The Science of Flipping - Episode 17: Tony Robbins Awaken the Giant Within | Real Estate Investing Podcast

Episode Date: December 13, 2013

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Welcome to the Science of Flipping Podcast. I'm your host, Justin Colby. Good morning, good morning, good morning. Welcome to the Science of Flipping Podcast episode 17. Today, guys, we are going to do a little something different. We are going to be talking about entrepreneurship, decision making, what motivates us and where we want to be in our business. So we are going to be talking a lot about getting to that next level. We will be using real estate as the subject, however. Guys, this is all about getting you and your business to the next level. I'm very excited about doing this podcast for you guys

because it's a lot of things that I've learned over the years through my mentors. And let's just get started. This is a very exciting podcast. I want to make sure you guys really take this in, because I'm going to give you some strong bullet points about what needs to happen as an entrepreneur. If this is your first time listening to the podcast, The Science of Flipping, I highly recommend you getting over to our website, thescienceofflipping. I highly recommend you getting over to our website,

thescienceofflipping.com and download our free ebook, The 15 Most Costly Mistakes a Real Estate Investor Can Make. Guys, I wish we had this ebook when we first got started. We would have made a lot less mistakes. We would have made more money in a quicker amount of time. This is the e-book you guys need. Get over to our website, thescienceofflipping.com and get that e-book. I am your host, Justin Colby. If you don't know who I am, we are real estate investors here in Phoenix, Arizona. We have been since 2007. Here in Phoenix, we have flipped over 300 deals. 150 of those have come over the last two years. We have made some major progress in our business in the last two and a half, three years.

We are steadily increasing the amount of business that we do. Right now, I think most people would consider us a success in real estate investing. Currently, this year, it's January 14th or 15th today. Let me look. It's January 13th. I'm sorry. Or I'm sorry, December 13th. I apologize once again. The holidays are coming up. The year is about to be over. We're about to jump into 2014. We have done over 50 flips this year. We have also taken on a 79 unit townhome development out in Mesa, Arizona. And business is good. Business is very good. But it wasn't always that way. And what this podcast is here to teach you is we've made mistakes over the six, seven years that we've been in business, and we've taken our lumps. The first nine months of business, we had no money coming in. We couldn't complete

a flip transaction. Now, how many of you out there listening to this right now are thinking, oh my God, I'm in the same boat, or understand what you're saying or it's been a couple months or I need to make money now. We understand that. You see, in our first year, we flipped two deals. That's not enough money to live on. I was sleeping on couches. I was losing homes.

My business partner was losing homes. We were going through it. You know, so when I bring up the fact that, yeah, the last couple years have been absolutely great, that's great and all, but I think the most of you would resonate with the fact that it's always, it's not always puppy dogs and rainbows. It's always not, you know, the sun's not always out. And there's hurdles that we have to overcome, and we went through those hurdles in the first couple of years. After,

you know, the first year we decided to invest in ourselves and get some mentorship and coaching. And that really helped us explode our business. And we started flipping six deals a year after 20 deals a year after 46 deals a year after guys, we just took it to the next level basically because we decided to invest in ourself. We started to get mentorship. We started to get consulting. We got coaching

and we haven't turned back since. This podcast specifically, The Science of Flipping, is all about taking your business to the next level. whether that means your mindset, which is what we're going to be talking about today is your mindset, whether that means the systems in your business, whether it's how you're marketing, how you're finding deals, how you're raising money, how you're selling the deals, how you're taking in the leads that come, how, you know, we are going to give you all of those systems within real estate investing. You see, the idea is most real estate investors are working too much in their business and not enough on their business. As an entrepreneur, you tend to feel like no one can do it better than you.

So you wear all the hats. Well, guys, I'm here to tell you that is the wrong way to do it. That's how we did it for the first two years. In two years, we did eight deals total. Now, at the end of the two years, did we make okay money? Yeah, we made okay money, but it was barely living money. So this podcast is specifically to teach people how to systemize their business, systemize their flips so that they can be flipping deals and running their business from the comfort of their own couch, from out of state during the holiday times, in a different country during the summer times, and the business keeps going without you and keeps gaining revenue without you. That becomes a true business.

If you have to be in your office, in the rehabs, finding the deals, raising the money, if you're doing all that yourself, you have a job. There's no easy way to cut it. You have a job. Don't let yourself have a job and tell yourself that you own a business. You just have a job. Truly own a business. Implement the systems. Take your business to the next level.

And that's what this podcast is about. So guys, again, I'm Justin Colby. I'm your host here at the Science of Flipping. I'm excited about this today because truly I was at a mastermind event, a mastermind event just a couple days ago this last weekend and it blew my mind. These mastermind events are very expensive but they have very high level entrepreneurs, real estate investors, marketers in these rooms. It is a close-knit of people that have all gained a certain level of success within their business. We can all relate to each other about the hurdles that they've had to overcome

their profit versus revenue their bottom lines the amount of work that they're putting in versus outsourcing that work so we get in there and for two days we shut the doors and we have at it we just beat each other about how to make their systems better. We give golden nuggets about how to make your business better. I receive golden nuggets about how to get my business to where I want it to be and the systems that we need to implement to get our businesses to where we want them to be. So this weekend just blew my mind. I don't know how else to say it. It was an incredible group of people. Incredible group of people. Some of the biggest names in real estate, biggest names in marketing, biggest names in several different industries. And I was there and I was so grateful to be there. To hear what they had to say, to hear how they built their business to the point that it's at today, and how that I can get my business to even bigger and better and reach higher goals than what we're already at.

So guys, today, we're just going to be talking about the mindset we're going to be needing as an entrepreneur and the decisions that you have to make or the decisions that you don't make and how that affects your business. Now again, the subject matter will revolve around real estate. That is what this podcast is about. But don't get me wrong. We are talking about the mentality and the decisions you make as a business owner, as an entrepreneur to get your company and yourself to the next level.

Make decisions today about what you want your life to look like in 10 years. Don't wait and make decisions today about what you want your life to look like in 10 years. Don't wait and make decisions today about what you want your life to look like in a week or a month. You see, what I learned was you can't just simply have a vision of what this month is going to look like or what this quarter is going to look like or what this year is going to look like. Start painting that picture in your head. What is my life going to look like or what this year is going to look like. Start painting that picture

in your head. What is my life going to look like in 10 years? What do I truly want it to be like? Do you want to be fully retired and on a boat sailing around the world? Do you want to be somewhat still owning and running your business on a certain level because you have a passion for it, though you're not on the day-to-day decision-making positions, what does your life look like in 10 years? And start making those decisions today. Because you will ultimately realize what you want your life to look like. What you will accept in your life. What will you accept want your life to look like, what you will accept in your life. What will you accept in your life?

Be honest with yourself. What are you willing to accept in your life? And once you have that picture about what you're willing to accept in your life, what your life looks like in 10 years, you can start making decisions today to get the results that you want to reach with that 10 year vision. If you have a vision of what you want your life to look like and you start today with

understanding of what you are willing to accept in your life today, you can start becoming committed to the results and decisions you make on a day-to-day basis. You start with that end goal in mind and you start making decisions today and you become committed to getting the results that you need with that end goal in mind. You see, I didn't create this. I'm very big into reading. I hope most of you guys are big into reading, big into learning. We've invested hundreds of thousands of dollars on our own coaching, on our own mentorships,

on our own masterminds that we believe in gaining knowledge. And whether it's straight real estate knowledge or business knowledge or simply mindset knowledge, we invest in ourselves. And so what I'm about to tell you, I did not create. I will tell you that now. I got this from our boy, and I'm sure you know him, Mr. Tony Robbins. You know, Tony says, decisions determine your destiny. Decisions determine your destiny. So what I was just speaking about, about making decisions today,

becoming committed to those decisions and the results of those decisions, it will determine what your 10-year vision looks like. Now, Tony also says that there's four steps to achieving success. One, write these down. If you are not writing these down, pause the podcast. Get to a spot where you can write these down. Again, I did not come up with these four steps to achieving success. Tony Robbins came up with these four steps to achieving success. Tony Robbins came up with these four steps, but you know what? I'm not trying to recreate the wheel. I'm teaching you

what I have learned in business, in real estate, and I'm highly suggesting, if not telling you, you need to take these notes and start living your life the way Tony suggests. The four steps to achieving success. Decide what you want. Number one, decide what you want. Now in real estate, what does that mean? I want to do 10 deals a year. I want to travel the world while those 10 deals are going on.

I want to implement project managers so I can go travel the world. I want to systemize our marketing so I don't have to deal with it. Decide what you want. Write it down in bullet point format. Make those decisions. What do you want? Next, take massive action. That is the number two step that Tony says is you need to take massive action.

Now, you've heard me time and time again tell you that. That the reason why we've become successful is we don't overthink everything. We start taking action. We decide what we want and we say, you know what? We are going to take action. As a matter of fact, I took action yesterday. You see, I decided that I wanted to help five real estate investors reach the next level in their business. It does not matter what city they're in. I decided I want to help them systemize their business and reach their goals personally and professionally in the next year, in 2014. So I took massive action. I put a post up on Facebook and simply said,

I'm looking to take on five consulting investors so I could help them reach their next level. I took action. And you know what? I have handfuls of people who replied to me and reached out to my assistant saying, I would like to inquire further about what that looks like. You need to take action on what you truly want.

Number three, Tony says, notice what's working and what's not working. So let's start from the 30,000 foot view. What do you want? You want to be able to work two months a year? You want to be able to flip 10 properties a year? You want to spend 80 to 90% of your time with your friends and your family? Now start getting a little bit more granular. Breaking that down. Okay, what does that look like? What systems do you need to implement?

Do you need a project manager? Do you need a marketing assistant? Do you need an acquisition manager? Who's doing your marketing? Who's taking in the leads? break that down and take massive action. Now, once you do that, notice what is working versus what is working. I'll simply relate that to marketing. If you decide I want to send out 1,000 mailers, 2,000 mailers, 5,000 mailers a month. Make that decision. Stick to it. But then track your results. Is it working? And if it's not working, change your approach. Stick to direct mails, but maybe change what you're saying on that direct mail. Now, I'm only using marketing and direct mail as the example of noticing what's working versus what's working. But the fourth step, Tony says, is when things aren't working, change your approach until it works. So as an entrepreneur, you make your decision, right?

Let's go back to number one. You make your decision about what you want. Number two, you start taking massive action. You start saying, you know, what I want is to be able to work for, you know, four hours a week, two months a year. I want to do 10 deals. So you start taking massive action to implement the systems so that you can have that lifestyle. You hire project managers, you hire acquisition managers, you hire a marketing manager, you start your direct mail campaigns, you start systemizing your business, and then you take a step back and see if that's working. Is that allowing you to live your life the way that you want to be living it? And if it's not yet, then you need to change your approach. So number four, Tony says, when things aren't working, change your approach until it works.

Don't be so hard-headed, stubborn, or steadfast that this is the one and only way to do it. If it's not working, then you throw your hands up and give up. That's not what he's saying. He's saying, change your approach to finding the same results. Now, these are things that we've done in our business so that we've been able to live the life that we truly want. He also says the hardest thing to do period is make a decision. How many of you out there can relate to that? How many out there can say you know what I know what I need to be doing.

But I haven't decided to do it. Make your decision today. That is by far the hardest decided to do it. Make your decision today. That is by far the hardest thing to do. Decide today what you want. That's where your true power is going to come from. Because it resonates within you. You've made the decision what you want and how you want to do it. Your true power, your true passion, your true enthusiasm is going to come simply from making that decision.

And making sure that you understand. Now, hear me on this. You need to understand that making the decision is the hardest part. It's like writing your paper back in college or high school or you're writing your thesis. Making the decision to start it is the hardest part. Once you start it and make that decision, usually it starts to flow and you just start going. It's like a snowball. Next thing you know, you have a rough draft. Is it the perfect rough draft? No, maybe not perfect, but it's a rough draft. Just like, you know, Tony says is, um, it might not be perfect, but change your approach, change things up to make it perfect.

Tony says, make a decision often make multiple decisions a day get in the habit of making decisions do not be undecisive whether it's you know making decisions about your business or making decisions where you're going to lunch make multiple decisions a day making decisions about your business or making decisions where you're going to lunch. Make multiple decisions a day.

Be decisive with what you want. Do not be undecisive. No one likes undecisive people. How many of you out there are frustrated when you say, hey, where do you want to go eat or what do you want to go do tonight? And people and friends and colleagues say, oh, I don't care, what do you want to go do? How frustrating is that? That is indecisiveness. You don't love that. No one loves that. Be decisive. Make decisions often. And here's the thing. Learn from your decisions.

You make a decision to go to a new restaurant down the street. Well, guess what? You're going to learn from that decision. You're going to either learn that that new restaurant is great or that new restaurant sucks, but you need to learn from your decisions. Make your decisions each and every day in your business and then learn from those decisions. In real estate, let's just continue speaking as marketing. You make a decision that direct mail is the marketing that you want to do. I love direct mail. The reason why I bring up direct mail is I love direct mail. So you make a decision, we're going to go with direct mail. You start tracking your results. If they're not the results you want, you change your approach, meaning you change what you're saying on there.

And you learned from your decision. Saying, okay, that first approach didn't work. I made a decision to do direct mail. Let's change my approach. Always be learning from your decisions. Here's what most people lack that I have noticed as entrepreneurs. People who own businesses. They don't commit to their decision.

You need to commit to your decision. But like Tony says, be flexible to your approach. Don't just commit to one approach. Commit to the decision to use direct mail. But be flexible with how you do direct mail. You can change what you're saying. Be flexible in your approach. This is huge, guys.

If you are an entrepreneur, I don't care if you do hair for a living. I don't care if you sell widgets. It does not matter. When you make your decision, that is the number one key is you need to make the decision. Then you need to commit to your decision. Commit to it. Unwavering. I'm committing to my decision. But be flexible to your approach. Don't be stubborn. Don't be hard-headed. Don't be a know-it-all. And lastly, guys,

get enjoyment out of making that decision. You need to enjoy making those decisions. Decisions are what's going to get you to what I said earlier about what does your life look like 10 years from now. Work it backwards. My life looks like I'm traveling the ocean blue. I'm literally traveling constantly. I have a lovely family.

We have multiple locations of where we live. Now how do I get there and what decisions do I need to make to get that lifestyle 10 years from now, I want to sell off my business, literally sell the business and only invest in real estate that I want to be investing in rather than investing in real estate that gets me paychecks because we need to invest in this to keep revenue coming in. And work backwards. Enjoy that process. Enjoy making those decisions because those decisions get you to where you want to be 10 years from now.

And those decisions start today. If you want to live a healthy life, if you want to live a strong life, make decisions to eat right. Make decisions to work out every day. Even if it's a 30-minute walk, make that decision. Commit to that decision and be flexible with your approach. Guys, you could probably hear it in my voice. This stuff excites me. There's too many real estate investors. There's too many entrepreneurs who go out there and they don't think like this. They have a job. They do everything themselves. They're working in their business. They're not working on their business. And that's why I made a commitment yesterday. I made a decision yesterday to take on five consulting students to help them in the new year with this. It's a passion. I love this. Guys, you guys are going to be hearing a lot more about

how to get your business to the next level, about how to get your mindset right. Because once your mind is right, you're going to start reaching those goals. You're going to make those decisions. Your business and your personal life will be better. You guys are going to start hearing more of these type of podcasts within real estate. I have a passion to get all of you real estate investors to the next level. That's why I put out this free podcast. I'm excited, guys. Get out there today.

The holidays are here. Enjoy your friends and family. That is the number one thing that matters most. You never know how much time you have. Life is short. Our friend Paul Walker passed away last week. Enjoy your friends. Enjoy your family.

Commit to enjoying your friends and family. Spend time with them over the holidays. I will see you guys and hear from you guys over the holidays. I appreciate you all. I thank you all. Happy holidays. We will talk soon. I'm your host, Justin Colby,

and we will talk in 2014. Talk to you later, guys.