EP 675 - A Real Estate Investor's Guide To Turning A Side Hustle Into Full-Time Success

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This is the no Closer show where you get the latest developments in distressed note investing and learn the secrets of how you can control millions of dollars worth of property for panties on the dollar. Get educated and entertained by someone who has closed thousands of deals and lives to support you in achieving the same. Now here's your host CEO of We Close Nodes, Scott Carson.

Good morning, good afternoon, good evening everybody. Welcome to this episode of the Notebook show. As always, Scott Carson. Excited to be with you here today. And I'll tell you right now, ladies and gentlemen, jacked up with today's topic for you. We're going to talk about short term versus long term goals and as a note investor and talk about how to identify them, how to kind of put them out and how to kind of back end engineering to find success. All right, so let's talk about two big goals and I often kind of roll this back to what you're ultimately trying to do and trying to accomplish as a note or real estate investor. Now, one of the things that we always do with our three day workshops is talk about how to make six figures in 12 to 18 months. You know, 250k in 12 months basically. And that comes down to identifying what your income goals are. Now, income goals can vary. If you love what you do and you're working full time, you've got a career and note investing is a hobby, that's great. Nothing wrong with that. Kudos to you. And we have plenty of investors like that that note investing is just a hobby. It's a side hustle. They do some fun, they dabble in it with rentals or whatever they might be doing in their portfolio, that's totally okay. But a lot of people want to eventually make note investing some sort of full time. All that they do, transitioning out the workforce into being a business owner and entrepreneur in the note industry. And you have to take a look at where you're at now and what you need to accomplish before you can go from a part time side hustle to the full time, day in, day out note investor, where that's what you focus on. So what I always tell people is like look at your bottom line, what are you making per month right now? Hopefully it's enough to pay your bills. But if you, the first starting point is looking at what you have coming in, what you're working. If you're making three grand or five grand per month, that would be initially the first number that you need to put down as a KPI. Now what is a KPI? It's a key performance indicator. Okay. These are numbers that you kind of guide yourself by and how you're doing or how bad you're doing or how not you're doing in your guide or your goal to accomplishing whatever your why is. Now your why could be not to leave your job. Maybe it's retire your spouse, maybe it's to pay for your kids education, maybe it's retire your grandparents. There's a whole lot of other whys out there. Doesn't be I'm leaving my job because I hate my boss. You take this job and shove it. No, no. You have to outline your why and what that is and what that why might be. You got to figure out what's it going to cost to get to that why. So I guess if you're making five grand a month and you want to leave your job, that would be the first time you look at five grand, you know, 60 grand a year. If you need to retire your wife or your husband, bring them home from their job, figure out what that costs. If it's going to you're trying to pay for your kids education, what's that going to cost per year and how many years do you have to do that and kind of figure out what you need to put in place whatever that number is that you reach towards. Look, don't go quit right now. Don't quit your job right now. A lot of people don't know I'm quitting what I'm doing and I'm going to be a full time note investor. That's the wrong thing to do. No, investing is not a get rich quick. It takes time. The average deal is going to take longer but the returns are higher because we are getting better discounts and have higher returns because we are getting things at a better discount. And multiplex strategies. No matter what the government does with exit strategies, there's ways to make money. No investing where it's foreclosing or modification or selling the notes off or a variety of the different exit strategies that we'll cover on a later episode. But let's take a look at what your numbers are. Let's say five grand is number that you want to be making in the next 12 to 24 months so that you can do a right whatever A is for you that what's your number one goal A is you need to make five grand per month to do that. That's great. That's 60 grand a year. That is a feasible number and it is. You can accomplish that in a couple different ways. My first belief is that you should look for notes, non performing notes that are owner occupied because you have a higher chance of those getting reperforming. People that aren't paying their bills now get them reperforming through some sort of loan modification forbearance agreement. Hey, you didn't pay the bank previously. Hey, start making payments you haven't paid in two, three years. Start making payments for every payment you make. Now we'll forgive an extra payment or do something like that until you get back on track. There's a whole variety of different ways. We'll get to that later on. But identify notes like I said, owner occupied notes, owner occupied assets where the borrower has not paid in a while they can get at a discount. And look at, I would be looking at the payment amount to be at least $250 or more a month. Okay, prefer 500. But if you're not using your own money, and this is a big caveat, if you don't have your own money, it actually I think it works in your favor if you have your own funds. Yes, it works. You can use your own funds to buy deals and get started, but you stop, you don't market most of the time. Hate to say it, but it's one of the big Achilles heels of real estate investors we see that have a lot of money saved or they're moving out, they're using to use their 401k or subject IRA. They don't market, they just will not market no matter what it is. And that drives me bonkers because at some point you're going to use up your 80 grand or 800,000 or whatever you might have in your bank for your retirement account because you have it tied up in deals. It's good to have the money but use other people's money. And we actually see investors that don't have their own money do a better job because they embrace the need to market. They embrace the need to contact self directed IRA investors. They embrace the need to use the three. You know the tripod that we discussed in the earlier episode here about using LinkedIn and email and video to get the word out what they're doing to market. Okay? And so one of the most important things that you can do is okay, we want five grand per month. Let's break it down. How many deals do I need to do? How many deals do I need to make offers on? And here's what it comes down to. I will take. If you take that five grand per month and divide by $500 per month. That comes down to 10 deals, right? 10 deals. You need to close 10 deals between now and 12 months, if that's your goal. It's good to have a launch pad or a Runway to get rock and roll because It'll take you 60 to 90 days probably to identify and closing your first deal and then get it rocking and rolling back and forth. Now, don't get me wrong, there are going to be deals you get accepted that you're going to cancel through due diligence. Oh, this deal did not turn out what it should be. It happens all the time. I canceled a couple deals yesterday, got them approved and as I'm diving into the due diligence side of my this doesn't make any sense because the value is a lot less. The numbers don't make sense on what I my winning bid was. I have to fade my bid and the seller didn't want to allow me to fading my bid means is reducing my bid because through due diligence the numbers came back differently than what we were shown. Totally happens all the time. But anyway, so you need to close, that's close on 10 note deals in the next 12 months. That's less than one a month. But how many offers do you need to make? Well, I'm a big proponent that you're probably going to have a 10% closing ratio on stuff that you get accepted. That means if you need to close on 10 deals, that means you need to have 100 offers basically accepted. Okay, now how many offers do you need to submit to get that 100 accepted initially? It's accepted initially on the front end. That varies. It all depends on how aggressive you are. It all depends on what you're bidding on. You know, we've got some students. Oh, I bid, I made 500 offers. I said, well, but you bid them on Fannie Mae loans and you guys ridiculously low prices, they weren't going to accept it. And I actually told you not to bid on those and you still bid anyway. So the thing to keep in mind here, what's the likelihood when you make a bid if you're really bidding to win that deal? Of course you want to make sure that you've got, if you got your own funds, you're bidding in an amount that makes sense for your returns, what type of return on investment you're looking for. But also if you're using other people's money, what are you going to have to pay them to take deals down? So we always say if you're bidding on Assets especially that you can get re performing occupied. You're going to figure in probably around making a bid initially by taking the principal and interest payment times 12 and dividing that by your purchase price roughly to get around 20 to 25% cash on cash return. Or the real easy thing is taking your P and I times 12 and multiplying it times 4 to equal your 25% return. For the most part, that's what it comes down to initially on that. Now obviously, if you've got a low interest rate 3%, you know it's not going to, you're not going to make money unless you offer 25%. I'm paid to really have it work out well. But that's another day for a spreadsheet or a calculator for it. But anyway, going back to your Runway, you know, you need to make I need to get 10 accepted offers money close on 10 deals. I need to make 100 offers. That comes down to what now that's about 8 times 12 is 96 right now. 8 times 12 is 108. So no, 168 times 12 is 106. No, 8 times 12 is 96. Golly. Mrs. Snyder would be upset about my math skills there. So basically you need about make about eight offers a month. That's two a week that you hope to get really accepted, that you end up end up closing on one out of ten of those. We see that happen. I've seen students like Adam Adams and others have made got 14 accepted in the first time out and then only ended up closing on one because they realized they overbid or the due diligence killed a lot of. I've also seen people make offers on 20 and get 10 accepted and close on 4 or 5. So it all depends on the seller, the asset. I'm just trying to give you some rough numbers to kind of put out. You're going to have to adjust your numbers on what you're bidding on. So anyway, that's 10 offers, bringing in 10 approved offers close or making at least $500 a month payment. Okay, that's getting you to your five grand in 12 months. Now you have to figure out too, how much time do you have to commit to this? Because getting 100 offers is probably means you need to make roughly, you need to look at 400 to 500 note deals that you're breaking down and doing due diligence on. Now if you're, let's just say 400, well, that's roughly about. You may be looking at 35 to 40 notes per month, that's 10 notes per week on an average basis for you. That's doable. If you will market, if you'll market for asset managers on LinkedIn, some of the different hedge funds, other investors or Facebook groups, you can do it, but you've got to market and you gotta be willing to, hey, ask. This is what I'm looking for, this is what I need and go from there. All right, so one of the great things that you guys can also do is start tracking this stuff. Okay, now on average, let's run some numbers. Now on every deal that you make an offer on, is it going to re perform? No, it's not. Okay, so you're not just going to get money from the $500 a month coming in. Now if you're originating stuff, yeah, you can set that up. But honestly if you close on 10 note deals, you're probably going to get five or six that get reperforming or you know, you see the bar shows the other half is going to be probably split up between deed and loans where the borrower signs the property over deed and walks away and or foreclosing where you go the legal route to foreclose to get them to walk away, cash or keys maybe, who knows. But out of those half, so let's just say half get reperforming, the other half turn into an REO of some sort. Either they're like I said, they've walked away, you've paid them walk away or you've gone the legal route to foreclose. Those REO deals that you know become from the non performing note side are your bigger checks. You're going to have bigger checks and I always say don't get involved in something you're not going to make it, you aren't going to make at least 10 to 20 grand on if you've got to take the property through foreclosure rehab, stuff like that. Why I say this is because you're obviously going to have some people that aren't paying their mortgage like we see with the foreclosure and eviction warping. Yeah, you can foreclose. May take a little while longer to foreclose or evict to take the property back. This is why you may want to look at as cash for keys as an option to make sure you're having extra funded when you're purchasing the notes or put a little money aside, you know, before you go the foreclosure route and drop three grand or five grand depending on what state you're in, you may want to offer that but as a Dean Luke Cash for key situation to see if the borrowers will walk and move on from there. It's a different time out there, but going back to your full time versus part time activity if you needed it. Like I said 5 grand per month at $500 per note deal. That means you need close on 10 in the first 12 months. That means really making offers accepted on 100 and probably making offers roughly around on 400 assets or looking at 400 assets and working for them to get to that final 10 look, the yield on these things are higher. So people like wow, that's a lot look, it's actually a lot cheaper to do the note business because you could do this on your part time basis. You can do it after hours, at lunch breaks, in the morning, in the evenings or the 7pm to 2am side of things. You can also don't have to worry about dropping thousands and thousands and thousands of dollars in direct mail campaigns. That's one of the biggest things that a lot of people look at, especially as they get get into investing. And this doesn't matter if it's note investing, fix and flipping, whatever. It's the upfront cost to market to get your thing. Rock and roll. Especially you don't have a big amount of investment dollars to put towards your mail campaigns. You know it's expensive to drop postcards, foreclosure letters, yellow letters. No matter what type of list, it often costs to buy the list and you're going to have to have obviously mail and stamps and time to do it. And then you've got to do it repeat basis to get a 1 to 4% response rate. In the note business side, you're not doing direct mail. It's all LinkedIn, email or phone calls which is a whole lot cheaper. And one source can lead to multiple offers versus your direct mail campaigns are often targeting one borrower or one homeowner who's got one property. Yeah, they may have a couple. I get it. Probate leads mainly to other things. I'm not talking about those. Those are great. But the mass majority of people that are marketing to foreclosures and short sales and state owners, those borrowers or those property owners have one property. Hence why you've got to drop so many postcards and direct mail pieces to get multiple people responding to you. Well, the banks. When we're dealing with banks or note sellers, these sources don't just have one deal most of the time they often have hundreds of deals every month, every quarter that they are cycling through. Now, some banks and lenders only sell once a year. Others will sell on a constant basis. As I've said before, everybody's a buyer, a seller or a funding source. When it comes down to note investing. It also comes down to marketing too. Everybody's a funding source. He's looking for a good return on their retirement. Whether they've got 20 grand or 200 grand or more, they're looking for a good return on investment. So going back to your schedule, going back to your Runway, to go from part time to full time or getting started, you have to understand those numbers. How many times do I need to look at assets? I mean look at 35 to 40amonth, that's 10 a week. Great. How do I get that 10 a week? Well, what you have to do with that tenant link is start that marketing process. That's either a doing a drip mail campaign and drip mail. What we mean by that is an email campaign to asset managers, banks. And this would be something that you do via either email. And we go through this really intense in our three day workshop about, hey, how do you pull a list of asset managers? How do you contact them? I mean there's a variety of ways to find asset managers. Texas savings and mortgage lending, you can look at Lane guide, you could look at Distress Pro Scotsman guide, you could just literally jump on LinkedIn and type in a few job titles to pull this stuff. You can look at events, I mean you jump on and look at the county records for assignment of mortgages who are buying and selling and whatnot and contact them directly. There are plenty of deals out there because there's plenty of notes still moving hands. What you don't see and I don't, I hate to say this but a lot of the list websites, you know, the websites that have had lists from traders or people put list, you know, know websites for you to go and cherry pick, they're picked over. They're not really a great source. And I used to be a fan of a couple of them and I looked at them recently. Man, there's nothing on here that makes sense. They've allowed investors to post stuff on there that really isn't a deal. It's crap and stuff that gets drug out and drug out, drug out. And then the telling sign is when you see the company that owns the listing website, them marketing their own deals through other sources, it tells you they can't even sell their own stuff. That doesn't bode well for investors trying to find stuff that makes sense. So I think if you always go in above and beyond, especially a lot of investors don't want to do the direct mail, I mean the emailing, I mean that's a sad thing that's really easy to do. It's one of the biggest lifebloods of your business. They don't want to pick up the phone and call. They want the low hanging fruit. And I know we're all inherently lazy. What's the least amount that I have to do? Nothing. You could sit there, not do anything, but you're not getting any further along in your goals. So setting that income goal is really one of the most important things that you can do. Hey, I need to make five grand a month in cash flow from this to cover my bills. Now here's the thing, you hit that five grand mark, yeah, you're covered. That doesn't mean quit right? Then you need to hold on to that for a little while. I always tell people, hey, if you hit your income mark, if you can handle it, stay for six more months to kind of sock that money aside. That comes from the old financial advisor. You should have six months of reserves of some sort if you can on the sidelines in case you do quit. Because you're going to have peaks and valleys. And while making 60 grand, investor is actually taking home more money than if you worked for a job, being paid income taxes and all that stuff, you still have other expenses. If you need health insurance, you got to think about that because that's probably going to go away to leave your job or unless it's covered by your spouse, look at your other cost, you're going to have a few some more marketing costs. Don't go get you an office right off the bat. I mean, find a spot that you can work remotely or if you have to work from home, you are going to spend some money on marketing costs. And people ask, well, Scott, what's that cost going to be? Is that going to be huge? Like, listen, really, if you look at email campaigns, you look at probably having to have a website and then probably attending a few events or working some things on your logos and your LLC or two that you need to have. You're probably going to spend about five grand your first year in marketing costs, if not more. It all depends on what you do. You know, I heard somebody talk, I was talking to somebody yesterday and they're like, oh yeah, there's an event going on. There's only, they're only going to have 30 people at this event. And I'm like okay, I don't think that's a good event to go to because what do you mean $1500 in the worth going. I said no, because honestly you can find other investors in network if you're just going to network with don't go to events when they have 30. If you want to go to an event, you want to go. There's people at all, right? Not something where it's just five or 10 people. Unless you're going for some one on one coaching or it's like a small mini mastermind that's a different story. But there are events out there that have maybe 50 people or 100 people or not many people at all. And trust me, I've been to one been to events that were supposed to have a lot of people, didn't have anything. So maximize your networking opportunities. You also have to realize that if you're building a Runway to leaving your job to accomplishing whatever your why it might be, you have to get the word out and this you have to start developing I want to say that image, that notoriety as being the person that your tribe, your warm market turns to for advice for counsel on real estate. That means getting the word out to your local meetup groups, getting the word out to your RIA clubs that are in the neck of the woods, maybe starting a special interest group, a sig group in your local RIAs if they don't focus on note investing. But there are other group of you that's one of the best ways to really grow your experience and accomplish things. If you want to go quickly, go by yourself. But if you want to go far, go with others. Maybe you've heard that quote, you got to. And there's what's so great about the note industry note business is there's a lot of great ways to partner up with people to have people that maybe or have a strength that is your weakness. We've had quite a few of our coaching students get together and break down due diligence on deals. You know, one's pulling rent rates, one's pulling pictures. They're both, you know, doing a deep dive, breaking down, servicing notes, whatever it might be. And they're also to raise easier. It's easier for them to raise capital in a bigger, brighter way because they're leveraging each other's strengths and getting things done. I'm a big proponent that if you really want to get to the spot and you're struggling to find success, it's probably because you're trying to do it all yourself. Now, what I mean by that, we've had students that have a very demanding job. If you've got a job that you love, great. But if you got a job that you hate, you're really probably shackled to get some stuff done. Then you come home and you're trying to get your train done. But then you know what happens? A lot of times your other things kind of fall by the wayside. Family, spouses, kids. You know, you got to live, you got to have some fun with your family, Right? But if you're trying to do it all yourself, you don't want to create a second job for you when you hate your first job. Okay, I've got family members that have hated their jobs and they come home, they're just bears. And I've been there before when I worked a job I dislike to. You're just like, oh, I just hate my job. Hating life. It makes it hard to be positive and to keep that momentum going on your side. Hustle. Okay, so what you need to look at doing is if you're having a hard time, you're not getting those 30 offers, you're not getting those emails out to asset manager, you're not jumping on LinkedIn because. Because you don't have the time to do it. You probably need to hire a va, a virtual assistant of some sort to help you get those things done. Now, you can go the cheap route by going to fiverr.com it's f I v e r r.com and hire somebody to do some individual things for you. Fiverr is great for little gigs that you have people do over and over again. Like, I've got a couple vas on Fiverr that will do. One will do some list scrubbing for me. Another one will do some video editing that we send them. And they tweak some things. That's it. They don't. They're not really marketing for me. They're tweaking our marketing. What really helps me get done more is the VA that works at least 20 hours a week, four hours a day, four to five hours a day. And she goes into and manages social media, she's creating images. She's actually marketing on LinkedIn. She's posting things, things that I don't have to do if I don't feel good. At least I know marketing is being done for the day. She's going into my buffer account, Buff B U-F-F-E-R.com and posting articles, posting images Posting things that help get the word out of what I'm doing. She's also going on LinkedIn and one day out of the week going on there and contacting asset managers, sending out invites to them and getting new deals sent to me, new tapes, new assets that I can then review and go from there. Now a lot of people like, well, I can't afford a VA. Honestly, if you want to make 60, you know, you want to make 60 grand or six figures and in the next 12 to 24 months, the number one most important thing is delegation and hiring somebody. And you know, you can hire off of upwork for four to five, maybe six bucks an hour for somebody that you guys spend time training and going through things. I think it's best to hire a company like Riva global real estate VAs over there and have their team help you out because they've got some really great trained VAs. Actually we've spent a big chunk of time helping Riva Global for our students specifically, like giving them the videos on how we raise capital on finding Ira, how we use LinkedIn to find asset managers, what we send out in email blast. So it's literally we've kind of pre trained or give them the curriculum so that their VAs are ready to rock and roll for you. Now do I get a bit of a kickback? Yeah. Do I get an affiliate split? Yeah, if you sign up for something like that, sure I do. But it's more important that you've got somebody ready to train that you don't have to try to reinvent the wheel, ladies and gentlemen. So if you're interested, check them out. Revaglobal.com Sign up for them. Great or not, but you can start something off at 20 hours a week and I think it's 10 bucks an hour. Still cheaper. 210 bucks a week. It's cheap compared to hiring a full time employee, having an office, having to hire a laptop, having to pay overhead. For those folks, we all know that's really going to be less than like 10 hours a week for most people. You could double what you get done without the overhead. Without having the payroll cost too. For you, by having somebody help you while you're at the job, they're doing things, they're answering emails, they're doing due diligence for you, they're, you know, finding deals for you. Because you think about that. If you close on one deal, let's just say you end up closing on one note that pays you $500 a month. $500 a month over 12 months is what? That's six grand, right? And that's just on the front end side. After 12 months, if you bought it and got it reperforming, you could sell it probably at a 20 to 25 or 30% markup over what you paid. That pays for your VA right there, ladies and gentlemen. Let's say you end up buying a deal that ended the foreclosure, you make 20 grand, 30 grand on flip. That's what you should be looking for. That's going to pay for your whole VA for the whole year. But many of us can't understand the fact that paying a VA is not an expense. It's an investment in your business, an investment in you getting things done. Okay? You have to learn to delegate. You can't be the person going out there and trying to do it all because it is not effective. And anytime I've seen a dip is because we went through new personnel and we had to spend time training them. Look, your VAs are going to help you out the most by communicating with on a weekly or daily basis. What's going on. If you realize that 70% effectivity effectiveness is the best thing for you to write off the bat and you hone and you work them to get up to 75, 80, 90% of what you would do, even sometimes they're going to do better than you. RVAs have always done end up doing a better job than I would do because I'm like, oh, I love it. Because they're focused on a few things. It allows me to focus on my, as I say, income driving model. What's going to make me the most amount of money? What's the most effective thing to be doing here versus getting bogged down and to do lists that I should delegate to somebody. As somebody has said to me many times, if you're focused on $10 an hour activities, you're going to have a $10 an hour bank account and you have to get back beyond that. I know it's hard. Maybe you do have to wait a month, a month to start off with somebody. Maybe you hit somebody who's also investing in both, hire a VA and you split the cost down there. That's something that I think is highly so that you can now you're implementing more each week and realize, oh, this is starting to pay for themselves. I mean, one of the easiest things that you could have VAs do is have them reach out on the county records or reach out for private investors for you to help you raise Private capital. Then you really need just one hit for help you fund that deal, that first deal to help pay for the va to help you really take your business all next level. So those are the things. Look at your Runway. Plan out a year, plan out the numbers you take a look at. Like, remember, no matter how mid you you want to try, if you, you're going to have about a 10% close ratio on offers that you get accepted and going from there. So 90 deals, 90% of these you're probably going to end up killing that you make offers on because of due diligence. Pricing, counters, taxes, whatever, you may fade your bid. That may not come through. But it all comes down to how many offers you make. You expect you're probably going to make four times the amount of offers, then you get accepted, if not more. And you keep track of this. Keep a spreadsheet. One of the best things and best ways for you to find deals is make offers initially. If they get countered or, you know, you come back to low ball. But then you follow up with that seller. Just had that happened two days ago. Get a listing of 436 first liens. I'm like, wait a second. I recognize some of these because I look at specific cities. Like there are two Corpus Christi, Texas, where I grew up. I'm like, wait a second. I recognize those addresses. I go back into my Excel spreadsheets and my, my computer mic. I made offers on these three months ago. They didn't sell. They didn't accept my offer. They didn't sell. So I go back to what my offer is and I, I'm like, hey, these didn't sell three months ago. What's the situation? Why didn't they sell? Did you get buyers on above my price? Hey, these are the bids I submitted three months ago. Hey, they're still good. I did a deeper due diligence or I did more due diligence initially. Because you'll see asset values on a spreadsheet, Zillow values, which we know aren't accurate. And somebody pulls numbers, they see it and they get scared and they run away. If you understand numbers and ability to fade stuff, instead of just canceling the bid, fading your bid down, and sharing your due diligence with the seller. It's a great way to find deals after the fact. Okay, 30, 60, 90 days after you made offers that weren't accepted or they supposedly sold them, just follow up with your sellers. And that's one thing that you have your VA do. Hey, follow up the seller. See if they sold these assets, if they didn't, they didn't close. Let's see if they'll accept our offers now. And that's just that little bit of follow up. Having somebody kind of a personal assistant who can kind of fall behind you, pick up the crumbs and fill in the gaps. Because we as an entrepreneur, especially if you're juggling a full time job, side hustle and family and friends and everything else that we have going on, you know, we all get 24 hours a day. Those that are most effective are the ones that make the most of the 24 hours a day. Now you could be like Elon Musk, which he says Instead of working 40 hours a week, he was working 80 hours a week. You got twice as much done. I know that sometimes isn't going to be feasible for us all because you got to take a break, you got to unwind a little bit, got to enjoy. But that's why it's important. Build your Runway, start looking at your hours, start time blocking. And if you've got sites, you know, extra time at night, in the middle of the day, in the morning, whenever, on the weekends, make sure you spend the time to get in there. Put the hour or two in if it's a side hustle, because every little bit you do gets you further along that step, okay, then you've got to go in and take action. So that's just time blocking. Make sure and go through that. If your family is giving you crap because you've burned a bridge from doing too many side hustles or Ginsu knives or soap or medicine, we say, hey folks, give me a year. Help support me for the next 12 months. If I'm no further along in the next six months, you know, or the next 12 months, then I agree with, I'll go and move on to something else. Okay? But if you were going back to school or going to study some things, it all be supportive. It's the same thing. Hey, I'm trying to launch. This is where I see the opportunity and where I want to go and help me get there faster. I can go a whole lot faster with your support versus having to fight it uphill. So look at your part time schedule, guys. If you're a full time now, if you are a full time investor, you've gotten laid off. Guess what, you better get to work. Okay, that means Tuesday, Wednesday, Thursday, you've got to have something going on to asset managers. Monday, you probably want to be communicating with investors. There's a whole thing to do. Depending on what you're focused on, that'll be another episode. Talking about which asset classes to focus on, depending on what your goals are and going from there. So I think we're probably a good stopping point for the day here. So don't be embarrassed that, hey, I gotta do this for six or 12 months. Everybody starts off with a side hustle. It's okay. But the more dedicated you are, more diligent you are in a little bit activities each day or helping delegate that to somebody else. If you really. If you want to know what your worth is, here's a real easy formula. Take what you want to make in 12 months, okay? And let's just use some round numbers. Let's say six figures. And a lot of people like, oh, I want to make 100 grand. Great, 100 grand divided by 50 weeks, because there's at least two weeks off. It comes out to what? That's 2 grand per week. Well, if you're working 40 hours per week, which is a normal aspect of things, that means you're worth $50 an hour. Anything that's less than $50 an hour, admin, scheduling things is below you. You're losing money if you're doing those activities. But if you're doing something that's worth more than $50, not in marketing, phone calls, meetings with banks, stuff like that, evaluating things, and you delegate that below $50 an hour, you're actually now compounding your efforts and making money and being more productive. Look, when I first got into it, I love working in my yard. Now, don't be wrong. I like working my yards. Covid. I haven't been able to go anywhere for the most part. So, yeah, I enjoy our yard. It doesn't take me long to mow. But if I'm at a spot where I don't enjoy mowing, it's not something I do. And it takes me two hours to mow or two hours doing oil change, you know, and you want to make 100 grand, two hours of your time is worth a hundred bucks. If you can give the neighborhood kid 25 bucks or 50 bucks, I don't know, your yard, and he gets it done in two hours. And you can now take those two hours instead of you mowing and put it to something else productive, Then you're merely making 150 in an hour because you've got that hundred dollars towards your time. And then you got back your time, because that was a beautiful thing. The kid's doing it now. Yes, somebody was. Oh, you really made 50 because you got to pay the kid 50. Yeah, but think about what you can get done, all right? That's the thing. Look at what your time is worth. Many of us sell ourselves short on time and are working way below our pay grades, okay? If you've ever made 50 grand a year, it's probably because you're working at 25 bucks an hour or less. You value yourself of just barely above minimum wage. We are all worthy of more if you put the time in, okay? And networking, communicating, marketing, raising capital, looking at deals are all the things that you need to be focused on more so than anything else. There are some great tools out there to help you due diligence and streamline things. But for the love of God, bless your heart, you need to start taking action. You need to delegate. You can't do it all yourselves. Trust me, we've all been there. Try to do it. You do not want to be the thing strangling your business, okay? You don't want to be that focal point in the spigot that holds everything up. You want to let things flow and things get done. Empower your VAs, empower your friends or joint venture partners or people you're partnering up with. Heck, find an accountability partner is one of the fastest ways too, to get going, because they'll hold your feet to the fire. And we're more likely not going to flick on our friend, but we'll flick on the guy that we or the guy we look in the mirror every morning. So take action. Find if you've got limited hours, 5 hours, 10 hours, find out what'd be the most impactful. Make sure you make the most of that. And if you need you're not getting enough stuff done, then you got to hire somebody in a virtual assistant is a great way to do it to help you get more stuff done in a timely fashion. Being such big in the podcast industry, I would see posts from people out there. Oh, man, I got to edit everything. I got to edit myself. I got to edit myself. And I'm like, you can find somebody for 15 to 20 bucks an hour to edit your podcast online, overseas. This can do just as good a job for you. But if you're taking. You're filming a podcast that takes you 30 minutes to record and then it takes you two hours to edit it. That's not an effective use of your time. You should be delegating. So learn to delegate. Try to look at stuff. I get it. It can be difficult sometimes if you're on a bootstrap budget like many people are, to start looking at those little things that you can maybe cut out of your budget that you can put it towards more effective tools and staff virtually doesn't have to be next door. It could be next country over there. So go out, take some action, everybody. That's all I've got for you today on this episode of the no Closure Show. If you're struggling with things and need an idea of what can you delegate, hey, feel free to reach out to me. Our friends at RIVA have actually put together a report on the 100 things that you can easily delegate out the thing. So it's a great starting point to kind of make a hot list of things that you can look to delegate. So reach out to me. Glad to share that list. Or go to rivaglobal.com and you can download that report as well on 100 things to delegate immediately. So go out, take some action everybody, and we'll see you all at the top. Bye, Sam Sa.