Ep 57 - 6 Rookie Mistakes

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

Called Freedom Through Passive Income.

That's right. And today's episode is called Rookie Mistakes.

We've made a lot of them.

Whoosh. Yeah, Whoosh. I don't know if we're gonna get this in the short, so to let you know, we're not going to detail every single rookie mistake we did, but we did a lot of them. We started real estate in 2008. We actually started as real tours in 2008, which was the worst time in history to be a Realtor or to start as a Realtor. And so that's where we started. We immediately jumped in with both feet in real estate investing. And I'm sure there's an episode here where that talks about our history and all that, so I'm not going to get into that. But seven years later, we went from actually from Texas to Arizona, and then we're in Ohio, and we're still doing all these different real estate investment strategies. And then that's when we discovered turnkey real estate. And then two years later, we created what's now known as Freedom Real Estate Group, and then the family of companies. And then in 2020 is when a very not small, but a large apartment complex landed in our lap and just wouldn't go away. And it was just telling us to buy it, but we weren't listening. And, yeah, we weren't listening. And finally, we just like, fine, we're gonna buy you. And so it was that 12 years, 2008 to 2020, and you say rookie mistakes. You know, it's like rookies, your first year, right? Well, we had 12 years of rookie mistakes until we got the apartments. And then once we got the apartments, it was like. And the clouds opened up and the sun came through. And so that's what this is about. This is about all of our rookie mistakes that we've made over the years.

Yeah.

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Yeah. So again, hulksmash, and I'm not saying.

We'Re not going to make more rookie mistakes.

I mean, I probably made one today.

Yeah, we're learning every single day. But we thought we would give you what I want to call our top six rookie mistakes that you can not make and actually start off on the right foot or get on the right foot if you're actually in the game already of real estate investing and you're watching these to be able to learn more from the mistakes that we've made so that you don't have to make them yourself. So the very first rookie mistake immediately off the bat was not finding your tribe. Now, we, we didn't completely make this mistake. We found a coach because we believe in coaches. We hire a coach for absolutely everything that we do. It is the reason we are here today because we always surround ourselves with people who are smarter than us so that we can level up and get to their game and not make the mistakes that they made. So we're always learning. And we also, like, have. We had a team of five, right? People who had the same mindset. But if we had known the power of masterminds we talk about all the time, that is like hundreds of people amongst, you know, all the masterminds that we're in. It's hundreds, but sometimes it's a group of 50 people, 30 people, you know, 70 people. And you're tapping into all of that knowledge and all of that experience and if you can find that tribe, we hope that we get to be in that tribe with you. And certainly if you join the Facebook group that we keep leading you to, that is going to be a tribe of the same type of people going after the same type of thing, asking questions, asking questions you might not even know to ask. You're going to get to see the question, see the answer. That's what we're trying to create right here for everybody is to create that tribe so you don't make the same mistake of limiting yourself on who you're, you know, aligned with versus, you know, the tons of people. I know I have a love hate relationship with social media, but this is one reason I love it. Okay. Rookie mistake number two is not clearly identifying your goals, whether you want to be a passive investor or an active investor, as one example, not identifying what your freedom number is as another example and as another example, not identifying what your family goals are. So we talked about these in different episodes. So just listen to those episodes and identify what your freedom number is. Identify, Sit down and talk to your family. What is it that you want? What do you want to be teaching and passing down to your kids? What are the goals? What do the kids want? Mom, I want you at the soccer game. Dad, I want you here at my play or whatever it is. And then understanding how much work do you want to put involved or do you just want to make your money work for you? I think those are important. Number three is not starting as soon as possible. We also talked about this in an episode when we were talking about the gap in the game that we were and the fact that you get on a win streak and if you pay attention to the progress that you're making, not the big goal that's at the end of the finish line. So the easy example that we gave was if it's a thousand steps, don't pay attention to the thousand step finish line. Pay attention to the one step that you every single day. And you write in your book, I did one step today and here's what it is and that's a win. Tomorrow you do another win to my next day. And you just build that happiness, that satisfaction, that confidence that leads you two and a half years later. Boom, you hit a thousand steps and boom, you've just hit family goals, passive income goals, freedom goals, all that stuff. So take that step no matter how small it is. Number one, two, three, four, yes. Not vetting people. This is huge. I don't know how many times I'm on the phone and they've been burned because they didn't vet people. So we have an expert panel video that we're going to lead you to. I think it might be freedom capital investments.com forward slash expert panel. If you can't find it there, we'll figure out what the link is. But we did an expert panel so that people could vet us even in our private lending packet. And you can find that freedomcapitalinvestments.com lending we actually have a link to the expert panel. Go there instead, just in case I was totally wrong. So go to the, go to the freedomcapitalinvestments.com lending you're going to see the full report. You're going to see a link to the expert panel and you're going to watch that. Because what I did was I interviewed our attorney, our cpa, one of our private lenders that had been with us for years, gave you their name, their phone Number their emails. So we're not telling you to trust us. We're asking you to vet us to do your own due diligence and work with people that you trust and you do that with because not everybody is trustworthy. I hate saying that, but in the real estate game, it is more true than you know. We've been screwed more often than you can even realize or I want to talk about.

Yeah.

So just vet everybody. Number five, partnering. Too early. So do it deal by deal. If you're going to partner with somebody, do one deal. That's it. See their true colors. Because I can tell you somebody, people come into our office and we're actually in our conference room right now recording this. They've sat across from us and said, I partnered with this person, fortunately, was on a deal by deal basis. They didn't do the part that they agreed to and was in our operating agreement. And I'm cutting that relationship. They didn't build a business with that partnership where they got to break up now and do all that nonsense. So be very careful about who you're partnering with. Again, vetting people up front is going to solve that problem. And then lastly, number six is test the relationship first. That's part of that deal by deal type thing. Right. Dip the toe in the water. Yes. Know who they are. Do the vetting. You know, do a deal by deal basis. Just don't make the same mistakes that so many of us have made, because I can't tell you how many of these. I'm not going to give the examples because that's just not appropriate. But. Right. We've made them. We made the mistake. That's why we're here telling you not to.

Yep. And if you ever want to hear more, just ask us because we'll tell you.

Yeah, we are very transparent. That's true.

Well, we hope you enjoyed this episode. Again, make sure you join our Facebook group right up top here, facebook.com forward/groups, forward slash.

Freedom through passive income.

That's right. And if you're not on Facebook, right down here is our website, freedomcapitalinvestments.com but make sure you love, like comment. Ask questions. Reviews. We love reviews.

Yes.

But again, right down here, below, comment, whatever, ask us questions. But also go to the Facebook group because that's where other people like you, you can ask them questions. You're not just asking us questions.

And our team's in there.

Yeah, exactly. So we hope you enjoyed this episode, but we always like to end with invest smart, live happy. Bye, everybody.

Bye.

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