Cody updates on the Robin Hood Village Resort closing September 28 and shares lessons on hiring: start with people who have concrete skills, then add high-potential talent once cash flow stabilizes. He describes a former auto shop owner who had to replace unskilled staff, and young entrepreneurs redirected to different roles after securing zero-down deals.
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Hey YouTube, it's Cody again, and welcome back to episode number 2 at the Robin Hood Village Resort. And this week we're going to be talking about building out your team and a few updates for closing out the Robin Hood, because we're closing out on the 28th of this month. This past week we waived feasibility. If you're not familiar with what that means, when you make an offer to buy something, you typically have an inspection period or a feasibility period where you start looking over all the financials and you can back out. This is what a lot of wholesalers love to do. They get into a long feasibility period, and if they can't wholesale it, they back out. Well, your feasibility is basically your protection period. You can walk away if you don't like it. Well, we just waived that. We sent in earnest money, and we are 100% committed to closing this deal out. And since I'm moving here, I was mentally committed, but now it is 100% for sure happening. So that is, uh, super exciting. But as we're continuing to build out the team, we had a whole bunch of people fly in this last week. I don't think I had a free day when someone wasn't here visiting. People from all over the states come to check it out. If you're still interested in checking it out for that executive position, feel free to message Christian on Instagram or shoot an email resume. Just send a little video snapshot of who you are and what you want to do to npmapplications@outlook.com. But we are still trying to build that out, and I I found a couple of guys that I thought were going to be the perfect team for the site. Lots of energy, young in heart, a lot of spirit, and they don't have a lot of skills quite yet. And I relate to that because at 18, 19 years old, when I was their age, I didn't have any skills. And something that I heard from the current owner is that there's a time to hire on potential, and there's also going to be a role where you need to hire on skills. And these guys have a lot of potential. They've done a lot that most people can't. They're the boys that are buying the 10-plex and they're under contract on another 10, another 8, zero money down, seller financed over in Texas. They don't even live in Texas. They did an out-of-state acquisition, seller financed, zero money down on their first deal. Now, I see a lot in them, a lot of potential because I can relate to their story. They found a mentor, in this case happened to be me, I wasn't my own mentor, I had someone in the past, but they found a mentor who got them in a position to be able to do that and they executed on it. Most people can't even get that far, and so I saw a ton of potential for the ability to learn. Well, I sit down, I chat with the current owner, and I hear something for the first time that I hadn't really heard, and I knew it to be true, I just didn't think about it on a daily basis. There's a time where you need to hire skills and the skills will make or break the operation. Meaning that if you just hire on with a whole bunch of potential people that have proven they can execute, but it takes a lot of time— think about it like an apartment deal. If you've got a whole bunch of great units with a ton of potential upside and equity growth, but you can't hold the cash flow negative asset for a while, you lose it. And it's the same with the business. I just hadn't put two and two together to equate them with the same thing. If I go buy a vacant apartment building, but it can make a ton of money someday, If I can't negative cash flow it for long enough, sure, it has a lot of potential, but I could lose the operation. And I hadn't thought about it like that with the Robinhood. And so we turned them down. They ended up flying back to California, and we have a different role for them. But specifically this week, what I wanted to share with you guys and gals, if you're trying to build a business, trying to build this out, whether it's real estate business, you want to go repeat this with a seller-financed resort in your hometown, You can, but make sure that you're hiring on for skills in the beginning. And the story that the owner shared with me is that he had bought an automotive repair shop and he didn't know anything about automotive repair. And when he went into the shop, the employees didn't know anything about automotive repair and everybody got laid off. Now, is that terrible? Yes. However, there was a whole bunch of potential in a room and the shop wasn't making any money. And so he got rid of the employees that were unable to produce and actually fix cars. If you have an automotive repair shop, you need people that can fix cars. He had to go in and hire people with the skill set. And so that's something that I learned this week. And yeah, in the back of my mind, I knew it, but I wasn't thinking about it. You can't just hire on a bunch of potential. If you have extra cash flows and you can support it, sure, that's planting a seed, planting a tree for the long term. But if you want to build an operation today, you need to prioritize finding people with the direct skill set that can benefit it today. And as that starts to grow, then you can start hiring on your people that have more potential to scale the long term. But if you just build a business off of potential, it's not going to go well. So in addition to that, a couple other things that are happening right now. Since we're past feasibility, we are within about 2 weeks, 2 and a half weeks of closing the Robinhood. So if you want to come visit you should. Christian and I also went on a couple adventures this week, and I'm going to clip those videos here at the end. But, uh, we went looking for some deals. We actually wrote a couple offers on some apartment complexes, and we're using some of the stuff we're learning from the current owner. Excited to share more on this channel in the future as stuff progresses, but have a couple more seller finance deals underway, working on a 24-unit, working on a storage facility, and looking at some land acquisitions here in Union to start expanding the portfolio. So check out these clips, and if you have anything you want to see specifically about the resort before you come visit, drop it in the comments and we'll clip those in here. Alrighty, welcome to the Robin Hood. I am in the bar right now. This has never ever been rented out. However, the kitchen is finally complete and we're going to be renting this out here really quickly, and we're trying to figure out what we want to put back there. So if you can help us out and put in the comments, trying to figure out— we've got a lot of ideas, whether it should be a pool table, poker table. If you have a preference and you want to come stay here because it's never been rented before, then let us know what you'd like to see there, and whatever gets the most votes, we will put here. So appreciate your help. Here's some more videos.
All right, down here one more time, wanted to just add a quick little bit to this video. I get the advantage of getting to learn with Cody as he learns how to take on this whole, uh, this whole project. I'm doing a lot of the background operations and putting things together for us, but huge learning opportunity for us. The experience when you're starting a new venture, especially when you haven't realized all the cash flow yet— experience does trump, uh, learning potential. That being said, you need both. Grateful to have the team that we have. Cody's down here doing what he does best. He's learning a lot. In a future video, we need to include Hannah, who's helping us with this a ton. She's our director of property management. Absolutely incredible. Both her experience and her potential to grow this is phenomenal. If you can find those people who hit both the experience and growth potential, add them to your team. We're off to go get some snacks over in Hood Sport. Talk to you guys soon.
And the Robin Hood mascot, Cashflow Kitten.
Hey, right next to the Robin Hood, about to check out some of the trails that we have down here, but we're getting prepared to close. Visiting Cody today, have a couple of guests who are looking to possibly bring on, bring on to the team, but really excited to be out here.
Out looking for deals.
A lot of people ask how we drive for dollars. We actually prefer to walk, but we just walked pretty much all of Union. We're now just walking through the end of the dock looking for more.
