BiggerPockets Real Estate Podcast - 479: 10 Powerful Lessons Brandon Learned Building a $50M+ Rental Portfolio

Episode Date: June 20, 2021

We all reach a point of complacency. We tell ourselves that we’ve done enough, it’s too hard to go further, or we don’t have enough experience, money, or time to accomplish the goals that seem impossible. Brandon Turner, host of the BiggerPockets podcast, was feeling this way too, sitting on a decade worth of real estate, with enough passive income to live his life how he saw fit. It wasn’t until Brandon started surrounding himself with people who did much more than him that he realized he wasn’t hitting his true potential. Now, leading the real estate syndication Open Door Capital, Brandon has more than 10x-ed his rental portfolio, built a life he loves in Maui, and worked with some of his heroes. This wasn’t by accident, it also wasn’t dropped into his lap. Brandon spent serious time thinking about his “vivid vision” of the future, what he wanted out of life, and who would help him get there. He’s had ups and downs, with some of his favorite employees leaving, partnerships falling through, and deals being lost. All of these proved to be valuable lessons in his ongoing work to create a mobile home empire and become the best of the best at what he, and his team, does. In This Episode We Cover: The 10 lessons Brandon learned starting Open Door Capital Why it’s crucial to have a goal for your life and shoot towards it Understanding when you’ve become complacent and finding inspiration Giving up more to work with partners who will bring you far, far greater returns Working for your employees and doing anything you can for their success How coaching allowed Brandon to open up his mind to huge possibilities Using a “Hunger Games” style recruiting technique when finding new talent And So Much More! Links from the Show BiggerPockets Forums BiggerPockets Youtube Channel BiggerPockets Membership BiggerPockets Book Store Open Door Capital BiggerPockets Podcast 403: Developing a Millionaire’s Mindset and Overcoming Limiting Beliefs with Performance Coach Jason Drees BiggerPockets Podcast 369: Escaping the Day-to-Day Grind to Work on Your Business with Jefferson Lilly BiggerPockets Podcast 246: Surviving the Coming Crash, Earning 20% Returns, and Buying Mobile Home Parks with Kevin Bupp BiggerPockets Podcast 447: Create Your Dream Life in 3-5 Years Using Vivid Visions with Cameron Herold BiggerPockets Podcast 212: Buying a 115-Unit Apartment Complex for No Cash Out of Pocket with Brian Murray BiggerPockets Podcast 126: From 0 to 400+ Units Through Value-Add Investing with Brian Murray Pre-order Multifamily Millionaire by Brandon Turner and Brian Murray https://www.biggerpockets.com/show479 Learn more about your ad choices. Visit megaphone.fm/adchoices

This is the Bigger Pockets podcast, so 479. When you have that vision, when you know, when you finally make the decision, this is where I'm going. Like, everyone else around you is like, hey, he's going somewhere. Let's go with him. Like, that's what leadership so much is about. It's not about having the perfect answer. It's not about knowing like this is like the perfect solution and I'm like, it's just

making a decision and going with it. You weigh your options. You say these are my different options. I'm just going to make the decision. And if it's the wrong decision, I can correct course later. You're listening to Bigger Pockets Radio, simplifying real estate for investors large and small. If you're here looking to learn about real estate investing without all the hype, you're in the right place. Stay tuned and be sure to join the millions of others who have benefited from BiggerPockets.com.

Your home for real estate investing online. What's going on to do with my guest, host of the Bigger Pockets podcast here with my co-host, at least for now, David Green. What I mean by that is today's episode. You're not in most of the episode. You're here in the introduction and the outro. But what's up, David? Well, now I don't know. What's up with you? All right. Today's show is a little bit different style. We'll talk about it in just a moment. But I first wanted to ask, David, if you could relive any day in your investing, your real estate investing in life. If you could relive any day, what would it be? In my investing life? This is really good.

Yeah, relive it. Not to do it differently, but to like just to be there in the moment again. As odd as this sounds, I would relive the day that I refinance four California properties out of 30-year mortgages into 15-year mortgages. Because the day that I did that, I ran it through an amortization calendar and I realized how quickly like this was going to scale as far as equity was going to go. I was going to pay them off faster than 15 years. But I ran it through a calculator where I realized I can pay off these 15-year mortgages. nine years and then refinance them, buy more properties, do the same thing again. And I was going to turn these properties over like four times and grow it to like $12 million instead of, instead of like

a million and a half that it was worth. And like that feeling of compound interest working for me just had me jazzed up. I was like walking on the clouds. As I know it's a weird story, but I remember being super excited when I saw how that worked out. What about you? I'm going to go with way back in the day, back when I was 21 years old, I was reading a real estate book. And I remember getting really excited about this concept of like buying properties and then the equity growing, similar to you, like the equity growing. And then I could take the money out and sell those properties or refinance them and then put that in the bigger ones and like kind of like what I call like the stack today. It was under that. And I remember writing down on like a piece of paper,

like this big long piece of paper like this how much I'd have here and it gets paid down. And it just for like I realized like I was going to be a millionaire that day. And it was only 21. I had no money. I was broke. I had no credit, no anything. I owned my only one property I was living in that first house. And I realized right then, I'm going to be a millionaire. Like, this is totally doable because I realized the power of real estate. So that was a cool day. That's what both of us are described. Yeah. We saw how strong real estate was. It had nothing to do with us. Yeah. It was just like, this thing there this feels like it should be illegal. Like it's just like you buy property. They go up in value. You buy bigger property. They go up in value.

And it just. And I got to say from that point, it only got better. Yeah. You mean I get to write off the depreciation. even though it's appreciating and value. I mean, I get to borrow most of the money. I mean, interest rates are going down. You mean, the rents went up this much. It's just every single thing got better. Yeah, that's cool, man.

Well, good for you. I wanted to make sure we got a little bit of content between you and I since today's episode is a little different. It's actually just me. So here's the backstory of what you're going to be hearing today. I did a class. I basically taught a class on the lessons I've learned in building a $50 million business,

which actually within a month from now, we should be over $100 million, which is crazy. It's called Open Door Capital is my company. And so I did it for a group called the JDC Mindset Academy. We've had Jason Dries on the call, I mean on the podcast before. Jason's a good buddy of mine. He's my performance coach.

He has this mastermind group called JDC Mindset Academy. And Jason's asked me to come and speak on this topic of how I did it. It was called like Opening Doors or something like that. It was kind of play on words with Open Door Capital. Anyway, at the end of it, people were like, Brandon, this was amazing. Like they really liked it a lot. And I was there.

So I don't actually know. because you know when you're speaking, you never know actually how it went, but people seem to like it. So I show it to a few other people and they're like, yeah, you should definitely put that on the podcast. So here we are today. I'm playing it for you on this podcast. So you can hear a bit of what I talked about. Some of the lessons I learned in bringing in partners and scaling and how to know you're working with the right person and not the wrong person. How to do all of that stuff.

How to keep your role intact. How to keep excited moving forward. All that stuff. A lot is covered in here with a lot of specific examples that hopefully are going to help you guys, whether you're trying to buy your first property or your 100th property. That's what today's show is all about. So that said, we'll get to that in just a minute. First, let's get to today's quick tip.

All right, so today's quick tip. Here we are, if you're watching this anyway when it comes out, here we are in June of 2021. And at the end of July, I think it's the 31st of July, we are launching a book called The Multifamily Millionaire. It's a book that I, myself and Brian Murray, it's actually two books, it's two volumes, almost 700 and some pages combined.

It's a ton of information all about multi-family. multi-family. Here's why I bring it up today. Because in the month of July, before the book even comes out, because a lot of people are excited about the book coming out, I'm going to be teaching every week a class on multifamily investing for those people who pre-order it from bigger pockets. So if you want, if you already have pre-ordered error, if you pre-order it by the end of June, then what I want you to do is I want you to go over to I want multifamily.com. I want, I'm just make sure that's correct. I want multifamily.com. I bought that domain name just so we'd remember it on the podcast. I want multi-m-U-L-T-I family.com. You're going to put your name, your email, you're going to

upload a picture of your screenshot of your, uh, of a receipt showing that you have pre-ordered the multifamily millionaire. And then you get to come to, I'm going to do four classes, one each week for the whole month of July, where I'm teaching a lot of the concepts of the multifamily millionaire, plus a little bit more that maybe isn't even included in the book. I think you're going to like it a lot. I'm going to put a ton of work in this thing because the goal here is I just want to, I want everyone to pre-order this book, this book. So the key, again, you got to buy both books. You got to pre-order both books directly on bigger pockets, not on Amazon. You got to buy them through bigger pockets and you'll get all that stuff. So do that before the end of June and then upload yourself and

then we'll have July. It's going to be awesome. So there's your not-so quick tip. Good. Very good. All right. Maybe you'll join me for one of those. I don't know. We'll see. You've drafted you in. All right, guys, thank you so much for being a part of this, you know, this community, this bigger pocket community. It's amazing. I hope you enjoy today's, this episode. Did you know, your house gets bored when you leave? I can't actually prove that, but it probably misses out on the action. The footsteps, the late night fridge raids. Yeah, when you're gone, your place is basically on unpaid leave. It's sitting there in the dark thinking, I could be contributing right now. Your side room. wants a side hustle. Even your Wi-Fi is like, we could be networking. You're on vacation, spending money like it's a sport while your staircase at home is fully capable of sending your income upwards. Here's the twist. You can go on a trip and actually earn money. Airbnb makes that possible with the co-host network. If you're away for a while or have a secondary property, you can hire a vetted local co-host with real hosting experience to handle it all. A co-host can

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you can hire a vetted local co-host with hosting experience to help take care of things, communicating with guests, preparing your space, managing reservations, everything runs smoothly while you're off making memories. Your home might be worth more than you think. Find out how much at Airbnb.com slash host. Have you ever lost a DSCR deal because the financing just took to long. Red flags popped up late. The lender needed more time. The deal fell apart. Well, our friends at Dominion Financial just launched a program to help prevent that. With their new express rental loan, you can close in 10 days or less. And they still offer their price beat guarantee so you can get great pricing and a timeline you can count on. Fast, simple, reliable. That's Dominion Financial. Check them out

at biggerpockets.com slash dominion. That's biggerpockets.com slash dominion. So with that I think we're already getting into this thing. Yeah, I want to hear what you have to say. Okay, yeah, you haven't heard this yet. So we're going to play it for you now. So here we go. Thank you, everyone, and have a fantastic time. I don't have slides today, but I have notes.

And so if I'm looking over here and not at the camera, it's because I'm reading my notes here. But I wanted to basically tell the story today of Open Door Capital and kind of what I did to grow my business over the last few years. But I don't want this to be about me. I want it to be about everybody watching this and what you can take from this, kind of the last year and a half of my life. And so some of this may be new to you, some may be old, maybe you've heard it before,

but I've basically pulled out nine or 10 lessons that allowed me to step into where I'm at today in my life. And so I just kind of run through that from the beginning to end, sound good. My story begins, the open door story anyway begins. Well, technically begins a long time ago. I had a company called Open Door Properties. We bought small real estate deals

in Graves Harbor, Washington. And I bought a duplex, triplex, fourplex, fiveplex, houses, did some flipping over the course of about a decade. So from when I was 21 to about 31, 32. And at some point in there, I started slowing down a lot because bigger pockets got more and more consuming of my time. And so I was buying a couple things a year, maybe, really trying not to do much. It was making three or four grand a month in passive income from owning it. And when I say passive, I mean passive-ish, right? Like my wife was still managing the properties. I was living there. So I would go and take care of problems when they came up. I wasn't the

full-time maintenance guy, but I did a lot of the maintenance. And that was just how it was. I was just a small, what I call a small multifamily real estate investor. You know, I actually got a book coming out here shortly. It's called the multifamily millionaire. And it's two volumes. So volume one is small multi, volume two is large multi. And the difference is not a unit number, actually, much is that weird. The difference between small and large is the way you approach your business. small is like I do things myself, I usually manage myself or it's a local property manager. I'm very much involved. I know all my tenants names. Like that's a small investor. Nothing wrong with that, but it's just a different game. Then there's large investing, which is like I don't know who my tenants are.

There's big, you know, gigantic billion dollar companies that manage the properties. I'm raising money, it's syndication. It's that world, right? So two different approaches. So I was in Camp A, small multi for a number of years and just small real estate. And then that led me to, I don't say complacent, maybe is the wrong word, but definitely to a point where I wasn't doing a lot. And this is actually around the time where I got connected with Jason for the first time. And so I was frustrated. I was trying to put out a million fires every week. And a lot of times, like my three or four grand a month in passive income was dried up just from a big rehab or something like that.

So I just, I didn't feel like I was making a lot of traction, which is what got me thinking I need a performance. coach to kind of get me to the next level. So that's where I connect with Jason at. And around then also, I went to Nashville. You probably heard this story before, but I'll say it again. As I went to Nashville, Tennessee, a buddy of mine lives there and he's a music producer. Grammy winning company, like all his team members are Grammy winners. He's a Grammy winner. They're really good at what they do. And it's a small team. Only like five or six people in the entire company. And I flew there, hung out with them for a day. And he let me record a song in his studio because I do a little bit of music. And it was like the best day of my life. But it wasn't the best day of my life because

of like the music. I mean, that was cool like being in a national studio. But what was what made it so amazing is because I saw a vision that I had never realized existed. And that was a small team of people who loved each other. They were good friends. They worked together. They showed up when they wanted. Nobody was telling them what to do. They did their job. They were top of their game. They were, I mean, they were again, Grammy winner. they were just amazing people in a team and they had such a camaraderie doing impactful work. And I just remember thinking like, this is what I want. Because at the time, like I said, I was kind of feeling just kind of like, I'm not really doing much.

But I got this feeling of like this is what I want. So point number one. So lesson number one to pull out of that I wrote is start with the life you want to lead. And not so much like I want this much money in the bank account. But what does that feel like? what does the life you want to lead feel like? For me, it felt like that. Working on impactful things with high achievers, top performers who were also my friends. I sound like Michael Scott here, right? I'm world's best boss. They're all my friends. But the idea being like I wanted to just, I wanted to love work.

Because I think work is so vital for the soul, right? Like nobody who can get financial freedom takes financial freedom. People who retire die. It's just it's a fact. And so I love work. the idea of work, but I did never experience work like that. So, lesson number one is to, again, start with the life you want to lead, but start with what does that feel like? So I went home from there, super inspired of like, I want to have that someday. And I don't know what business that's going to be. I don't know if it's real estate, if it's something else, but I know that's what I want in my core. It felt so right to me. And so then around that time, we started interviewing, I mean, I've been interviewing people on the Bigger Pockets podcast for eight,

years now. But I interviewed a guest named Jefferson Lilly. Jefferson Lilly was a mobile home park investor. And then a few months later, I interviewed another guy named Kevin Bup. Kevin Bup was also a mobile home park investor. And on both those interviews, I walked away going, that's so cool. Like, I love that idea. Like, I love the mobile home park niche. But I say that about a lot of things. I mean, I love self-storage. I love assisted living. I love a lot of these things. But I really just something stood out about the mobile home park business and what they were saying about it. And I thought that's really cool. So it's just another piece of the puzzle was I was listening to this. And then I went and got invited to speak at a real estate conference. It was called the best ever

conference put on by Joe Fairless. And I was the keynote speaker there. So I go there. I speak at this event. And I realized very quickly, I was the dumbest person in the room. Like I had the least amount of properties. I did not deserve to be on that stage. I was surrounded by people who were doing millions and millions of dollars of transactions and were very, very successful people. And here was me, because I've got a podcast, I got a spot on the roster to be able to speak. And it really encouraged me in a big way to think bigger, to think, well, if they can do that, why can I do that? And so lesson number two I wrote down here is get into a room where you're the smallest. Like make sure that every, every so often you're in a room where you're the smallest player in that room.

You're the dumbest person in that room. And we hear that advice before. It's not like I made that advice up, but we hear it, but we still don't do it very often. So the question that I would fire it out all of you is like, what can you do in the next month where you feel you're in a situation where everyone is kind of where you want to be, whether that's a conference you go to, whether it's a type of podcast, maybe even listen to? Like, where's that next level where you can go and start getting in there? And maybe it's this mindset academy.

I mean, just being here. Maybe you're looking around going, wow, there's people that are really, really good because there are that are just killing it right now. Like, I want to be more active here because this is where I'm not the smartest person in the room. It's easy to trick yourself into feeling really good about yourself when you compare yourself to your high school buddies who just want to sit around drink and watch family guy all day. It's another thing when you go into a room where you're the dumbest. So that was the Joe event.

Definitely was not the brightest in that room. On the flight home from that, I had a layover in Salt Lake City. It's from Denver to Salt Lake, Salt Lake to Maui. I actually moved to Maui right around that time. And I read the book Vivid Vision by Cameron Herald. I've talked about that before here on this in this group. But Vivid Vision by Cameron Herald took me one hour to read the whole book. It's a very short book.

So from the flight from Denver to Salt Lake, I read the book. And then from Salt Lake to Maui, I put the book into practice. And the whole idea was paint a picture, a vivid picture of where you want to be three, four, five years down the road. And I'm not saying this is right for everybody. I think some people need that vision and some people need more of just like to feel things out. And I'm going to talk about that here in a little bit. But for me at the time, I had already like decided that what I wanted was that small team of people who were rock stars that were working together and living life together. I wanted that.

Also, I knew that I liked mobile home parks. And so the vivid vision for me came at a perfect time. I decided like I needed to just pick something and go with it. And this leads to lesson number three. It's more important that you decide than what you decide. You see, one of the reasons I wasn't going bigger for a long time, like from the time I was in Nashville and knew I wanted to do something bigger. And then even like the people have interviewed on the podcast for seven, eight, nine years, that were doing bigger stuff. The reason I wasn't doing bigger, it was because I just didn't know

what to do. One week I'd go from like, oh, self storage and then mobile home parks. Maybe I should flip houses and I could buy an apartment complex and every, it was, there was so much. And in the real estate investing space, there's so much you can do. And I needed to just say, you know what? It all works. I could be a successful multi-millionaire in any of these niches. What I need is to pick something and go with it. So what fires me up? Mobile home parks. Okay, I wrote that down. Mobile home parks. Like, how am I going to get a team of five people around me to hang out and do life together and just have a great time like I saw in Nashville? Well, I'd have to buy a certain number of mobile home parks to justify that. Like, how could I make money? Well, when you buy,

when you do syndication, which means you pool a bunch of money and you buy big properties, there's fees involved. So the company that puts together syndication, like my company, open door capital, we would get a fee. So I just worked back. I said, okay, well, what would I need to be able to pay the salaries roughly a half million dollars a year for five people? I guess I would need about $50 million of real estate. So I wrote that down, $50 million of real estate. And then I just worked backwards from that and I wrote my entire vision.

It's up there on my wall right now. I've talked about it again many times. But it's called the $50 million surfers, how a small team of adventure seekers built a real estate empire, helped millions achieve financial independence and kept their humanity intact. And on this like 2,000 word document, I walked through everything my company has three years in the future. So it's a newspaper article written three years in the future. I wanted 1,000 rental units. I wanted $50 million of real estate.

I wanted to have mastermind meetups in Maui where I meet people and connect with people and grow my friendships and my networking. And I landed that flight in Maui. I landed in Maui with that document completed. It was done. I spent seven hours working on a document and it was done. And I got home and I read it to my partner who was, we had bought one real estate deal together. His name is Ryan Murdoch. I read it to him and I said, I said, this is my vision from where I'm headed.

And his first words were, I want to be a part of that. Like, let me be a part of that. I want to be with you on that. And I realized like that, like that moment like that when you have that vision, when you know, when you finally make the decision, this is where I'm going. Like everyone else around you is like, hey, he's going somewhere. Let's go with him. Like, that's what leadership so much is about.

It's not about having the perfect answer. It's not about knowing like this is like the perfect solution. And I'm like, it's just making a decision and going with it. You weigh your options. You say these are my different options. I'm just going to make the decision. And if it's the wrong decision, I can correct course later. But I needed to be more decisive.

So I made the call. This is what I'm doing. Mobile Home Parks. I'm going to go into this one. Ryan was the first one to say, I'm on board. Let's do this thing. Then that next week, a friend came out to VIII. visit in Maui. And we're sitting on my Lanai, which is like a front porch in Hawaii, we call

them Lanai's. We're sitting on the Lanai and I'm having a conversation with Ryan and this other mutual friend of ours. And he is a wholesaler, who is a wholesaler somebody who's really good at finding off market properties, things that aren't for sale, negotiating and locking them up and then they'll sell them for a fee to like me. For example, if I was going to go buy a house, a wholesaler might lock it up, get it under contract for a $100,000 and then they'd go to me and be like, hey, you want to buy this property for 110? And then they would make the $10,000 fee. That's what a wholesaler does.

So me and this wholesaler, we'll call him Ed. Me and Ed and Ryan are sitting on this Lanai, and we realize like, wow, like Ryan's really at doing stuff. I'm pretty good at raising money, I think I will be. Could Ed find us all the properties? I mean, he's amazing at wholesaling. He's done millions of dollars he's earned from wholesaling houses. If he has a skill to do houses,

he'd probably also have the skill to do mobile home parks. So we said right then and there, let's do a third, third, third, third partnership. Open Door Capital will be one third, one third, one third. The three of us are going to dominate the industry. You're going to find deals. Ryan's going to run the day to day, and I'm going to raise the money.

Now, what happened next is that nothing happened. Like, nothing really happened. We didn't buy any properties. Nothing changed. We couldn't find anything. And my buddy, Ed, we're still friends to this day. It just, what we found is he was too busy. He was too busy in his own business to shift everything to what needed to be done in mobile

home parks. So my theory was wrong. I thought if you're good at the one thing like wholesaling houses, you'll also be good at mobile home parks. And maybe he would have been. But it just, he was busy and he had another business. And so the lesson that I learned there, and I wrote this down as well, so you can write this down is you never know how someone's going to be until you work with them.

You never know how an employee is going to be or a partner is going to be until you actually work with them. Resumies and speeches and all that stuff. I mean, even past experience is only a possibility of what they might be like for you. But even in this case with Ed, like he had the experience all day long and his past performance was solid. But it just didn't fit. And again, I don't want to make it sound like he was a bad person.

He's a great person and a great investor. It just didn't fit with what we needed. at the speed we wanted to go and all that. So, but now I had an awkward situation, right? Because now, like, he owns a third of my company and we're not doing anything. Nothing's happening. Which is why the other lesson, it's not one of my, that I wrote down here, but you can write this down as well is give equity slowly.

Partner on big pictures slowly. So today I don't, like, if I'm starting another business and I have a lot of random business, like I'm starting a coffee company right now, like just to sell coffee because it's fun. It's like a side project. And I got a partner on that one, right? but we're not like laying out this grand partnership for the next 10 years anymore. Instead, let's just, let's just sell some coffee.

Let's go sell a thousand bags of coffee. Let's go buy a real estate deal. Let's go JV on a new build. Let's go do some consulting together. So in other words, find ways to work with people without having to get married. I mean, like we do it in dating, right? Like we date people for a time. Then we get engaged.

We have a lot of conversations. Maybe we get some counseling, like premarer counseling. and then we tie the knot. But it's so many times in business, it's like, hey, you're my friend. You have a pulse. Let's go into business together. And then you split some equity and it gets really big. And then it gets complicated later.

You know, I, again, I'm such a big believer now of like, find ways to work with someone before you get married to them in business right now. So, yeah, start small, which is exactly what I did with Ryan. Let's go back to the Ryan. Ryan Murdoch. Ryan and I started with one single. property we bought together. And he was incredible at it. And I saw how well he worked at it. I saw how hard he worked at it. And that's why I brought him in as a third partner on the mobile home

park business, Open Door Capital. So what we ended up doing is the guy Ed that we worked with, he started slowly putting together a team of interns. Now, he was still involved at this point. Today, he's not. And he did this right. I'm not saying he didn't do anything, right? But it was just He built this team of interns. And this was my idea going into it. I'd say, I have a really good idea. Let's bring in 10 interns who do nothing but like cold call and direct mail and basically hunt for deals. And my buddy Ed is going to manage these people.

Then I'm also going to bring in a team of 10 underwriters, which means analyzers, people who run the numbers and figure out what we can pay and make an offer and do that. I'll have 10 underwriters, 10 lead specialists. And I've got the super team of people getting nice. deals coming in. Well, that failed, for lack of a better term, that failed because I didn't have the time to manage these people. There were too many cooks in the kitchen. They started overlapping each other and like one person would buy a deal. We didn't have great systems. So I would say that entire system failed. However, however, in that group, in the intern group of 10 people who were

the salespeople, who were in charge of like the sales and stuff, one of those guys, that group ended up leading the conversations, like meeting with people without me, like gathering them together going, okay, guys, let's meet together and come up with a plan to get some sales. So we're not stepping on each other's feet. And let's do this. And he was holding them accountable and he became a leader of that group. That guy is Mike Williams, my investor relations guy, who I moved out to Maui here, one of my best friends in the world. I was just hanging out with him like two hours ago as he was feeding Ryan's bird, Ryan Murdoch's bird, who Ryan lives in my backyard at my other house back here. And so, like, that internship led to Mike Williams,

now being one of my executives in my company. Now, at the same time, the underwriting team, the analyzing team, one of the guys in there took our spreadsheet and said, yeah, this is crap. Let me redo it for you. Rebuilt our entire spreadsheet into the most comprehensive spreadsheet ever created for mobile home parks. I mean, it is unreal how good this thing is. All for free while working his full-time job. Then he was organizing the other analyzers and getting them to do different things and helping them do things. He became a leader of that group. That guy is Walker Meadows. Walker right now is my CEO runs my entire company. Like he's the day-to-day operations of my company today. So I said a minute ago that that internship failed, but did it? Or did I just find a roundabout way

to get there? Which is kind of fun. I mean, like the people that are in the group that, you know, they tried for a while. I feel bad that like they didn't get into the team, right? But in a way, it was a giant contest, which funny enough is what Jason, you actually told me to, I don't even remember this, you told me this like five years ago. When I was talking about needing an assistant, you said, well, what if you made some kind of like contest, like kind of a hunger game style thing and make you go to fight to the death for it? And I didn't even go into it with that intention, but that's exactly what happened. And it goes to that just to reinforce that idea. You don't know how someone's going to be until you work with them. So my advice to anybody here

to build in any kind of business right now is how can you find a way to make it a little hunger game style? And maybe you can't attract 10 interns. I know I've got a benefit there of being on the podcast, but there are people young and hungry in your world right now that you could bring in to see how they work and how they go and how they do. There's JVs you could work with people. There's things. I'm JVing right now on a big self-storage deal with a friend of my name AJ Osborne. We may work some big stuff in the future. We've got some kind of cool plans, but both of us are going, wait, let's just do one deal together. Let's find out how it goes.

So again, find out how that's going to be. Did you know your house gets bored when you leave? I can't actually prove that, but it probably misses out on the action. The footsteps, the late night fridge raids. Yeah, when you're gone, your place is basically on unpaid leave. It's sitting there in the dark thinking, I could be contributing right now. Your side room wants a side hustle. Even your Wi-Fi is like, we could be networking.

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for each property to keep everything organized. Ready to simplify your workflow? book your free demo at bill.com slash bigger pockets and get a $100 Amazon gift card. That's bill.com slash bigger pockets. All right. Moving on with the story. So at that point, we started paring down the team. And then I did, remember earlier I said in my vision, in the vivid vision, I had a plan to do masterminds in Maui, like live events in Maui, where people come out and we mastermind together and we talk and we build each other up. So I did the first one. We

We call it the Maui Mastermind, which apparently is a trademark name that we can't use. So it's the Maui real estate mastermind. And one of those members that came was a man named Brian Murray. Brian Murray, I invited him because he was an author of a book called crushing it in commercial real estate. He had been in our podcast a couple times and he was just like I could just tell you was a good guy. Brian came to this event and along with 20 other people. And it was a great time. we rented a yacht and we went snorkeling and we went surfing and we did all this cool stuff.

And we had these like real like in-depth conversations about what are people dealing with, what's their challenges, what's their problem? And at that meeting, Brian said, look, he had 2,000 units of his own and he said, I've been looking like, I'm here because I need friends. He's like, I need people. I need a social. I need, like I've been doing this alone forever. I just wanted to be with other people that were doing awesome stuff.

And that's why he came to the mastermind. And then he said, and I'm going to like, I'm going to take my business to a new level. He's like, it's time for me to shift from the small multi to large, to go make that transition into the syndication world. And he's like, that's what I'm going to do. And at that same mastermind, I said, well, that's what I'm going to do too. And so Brian came to me and he said, well, if you're going to do that and I'm going to do that, why don't we just do it together?

And I was, first of all, flabbergasted because this is Brian effing Murray. I mean, this is a big deal. Like, this is Brian Murray owns thousands of units. Like, he's a big deal. And he wanted a partner with me. And it just shows like maybe that's a, it's a, I'm sure it is a limiting belief, but I didn't even think like he'd ever be interested in that. And now like Brian is my partner on Open Door Capital. He came in as a large, like minority owner, but a large owner of Open Door Capital.

And we brought him in on that meeting. And at the time I had, I had some anxiety about it about like, I'd have to give, I mean, I wanted to give all my team members equity. Brian, of course, needed equity. Ryan was going to get equity. But that's taking money out of my pocket. That's taking money out of my kid's pocket, right? That's the fear, right? We start getting greeting.

We're like, oh, man, if I give equity, if I share with other people, if I partner with people, that's money I don't get. But then I just had this simple question. I don't remember if somebody asked me, maybe Jason asked me or maybe somebody else did, I don't know. They said, if you brought in all these people, these rock stars into your life and they were the best at what they do, can you do like for example i'll just give brian as an example if you brought in brian could you do

twice as many deals as you could do without him and the obvious answer was yeah of course i can okay well then then then it's it's it's a win-win like why not do it then and the truth is having brian having ryan having walker having mike having all my guys that are in the team now you know like having them i can do 10 times a hundred times more than i could do on my own so the the mindset shift there, whatever, was just really like not thinking what is this costing me by giving up equity and by JV. It's what could I get from this and could I do a lot more? So if anybody here is like feeling like that kind of constraint of I don't want to share, just remember like with the right people. It's got to be the right people, but the right people that synergy can produce

far more than what you guys can do independently. So don't be afraid to share. All right, moving on. First deal we tried to buy together. The first one actually worked out okay. It was one that came from the actual internship team. It was the only one that came from that group team. And that came with my buddy Ed. And so again, it wasn't that he was bad. It's just that we, he was too busy to be able to fully dedicate to this. But we got a deal. We locked it up that we realized very quickly we didn't know what we were doing. Like, I mean, we kind of did, but there was a lot of lessons. We don't know what we don't know. And that's just a scary part of jumping into real estate sometimes. You don't know what you don't know. And so luckily it was a smaller

deal. It was a couple million dollars. That's a deal. And this is just a maybe a fluke, an accident. But this deal, like we built so much wealth in this deal. It's probably our best deal to date. And it was the first one. And we made so many mistakes in our underwriting and not knowing what we were doing. But we, you know, we took action. We moved forward. The second deal that we locked up, we put $100,000 earnest money down. That means money that we pledged saying, hey, we will buy this property. We went and looked at it in person. I flew over there to Tennessee. I looked at it. And we were like, we can't do this. Like, this is not a good property. And the seller refused to give back the earnest money. And we ended up having to go to court over it and had to settle somewhere in the middle.

I think we lost $50,000 on that second deal. And it was such a blow because I didn't have that much. I mean, we had just started. I didn't have money. I was trying to fund all these salaries out of my own pocket and hoping that we could buy the property so I could get the fees to be able to support the team. And here I get dealt this blow where the seller was not relinquishing the earnest money. It was just, it was a mess. And I wanted to give up then. Like, I really did. I was like, This is just too hard. This is too complicated. And again, this is where, you know, Jason's been a part of all of this, by the way.

So he knows all this, but over a five-year period or whatever. It was a tough time. Just like, oh, I can't believe we lost. But really what this did, yes, we lost $50,000 on it. But we made that up. We've made that up many times since then. But this is kind of the revelation, the lesson he learned here, is that mistakes lead to clarity. You see, that deal, that mistake, like the reason that we lost that money is because I'll give you a specific.

I mean, specifically what happened was we found out that it had a whole lot of septic tanks, like 30 of them, septic tanks. And the septic tanks were not in great condition. And so what we decided in that moment was we don't want to do septic tanks. We just, we don't want to deal with it. Maybe somebody out there wants to be good at septic tanks and that's their niche and that's what they want to be good at with septic tanks with moham parks. But we decided at that moment we will not do septic tanks. And that was a $50,000 lesson. But that $50,000 lesson helped us clarify what it is we do want.

So today we've got very clear goals. I mean, we want 100 plus pads. We have an MS, like 100,000 people within a 20 mile radius. We've got no, we've got no septic tanks, no lagoons, only city sewer and water. We want a certain percentage of them owned by tenants, not owned by the park. We've got all these criteria points. The criteria was built off mistakes, off of trying things and realizing, oh, we don't like that idea. So, again, the lesson there is, yeah, mistakes suck.

Sometimes they're painful. Sometimes they cost money. But they're learning experiences that help you create your criteria. And criteria is so important in real estate. I mean, it's so important in everything. But getting good at something and getting very specific on what you are good at will help you be able to hone in that skill and become the best. So I would say we, like, I'm not bragging, but I'm, okay, I'm bragging. We are the best in the country at mobile home parks that have over 100 lots that are city sewer and water, that have

primarily tenant owned properties with populations of $100,000, 100,000 people within 20 miles. We are the best in the entire world at that thing. And so now we're able to land a lot of those deals. We're closing those deals all the time now because that's what we do. We're so good at that specific thing. And so again, lesson learned there is get specific. Don't feel like just because you niche down that it's going to limit your options. In fact, I think it opens up a lot of options. So mistakes lead to greater clarity. All right, moving on. The next thing we realized we went through a dry spell. Like we had this thing going. We're struggling. We're going through a dry spell. We're not getting any deals. And so I went back to the basics of what I teach on bigger pockets webinars.

I do a webinar every week for Bigger Pockets, and I teach the same concept over and over and over and over. Real estate is all about getting leads, analyzing those leads, pursuing those leads, and then success comes. So let's say I get 100 leads that come across my desk. A lead is like somebody who may want to sell their property. So maybe 100 phone calls I get from sellers. Out of them, I'm going to analyze them to decide how much I can pay. Out of that, I'm going to make an offer. I'm going to pursue some of them.

And if I'm consistent with that, I'm going to land the deals that I want. It's just math. It's just a funnel. It's very simple. And so when people tell me they can't find any real estate deals, all I have to do is walk them through that funnel. Oh, you can't find any deals. Okay, well, tell me how many offers you made last week? I didn't make any offers.

Oh, okay, well, how many deals did you analyze? Show me your underwriting on all the deals you analyzed. Oh, well, I didn't analyze any. Or I analyzed one or two. Oh, okay. Well, how many leads came across your desk? How many leads came across your desk? And what were the leads from?

Was it direct mail? Did you talk to brokers? You have a real estate agent? Were you driving for dollars? What's your lead source? Oh, I don't really have one. Oh, okay. It's like somebody's saying,

I've been trying to lose weight for the last three months, and I just keep gaining weight. And you're like, well, what are you doing? Well, I mean, I'm not doing anything. Well, what's your diet look like? Twinkies and nachos? What's your workout look like? Well, I don't get out of bed.

It's like, we would be, like, shocked if somebody said that. Yet in real estate, we oftentimes are just like, yeah, I guess there's no good deals in my area. So what we went back to the basics and said, how many offers do we need to make in order to land a deal? At the time of about 10, today it's about 20 because the market's got a little bit tougher. But we said, okay, we got to make 10 offers to get one deal. How many deals do we have to analyze in order to make 10 offers?

This is about 30. So about two thirds of the deals that come across our desk that we analyze, we don't even offer on because they're just, they're not right for us. Okay. So we need to make 30 offers. How many leads do we have to get across our desk to be able to analyze? about 30 of them, probably about 100. Because again, 70% of them are just kind of wasted leads or not good leads. Okay. So in other words, if we wanted to close a property every single month, we would

need to get 100 leads every month. Yep. So I said, okay, let's do that. So we started tracking that meticulously. And we, to this day, we are meticulous. We meet every single week and we say, how many deals we analyzed, how many came across our desk. We call it a hard look. How many did we offer on? And we set goals. We're going to offer it. And right now, we're offering, on basically 70 properties a quarter. That's our goal right now. Last quarter was 50. This quarter at 70. We're going to make 70 offers this quarter. And that should come down to three-ish, four-ish, maybe deals that we'll buy. In fact, yesterday got a text from my partner, Brian, he said, hey, good news. We just got two deals accepted today for almost $50 million combined.

In one day, we got almost $50 million of deals accepted. Do you guys remember? my goal. What was my goal originally? My three-year vivid vision was $50 million of real estate in the course of three years. Three years. And we just got that much accepted in one day because we follow a process. So by the way, we did pass that 50 million now. We're over that. We're over a thousand units. I think we're at 1,600 units, 1700 units now. And it's all like, it's literally just numbers. And so anytime we have a dry spell, like where we go a few weeks or a month without a deal, I just say like we have to just stick to the process. So the process, process works. Now, we can refine our process. We can try to get better at our process,

but the process is what delivers the results. So as long as we're consistent with that, we don't have to freak out about a week or two or a month of a dry spell. And if it gets too long, fine. Then maybe we need to adapt our process. Maybe we need to shift then. But I'm not going to shift anything until we've tried our process for months at a time. And I think that just applies to almost every business in the world. Like, if your process works and we know that it does, stick with it. If you need to expand it, expanded, but stick with it. So the lesson here to kind of summarize up in a nice, cute little phrase here is that success is not an accident.

Success is a process. So what does your process look like for success? Follow it. All right. In there, moving on to the next kind of stage of Open Door Capital is now we've got six six-ish full-time employees. Ryan comes to me, Ryan Murdoch, who at the time running everything, Ryan was the COO, Ryan was running the operation.

At the time, Walker, Walker, who's now C-O, Walker was just an underwriter. He was our lead underwriter, deal finder. Ryan comes to me and says, I'm done. I can't do it anymore. He says, I love you. I love Open Door Capital. I can't work 80-hour weeks anymore.

It's just too stressful. And he's like, I'm financially free. I've been financially free. I've got 100 of my own units. I don't, I make enough money. I live in Hawaii. I want to dive. I want to surf.

I want to boogie board. I want to travel. And I can't do it. Work in 80-hour work weeks at Open Door Capital. And it rocked my world for a little bit. I mean, it was like, oh my gosh, everything's changing. Everything's up in the air. And again, Jason's been here for this.

Like, what am I going to do? Oh, everything's falling around me. And then it didn't. I said, okay, well, what do you want to do? And Ryan's like, well, I mean, I still want to be here. I just don't want to work 80 hours a week. I'm like, oh, well, what do you like doing? He's like, well, I like doing this and this.

I love traveling to go look at properties. I love helping with each team member. I just, I don't want to be pushing papers 80 hours a week. I said, okay, let's build a, let's build a, let's, let's, build a job for you that you love. And so I worked there and I worked to make sure that Ryan had something that he loves to do. And it's a constant up and down. Like we're still working. Like every couple months, me and Ryan will sit down like, are you happy right now? Do you like this? And this leads to another lesson learned here is that, and I heard this from Gary Vaynerchuk

once. He said, your employees don't work for you. You work for your employees. And I very much in my life apply that to open our capital. They don't work for me. I work for them. Like my job is to make sure that they are successful, that they're happy, that they're producing, because if they're producing and happy and successful and they love their job and they're doing what's perfect for them and they're taking care of their families and they got the time off they they needed, they're going to be loyal to me and they're going to deliver on what they need to me. And so, again, the lesson learned there is that they don't work for me. I work for them. And so today Ryan stepped back from his full-time work. He's still super vital. He still owns part

of the company. He's still there and he still makes money. But he does, he loves. And what really happened there, it was when Ryan got out of the way, and Ryan's amazing. But Walker stepped up to lead and Walker, it was born for this. Like Walker is born for Walker loves an 80-hour work week knocking this stuff out. And so had Ryan not, in fact, had Ryan not stepped aside, Walker would not have got an opportunity to do what he was born to do. And maybe he would have left me at some point because he was so good at that thing. And so again, just lessons learned there. It's like, it's hard, but it works. Now, in the next phase, now we got lots of employees, we got movement, we got things happening. We have HR. We've got, we've got deals

coming down. We've got all this stuff. And for a while, it was just all up here in my head, in Ryan's head, in Walker's head. It was just a mess. We said we need to get more organized. We need to have a, and I was doing probably 20 hours a week of one-on-one meetings with each person on the team. And I was like, I don't want to work 20 hours a week at Opener Capital. I want to work four hours a week. I'd open door capital because I got a lot of other things going on too. So how do I work less? How do I, how does a team do better?

How do we grow? How do we expand? And the answer was we needed more systems in place. We needed a management system. Now, I am the most anti-corporate guy you probably have ever met. One of my favorite movies of all time is office space. I love it. I'm so anti-corporate that I kind of resisted it at first.

So did Brian. Brian Murray hates the corporate stuff too. That's why we're in real estate, right? I'm guessing a lot of you do too. But I read a book called Four Disciplines of Execution, four disciplines of execution by Chris McChesney. And we had them on our podcast. And it's a system for achieving big goals.

And so we played with that for about a year, this 40X system. And I still love it to this day. It's still amazing. I still use it to a degree. But then we expanded to an even bigger system called EOS. EOS is called the Entrepreneurs Operating System. comes from the book, Traction by Gino Wickman, Wickham, Wickman, Wickman, Gino Wickman, has the EOS system. It's basically a way of like aligning everyone's goals on the same page,

a way of making sure that everyone knows where the company's headed, what the quarterly goals are, what the weekly deliverables are, what the annual goal is. It basically puts everything your business has, employees and vacation hours and this and this and this. And it puts it all into a system that's on paper, or we use a sauna, which is a project management tool, and we meet once a week. My hours went from 20 hours a week of working on Open Door Capitals to two, almost overnight by implementing a system. It's, and our park size increased, our business increased, our leads increased. Everything got better. Everything got more systemized because it's no longer in here. It's now on paper. It's now on a sauna. It's all tracked. And it

It doesn't feel corporate. Like it's a good time. It's a one hour meeting. It's two one hour meetings that I have. I have the executive kind of meeting and then we have just the team meeting once a week. And that's pretty much all I do anymore at Open Door Capital. I mean, yes, I raise money. I'll make a video here and there.

I answer questions for my team when they have them. But the system is what runs open door capital. I don't run it. Walker doesn't run it. Brian doesn't run it. The system runs the team. And so that's just the lesson that I learned is that my system. management systems actually lead to freedom and growth.

They don't constrain me. Yes, if we were talking TPS reports and just worthless stuff, like that's not what I'm talking about here. I'm talking about just a good, and there's lots of different management systems out there. I just happen to like EOS. Bigger pockets runs on EOS. I mean, a lot of people I talk to run on EOS today.

So it's a good one, but there's a lot of them out there. But the point being, it's helpful. And you don't have to have a big team to do it. You could do an EOS system with one person. If you're a solopreneur, you can do it. But having that system just clarified everything and made it a lot better. And so again, I don't like the rigidity sometimes of things, but I've just seen how well it works. Our new goal, we decided 50 million was too small.

So we're like, what if we went to 250 million? We're like, yeah, it seems too small also. What if we went to 500 million? That seems pretty good. That seems comfortable. I don't want to be comfortable. What about a billion? What if we bought a billion dollars of real estate?

And that scares me. Not scares me, like terrifies me like I'm going to cry, but that's like, oh, geez, that's a big number. And so that's how I knew it was right. And so our seven-year vision right now, we have a seven-year plan, is to buy a billion dollars of real estate. Now, let me tell you why this is so exciting to me and to our investors. So we have 400 investors that are working with us right now. We're going to keep continuing raising money. I need to raise probably $400 million in the next few years in order to buy a

billion of real estate. We're going to deliver these consistent, awesome returns to investors. They get to passively invest in real estate with me and my team, which is great for them. They don't have to work at it. We work at it. My team, the fees that come in on the parks, like when we buy stuff, that just like that pays for the staff. So I don't have to pay out of pocket for the staff as long as we hit our goals every quarter and every year, which we will. I continue working just a few hours a week at this, making sure everything's working correctly. but we're going to turn a billion dollars of real estate into 1.4 or 1.5 billion dollars of real estate. That's four to 500 million dollars of value we're going to create.

I have the feeling today of what I wanted when I was in Nashville, what, three years ago? And I built it working backwards from that feeling. And so at every stage of this, like it was never easy. There was always problems and questions and concerns. but the last lesson I want to leave everybody with today is that mindset coaching, and this is not just a plug for Jason, but like literally mindset coaching at every single stage of this was vital. I would not have gotten through. I don't know if I would have gotten through any of those problems and difficulties had it not

been for meeting with somebody every couple weeks going, this is what I'm dealing with. I'm not sure how to get through this. And then Jason asking the right questions. And so over the course of the last few years, like, I attribute so much to this coaching thing. And I've heard people say, well, you know, I coached for a few months and I got out of the rut I was in. And so I stopped coaching. And I'm like, I don't know. I mean, maybe you're just really, like those people are just really smart.

And they're way better at business than I am. But for me, it's like, I can't imagine not for the rest of my life, not like having somebody that I'm regularly meeting with like Jason to, talk about these issues because when you're growing, there's always another level. There's always another thing that you're working through. And if you're not growing, there's still probably levels of like, like, I need to treat my wife better. I need to treat my kids better. I need to lose some weight. So like no matter what it is in my life, like I can't imagine not doing it. So that's just the final like kind of reframing and lesson that I've learned is like performance coaching is not about just solving a quick problem and getting on with your life. It is the life. Like it is

the ongoing maintenance that I will do. It's the oil change in my life that I'll have to do forever. And I, and anyway, it's changed my life. So if you do not have a performance coach, I know you're in, in this academy, but if you don't have a performance coach, I would highly recommend it. Get somebody you can meet regularly with. I mean, like, at this level, if you're in this group, you're at a level where like, if you had somebody setting goals with you, working towards your issues, answering these problems, just helping you like decompress like every couple weeks, like, could you not

achieve an extra $5,000, $20, $20, $100,000 a year in revenue? you. It's a no-brainer if I'm with anybody. So again, I don't mean, I don't want this to be a plug. Jason never asked me to say this. I just wanted to say like, this is like legit, like how it changed my life. So that is how we have opened doors over the past three years at Open Door Capital. And hopefully those lessons can apply to you all as well. All right, everyone, hope you enjoyed that episode where I talk about how I built up my $50 million plus business. And of course, it was not just me. When I say that, you know, we say I own $50 million of real estate. I own a piece of a company that invests in $50 million of real estate. And you can do

the same thing. In fact, in a couple weeks from now, David and I are doing a couple solo episodes, just him and I talking about how to first, like, build your team to build a real estate empire on a solo, like a loan, and then how to build a team that you can scale. So look for those episodes coming up. I had a lot of fun recording them and they come out in the next few weeks. So it's not every day. You get to hear from somebody that built up a $50 million portfolio. Very cool. Well, thank you, man. Appreciate it. And, uh, All y'all, don't forget to leave ratings and reviews on the show if you like it. And follow us over on Instagram.

Bigger Pockets is at Bigger Pockets. You can find me at Beardy Brandon and David at David Green 24. Yes, sir. All right. You want to get us out of here? Great job today. Thank you. This is David Green for Brandon, the multifamily man Turner.

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