Ep 288 - Real Estate & Building Wealth is a Team Sport - Who is On Your Team?

Hey, everybody. Flip and Danny here, founders of the Freedom Real Estate Group family of companies. And welcome to another episode of our.

Podcast, which is called Freedom through Passive Income.

That's right. And welcome to another episode, and this episode is called Real Estate. And building wealth is a team sport. Who's on your team?

Who is on your team? That's a really good question. Who? We recently had an event here at the office, and this is partly why I brought this up, because of how many times the panel of speakers, including us, talked about who's on your team, and that that was a huge factor to success. So I thought we should talk about who is on our team and not even, like, play it in the fact that we own six companies. Right. Just we're real estate invest, and we are on the path of building wealth and financial freedom through passive income. So who are the people that we rely on for that type of information to be successful?

And I just want to say something, too, because if you follow us, like, well, if you're listening to this, you're following us. Thank you very much for that one. We always refer to everyone that works in our office as team members.

Yes.

Okay. And so what I don't want you to do is get confused by who's on our team, meaning who is employed by us here at the office. This is, you know, who do we work with.

Yes.

You know, who are people that we partner with on deals or that we hire for something else.

Yes.

Or that, you know. So it's not someone that we hire in our office to be on our, you know, inside of our company, on that team. We're talking about the big team.

Yeah. In fact, for the purposes of this podcast, let's just say we don't own six real estate companies.

There you go.

Okay.

We're just doing deals.

Yep. We're doing deals all by ourselves. So here's some things that we have to think about. We need to think about acquiring the deal. Now, Flip, you're actually good at that, so we're just gonna say you're going to do that. But for those of you who aren't good at finding deals and you need help, you're gonna rely on a wholesaler. Right. To be on your team. And actually, quite frankly, you rely on wholesalers too.

I did. About 98% of the time.

Yes. So there you go. That's team member number one.

Sorry, 99% of the time.

Now, once we find the deal, we need to underwrite the deal. So if Flip and I are not good at underwriting the deal, which Flip is good at underwriting single family type properties, but we're not good at underwriting multifamily properties. So we have another partner. In this instance, our partner is Ken. Again, has nothing to do with our six companies. This is just flipping in because we.

Don'T own six companies.

Yeah, we don't Flip and Danny. It's just Flip and Dandy. So we have Ken, who's really, really good at underwriting properties, and Eric is somebody else that we know that is getting really good at underwriting properties. Yes. So he would be on our team as a Flip and Danny duo that we've underwrote it and we like it. Now we say we're going to go ahead and move forward towards closing. We are going to need lenders. We know Chris and Jamie, and so Chris and Jamie are on our team. That's who we're going to use to get the lending for it. Now, some of that money actually has to come out of our own pocket or via other investors, limited partners or a private lender if this is a single family deal. So now we're going to reach out to our network. Our network becomes our team who has money that they would like to invest for a good return. So that's, that's who we're going to leverage for that. Now that we've closed on it, we need somebody to operate it. We don't own any companies. So we're going to go find a renovation company that actually do it for us.

Right.

And one that we can trust. Right. That is key. That is hard. In this case, we're just going to say we don't own Bulldog Renovations, but we trust Steve and we think that he would do a great job for us. So we're going to hire Steve to actually rehab our single family property or our multifamily. Doesn't matter to us which one it is. In this instance, now that it's rehabbed, as the rehab is going on, we're going to have to actually place residents into our buildings, whether it's multifamily or single family. So now we need a property management company. Chris Sonino is fantastic. So let's hire Chris, right. And he's going to place residence into our building and manage it ongoing. Now we've got cash flow coming in. We need an accountant. Okay. So let's hire a great CPA who's actually going to handle our accounting and, and is going to guide us on building wealth and the best way to position ourselves for tax strategies so that we can limit our tax burden going forward. Because everybody say it out loud. Taxes are the single biggest expense you're ever going to have in your lifetime. Please limit it. Work on limiting it. If you truly want to build wealth, find a good CPA or just somebody that helps you with your financials that can help you with tax strategy. So now I think we've done a pretty good job real estate wise.

Yeah, we're filling up the locker room.

Yeah, yeah. Okay. So there are some, there's some team people there. And then let's just say building wealth. Who else do we need on our team for building wealth? I'm going to say asset protection.

Oh, absolutely.

Right. Because the more wealth that you bid the build, the more you want to protect it. Right. And so we've talked to Anderson Advisors, actually, that's actually on your to do list. Actually finish going through and then employing them. We've hired Andrew to go for a one day financial strategy session. We have hired Chris and Arianne and ask them to be our coaches in building wealth so that we can follow in their footsteps. What else have we done? I think those are the big pictures.

Those are the big needle.

And we're in multiple masterminds where we lean on other people for all of this. Right. For real estate and wealth building. So the point of all of this is pretending we have no six companies and we are just like you look at all the people that we've surrounded ourselves with in order to do what we do. And we don't do it on our own. We would not be where we are today if we were ever trying to do it on our own. And we could never become an expert in all of those areas. So our encouragement to you is to identify who's on your team now and where. Are you lacking of all the things that we just said, Is there somebody that you're lacking? If you're an active investor, maybe you need somebody who's got funds, who has liquidity, who has the net worth to enable you to acquire things, who has the knowledge that's willing to partner with you. If you're a passive investor, perhaps you need somebody on your team that has passive investments that are truly passive, not semi passive, because you've got a job and you don't need another job. So figure out who's on your team now, who's missing, and then fill in those gaps. And anywhere that we can fill in those gaps, we want to fill them in. That's why we're doing this podcast in the first place. We've been doing a lot of things this month that is just going after, what can we teach, how can we help? How do we convey this type of information? And we're going to continue to do that more and more and more so that we can help you on your journey, whether you're active or passive. So the importance is, don't try to do this alone. It's not easy. And if you're gonna do it alone, just be okay with going slow, because you're gonna need to go slow not to make mistakes and not to lose a lot of money. If you're looking to go at a good, you know, safe pace, get that team around you. What's Tim Bratz's line?

I would rather have 10% or 25% of a watermelon than 100% of a grape.

That's right. So think of it. Don't think the scarcity mindset of, oh, I don't want to partner with all these people, or I don't want to hire all of these people. That's silly. You could do 10 deals, and probably the same time you could do one if you just split it up. Would you rather have 10 or 20% of 10 deals as opposed to 100% of 1? Me? As long as you're finding good people to work with? Absolutely. 10 deals and just have 10 or 20%? Yep. So that's. That's. That's what I wanted to talk about today. Do you have anything there that we missed?

The last thing I wanted to touch on is, is I do know that there are some people that say, well, do it all the first. The first time. So that way, I know the only thing that I'm going to say about that is we've already done that. We've already seen the pitfalls. We've already seen all of the possibility. Not necessarily all, but a lot of the things that could go wrong.

Yes.

And doing it by yourself, you don't know what you don't know.

Yes.

And you don't know what's coming at you from left field.

Yes.

But, you know, I'm not saying that we have seen it all, but we've seen a lot, and that's where we can help, and that's where the other team members can help, because that's their expertise. I get the whole thing of I want to do it all so I can teach somebody going forward. You don't need to be the one trick pony.

Yeah.

You know, it's. I understand it. I just. I don't. I don't Suggest it because of everything we just said, because we can help you go faster through the process. You're still going to learn.

Yes.

You're going to see what everyone's doing. Oh, wow. I would have never saw that coming. You know, so you're learning by somebody else doing it. And so that's just my advice.

Yeah. And I love that advice as a. If you're not building this business for yourself. Right. So what you just said was great advice for everybody that's probably listening to our podcast. For us, we did it the opposite because we knew we were building the business.

Yeah.

Yeah. We had to be able to learn it to be able to manage the people who are actually handling it for us. Although we don't know multifamily underwriting, but we know the track record of the person on our team. That was the difference between are we gonna limit ourselves so that we can manage somebody and teach them, or are we gonna partner with somebody where we know them as a person and understand them, their values and who they are, what their character is? And we've seen their track record. You put all those three together. I don't have to learn that. I'm just gonna trust that person to do it. So understand those two pieces, but 100% what flip just said, because most of you listening to this aren't going to spend the years that we have spent to get actually want to do it a little bit easier than we did.

Yeah, I don't advise it.

Yeah, I don't.

Don't advise it.

I don't either, but I'm happy to be where we are. So, anyways, this was a great topic podcast, and I hope it really helps you identify the gaps that you're missing now so that you can take one more step forward to where you want to be.

Awesome. Well, we hope you enjoyed this episode. Make sure you're heading on over to FreedomCapitalInvestments.com to join the investor club. We have a lot of things going on over there right now, so make sure you get in there. Make sure you start communicating with us. Ask questions, see how we're doing, and let us know. Get on the phone with Ben and cj. But we like to end all of our episodes with Invest Smart, Live Happy.

Bye, everybody.

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