defense cuts, there were risks with that because obviously with defense cuts come layoffs. And fortunately, I never had to go through that. But the bottom line is I was looking at retirement and I needed to supplement my income and replace my income. And I did enjoy my career. So I was introduced— actually, I did start— I'll back up a little bit. In 2016, I decided to go into flipping. and wholesaling. However, with my director of engineering position, that was not really doable with the time that I had with my W-2. So, I focused primarily on wholesaling and did not have a whole lot of success with that.

Mm-hmm.

It was just very competitive and, you know, a lot of people getting into real estate. You know, giving low bids and whatnot. And I really didn't like lowballing sellers. So, in May of 2021, I was introduced to the world of creative financing, a podcast that Chris Prefontaine and Zach Beach did from Smart Real Estate Coach, otherwise known as Wicked Smart. And that looked like the ticket for me. And I had invested in other coaching programs where they had you go out and do driving for dollars and SEO and PPC and a lot of direct mail. And I was just a solopreneur doing that. So, it was go out, do this, and report back. So, I did join the Wicked Smart community in May of 2021. And it's been an amazing ride, a great journey. And what happened was I joined at an entry level, what was called 90-Day Jumpstart. And of course, anybody listening can go over to smartrealestatecoach.com to find out about the various levels. But I just wanted to get my feet wet and see if this was truly for real. And I found out within 45 days, I saw a lot of people getting some really good deals. And I was, you know, not just myself, but I had the coaches to lean on and the community, which was amazing. And they walked me through the process and actually went on an appointment with me to look at properties. And I was very impressed. So from that point there, I Upgraded to the next level up, starter level, which was more personalized coaching, one-on-one and small group coaching. And then I had a lot of things to work on mindset. So, it took me about 15 months to really, you know, settle down and get into being fully committed. And I was previously somewhat of an introvert, so I had to work on that, my confidence. But bottom line, it was mindset. But I did upgrade to the next level up 6 months later, immersion level. And then about 6 months later, Chris called me and said, I'd like to take 5 people to work with personally. And who better to learn from the master himself? So I did mentor under Chris. And did nightly accountability with him. And as you know, Chris, he can be very blunt, which I needed to hear. So, definitely accountability there. And I upgraded to the High 6 level to do that. And when I did that, I was totally committed. And then within a couple months, I had my first deal, which my first payday was $90,000. And that's with no money down. And it was just, like, was mind-blowing. I just sat in my car and looked at the check and I was like, my God. And I didn't have to do any work on the property. So, and the seller got the full price. So I was helping to solve the seller's needs. So that was pretty amazing. And then with the next few months after that, there were 3 more deals that I had. Totaling, like you mentioned, over $400,000. So, to take you a little bit forward of that, at one point, Chris talked to me about becoming a coach, and I said, I can't do that and have my W-2. And he said, exactly. So, we put a plan in place to leave my W-2, and just shy, 2 days shy of 2 years after joining the Community, I left my W-2. And I haven't looked back since. I've been coaching ever since.

Well, Rick, I really appreciate you sharing your story and walking us through those steps from your initial attempts to go into real estate investing. And I appreciate you sharing that because it's It's such a typical path that so many people who want to go into real estate actually take, and like you, it doesn't, it doesn't work out for them. And many people stop at that point and, and they give up on it. And I mean, I think it's, it's unfortunate because there are There are millions of real estate gurus out there, and I expect you were exposed to those when you were taking your first steps out there. And the problem with these millions of gurus out there, they have their program in place, and you probably took some of those programs as well. And here's the program, and they say, go for it. And That a boy. And that's essentially the end of your interactions with most of the gurus out there. And, and I know Chris and his program is a very, very different kind of program. When you go into their program, it is very much a partnership kind of situation because they want everybody in their programs to succeed. And, and you mentioned the fact that you were doing, attempting to do wholesaling and, and kind of fix and flips kind of things, which is so typical of the way that a lot of people try to go into it. And it works for some people, and I, but I think probably the majority of people, it it doesn't work. And yet there are other avenues out there that are so much better, but they're not the kind of things that you're going to see on HGTV and what have you.

Right.

And you kind of have to look for them. And, and I'm glad that you were able to find that. And I'm just kind of reiterating it because, because your story in many ways reflects my own story. I started out in fix and flips and I mean, I was amazed at how much money I could make in that, and it was good and fine until 2008, and I realized how risky that approach is and how many pitfalls are actually in that. And so that's when I changed course as well, after experiencing a lot of wealth through that and then losing Almost every bit of that. I changed course myself.

Right.

And I know that's how Chris got— he pivoted to this model because of what happened in 2008-2009 timeframe. So, yeah.

Well, Rick, as you made that transition, you decided that, yeah, I'm going to go into coaching full-time. And you're stepping out of a situation in a corporate environment, and you're used to that consistent paycheck and all of that. So you decided to step out of that. I know it came with a lot of fear and trepidation because it was a radical change in lifestyle. What were some of the most difficult aspects of making that transition?

I'd say the most difficult was making sure I had everything lined up, you know, my medical insurance and, you know, getting a new car before I left my W-2 because otherwise the income wouldn't be there to get approved for another car. And just, you know, as far as the uncertainties, there weren't too many because having had 4 deals under my belt at the time, And with the amount, the profit potential on them, it wasn't a question of whether I could get more deals and how profitable they were. It was just a matter of me shifting and maintaining my focus and really nailing down my why, why I wanted to do that for the motivation and to get me through the challenges. So, you know, Kris made it a lot easier on me in with his experience in coming up with the plan that I needed to do that.

So, well, you just, you just mentioned your why, uh, and you had to get clear on the why. Um, what is your why?

So my why on the surface level, and I recall back when I first started with the Wicked Smart community, my coach at the time asked me, why do you want to do this? And I said, well, to enhance my retirement and provide a way forward for me financially and financial freedom and leave my W-2. And he said, why? Well, so I don't need to commute into Boston anymore. And he said, why? And he dug about 5 layers deep, and it actually went further than that to really drill down and Visualize, you know what life can really be like, and that's taking the blinders off and realizing that whatever is possible and what truly is possible. So when I got down to it, it's spending time with my girlfriend. We've been together for over ten years now, and going on travel around the world when. and however long I want to and have my business run without me being there, you know, manage it from distance if I need to do that, and having duplicating my efforts. So, scaling my business, bottom line. But to the point that I knew where we want to travel to and how long we wanted to go, what restaurants we would go to, what kind of shopping we would do, what kind of sightseeing we would do. And really getting focused on that in my mind, and also, you know, a second home and exactly what that second home would look like. And putting myself sitting out there in the morning having coffee, looking out over the lake, listening to loons, it really became clear to me.

Um, yeah, I find that very interesting. Of course, a lot of people think that We as real estate investors are in there just just for the money, but you know I've talked to hundreds of real estate investors over 700 at this point in time, and you know like you it initially it's it's supposedly all about that money, but but I don't think really anyone lasts in this business if it's just all about money. There's always something much more meaningful and much, much deeper, and it almost always goes back to close relationships and how we can spend our time in those important relationships.

You know, and I think the why, it expands, as you know, as you go on, it changes. And, you know, now coaching, I thoroughly enjoy working and helping other people do the same thing. You know, I recall specifically I helped somebody get their first deal and he was excited and he said, Rick, you're more excited than I am. So, you know, there's a lot of gratification in that. And, you know, it's the way we do business. We're focused on the needs of the seller. The needs of the seller and also being able to put buyers in a home where traditionally they may not be able to.

Mm-hmm.

So, I recall specifically one Thanksgiving, I had a young couple that rented to own one of my properties. And on Thanksgiving, I texted them and I said, Happy Thanksgiving. And the reply I got back just floored me. He said, Rick, it's because of you that we have so much to be thankful for. Yeah, that just meant the world to me.

Yeah, for sure. Well, I mean, I found much the same thing. I mean, I've been in a helping profession all of my profession, and it's always gratifying, but it is— it took a while for me to transition that into into real estate. And it really, it really, it's amazing how long it took me to really, to really find that. It really has. I started my, I guess you would call it my coaching program, just, just last June. So it has been extraordinarily, extraordinarily gratifying to not only help people in their emotional and psychological well-being, but also to add that component of financial well-being. It's just been extraordinarily rewarding. So I know that feeling very well. Well, you've mentioned several things, Rick, in terms of the various different factors that have been important to your success. What would you say is your most important factor to Your success in building your real estate business?

Well, besides the standard persistence and drive, it was being clear on my why and having the confidence. So, working on my mindset because, like you mentioned, a lot of people— it took you 15 months to get your first deal. There's a lot of people that come into the community and they'll get a deal in their first 90 days. You just never know. But I had to really focus on my why and get the confidence, you know, making cold calls. That was not in my plan. I thoroughly enjoy it now. I, you know, enjoy talking to sellers and buyers. And once I nailed that down and was consistent with it, with everything I was doing— so consistency was huge as well. And also accountability. That was, that was huge because having that person or people that are going to drive you and hold you accountable was key. And, you know, we definitely get that here.

Yeah, I've got a couple more questions here, but Rick, tell us about— you've talked about Wicked Smart and But tell us specifically, Rick, how it is that we can get in touch with you and what we can gain from getting in touch from you.

Well, anybody can always reach me at smartrealestatecoach.com, and that goes into how everything works, and you can set up a strategy call. That's the best way to get in touch with me. We also have a free book and free master class that everybody can go to, and that is smartrealestatecoach.com/rickmasterclass, R-I-C-K master class, all one word. That is the master's class link and also a free book at wickedsmartbooks.com.

Well, we will have all of that information in the show notes. As we close out here today, Rick, tell us what— knowing what you know now, what, if anything, would you have done differently?

Honestly, and I've had this question asked a lot, and I, as I mentioned, I went up through the various levels, and I guess that follows my commitment. And knowing what I know now, I would have come in at the highest level and just run with it because the community, you know, we're set up With the various levels have their own coaching associated with them. But at the highest level, you have people that are truly committed and driving themselves. And being around those people, surrounding yourself with them, you know, we do role play with each other. If one of us has an issue, whether it's with our mindset or challenges we're having, You have a lot of people to bounce that off of. So there isn't much that— there are different ways to pivot in different situations. And being around that community and the coaching is just amazing.

Yeah. Well, Rick, it's just been a delight having you with us. And thank you so much for sharing from such a personal perspective. I appreciate it. And I know our viewers and listeners do as well.

Well, again, Al, thank you for having me on the show.

It's, it's been our pleasure. So, Enlightened Investors, thank you so much for being with us today. And if you have gotten anything out of this show, please take a moment to like, share, and also subscribe. And we would greatly appreciate it if you could go to your favorite podcast app and leave us a rating and a review. Until next time. Live abundantly, and we'll see you in the next episode.

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