Expected Air Date: 9/24/18
Today we are digging into the topic of Entrepreneurship. What does it mean, what does it take. Are you born an entrepreneur or can it be learned?
Thank you Kathy Curtis! Hello everyone, it’s time to get involved in Real Estate. There are 85 major ways to make money in real estate and several variations of some of those methods. The opportunities are numerous and the variety is nearly endless, but all of real estate investing can be summarized around three primary activities:
- Buy with the intent to improve and re-sell relatively quickly.
- Buy with the intent to create income with the property for a longer term.
- Invest in the activities of 1 or 2.
I’ve been looking for someone who manages a REIT to come on the show and talk about the opportunities there and you regular listeners know that I have nothing against REITs or crowd-funding real estate. Both have interesting possibilities, albeit not such a great return on the money. If you have a little bit more money and are an accredited investor, you’re going to want to stay tuned today. My good friend Jim Beach is going to be on the show in a few moments and we are going to talk about, among other things, and incredible private offering that is set to take on the big boys.
This fund invests only in short-term flips. Full disclosure, I’m one of the partners in the firm. Jim is a former Coca Cola executive but long-time entrepreneur. He founded a technology company and sold out years ago, wrote the best-selling book, “School for Startups” and for the past several years has been the host of a radio show called School for Startups. He has had everybody who is anybody in the world of business on his show. Jim travels the world teaching the principles of entrepreneurship.
How to contact us
Twitter and Instagram @FlippingAmerica
We now have a profile at houzz.com for what it’s worth.
Call our National Comment Line: 404-369-1018, ext 1. Leave your message or your question.
- FlipStarter Nov 2-3, Atlanta, GA
- Lunch with me every Wednesday.
- Flipping America App is in the app store. You can listen to the show, read the show notes, and the entire catalog of shows is now available to you. It’s a free download and there are no upsells or in-app purchases. Free to download, free to listen. Go ahead and give it a try and drop me a line and let me know what you think.
- Want a quick analytical tool to tell you how strong a potential fix and flip deal is? Download the Property Grade app. You answer 10 simple questions about the property and the app instantly tells you what you can expect to make, your return on investment, your return on cash, and then the program gives the project a letter grade using the proprietary Flipping America Investment Property Grade algorithm.
Guest: Jim Beach
Comment Line calls and Questions
Call 404-369-1018, press 1 and leave your message!
Motivational Thoughts for the day
- To Begin, Begin, William Wordsworth
[0:15] America the show that teaches you how to make money in real estate
wherever you are whatever your situation there is an opportunity for you flipping America is sponsored in part by American IRA
founded by investors for investors on the web at American Ira. Com.
And by Braswell Capital Solutions commercial lending made easy on the web at Braswell Capital solutions.com,
and now you’re sad flipping America guy Rodger Blankenship thank you Kathy Curtis hello everyone it’s time to get involved in real estate.
[0:54] There are at least 85 ways that we’ve documented here at flipping America.
How to make money in real estate and several variations of some of those methods,
opportunities are numerous in the variety is nearly endless but all of the real estate investing can be summarized around three primary activities number one by with the intent to improve and resell relatively quickly
number to buy with the intent to create income with the property for the longer-term or number 3 invest in the activities of one or two almost all real estate investing activity can be summarized with one of those three things now the fact is if you’re buying and flipping and buying and renting
well if you’re buying flipping you’re not really an investor but we’re not going to let you know picnics here where that’s not what we’re all about
if you don’t call yourself a real estate investor that’s fine I call myself a real estate investor and it’s what I do now I’ve been looking for someone who manages a reed.
[1:51] To come on the show and talk about the opportunities there a Rita’s a real estate investment trust haven’t found them yet but we’re not giving up
you know we we really barely started so
will find one eventually will get somebody from Reading you regular listeners know that I have nothing against treats or crowdfunding real estate both have interesting possibilities albeit not such a great return on the money
if you have a little bit more money
and you are an accredited investor you’re going to want to stay tuned today my good friend Jim Beach is going to be on the show in a few moments and we’re going to talk about among other things and incredible private offering that is set to take on the big boys this fund is
it just looks like a terrific returns are about to happen because it invests only in short-term flips full disclosure I’m one of the partners in The Firm,
but your runs the company he’s a former Coca-Cola executive long-time entrepreneur.
[2:45] Multiple entrepreneur in multiple startups in capital raises in the things that I could talk for an hour about all the things that he’s done
they founded the technology company sold out many years ago he wrote the best-selling book
school for startups one of our recommended resources here at flipping America and for the past several years has been a host of a radio show called school for startups he has had everybody who is
anybody in the world of business on his show I’m standing at the lineup of guess that he’s had and just as soon as I get some new book that was new to me and I start reading the hill say yeah I had them on my show
Jim travels the world teaching entrepreneurship and wherever he goes the crowds turn out to hear him and Jim is going to join us in just a little while and we’re going to talk about entrepreneurship because you’re something and I’ve been thinking about.
I’ve been thinking about whether or not entrepreneurial spirit is in your blood that you’re born with it and you just you know
evidently can’t escape it or is it something that develops over time and is it a skill that can be learned just because you want to what are the skills involved in being an entrepreneur what are the secrets of being a successful entrepreneur what are the characteristics of that person.
[3:58] These are questions that I’ve wondered and my only
answer to it would be anecdotal for my own experience but Jim has spoken with and dealt with and taught thousands of entrepreneurs and so we’re going to get his input on the subject and along the way we’re going to talk about the DT investment fund.
Which gym is now a part of and is working to raise money to bring some kind of serious scale to the activity of flipping houses
all that and coming up just after the break and let me tell you how to get in touch with us we are on the way back flipping America network.com and when you go to the website there are plenty of things there for you to do some of even told me too much but
you know it is what it is right now there
you can read up on the news what’s going on in the world of real estate we have to RSS feeds that feed the front page everyday 24/7 all automatic so you can stay up to date you can also listen to this show you can go look at back.
[4:54] I need a previous shows and look up various topics and get information,
all of its free of course and then you can also start finding out how you can get involved in making money in real estate you can do that right there from
our website as well we talked about them internship program we talked about the upcoming slip starter program the flip starter program and that I guess I’ll go ahead and make that announcement that switch starter the next live event is coming up
on November 2nd and 3rd now you can buy the flip Starter video series on the website for $249 but you can come to the live event for $199 and have in-person instruction
and look for not going to have more than a hundred people in the room because that’s the size of room we got in after that and well,
where were sold out okay so you’re going to get an opportunity to interact with me and people on my team
and yes I will be there not some Hired Gun it’s going to be me November 2nd and 3rd in Atlanta Georgia,
it starts on Friday at 5 so you have to go ahead and get into town and and get your hotel room and get settled and we’ll be announcing the hotel probably next week
looks like the team out there is nailing that location down right now and so will.
[6:07] Be sure to tell you the hotel and any discounts on the rates in that sort of thing and so you need to get in and get settled in at 5 on Friday we start and we’re going to Dive Right In and spin the first two hours understanding.
What is a real estate deal
what is it look like they were going to talk about where to find them and then we’re going to go to dinner and do you have the opportunity that cost a little bit more but your dinner is included with that cost we’re going to go to dinner together and have a nice meal and then Saturday morning we’re going to come back and we’re going to
have to work Saturday we will cover the aspects of,
pork and digging deeper on signing a deal how to find it how to get a deal funded I’m going to show you how you can get deals on 100% funded we’re going to talk a little bit about creative deal structuring
we’re going to talk about 100% deal funding what that looks like I’m going to explain to you the world of hard money loans and how to understand those numbers will talk about that in some debt.
[7:03] Funding the deal and they were going to spend some time fixing.
Properties talking about fixing properties this is such an important topic in this one that really requires a deep dive and so we’re going to die pretty deeply into it will spend an hour little bit over an hour
just talking about how to fix the property and we’re going to talk about marketing the properties all of this,
is going to be covered in about 8 hours of instructional time between Friday and Saturday and it gives you enough information to go and.
Your real estate business yes we’re going to talk about how to start the business and we’re also going to talk about how to scale the business I’m going to share with you the story and the methods that I used to grow my own business to doing a hundred Clips a year
it can be done and we were doing that with the staff of only five people and one of those was part time so.
You can do this to you know I’m not a rocket surgeon.
And it doesn’t require that to get into this business and to do well in it it’s not for everyone okay let me say that let me be clear,
this this career this business is not for everyone but if you think it’s for you.
[8:12] You owe it to yourself to be there and here’s the cool thing the cost of Entry is so low at $199.
Really if you’re just curious and want to know whether or not is for you this is not a bad investment $499 you going to get
a ton of information and you may decide that this is not the thing to do for you you may decide that if your
your connection was real estate will be passive you know what you will not have wasted your time or your money because you will meet some people at this event who are about to go out and get it going and you’re also going to get a chance to meet me and if you want to be a passive investor then we need to talk.
All right because we’ve got opportunities for Passive investors course all over the place it’s what we do so that’s coming up.
November the 2nd and 3rd and now it’s $199 is a little too rich for your blood will go ahead and sign up now because until October 6th you can come for $97 it’s the early bird special.
You know how this works we want you to sign up for the early bird special so we have a you know a better count for the hotel and all of that.
[9:17] Should we give you an incentive to go ahead and sign up early that’s all so sign up now $97.
And lastly we would encourage you to send in your questions to flipping America Network that’s questions at flipping America network.com if you have a question about anything related to real estate
anything at all whether you’re even not an investor if you just buying and selling a home we can help you and we want to help you,
that we don’t know everything but we’ll get the answer for you we promise it’s what we do it’s a service that we do we’ve answered every question that’s ever come into the show and we will answer yours and some of them we bring
actually insert them into the show notes and we answer your questions on the show we like to do that because it’s our way of helping you so send your questions to questions at flipping America network.com if you don’t like to do the email thing call.
Find and follow us on Twitter and Instagram at flipping America are on Facebook flipping America media.com coming up in just a minute
Jim Beech is going to join us I’m really excited to share with him and always learn something from him ever.
[10:43] Hey you want to learn how to flip houses I want to show you how to flip houses and there’s probably no one in the country better qualified than me to show you I flipped hundreds and hundreds of them,
and I also have some training and degree and experience and education so I could show you how to do exactly what I’ve done hundreds of times don’t believe me.
Head on over to put starter event.com but in the meantime Give a listen to Pat caywood my name is Pat.
[11:10] Cleveland Tennessee and I’ve been.
Doing some flipping since about March of this year and had started with a Nationals program that was very expensive I spent today with Roger Blankenship.
Learning about his program and boy do I wish I’d met Rodger.
[11:32] He has a clear concise program and many tools that are going to be very.
[11:38] And starting and managing the program and the mentorship and Leadership and coaching that he’s offering are in value.
[12:39] Beach welcome back to the show thank you so much for having me Rodger good to see you again good to see you man.
I already told the the listeners that. We’re doing some work together on a project in a minute but I’ve been pondering a little bit about entrepreneurship
and of course you know if you’re going to be in the real estate business and a lot of my listeners are and some of the listeners want to be it’s kind of important to,
do you know that you’re going to be an entrepreneur going to be out there by yourself and so I’ve been thinking over the last few days about some of the qualities of entrepreneurs not Premiership and I really honestly and I know this sounds like I’m blowing smoke.
Honestly I can’t think of an expert in the field it is more of an expert than you are about entrepreneurship you are the man.
[13:25] I can suggest some for you if you’d like alright maybe we’ll do that later depends on how well this interview goes all right and that is
are entrepreneurs born or made.
[13:43] Well I’ve had so many conversations with guests about the one of my favorite stories is a barely famous entrepreneur in Europe and he went through his entire life and found out that
at the age of 60 he found out that he had been adopted
and his mother his father no one in his family had the slightest entrepreneurial information at all,
family is real father his real brothers and sisters and every single one of them was an entrepreneur and he felt like all of a sudden he understood his Troodon genetic I think that I should burn worship is.
A hundred percent,
in your jeans but it can also 100% be learned as well it’s a choice I can decide to follow my genetic information to become an entrepreneur or I can see if that’s really cool and understand that.
Just maybe not the way my mom and dad would do it but I can teach myself to be just as successful as any other entrepreneur I do believe that it’s 100% both in I know that’s Ronald Reagan.
I can defend both sides for yourself okay so,
remember it’s family show buddy.
[15:11] No I was thinking about that I see some people out there who are running real estate businesses and other businesses also,
they don’t run they don’t run them like they don’t seem like entrepreneurs do you just see a distinction between a business owner even successful business owners,
and entrepreneurs are all business owners entrepreneurs or is is there may be a different mindset for some of these guys.
There’s definitely definitely a different mindset the Venn diagrams do not overlap exclusively at all I think that.
[15:45] The stereotypical version of an entrepreneur is just so broken this idea that entrepreneurs are
creative people taking risks doing things that they’re passionate about I think that’s a horrible definition of Entrepreneurship we don’t understand what business owners are.
[16:03] Business owners are the people who have figured out that risk is bad,
I know that every deal that you do Rodger you trying to figure out as many ways as possible to reduce the risk.
Financial Risk that you’re going to face you use other people’s money to try to find sellers in advance you can do anything you can you bring a partner who made the flip for you so that they take some of the risk
that’s what a business owner is is someone whose sword of the matured past
startup startup startup mentality and realized that my set of concerns are different now I have positive cash flow,
I want to see a positive cash flow your concerns should change.
Play dramatically so I do think that I’m tripping or ship evolves into ownership.
Eventually pinball evolve into something else quite a bit,
but there’s no real connection between the entrepreneur of the business owner some people
skip the entrepreneur step all together and go directly into business ownership is a third-generation or just someone who buys a business.
[17:15] And says I can run this business,
really well but I don’t know how to start it right that that is phenomenal exist any of the business manager is what we would call a manager right though a lot of people who
Oregon Coca-Cola would be great managers but would never have the skillset necessary to start.
[17:34] Yeah alright I’m with you on that I see some people who leave Corporate America gorshin I’ve been around real estate for a long time
and I watch people come into this from a corporate background and they do have a different mindset,
I’m a bootstrap guy who was broke when I started and I’ve made myself broke a couple of times in the process these people come in differently they handle things differently they just.
There their little bit different breed and I don’t know if they’re really entreprenuer so I think you just cleared that up.
[18:04] Well a lot of those people I just get the biggest chuckle from my favorite thing Rogers when they come in with a,
golf shirt I’m wearing here has got their logo already on their breasts and they have business cards and they already have office space in a secretary do you ask him what they do when they’re not sure yet
damn it they got a great logo
but they’re not 100% sure what they’re going to do yet I seen a lot of it’s just the corporate mentality if you’re a corporate executive,
you assume that that comes with an office and the secretary so they quit their job at Coca-Cola and they bring the same assumptions with them.
[18:47] I should have logoed gear I should have a secretary to answer the phone.
And they just get they get the the steps at 3 even though they have the revenue of 0 that’s interesting I’ve been in this business for 16 years and I’ve had an office for.
Just a little over a year in total.
I never have an office and so I’m not sure I’m even comfortable with the idea I think entrepreneurship work at home,
are the garage in today’s world you know that’s just makes more sense,
couldn’t help that I just moved in this week’s this is my third day in the office Rodger,
I don’t know what my office made into play. You know I’m still trying to be an entrepreneur and they that they look at me funny so you know
yeah and then to wear your pajama pants still offices I had to learn that the hard way yeah okay well you know I don’t think they all shows address go but there are limits to and I think maybe it does include dressing and something.
[19:56] Alright well you couldn’t see my underwear or anything.
[20:01] Okay that’s a little too much information for the for this show let’s move on and and talk a bit more about alright the skills of Entrepreneurship now you taught entrepreneurship at Georgia State University for what 10 years.
Okay was the top-ranked course in the NBA program we went from six students this semester to a waiting list of 200 people.
[20:24] And I you started there when you’re like 16 right.
[20:27] Yes I started teaching there when I was 15 so that’s the only way you could have gotten 10 years in at your youthful age now
now you’re so you have taught entrepreneurship and I’m sure you saw your share of people come through the program who just didn’t have.
[20:45] It Whatever the it factor is they just didn’t have it and did you ever find yourself recommending that they just forget being an entrepreneur.
Now you know I don’t think I would ever recommend that I believe that everyone can do it and so I would never recommend that someone just.
Willingly gives up that’s giving up is what that’s called.
That’s why I’m not going to propose that they do need to change their mindset though on some significant ways.
The easiest most important than aladji is dating.
I think the entrepreneurship and dating are incredibly similar and you need the same skillset so.
If I was single in my 30s Rodger and we all know that I’m an ugly man but I dated a lot of women and the reason I was able to get dates because I would ask so many women except so many nose.
Nose and I would still ask the 51st woman out if that’s the entrepreneurial spirit is understanding that.
[21:45] Customers may not want my product but someone will it eventually you’ll find,
the Nets and you’ll find sooner ability to sell that product into the ditch.
Eventually I was able to get a really hot wife because I was able to eventually modify the product number one.
The number to learn how to sell the product a little better.
So that I can actually find a wife get married.
You must have the persistence to fight on here and say that today means no right now here’s the distinction between dating and Entrepreneurship in dating no means no.
[22:29] Entrepreneurship no means not now maybe later and that’s so critical that,
I would get a no I have to go back and ask 6 months later for the same thing a lot of people will say bye and I’ll give it to you this time if you just leave me alone
I’ve been so that still a victory right you still have want so I believe wholeheartedly that the number one facet of an entrepreneur load number one personality distinction.
[22:57] Is the incredible ability to hear no no no no no and still be optimistic in the morning.
When you get to work oh man that is so good to because,
in real estate in order to get a deal you have to make offers and you have to make a lot of offers to get one accepted so you’re going to hear no a lot so you think the number one characteristic of us a successful entrepreneur is persistence
Yeah alright okay because I wanted to ask you about that you know we have a fair share of people that come through our program here and frankly.
Not all of them are really doing really well and I’m looking at this I don’t want people to come into our training and not do well if it kind of hurts my heart to see this right.
And it’s a what up what we started trying to do is to identify factors that may indicate this person is not going to do well and encourage them not spend their money with us
just as you know it’s kind of an Integrity thing for us we think but what are some of the things that,
we should be looking for as indicators of success are indicators that they won’t make it as an entrepreneur.
[24:08] You are my first thought maybe is a bit extreme but what if you tell applicants that they’re not accepted right now.
[24:16] No your not accepted right now and see if they can come back a week later and reapply it but tell them that we’re not accepting you right now we may accept you in a week.
And see if they demonstrate that persistent so that may be too extreme and I understand you have a business to run but these are simple questions that can be at.
[24:37] Are you going to be really dedicated to this are you going to give 200% make them commit to that.
In writing yes I plan on
don’t you have devoted my life to this and I understand that this is going to be hard and difficult and then hold them accountable a little bit more you know so if you have expectations,
you can just hold up their contract and say look you signed right here that you were going to be dedicated but you only made 7 calls this week.
You understand that I is your instructor or concerned about that and I don’t see that those two are lining up very well and so we might need to reevaluate this but you know something that involve
a announced requirement and then number to a.
Tree known and announce the countability we’re going to hold you accountable for this if you don’t succeed in this.
I’m going to be the one they are kicking you and say get off the sofa and let’s go start making the telephone
alright we got to go take a little break will be back in a minute when we come back I want to ask you a little bit more I know your thoughts about creativity and passion but I want you to say it to this audience I want them to hear it again we’ll be right back.
[26:05] Are you one of the 70% of Americans living paycheck to paycheck and tired of the stress if so I understand that used to be in that 70.
[26:12] I start investing 2003 with my net worth with -80 thousand since then I’ve built a business that generates over $500,000 a month in income and allows me the freedom to do what I want I’m Brad Chandler and I.
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[28:54] Fight when we were going to break.
You were talking about this we were talking about the qualities that make a good entrepreneur or are not and persistence we keep coming back to that persistence thing.
One of the things I’ve heard you say and I want you to repeat your statement about entrepreneurship being not requiring passion or creativity or risks say that thing.
Yeah so entrepreneurs that the standard-definition is entrepreneurs are creative people taking risks,
to start businesses that they’re passionate about and I think that 99% of the people on the street would agree with that definition.
[29:30] However I think if you were to ask an entrepreneur or asked a hundred entrepreneur where did you get your idea.
[29:37] That most of them an overwhelming percentage of them would point out that,
their idea was stolen from somebody else and so I’ve done a little bit of research on this 93% of new business ideas.
Are copies of other existing business.
That data comes from Babson University in the London School of Economics London School of Economics is about as prestigious as you can get in Europe in Babson.
Is the number one entrepreneurship College here in the United States so the data is I think it’s good as we can get but 93% or living in the,
Hyatt Hilton Marriott Days Inn type world how many hotels have we had I don’t know if you remember this Rodger but there was a traveler a couple thousand years ago couldn’t find a hotel room
I had to spend the night in the manger and Stead
the point being that there were hotel rooms 2000 years ago but if I were to go build a new hotel people would still call me an entrepreneur.
Right you can do the same thing with Adidas Nike you know or.
McDonald’s in Hardee’s and Burger King in and out burger at Five Guys right.
These are not new ideas and if you come to me I can probably find someone who’s already done your exact idea so don’t tell me you had a new idea.
[31:02] Chances are 93% I’ll find someone that you copied it from you may not know that but you probably were but these changes important definition in a really significant way.
Right now I will encounter people all the time and say I’m not being hospital right now cuz I haven’t gotten my brilliant ideas but when God strikes me with this creativity.
I’m going to jump on that and go crazy well then that means you’re probably going to die.
Waiting for your lightning bolt you’ll never fulfill your dream as an object instead,
go get ink magazine I don’t like this reference Entrepreneur magazine because
I can’t tell you why but those people don’t read that magazine,
copy an idea and go do it in your city so if you see something that’s really cool and Seattle go do it in
there’s nothing wrong with copy borrowing and stealing right
write all of the ideas go back to something else and so don’t feel like you have to wait for your creativity so that changes the whole perception then that leads to risk
people will say okay I’m willing to copy an idea.
[32:14] But I don’t have the money to do it right now here’s the standard myth the excuse I hear my boys are about to go off to college and I can’t afford it right now.
Well by that standard none of us will ever be able to afford it in my wife and I like to joke we couldn’t afford our children we had them but we went ahead and have them anyway right.
A lot of people do that right if you sit around waiting for the money.
For the financial macro situation of your life to be perfect you’ll sit around and wait forever.
[32:46] It’s a way to change the rule the new rule is you’re not going to spend more than $5,000 to start your business.
If it takes more than $5,000 start a different business.
If you can’t figure out how to do it for $5,000 don’t start that business do something else
people come to me and say all my dream is to start a restaurant,
I have an incredible idea for a restaurant but it’s going to cost 1.2 million dollars to build it out but it’s going to be awesome because the first one way and the second floor is going to rotate a different way. Shut up who cares you know
is that rotating floor going to bring in customers I have a cousin,
who wanted to own a restaurant he only had $5,000 in so he went to a flea market and bought flea market furniture for his restaurant.
He spent $3,000 renovating the bathroom so that he could get up to code and then he spent $1,000 and brought her this important.
Not on pegs because he couldn’t afford tags but on 12 pack.
[33:51] Are the end of the weekend he had sold all of his 12 packs and he went and bought more 12-packs and two or three weeks into it he had enough money to buy kegs right.
I never spent more than the $5,000 you can go online right now and look up the name of his restaurant the restaurant I talked about is called The Manhattan,
it’s in Athens Georgia it’s still there 25 years later it’s still a dump.
But he was able to grow that business by bootstrapping it and now he owns about half of the bars in Athens Georgia which is the home of the
very drunk University of Georgia Bulldogs thousand dollars
don’t tell me that your drain isn’t possible until you brought it through my filters
I bet you I know someone who started your dream for $5,000 we’re going to change the way we think about risk,
only going to rest what I could afford to lose what I would spend on one vacation to Disney for the week and then the third part is passion.
[35:00] I am passionate about woodworking Rodger I love would work but I am in my wife’s word horrible at it right I build it collapses and so I wouldn’t want to rely on my woodworking skills as a way to make a living.
However I really like helping entrepreneurs I really like starting new businesses
I’m not passionate about it I would rather be at Disney I would rather be at the loom with my wife I’d rather be with you going down the Colorado River in a raft than any of my business activities I am
enjoying what I do for a living but I would rather,
go on vacation because vacation my family my friends is what I am passionate about being passionate about anything we have a special word for it’s called materialism.
[35:54] There’s my rant on that nice talk that’s why you’re not at all.
Yeah so you can be an entrepreneur without creativity without risk and without passion and you know I’ll let you in on a little secret I said on this show many times I’m not passionate about real estate I am the flipping America guy but.
A real estate to me as a means to an end it’s a means to the things that I am passionate about my wife my family and friends and the things that we do and the experiences the memories and the Legacy that we leave to Orchard of work.
Exactly good I so appreciate that about you I know from the day you know even before I met you you may remember I got a hold of your book and read it before we met the first time
that was very kind of you and then we met you gave me a copy of your book and well I already had it so I had then I had to.
I appreciate it that’s what you said about that so ask me how much I invested to start up my real estate business.
Rodger how much did you invest to start up your real estate business zero not $1 I didn’t I didn’t
I didn’t do anything I was blessed my dad wanted in the business and he put up the money and we got going and how long was it before I printed a business card.
[37:15] 6 years.
I didn’t need one I was just focusing on Deal flow and making money and I didn’t need a card after we got a little bit more.
Presents and end at rationalism and needed a card then we printed one we didn’t worry about the logo or any of that stuff so I want a very.
Well I got an assistant one at once I got more stuff to do than I could possibly get done until I heard somebody do stuff I didn’t want to do.
[37:50] Well you’re already making money so you’re allowed to do whatever you want.
[37:56] Yeah within certain limits all right look up this is this is great and we could go on and on about entrepreneurship and I would love I’m going to get you back on the show sometime and
talk about entrepreneurs stories but let me ask you a couple of things and I may need to get you to hang on for another segment cuz we got a break coming up can you do that can you hang on a little bit longer.
[38:17] What is the coolest entrepreneurial idea or business that you’ve been apart of getting started.
[38:24] Excuse me the obvious answer is the first thing that I ever did grew it to 700 employees and reshaped an entire industry.
It was in the children education space there’s nothing greater than a letter for Mom that says you took my child that was miserable and made my child happy.
There’s nothing that you can do this the joy of that.
But that was 20 years ago so I went to that one and I went to say the coolest thing I’ve done is something I’m working on right now is I am part of the team that has patented.
A paint product that makes,
the room that you are in resistant to Wi-Fi creates a Wi-Fi free bubble this would be significant if you’re a law office or a movie theater you don’t want people texting but most importantly for babies nurseries because,
Wi-Fi is the single most destructive element to a baby’s development according to the National Institute of Health as of the last thing you want is your Nursery to have,
Wi-Fi reception so you use our paint and create a Wi-Fi free zone we call it bye-bye Wi-Fi.
[39:35] Wow and this is a product that’s going to be out pretty soon in the market.
[39:39] Yes it is and the great thing about it is is that I failed chemistry in high school but now I have a patent in chemistry.
Awesome alright that’s the best one okay so what’s the craziest dumbest thing you’ve ever been apart of.
Oh gosh that I’ve been apart of I wish you hadn’t done,
anything involving the medical space I’ve tried twice to make some money in the medical space and every time I do I lose
just a ton of money cuz I violate all my rules about risk and spend more money than I should and I end up losing a lot of money
anything involving medical space
real solutions and I think the industry just doesn’t want to change the last medical thing I had I had a medical firm
on one side he would committed to a certain deal and I had a city a city that’s all famous that we all know about it they had committed to the deal,
in the end there so many people who.
Are making money off of the margin in the spread there that’s an industry that just doesn’t want us all and so
I’ve had two massive failures in the healthcare space and if I go back there again I think I’m going to have a third failure which mild coronary.
So I’m out of the medical space forever.
[41:06] Okay alright well we’ve got to go to a break when we get back though I think the listeners have heard enough from you to know they can understand now why when you and I were talking one day at,
a local lab eating establishment that breakfast place we were talking about what I’ve been working on.
You express a real interest in participating and I jumped at the chance to have you on board and now you’re running the company so we’re going to talk about that the DT investment fund when we come back from this break and I’m folks you if you’re not going to want to miss this part.
[41:52] Not too long ago we did a one-day flip starter in Chattanooga Tennessee and low and behold one of my old College friends came out to the event his name is Peter Faulkner and here’s what he had to say about the event.
[42:06] Peter Faulkner here I tended a one-day flip starter training session led by Roger Blankenship and I was amazed to see what has happened in Rogers life in the last 15 or plus years.
Flipping over 800 houses and then this one day training he told how he did it and what.
Balls the blessings the benefits and how to do it and I was so impressed with how well organized and how smooth the training winners today.
You’re tempted are encouraged to go so it was not a bad price and if you get a chance to do it even just to consider in Basque.
But I just want to thank Rodger for a great day today and appreciate what he’s doing thank you Rodger you never know what’s around the corner
but you can be confident that you’ll be ready for whatever comes your way Legal Shield and ID shield look out for you so you can get back to living life
LegalShield is a prepaid legal service for individuals
businesses for a low monthly rates you get comprehensive legal coverage entire law firm of professionals with a variety of issues and provide advice whenever you need it.
Protect it for a number of legal issues and assistance with common legal need just go to Rodger b helps. Com right now to sign up that’s Rodger V.
[43:33] Dot-com Legal Shield protection for every part of.
[43:48] Alright my guess today is Jim Beach and we’ve been talkin entrepreneurship call what time is it.
How long will you be on it.
[44:00] 1516 minutes OK Google pause will come back and do it is that okay we’ll just recording it now. I’ll just stay online you can come back when you’re done.
Okay I won’t cancel out of this all right you can okay just use the same ID to get back in I’ll be here okay.
[44:26] And we’re back I’m still with Jim Jim thank you so much for taking time to be with with this for another segment a third segment that’s rare that we have a guest that gets to stay over 3 but the hey you made it to the big time buddy.
[44:39] Why it’s like winning American Idol something like that alright so we’ll see you on tour next month or something okay.
Now we were I’ve been involved in real estate for a while
you been involved in multiple businesses and as a man who recognizes at least some of my weaknesses I have known that I needed a partner for a while
and a long story short
you have agreed to come to work with me on something that I think this is very exciting it’s not necessarily a brand new idea but is it is a merging of some other different ideas.
And we call it the DT investment fund and I’d like to get you to talk about that a little bit.
Because you know I don’t want to be so self-serving that I only talk about myself.
[45:25] We got a couple of other partners working with us on this and we’re putting together a team and I’m really excited about the future to tell us about DT investment fund well.
To continue where we were before I love this business because it.
[45:40] Meet so many of my criteria so as you said this is not a new idea people have been doing,
this process flipping houses or a long time so there’s nothing new there I do think though that what you are on Tube,
is a true Innovation and Improvement in the model and so I one thing that’s important to say that we haven’t really pointed out yet is that
there’s nothing wrong with making a model better that could be a little bit of creativity to so anytime we can take an idea and improve upon it,
that is something we look for this situation is also a low-risk opportunity I believe that we can follow
you some of other people’s money and use our rules of reducing risk so that we’re not taking a huge Financial Risk are cell so I love that about the business
and I’ve never been involved in real estate before it says it’s always been on my bucket list to do something in real estate I finished almost finished in architecture master’s degree
and for two or three years I was a construction worker actually renovating abandoned homes and,
give me some high-end renovation and stuff like that too so I’ve always been interested in the real estate space and
I love there’s nothing that I enjoy more than pounding nails or,
add a I I just love that experience so this was the perfect business or may I saw so many things that.
[47:09] My criteria and a lot of things that I think that you’re doing right that and here’s another word we haven’t really talked about yet,
so many things that can scale so well so the things that excite me I was referring to my first business in a couple of minutes ago.
In my first business started with two locations within six years we were at 90 locations and three countries.
Because we were able to replicate and scale and I think DT investment business your new opportunity.
The same opportunity and prove that it can be done once.
[47:49] They now can you develop a system to do it twice that’s a very different operation one time is easy to do something.
Doing it twice is very difficult okay now can we figure out how to do it a hundred times.
[48:05] Now that’s a whole different process because you’re twice that doesn’t really require scale is ugly requires copying.
But a hundred times means that you’re doing the same thing 42 times that month right.
If we get into flipping a hundred houses we’re going to have either a closing or an opening every single business day.
[48:26] How do we develop the systems that make that work.
And of course your goal is to go way past a hundred and get to a thousand lips in a year which means that every single bit of the operation has to be systematize so that
if one person is not there that day someone else knows well enough how to make a decision,
in their absence so that there’s a process that making sure bills don’t get paid on time there’s a process to make sure that you turn the power on and off at the right time,
Eddie pretty bad if we had a.
Bunch of people they’re ready to pound nails all day but they end up having no electricity to run the air compressor that they need right all of these systems have to be looked at in a way it brings the whole picture together.
I’m excited for I think it’s an incredible opportunity and it’s something that’s going to be really cool when we figure out how to do it a thousand times in a year when no one else in the world has done it more than a hundred times in a year so.
I think it’s going to be a great great business and something I’m excited and proud to be involved in.
And we should tell everyone what the D and the T stand for what’s d stand for Rodger Diana the love of my life yes.
[49:42] And the Tatum stands for I have a daughter named Tatum but it’s also my wife’s maiden name so it’s two of the loves of my life.
And so it was cool I think the damn business is after the girls that we love.
Yep DT all right now a lot of people that are listening or thinking hey I can’t find I can’t find a deal a month how you guys going to do a hundred or thousand deals a year.
[50:06] Well that is part of the challenge right in right now finding the deals is the hard part of flipping.
But you know Rodger we got this office if we have these people these interns and these staff people that we’ve already hired right there job is to do bulk import,
those methods that we use when we found one deal a month won’t be the same methods that we use anymore we’re going to have to develop a whole new strategy,
a whole new system.
That could mean buying list of foreclosures it could be attacking whole neighborhood in a brand new way that’s never been done before or it could be bringing in a hundred of your listeners,
to be Gatekeepers for us a hundred lister’s who perhaps haven’t done a flip yet but are interested in learning how.
Or a hundred people who are scouring neighborhoods that we don’t have access to because.
[51:02] They’re in Tacoma order Duluth are in San Diego but those people will help us be part of the system in a way that,
very attracted to them because they get to learn but even more attracted to them because they might make some money along the way too so.
I think we’ve come up with a system that will not only educate people at the same time.
I will take the risk out of it for them because they’re going to be making money too it’s a really great model that you come up with.
you know as soon as I went home from The Breakfast meeting and and told my wife that you were interested in doing something with me she said did you hire him did you secure it did you nail down did you close it and the we are both really honor
have you had this association with you and for you to be a part of the team
you bring instant credibility to what we’re trying to do and the wisdom that you have in scaling your own business and businesses is a going to be invaluable here now
There’s an opportunity here for people with boots on the ground like you said but there’s another opportunity for people who just want to put money into something to make some money can you speak to that.
[52:13] Sure you know I’m always raising money for businesses and there’s always two things that we talked about is the level of Roi and the consistency of the ROI.
And then the level of risk associated with its own.
What’s the normal start-up I have no clue what they are or is going to be it could easily be 10% or it could be a hundred percent and we have no way of knowing that,
with this business with no almost exactly what the ROI is done.
So you can actually go to our website and see the last 200 deal you can take an average of those are a wise from two different individuals
you can get a really good idea of what our next 200 deals are going to look like and therefore we have some sort of predictability of out come here you chances of this deal going 0,
pretty small chances of this deal going to a thousand percent ROI.
That’s probably not going to happen chances to make 40 or 50% on a consistent year-over-year basis.
[53:21] Pretty damn High the chances of that happening are pretty high because
this is not a new thing we’re not inventing a new bicycle here we’re taking a model and just replicating it and blowing it up bigger,
so I think it’s really interesting for the ambassador’s is I can predict pretty close to what your investment is going to return.
Can I buy invest in a startup like the first business I started when I was in my twenties.
Business could grow really well or it could go to zero in the investment good two weeks and no one will have anything to show for it.
[53:57] But this with DT investment there’s something really unique here is that there is collateral for all of the Investments.
So when we going by money or get money from you we’re not going to say I’m going to take $100,000 from you and I’m going to invest it in.
A website will that website could have zero Roi there for you lose all your money in there is no collateral there.
But in this case I’m going to take your $100,000 and I’m going to invested in an asset it’s appreciated.
And you have more or less a collateralized investment here.
And we were able to have much safer Investments for you.
Because there is an inherent actual asset that is underneath that underlies all the money so if I’m building a website and it’s going to sell widgets and it’s going to be the coolest widgets seller ever.
At the end I’ve spent a billion dollars investment I have nothing to show for it I blew it.
Went ET Investments after a year in a million dollars we’re going to have.
[55:05] 50 flips to show for it and along the way if things go south those assets still exist so if there’s a basement to this that provides a level of protection.
That I’ve never seen in almost any other opportunity it’s a really unique mix.
Okay that’s cool now there are some limitations for people who want to put the money into this you probably need to talk about that.
Yeah well course I need to be accredited they need to understand the risks despite everything we’re doing to reduce risk this still could go to zero and Rodger and I could be hit by buses you know at the same time.
I’m sort of things happen right and so there’s always risks with any investment.
We just think that this is one of the better ones with less risk than normal and so this is the sort of thing that Rodger and I are willing to put our own money time.
And Prestige into right I think this is going to make a lot of money for a lot of people and I’m willing to,
put my name in that pot because I believe in it so they’re always risks and downside but we’re doing everything we can to reduce.
[56:16] Right now there’s a subscription involved and you have to be an accredited investor to participate.
Yes yes so that usually means you need to have either 200 I’m sorry $2000000 and assets are $3000000 if you’re a couple
you need to have a certain level of income every year was probably right around 200,000 or 2:50 I think of a couple maybe 3
as a couple questions that we will need to ask you to find out if this is the right investment for you,
tell if your entire portfolio is worth $50,000 is probably isn’t a good investment idea for you.
So certainly the accredited investor someone who’s had some investments in the past someone who’s the best small startup before someone who suggested a little real estate,
those are the sort of people that would be absolutely perfect for this opportunity okay how does somebody reach you.
[57:10] Oh you can easily find me I am pretty easy I am Jim Beach on LinkedIn and it’s b e a
just like the ocean CH it so you can reach out to me on LinkedIn I’m also Jim beach.com
I am at entrepreneur demo on that Twitter thing and my email address is super easy also on James. Beach.
At att.net all of those things work and I’m gym at DT and desperate funds.com you can reach me six different ways.
And I’ll get back to you within a couple hours okay Jim Aditi investment funds. Com.
Enlightening thank you so much for taking your time to be with us on the show today will talk to you soon.
[58:01] And that’s all the time we have for today I want to thank Jim Beach for being our guest on the show and I also Jim if you listen to this I want to thank you for just believing in me pal and and joining the team here and coming together with me too.
Formed a DT investments in.
So if you want to get involved be sure to contact us here flipping America you can go to DT investment funds website or you can go to flipping America and we will talk to you soon.
[58:51] I love this quote for the week are motivational quote is from William Wordsworth and it’s very simple to begin.
[59:03] This thought is brought to you by the foundation for Renewal working together with communities across this great country of ours to bring lasting impact and life change find them on the web at renewal fund. Net.
And as always your gift in any amount is both appreciated and tax-deductible see you soon.