Epic Real Estate Investing - Virtual Wholesaling - Justin Wilmot | 867

Episode Date: December 15, 2019

Matt is joined with another real estate ace this weekend! Please, welcome Justin Wilmot, a creator at Mobile Wholesaling and a returning guest of the podcast! Stay tuned and find out why Justin decided to quit fix & flip operations and to shift to virtual wholesaling, how he chooses the markets, what kind of marketing works best for him, and many more! Learn more about your ad choices. Visit megaphone.fm/adchoices

This is Terrio Media. Success in real estate has nothing to do with shiny objects. It has everything to do with mastering the basics. The three pillars of real estate investing. Attract, convert, exit. Matt Terrio has been helping real estate investors do just that for more than a decade now. If you want to make money in real estate, keep listening. If you want it faster, visit R-E-I-A's.com.

Here's Matt. All righty, welcome to the Epic Real Estate Investing Show. I got a hot show for you today. Got a returning guest. And I don't know, without further ado, let's help me welcome Mr. Justin Wilmot. Back to the Epic Real Estate Investing show. Justin, welcome back.

Dude, thanks for having me, man. I'm stoked to be here. Dude, always like having that hanging out with you. Right? Totally. And I think at the end of every interview, I say, hey, let's do this again. And so a few times do I ever get to do it again.

So here we're doing it again. Yeah, man. What are good people do, man. I like it. I like it. I used to listen to your podcast when I first started getting in the game, man. You and Sean. Nice. Yeah. That's a, yeah. Sean really, he's kind of birthed a lot of us, right? Yeah. He's the one who got me really excited about the, it was, because I was in the middle of selling my book, my do-over book. And it was kind of half personal development, half my life story. And one of the ways I was looking at it exploring and selling and promoting that book was through a podcast. I'd heard about it. So I started listening to podcasts, and I found Sean Terry's podcast. And way back then, he had a podcast on Internet Marketing with Nathan Jurowitz.

Oh, yeah. Yeah, right? Yeah. And I listened to them, and they were really good together and really informative, really interesting. But they kept on talking about in their business, they were promoting their real estate and everything. I was like, one day I just kind of scratched my head.

Like, well, that's what I do for a living. Why am I talking about this book thing when I could just be talking about real estate? what I'm doing every day. So that was kind of the introduction to this whole world for me was Sean Terry. And I was like, well, I should probably just try and talk about what I know about rather than things up. A beautiful concept. So anyway, so here we are.

And I just saw you recently in Tampa. Yeah, man. We got to hang out for a little while. And yeah. Yeah. So what does business look like for you today? Dude, that's time. Yeah.

It was a good time hanging out in Tampa. But, dude, business these days is I've really drawn back at the fix and flip game. That was my main gig for, like, the first, like, eight years in business. Actually, I started wholesale, and then I got the fix and flip. And then that was my everything. And then, you know, for me, like, my, I don't know if you're a listener, like, no much of my story or anything, but, dude, I ran myself dry because I was wearing the one baseball cap for everything. And I just didn't have much of any real good guidance in that game, dude.

So I was like, just ran myself to the grave. dude found myself in the hospital, you know, like a, I was a professional amateur surfer for a long time. And like just for me to be 24 years old in the hospital, like in an MRI machine, the doctor's like, what's wrong with you, dude? I'm like, I don't know. I guess because I'm working too hard. So I was working to like four in the morning nonstop. So I decided I had to make a change. And that's when I got into wholesaling. And then wholesaling was a lot of work for me. So now I've just created a new way to really virtual wholesale. And my main thing now is, man, you know, I'm an educator.

I'm really heavy into it. I like it. And so I'm partnering with students for the most part. And then I'm taking down the big fixing foot deals when I see them. Just sold my last one though. And I end up taking a hit on that one. But, you know, that's kind of where I'm at right now in life. Right.

Man, I love it. I enjoy doing what we're doing. And we do really well. It gives me that lifestyle back, that digital. I guess there's that term going out there now, digital nomad, right? Digital nomad. We're just running around. And so that's my gig, dude.

That's why I got in the real estate. I didn't have that freedom, and now I do. Sweet. Why did you quit the, why did you get out of the fix and flip part? You know, I know some people said they were able to find a way to really make it work while still having a life. I got a fix and flip game because for me it was all or nothing. That's kind of like the way I am. So when I hit that brick wall, I was working seven days a week.

I had six fixing clips going on, you know, on average per month. And it was me and my money died. And so, like, I was the funder, the marketer, contractor. And then I was, I was like the sub, I was like VGC going out and get all the contractors. And you know how it is, man. They disappear, right, but they don't show well. And problems. And so for me, I wasn't really, I don't know if I wasn't saying it's smart enough,

but I wasn't conscious enough at the time to, like, continue to find a way to step back and have someone help me. That was me. So I ran myself straight into the ground. And, like, when a contractor wouldn't come up, but I got to get a property listed on the MLS, I was there two in the morning, finishing the painting, finishing the softening, whatever the cabins, whatever had to be done, I would do. And then I have full more properties that had the same problem, dude. And I was like, when I was in that, I never forget this shit,

man. I was in the MRI machine and I was like, this is not why I got in real estate. You know, I got in real estate for one purpose, man, for freedom, travel the world surfing with my family. That's what I love to do. I'm a tropical guy. It's like, I love warm water and surf. That's what I'm all about. And to not really do that, like, like, honestly, like, it was a joke if I wanted to take even, like, four days off from my, from that business. It was a joke. Like, it wasn't possible. Right. I thought my financial partners would be pissed. So I was like, I got to find something new. So I know some people, like, they find a way to get really good GCs or, you know, like, just operational managers or on field managers that help out. But I never really had any luck with that. Consistent luck

anyway. So I just decided to start flipping the paper, you know. And so now the only fixing flips I do, I have the saying, if it ain't on the water, I ain't doing it. So like, I only do stuff here on the islands, like more our offices right now where we are as we're on the beach. And then anything that's like here in Florida, we have a lot of saltwater canals. And we call that gold. We say, hey, you know, they're not making any more of it. So I do that. Right. So those are the only deals that I'll ever do. I don't do any of the cookie cutter stuff anymore. Yeah, it's like the big secret behind fixing flips, right? Either you have to do it all over yourself, all by yourself, and you're working yourself to death, or you do the delegation and you're working with a bunch of

flakes and crooks. There's no real middle ground there, and it's just, there's just too many things that can go wrong. I always say real estate is safe. It's the people that are risky, right? Dude, I love that. Yeah, you can have it. You can borrow it. Well, I'm keeping that. That's so, that is so true, you know, and then I asked a point where I was like, you know, I still had so many, I still had a good handful of deals going on where I made this mental choice. So I had to go to the transition, right? Dude, you've been through transitions, I'm sure in business and life. And so as I'm going to the transition, I was like, well, let me have somebody.

So I did hire a GC to finish up like 10 more deals, right, eight more deals. And, dude, it was like, he was, the G. He was making more money than I was. Yeah. You know, that kind of pissed me off, you know? You know, I can see one or two. But at the end, he was making, no, I'm not going to complain, you know, 15, 20 grand or whatever. It's not a bad day.

But when he's doing 35, you know, and to make, I mean, today, like six years after the fact, five, six years after the fact, I mean, I'm still licking wounds and paying debts from idiots way back then. From way back then. Yeah. Have you ever had people, you ever pay up front and then have people disappear? Yes. I have.

Yes. That exact thing. Yeah. I think we all make that mistake at least once because we're so excited to do it. Right. And they're a cool guy or a cool girl. And you know, you guys are going to go conquer the world together and you're all in. You think you're on the same team until you're not.

Until you're not. Dude, believe it or not, that didn't happen to me until like my like, I don't know, idiot deal, right? But it was a dock. We were putting a dock in on it somewhere, canal property. And the guy had already done like four docs for me, right? You go, hey, man, because of this or that or whatever, he just, smooth talk to me. And this was a unique deal.

It was a new partner, right? New financing partner. And so I wanted everything to go smooth on this deal. And anyway, sweet talked to me. I trusted him. Kind of a cool guy I thought. Anyway, Doc's expensive. He wanted 80% down.

I gave him like 20 grand. And gone. Gone. Gone. I had a box to his house, everything. You know. 40 unit in Memphis. And I was living in Los Angeles at the time.

sent over some money and made a phone call. Nobody answered. Made another phone call. Nobody answered. Got on a plane and the office was closed. Yeah. But don't do that. Oh, my God. You got on a plane and went there?

Mm-hmm. Yeah. I was like, what's going on with my deal, you know? Yeah. Yeah. So we've got so many more good stories that outweigh those or else we wouldn't still be. Yeah, people are probably like,

uh, right? So those are the reality from real world real estate investors, which brings us back to why they do the wholesaling thing. And, you know, just flipping the paper right now, you know, until that party's over, we'll see. But right now it's just I'm a paper flipper, man. And so, and like I said, anything that has six figures, I'll take down. Of course, not always end up being six figures. But that's from business.

A lot of room for error, though, when you're playing with six figures. Exactly. And that's what I went from problems like that. I was like, you used to be like, I was like, well, if I can make $40. or 50, this is a deal. That was like my number, right? I'm like, no, no, no, no, we don't do that no more. Yeah, yeah. We plan on 100 so we can make 50. Right? See, this is when I know I'm talking to somebody real, because we can share these type of stories. Yeah. But, okay, so you figure it out. You're flipping paper, and you're doing it virtually.

Walk me through that. How have you chosen your markets? Yeah, so hot markets, man. So for me, like I said, at one point, I was partnering with people all over the place in, like, Southeast United States. I just brought all back to Florida. So for me, Florida, but for right now, really, dude, well, I say that, but when I'm partnering with students, too, and they're all over the place. So really, wherever I have boots on the ground, a person, that's where I'll go. And that's my mindset for everything right now. Like, I'm all about partnerships, and I'm all about, like, I never want 100 beats of the pie because that means I'm doing all work. And so whether it's my internal team with something we're doing or whether it's a partnership with a student, that's all right.

So, yeah, wherever there's boots on the ground, I guess it's probably really. So see this again, like this is a testament to that that you've been there and done that because when people ask me, and this is a really common question, I hate it when people say, people ask me all the time. No, they really do ask me all the time. Like, how do you pick your markets, right? How do you choose? What's the best cash flow market in the country?

And what do you do there? And that is like, it's wherever I got the best relationships. Wherever, yeah. Like I said, why aren't you, why aren't you investing in Texas? I don't know anybody there. I don't know anybody. Right. Exactly. And, you know, so I think a mediocre market with great relationships will outperform

the great market with no relationships. You should put that as a quote at the top of this podcast, man. All right. It's number two, right? That's the second one today. No, but it's so true. I mean, the best market is where the best people are. Totally, totally. And yeah, I mean, you sound like me, man, like I've gotten to the point where in business where it's like, I want as many people as involved as possible with a, it sounds like I'm lazy, but I'm not because it's a form of expansion. One of as many of these people is involved, the little involvement as me as possible. So, like, that's where, like, if I'm partnering with somebody and wherever they are, they're doing 90% of the work.

You know what I mean? I'm just running through it because of just the experience and the knowledge. And so knowledge. Yeah. So that's, people don't like, people don't like that answer. They want you to say Toledo, Ohio, that's where the next boom is. Like, they want, they want to know. And I was like, no, it's where your best relationships are.

Yeah, isn't that? It's a bummer, man. It's a bummer that it's like that. I'm going somewhere else. I'm going to ask this question to somebody else. Yeah. I mean, somebody else to give me the answer one a year. Exactly.

You know, I mean, sure, there's markets that, I mean, maybe there's markets that better rentals because the acquisition is so low and the rent rate's so high. Like Jacksonville comes to mind. Jacksonville, Florida comes to mine. But when it comes to, like, the fixing flip game, like the truth is, like I always said, there's no golden, there's no Yellowbrook Road is what people ask for that. There's no, if you go here, you will be a millionaire. Like that doesn't exist, you know. So it comes down to the people, man, you know. Right.

It comes down to the people. You know, everybody thinks that their market is saturated, that their market is competitive, right? And it's easier in another market. And there are a lot of people in real estate right now. I mean, it's hot. There's a lot of money be made here, and you don't have to be that great at it. You just have to be consistent, I think, and you can make some really good money for yourself. But with that said, like, there's all.

different forms of marketing that we can do. There's the digital, there's the relationship marketing, there's the, what do you call it, the analog or the organic marketing with direct mail, stuff like that. What's really cutting through for you today and what's working, marketing-wise? Dude, sending, like, this sounds archaic and you just called, I've never heard that before, if you call it analog, but dude, just sending letters of offers, one-page offers, just straight to be like, for example, Like we had a hurricane, we didn't remember the hurricanes. We had in Florida, right? And I use this example.

Like every year? Yeah, like every year. But we've unfortunately got hit back to back, especially on the island. So my point is like on the river, everybody got flooded out, right? So one of the first things I did when we got back in a town office got back up and running, internet back up. I don't know if we're on generator power or not. Anyway, we go to list source.com and I just pulled a geographical map with everybody that I know got flooded.

and just set the one page offer with a couple of years. So my point is a little bit of franchise leads, a little bit online, but at the end of the day, when you step back and look, it's just going like organic, like analog. Now I do combine that again with old school, cold calls. Like, believe it or not, back in cold calls, you know?

The reason being is because I found a way that really auto, I know that sounds like a cliche word, but autopilot, right? So we have other people doing it that are freelancing. They work in-house for me exclusively, but they live in the Midwest, wherever it's called flyaway, flyover state. And they just make a prep for me and my creditors. So those are probably the three main strategies. I have not tapped into the Facebook. I know some guys say they're killing it with Facebook leads and ads and getting good leads that way.

I haven't really seen massive success with that. Right. No, it's funny that, you know, we live on opposite sides of the country. don't talk too much. We see each other maybe once or twice a year at an event. And, uh, you know, they're very similar stories, right? Um, because what I'm doing right now, my mail piece is I'm hand stuffing envelopes myself every single night. And I'm just mail merging offers. Mill merging offers. Yeah. Yeah. It's all I'm doing. Yeah. People, what's this? Well, because that's, that's the thing, man. Like, I feel like the more, these,

I feel like people are smarter these days. I know that as we've become more professional marketers, we can kind of get tainted a little bit, but I do try to step back. And at the end of the end of the day, I've tested so many things I'm sure you have as well. Compare the yellow letters, yellow handwritten postcards. At the end of the day, if you just be honest and direct and tell them, hey, I'm a local real estate investor with a cover letter, here's an offer. If by any chance this interests you at all, I'm all cash, as is with no real estate agent. Those are the three things, right?

And then they're really interested or they're going to tell you to go piss up the rope. And so that's the way it's the way it is, right? Yes, we're just looking for the people to piss down the rope. That was a really bad analogy or metaphor. My point being is most people are going to say no. We're just looking at people that say yes, right? Yeah, yeah, yeah. Yeah.

Yeah, you know, and I've changed the model a little bit to you where I'm not always trying to service like, I think you're still fixing the clip. And, you know, the last thing I want to do now is wholesale houses for people like me, right? Because now you and I, as wholesalers, we're forced to do the, I don't want to say, it's not impossible, but do what's more rare, which is finding those gold nuggets, specifically in my markets, right?

Right. In Florida. So now I'm just looking to serve landlords, you know? That's our major focus. That's what I continue to hammer down with my students and my apprentices is, and it's all they do. And we have a quote of how many landlords are a very specific type of landlord too, Matt. And that's what we obtain, and then that's the person that we serve. So, you know, it's been called many different things like other guys called like reverse wholesaling and all that stuff.

And I swear to you, I'd never heard their stuff before I thought of it. And then I was like, oh, yeah, I'd do that too. So it's not a knockoff. But it's just a different way to wholesale, right? So I am reversing it. I am only going after the neighborhoods and specifics of what my buyers buy. So, dude, I got spots like even my own farm market, dude. Like, I don't have big buyers list anymore.

I just have small lists of real players. that I've done 30, 40, 60 transactions with these guys, right? One of them, my best guy, I've helped him build the company that he has now. I helped to recruit a private money, which I might kick him myself for. But I help him, and he flips and holds across the country. And that guy, I know what he wants and, like, we'll just go after that particular product with those analog type of strategies. Then that's it.

So for me, it simplifies it, man. Like, I'm not doing like absentee lists and I don't do broad lists at all. The only broad list I'll do is like an inherent list, you know? Yeah. Yep. Yeah. Yeah. Yeah.

I'm getting super laser focused. I'm all in on the factor stacking, the list stacking, and just finding for people that their motivation, the likelihood, even it's not a foolproof system, but you're just looking for all these factors that hopefully if they stack high enough that the likelihood of motivation is stronger there than anywhere else. And so totally. Totally. Do you do you do the inheritance list?

in Vegas at all or wherever. Yep. The inheritance stuff is good, good. And a great source of probate list now too. So those seem to be the best performing. But if you can find a probate property that's vacant and has a lien on it, that's like gold. That's the gold one. See, man, that's the thing.

I've never tried to back. I've just never been had much luck with probate stuff. And I think it's because I'm just at the core of an impatient person. And I just feel like probate requires. Well, it also depends on which state you're in. because the probate process is going to work differently. So if you're a judicial or non-judicial. Yeah, yeah.

State, right? And so you've got to look that up because I didn't do it in California, but I'm having really good luck now in Nevada. Yeah, yeah. Yeah, judicial in Florida. Yeah. Judicial kind of can be tricky because you can win and the seller can agree to sell to you.

And then you go to court and someone is just sitting there waiting for your court date and pays more than you. and you did all the work to get it there, right? Yeah, that was kind of a pain in the butt. So that's where I guess it's one of those strategies where it's like it pays off, like tax liens, right? Like it pays off if you have the patience. Like Karachi Kidd, Yasa, yeah, Dhania,

the patience, like you'll fly with poop pics. But I'm just like, ah, you're doing it now. Like my patience extends to like 180 days with a follow-up and after that, just delete it out to see it around. That's my point. And I'm not saying that's good. I'm not saying that's a good strategy, but that's just sort of everybody should do it.

I mean, everyone has their own way of doing things. I don't think. I mean, I was talking to Zach, Zach Childress. He was on the show a little while back. And, you know, he's right. There's a million ways to make a million bucks in real estate. And they all work. You just got to choose one. Yep.

That's the key. Dude, that's like the fourth bomb. They all work. You just got to choose one, right? No, I should be recording this. So the, we're marketing. We're choosing our markets. So you're, how you, how you've created this, the nomad lifestyle as you were talking about.

Yeah. What does that look like with regard? Are you choosing only markets where you have students or boots on the ground? Is that, that's the key to your virtual business? Well, when it comes to the, when it comes to the partnering with students, it's not even my choice, right? It's like, it's, I only, like, I know this sounds like a sales thing. I'm sure everybody's ever heard, like, you know, mentorship and you got to be, you got to apply and be approved. That's the God's right-hand truth for me.

Like, so for me, it's, I don't know where they're going to be. And like right now, one of my partners, I'm going to say his first name, Al, but him and his partner, he lives in Miami. His partner lives in Tel Aviv, Israel, right? And their subject market is in Ohio. And so, like, I only do that because of the people, because they're good people and I trust in them, right? And so I said, okay, let's do it. So that market now ends up being Cleveland, Ohio. It wasn't my call.

I didn't go seek it. You know what I mean? And then for what, for me, when I'm not doing that again, it's back here in Florida. And that's, that's sort of how I determine where you go. Got it. Yeah. So when the deal, what's the part? Is it exclusively with your students that way?

Or are you doing your own wholesaling outside of that? Oh, yeah. I'll do my own. And like I said, they'll really like the six-figure fix. The flips is where I really try to focus on their own stuff. Great. So what does your partnership look like? What are you contributing?

Is it just mentorship? It's whatever they'll put down, right? Because they're still got to pay me for the fee education. When I first got into this industry, I didn't know anything. Like everybody, right, you only know what you know at the time. And I did this type of business model from the jump where I was like, you know, the guy didn't have the money to pay. And I was a partner.

And long story, I didn't know what I was doing, no agreements, no attorney contracts, no nothing contractual, no subcontracting contracts. And I coached the guy for free, and then he just disappears. And he forgot to, I'll never forget this, he forgot to unfriend request it on Facebook. And I'm hitting him up, I'm like, where are you at? Because we had, I work, you know, we're working through a deal in the subject market. And I know that's, you know, 10 escrow and everything was on the up and up, whatever. We had one issue with a buyer, replace it with the new buyer.

Anyway, this is ready close. I was like, and also I had the feeling when he ghosted me, you know, kind of had a feeling what was going on. And sure as heck, man, posted on Facebook, big fat $36,000, $36,000, $34,000 check. And, you know, half of that was supposed to be mine. And I was green behind the ears, didn't know any better. So people, so these days I make you pay. You pay for my mentorship.

You pay for my guidance. And I don't just mentor people. I actually bring you, that's what I call an apprentice. So that's why we're a real partner because my internal team, we do seller leads and buyer leads for you. But I tell everybody, all that is I show you my process and the system. You listen to my call callers. They can listen in through the call system, we use Bumber.

But I do that just to teach them how to fish. I tell me, by no means you mean put your feet up, chill and relax. You've got to duplicate what we're doing, right? And so that's my new model. And then depending on what the balance is, that's what I take out in the deal. So I walk them through the deal. They pay me in it. They pay me in the beginning, and I get paid in the end.

Got it. They win. I win. Now, I don't do whatever, what I've heard of other people do where they stay involved with them for, like, a contraction amount of time. It's just whatever the dollar is that agreed upon this. I see. Yeah. I've actually had a client come to me that worked with me, and he was stuck in that, and I don't know if you heard of this. I'm not bashing.

We're not saying names, but he was stuck in a three-year contract with an educator. And it was, it was filed at the courthouse, like an affidavit, everything. And so whatever he did in his market, they claimed 50% of it. Oh, wow. Yeah, dude. Oh, good. Yeah, no, that's pretty aggressive. But, you know, like you experienced on the other end, you know, you do some work for free and you get burned there too.

So it's like, I don't know if there is a middle ground because I've done a lot of free work. I'm a little bit of a softie and I'm a sucker for a sob story. And I like to help people. I mean, that's, you know, that's one of the attractions to doing this. Right. But not once. It's not once where I've given somebody a scholarship, so to speak. Right.

Have they done anything with it? And even the last person that just said, but I'm going to be different. I was like, okay, and they weren't, right? And someone told you that. Yeah, right? And I even went to back when we started the academy, you know, we had probably had some good success stories right out the gate with our students. And I thought this is going to be a great idea.

I've got some marketing money. They don't have marketing money, but they've demonstrated that they can close a deal. So I'm just going to pay for their marketing. and then we'll split the deal that way. Yep. And I did that with 10 people, and only one of them ever actually did any deals. They're giving them too much. The other nine people, they just disappeared.

And like, today, if I had to do that all over again, it would be a program that I would sell. Yeah. There's other reasons I wouldn't do it. Anybody listen to right now, right? They probably know in their gut. They're like, yeah, you know what? If I give you more money than I'm comfortable with, then I will take more action. Like, if anybody listening, if you're honest with yourself, you know that's the truth.

You know, the more you invest, the more action you'll take. period. So I don't deal with people that are that don't have that mindset. You know, especially to these days like I say real estate's hot. Everything's hot right now. And so like you and I, we don't have to work with people that don't think like that, right? Like, so that's another great thing about the business. I only help people that know are actually to take action. You know? Yep. You know, they think like the, uh, when it comes to like people like us helping on there and they'll think some of the marketing might be like, you know, either cliche or or just like a sales pitch. It's like I honestly wholeheartedly reject just as many people,

if not more people than I accept, period. And I don't mean, and it's tough, dude. You probably know that's if you reject you, that's really a tough thing to do. It's even worse because now they get upset, right? And I got to tell them, like, look, it's just because you're not ready in your life, period. You know, just do a little personal self-development.

Let's grow a little bit as a person. Let's get ready for entrepreneurship. Come back. Let's partner and make some money together. So that's kind of where I'm at in life, man. is just like working with good people, both internally and the external partners. And I'm about like many people, many deals.

Mm-hmm. Yeah. Yeah. Yeah. Yeah, no, we've, yeah. Sounds like we both had our experiences by. Yeah. So, it's only anybody, right?

I mean, the original question was, how do we do that? So it's, it's the people. Yeah. CRM, you know, the people, any CRM, doc, you sign. I use affidavit's power of attorneys and, corporate resolutions to give people authority to close deals on my behalf. That's how to keep it simple. I try to stay where it's a Wi-Fi,

although I just spent pretty much the whole month of November cruising in the Caribbean, and it was very difficult to get Wi-Fi. So a few things broke in the pattern there. Usually I go to places where I have Internet access, you know. Yeah, it's essential. Are you holding anything? I got this commercial building and partners on a commercial deal and in

not Tampa, four buyers. I always think of 10. I think of four miles in Tampa. And let's see, just sold three single families. So I'm kind of exited while the, what do you call it? While,

well, the price is hot. You know, something really interesting. I was going to do a whole episode on this, and I still might, but it's just kind of coming up for me right now, because I just got off the phone with a guy that's really crushing, I forgot the exact proper term, senior assistant.

housing. Dude. Right. We don't call them nursing homes anymore. Right. We don't call them facilities anymore. It's a very politically correct area of business. But anyway, you know, and he's just, he's been doing really well the last few years with

just that. And we were talking about, you know, my mom just passed away and she was like the first year of the baby boomers. So all the baby boomers are coming through and they're all reaching that season of life where that's going to be a normal everyday occurrence and more than our society has ever seen, right? Yeah. And so that's also, so all I'm talking about is you can follow the demographics and you can kind of predict what's going to happen as far as any industry is concerned.

I mean, whether it's baby food or Levi's jeans or the automobile industry, like that is the demographics come through. These bubbles of generations move through it has an impact on commerce. and what's going on right now is, and I've been saying this for a decade, saying you need to watch the baby, not the baby borns, but the next one be the millennials. And then I guess there's Generation Z now or whatever it is. But each generation is a little bit bigger than the previous. And they're moving through. And just like what you had said, that's gold on the canal because they're not making those properties anymore, right?

There's only so much canal frontage. And that's really essentially the same thing with all housing. And the generations are getting so, or the people are continued to grow. And we're stuck with what we got as far as land goes and housing goes. And I just got back from a conference with Mercedes in Arizona. And all of the big dogs were there. They can't buy enough. Really?

They just can't buy and hold enough because they see what's happening. And they had all this massive success. And they said it's just going to get better and better and better. So you got to hold, Justin. and that's where I'm going with this. Yeah. You got to start holding. And I'm in Florida.

So. Right. Yeah. And that scene's been planning. You know, the first, of course, I've always heard about,

like, it's always been on my radar, the senior, what are we going to call it? Senior living facility, right? That's politically correct, right? So,

I can't use the word facility. Oh, that's great. The first time it ever hit my radar was the very first least option deal, or no, I'm sorry,

subject to deal that I've ever did. And he did that deal. There's two Italian guys because I didn't know it at the time I put in a contract, but it was zoned for senior, like the senior living type of area.

There was multiple houses in that neighborhood. And so they started educating me on why they wanted it so bad because there was some hoops to go through and they kept going and going and going. I thought the deal was dead, but they wanted it bad. And they finally told me what they did, and I went and checked it out when they were done. You know, they put the sprinkler system in there. They, you know, it was a 3,000 square

put home, single family, but they put like four bedrooms in it, the ramps, handicapped, wide the doors, the whole thing. I thought that was really cool. Staying my radar, but the back of my mind, but, you know, was never focused. Then when you started saying that, I immediately thought of, did you read Tony Robbins' Money Mastery book? No, it's sitting on my shelf, though. Yeah, yeah.

So, like, three quarters through it, well, I do the audio book. And I have a hard copy, but I didn't have a hard copy, but I didn't have a hard copy. But he starts talking so much about the senior living, you know, and about everything you just said with demographics and how it's the hottest thing right now. And he had an interview with Ray Dalio, you know, the 25th richest, wealthiest man in the world whose biggest and funds. And he's all senior, you know. Totally. Well, here's the bigger picture.

Like, yes, you can take advantage of that right now and you're going to be set for a while. But the generation behind them is even bigger than the baby boomers. right? And so it's just going to keep on happening. And look at the dynamics and all of the reports on the millennials. I mean, half of them have no interest in buying a house. So it's going to represent the biggest population of renters ever in history. Yeah. And so grab your rentals.

And if you don't like to be a landlord, you better, if you want to be wealthy, you just need to figure it out. Yeah, yeah. Because it's going to be the demand far exceeds the supply. Yeah. Dude, it's funny, you see it because I've been, and I've been talking with my wife, my mind is on larger senior facility, not facilitators, senior living home, but like, you know, townhomes. So here in Florida, like we have this one road clubhouse drive and there's like a ton of all over the place.

The town hallways are cool and they're nuts, you know, they're cool. That's really needs to be a focus. I think you're right, man. You're kind of re-engaging me on that. No, I'm just, I'm here. I'm just, I'm trying to hold everything. I've never considered myself a wholesaler. I wholesale a lot of property, but I never consider that my business.

I'm always looking to hold, hold, hold, and whatever doesn't fit. Then I'll go ahead and just flip the paper. Right. And go look for the next one. But yeah, man, that's where. I definitely need to hold more. That's for sure. For sure.

Yep. We all do. Yeah. And how many deals? I'm sure you've had deals really like that you flipped or wholesale and you go, why did I get rid of that deal? Yeah. I mean, if you go to the Ria Club and you go and talk to the old salty

dog in the room and you ask him if he would have do it all over again, what would he have done differently? He'll say, I wish I would have bought more and sold less. Every single one of them will say it. Yeah. So, you know, you know, that quote on the, right? You just mind me of this one. They say, uh, an old salt would also say, don't wait to buy real estate, buy real estate

and wait, right? Exactly, yeah. As a Mark Twain quote for sure. And then Mark Twain also said, uh, learn from other people's mistakes because you won't be here long enough to make them all on your own. Ah. Yeah. We are chock full of gold nuggets today.

I'm buying, buying, buying, hold, and hold on everything I possibly can. Yeah. Yeah. Yeah. Dude, he has another one, too, right? I think it was Mark Twain. I've made a million mistakes in my life, most of which never actually happened. Oh, I've worried about a million things in my life or something.

Yeah, about a million things in my life. Yeah, most have never happened. Yeah. And I also says, worrying works. Whatever I worry about doesn't happen. Right? So, all right, buddy. And mindset on everybody.

Yep, yep. So if anyone wanted to get in touch with you, Justin, what's the best way for them to do that? Just follow me. Actually, go to Justin Wilmot.com, just to course, see what we're all about. And you can see what we have available. And you can follow me on my social media platforms there. So friends you go there, Facebook, Instagram, all that. So Justin Wilmot.

That's W-I-L-M-O-T, not Wilmot. Which I have made that mistake. So sorry, Justin. everybody does. You just assume there's an N in Wilmot, but no. Yeah. No. No N in Wilmot.

Very good. All right, buddy. So, hey, I'll end with those famous last words. Let's do this again. Yeah. All right, man. I like it. Good people there.

Awesome. Take care. All righty, so that's it for today. God bless. And to your success, I'm Matt Terrio. Living the Dream. Yeah, yeah, we got the cash flow. Yeah, yeah, we got the cash flow.

Yeah, yeah. This is C-4 You didn't know home world We got to cash-low This podcast is a part of the C-suite

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