00:00:07:32 - 00:00:30:51
Unknown
Welcome back to the Seven Finger Flipping Podcast. We're coming to you today from Cancun, Mexico. And I have an awesome guest today, Josh Schmidt, who's one of the seven figure altitude members and is uniquely crushing it in a tough market with a different strategy than most investors. Josh, welcome to the show. Hello. Thank you for having me. This is a pretty cool event.
00:00:31:05 - 00:00:49:27
Unknown
Yeah it's awesome man. Like you have brought a lot of really cool energy to the group. Like your excitement to build your business, put infrastructure in place. I definitely want to get into that. But before we get into that, let's talk about, you know, how you got into real estate and what your has been to get up to this point.
00:00:49:31 - 00:01:11:50
Unknown
How I got into real estate was in 2019. I knew a guy and, had a conversation with him and he asked what I did for a living, and I said, I'm an accountant for a, property management company. And he said, oh, I, I switched from flipping cars to flipping houses, and I got a bunch of houses, and I'm not organized at all.
00:01:11:55 - 00:01:13:37
Unknown
You're an accountant. You must be organized.
00:01:13:37 - 00:01:26:32
Unknown
Help me organize things. And I said, sure. And then before that, I had talked to a bank twice, and I said, how do I get rental properties? And they said, well, you need 20% down.
00:01:26:32 - 00:01:30:27
Unknown
well, I have $5,000. So I guess I'm not buying any rental properties. And that was it.
00:01:30:40 - 00:01:50:22
Unknown
Yeah. And then after talking to this guy in 2019, he was like, you don't need your own money. And I was like, what? And so I hung out with him for like a year, just learning everything I could from him. And I bought, a rental property from him for, like, $50,000. Got a loan for most of it.
00:01:50:26 - 00:02:16:45
Unknown
Cashed out a 401 K to cover the down payment. And then over the next few years, I'd add 1 to 2 houses a year that I would, rehab myself. Not swinging a hammer, but I would rehab and then keep it as a rental. And then in 2014 or 2024, after about five years of doing everything myself, doing one at a time, you know what my what my health could fund is all I did.
00:02:16:45 - 00:02:21:16
Unknown
I didn't want to borrow any money from any hard money lenders or expensive money.
00:02:21:16 - 00:02:48:33
Unknown
And then I joined, deal flow Real Estate, Cameron Kafkas group all about flipping and and six days. I bought six houses. Well, after joining. And then on the seventh, I bought a car. And, you know, that was, you know, how to how to build relationships, how to flip houses, how to do deal analysis, how to do a rehab budget.
00:02:48:37 - 00:02:51:31
Unknown
And then after
00:02:51:36 - 00:03:09:02
Unknown
about a year later, which about six months ago, I joined seven figure flipping and I did a five day, private money challenge. And I knew that because it only cost like $20, there's going to be some kind of sales pitch or something.
00:03:09:06 - 00:03:13:14
Unknown
but I'm already in a local mastermind with my original mentor.
00:03:13:18 - 00:03:37:48
Unknown
I'm in the deal flow mastermind, so I'll mastermind it out, you know, like, no more, no more. And then, you know, I had met Bill before he spoke to, Knoxville's best real estate meetup. Like last year, and I knew that, you know, he he preached all the same things Cameron preaches, which is treat people right, be of service, be a good dude.
00:03:37:57 - 00:04:04:23
Unknown
Yeah. So, and so I knew, you know, there was good stuff there. And then when I got to the end of, like, the five day thing, it was like, well, here's our runway info and here's our altitude info. And I'm like, damn it, damn. It's like, this is this would be really good for me. And I was like, so I remember talking to my wife, she was like, if it'll be good for you, it'll be worth it.
00:04:04:24 - 00:04:27:42
Unknown
You know, do it. And right away. So right before that, I built the project management system for the mobile home stuff that I'm doing, and so that I can hand that off to somebody, which turned out to be my son, and he's doing an awesome job. And I, you know, took me like, two months to build it.
00:04:27:47 - 00:04:29:55
Unknown
And then I joined seven figure flipping
00:04:30:07 - 00:04:55:05
Unknown
you know, you guys have a chat. GPT seven figure flipping. You know re boss real estate business operating system chat bot that you know I went through it for like a month, you know, answering questions, telling the things about my business, telling it about me. And it built me all these business systems that I'm like, wow, how how long would this have taken me to build?
00:04:55:05 - 00:05:17:29
Unknown
Like, I didn't even know any of this stuff. And so now I've got all these systems set up and I'm only using like a third of it so far. But you know, I'm working on getting more of it, you know, implemented. But you know, you get a treat the it's not just me wearing every hat, doing my job, just remembering everything.
00:05:17:34 - 00:05:39:16
Unknown
You know, this is a real business. Yeah. And, I think a year ago, I did not know what a VA was. And then shortly after getting into re boss and talking to other seven figure members, I'm like, you know, I think I need a VA. So now, it's been about a month. I have a VA and he's doing really good.
00:05:39:21 - 00:05:54:54
Unknown
You know, he's doing a lot of the, the mundane tasks. And every time there's something for me to do, I'm like, oh, can I record this? You know, can I make an sop out of this? Because anything that I can document, then I can hand it off to someone else. It was like the secret I told the group today in the in the room.
00:05:54:54 - 00:06:19:30
Unknown
Right. We had altitude in here. And, obviously we have runway and altitude and runway. A lot of the folks that are like, in here that are from runway, you know, they're in a separate room. And that's intentional because they're not ready to build a business yet. You know, when you're in that 1 to 10 deals completed range, you're looking to get the deal, flow, roll in and get money into your business.
00:06:19:30 - 00:06:43:36
Unknown
And then I think once you kind of hit that 1011, 12 deal flow range, it starts to become a real business. And at some point you're going to outrun your own capacity and you're going to need to expand it through systems, process and people. And I think when you talk about re boss, I told the group this morning, this is not really a real estate mastermind altitude.
00:06:43:36 - 00:07:12:00
Unknown
It's a business mastermind. And we had a speaker today. I don't know if you got to see her presentation, but, Sheila built a veterinarian clinic to, you know, eight figures and sold at a 14 x multiple. And she just sold that business. That's actually Todd's wife. And, she has been coming to this mastermind with Todd for six, seven years.
00:07:12:05 - 00:07:39:24
Unknown
And she's like, I learned most of my business acumen coming to this mastermind. And then that encouraged her to go find out, like a veteran specific or veterinarian specific mastermind, which is really cool because real estate is is just the widget that we're using. But ultimately it's a business. Yeah. I love that. You know, you started out like every investor, like, let's get some rentals, get some financial freedom, some passive income.
00:07:39:24 - 00:07:44:45
Unknown
And then you went kind of learn the house flipping game, but at some point you got into
00:07:44:49 - 00:07:55:17
Unknown
mobile homes like, why mobile homes? And how did that even come to be for you? It was an accident. Okay. I had we were in
00:07:55:22 - 00:08:10:11
Unknown
summer 2023. We were in Ohio for a funeral, and I got a picture of, a house that was on fire that I owned and, the next day, I tried to back out of buying a flip.
00:08:10:11 - 00:08:32:31
Unknown
There was a house that I wanted to buy. Before. Before I joined any groups about flipping, I tried to buy a house that I thought I needed $60,000 worth of work. And then after my inspection window closed, my contractor looked at it and said, it needs $100,000 worth of work to buy it. So I said, okay, I'll just back out.
00:08:32:33 - 00:08:47:58
Unknown
You know, I've backed out of a couple deals before I lose my earnest money, no big deal. And the sellers said, no, you can't back out. And I'm like, but you can just keep my earnest money. Like, let me back out now. Like, no. And I was like, well, I guess, I guess I'm not going to fight it.
00:08:48:03 - 00:09:12:52
Unknown
But it was on a double lot. So I got a survey, separated the empty lot next to it, cleaned out and listed the house. I made $10,000 more on the house than I just paid for it, and I kept the land. And then the insurance, worked out well on the firehouse. So I had two pieces of land.
00:09:12:57 - 00:09:29:34
Unknown
And, you know, I'm a house flipper, and I want rentals, so I figured I would just build two houses and then I looked at building cost, and I was like, I'm not going to build two houses. That doesn't make sense. Doesn't make any sense. I don't want to lose money every month on a rental just because it's brand new.
00:09:29:38 - 00:09:51:10
Unknown
So my my contractor was actually like, if you looked into Clayton Homes and I was like, well, my first job in Tennessee was actually the Clayton Homes factory. I worked there for two years when my oldest son was born, and I love the company. And so I went to Clayton Homes dealer, and then I talked to him about numbers, and they broke it down for me.
00:09:51:10 - 00:10:13:40
Unknown
And it made a lot of sense. So I put two houses on those. Those two pieces of land sold them, did really well on them, and then talk to me about numbers on those, because I think there's a lot of stigma around manufactured homes and, I've got some opinions of why they're really valuable today. But I talked to me about the numbers on those.
00:10:13:49 - 00:10:42:01
Unknown
So you basically have two lots. What size where these lots. Quarter acre were? Yeah, about a quarter acre. Just barely big enough for, you know, house and then meeting the setbacks and in general, the, the land I usually pay between 10 and 30,000 for the land. Okay. And then the house itself is around 70,000. Okay. And depending on the lot, the set up is anywhere from like 40 to 60,000.
00:10:42:14 - 00:11:07:17
Unknown
Okay. And so with the house of 70, the set up, I'll just round of 50. So that's 120 and then add 30 for the land. That's it's usually about 150 all in. Yeah. And then the they all have sold for 225 and one sold for 215 one for salt sold for 260. And about a year ago about after doing it for about a year,
00:11:07:31 - 00:11:33:11
Unknown
The Clayton homes dealer I went to provided me a project manager and the first like six houses I did with them. I think the average was like 280 days is what it took to get the mobile home and get it set up. Permitted all that. Yeah. Wow. Yeah. And and so I started getting more involved. Like at first I was like, oh, project manager, do your job.
00:11:33:16 - 00:12:09:49
Unknown
I'm going to leave you alone. And then I saw how long things were taken. And so I got more involved. I would you know, ask him weekly what's what's next? What do I need to do? What are you working on? How does this work? How does that work? Just learning everything I could about it. And then after I got comfortable that I could do all that, I built the, the project management system that I had in asana, which, you know, started out as just like a checklist of like six things, you know, like, right, order insurance, you know, cancel utilities or, you know, like, super simple, you know, the steps to do it.
00:12:09:53 - 00:12:35:21
Unknown
And I've got that, you know, fleshed out really good now. And that my son, you know, took over that job for me and it's his first job ever. And he's doing amazing is incredible. Yeah. And and so I have, one of the spreadsheets, I have a projects tracker that the rebels built for me. And my average days now is like 110 days as beautiful.
00:12:35:25 - 00:13:01:00
Unknown
Yeah. This is so cool because, you know, as house flippers, we get into this pain of contractor management. I mean, you know, you literally are planning for a 10% contingency because once you open up those walls, once you start. Oh, it's a start in. Yeah. There's always something you just can't see when you go walk a house that's existing and old, and you're not just rehabbing mobile homes, you're literally clear land brand.
00:13:01:02 - 00:13:27:54
Unknown
You're just plopping a new one on there. I'm a land developer. You're a land developer. What are some of the challenges somebody might face? Putting a new mobile home on a on land? The good thing about doing mobile homes is that 90% of the surprises happen before you buy the land, because it's it's all, you know, you can find out if it's not flat enough, if you have to add a lot of dirt, that's an extra cost.
00:13:27:54 - 00:13:47:16
Unknown
If it's, you know, septic, which I've, I've stayed away from septic so far, but at some point I'll start doing septic. Like, that kind of scares me because you got to get a soil test and you got to wait for that, and then you got to, I guess, hope it gets approved for a septic tank. And then, you know, is the city going to be good to work with?
00:13:47:16 - 00:14:03:05
Unknown
Are there going to be permitting issues? I've got one that's in a flood zone that when I bought it, the guy who was my partner on it who found the land said that, oh, it had a survey already. So it's good to go with the flood stuff. And now it's six months later and I still don't have permits.
00:14:03:05 - 00:14:34:43
Unknown
Yeah, because of the floods. Okay. But so it's a lot of the can there county municipality type stuff because you're getting, you know, permitting and not not every county, not every city is pro manufactured homes. There is a a couple of years ago, there's a HUD ruling that is, anti housing discrimination where, a city or municipal municipality can't say no just because it's a mobile home interest, as long as it's a double wide on a permanent foundation, you can put them almost anywhere.
00:14:34:48 - 00:14:57:31
Unknown
Yeah, that's that's really fascinating. And of course we cannot because we do some manufacture of houses in Florida as well. And it's been a really powerful strategy, I think as the market shifted in 2022, I mean, we had house flippers in the community literally doing, you know, 100, 200 flips a year, like flips. I'm not talking about wholesaling deals.
00:14:57:31 - 00:15:24:11
Unknown
I'm talking about projects in construction. And in July of 2022, the interest rates started to go up. And through October of 23, they peaked at like 8%. So these guys have like 2030 projects going on at one time. And interest rates double, triple. They literally watched their profit margin disappear. So we see this massive shift and then we see affordability because of interest rates go through the roof.
00:15:24:11 - 00:15:56:21
Unknown
So as we were looking at our market in Florida, where the median price points 415,000, we were seeing the higher price bands still sell, you know, million plus. And we were seeing below median sell. Well, the mobile homes are transacting well. And our our most recent exit on a mobile was in December, last December. And we put it on the market on December 2nd literally under contract over ask on the third one day, one day on market in December before Christmas, after Thanksgiving.
00:15:56:26 - 00:16:17:40
Unknown
Like the worst time to be on market and it's affordable. You know it's up $300,000 and and oh by the way, you get land which is undervalued. I think you don't realize how many people would like to just have their own land. Yeah. And the ones, the ones that I'm doing almost exclusively now have finished drywall, nine foot ceilings.
00:16:17:45 - 00:16:39:56
Unknown
So you're paying more to get the finished drywall, which is usually how much more expensive. For me, it cost $15,000 more to get a drywall house. I was like, I was the one that has, just the bait and strips right on the, the seams. And it's it's worth it. Do you find that pulls a higher sale price on those?
00:16:40:01 - 00:16:59:46
Unknown
I've only sold one and yes. Okay. It was it was in a bad part of town, but it was a good a good spot, like a good lot. That seems real private. You know, if you walk a little, if you walk, you know, 100ft from the house, you're, you're in trouble. But you know, the actual if you're on the house, it actually looks nice the, the lot and, you know, feels real private.
00:16:59:46 - 00:17:24:18
Unknown
And that one sold for like 40,000 more than than all the rest have. Are there a lot of mobiles in this area that you're doing deals in? Most of my comps or my house is now. Okay. So there's not a ton. Are these like in Florida, for example, we have like areas of a city that have a lot of mobile homes, like, oh, there might be a whole it's not a park, but there might be a whole street that have, you know, mostly manufactured homes.
00:17:24:18 - 00:17:50:52
Unknown
And most of mine have been in Knoxville and Knox County. But if you go, some of the surrounding counties have a lot of mobile homes. Okay. So so if you get a lot, is it like in the same neighborhood of regular houses and then there's a mobile? None of mine have been in nice areas. There was one, that I helped a guy do his first mobile home project.
00:17:50:57 - 00:18:23:46
Unknown
And he said he owes me some kind of fancy dinner because of all my help, but, his was in, like, a decent, decent neighborhood. Like 34 with the houses. Yeah. Real houses. Yeah. And because of that, he spent, like, 25 grand on a nice driveway. But, all of mine have been in rundown areas. There's one where I put three houses on the street, and I think, like, four other houses need to be torn down still, you know.
00:18:23:46 - 00:18:39:39
Unknown
Yeah. And then, a couple of them were on, like, tax sales that I got where there was an abandoned house that the city tore down like a couple years ago. And then I bought the land after that. And, you know, not a rundown neighborhood, but not a great area.
00:18:39:39 - 00:18:44:17
Unknown
I haven't put them in any, any nice areas, but around other houses.
00:18:44:22 - 00:19:13:12
Unknown
Yeah. Like, not just manufactured homes. I think it's a really under valued strategy. It feels like it's becoming more popularized now. And I don't know that every market this works in, but I mean, you're making 40, $50,000 and you're not actually having to do a rehab. You're you're having a really be a true project manager and get a structure placed and then make sure it's hooked up to sewage and water and all that stuff for us.
00:19:13:12 - 00:19:49:04
Unknown
It's all all subjects or we're, so we are doing a lot of subjects and we see similar costs. Well, we'll buy the mobile land and in you're a mobile home dealer, so you have a license to purchase direct from the shops. We buy through a dealer like you, and we'll typically pay like $75,000 landed. And, we're usually buying an existing old manufactured home that will tear down for 10 to 20 grand, and we'll put a new one on there, and it's usually another 45,000 to get the whole infrastructure in one place.
00:19:49:13 - 00:20:10:21
Unknown
Yeah. So there was an existing septic. We may be able to salvage it or we have to replace it. And then there's already electrical hookups. So you know, most of it is the infrastructure is there. So we're not taking necessary land home development packages like you are. But we like those existing place where we kind of already know what the the stuff was already set here.
00:20:10:21 - 00:20:40:09
Unknown
The setbacks are pretty close. And yeah, we've got the infrastructure in place. So there's a lot of models you can do. If the, if the land is big enough to fit a house, generally it'll work. Yeah. It'll, it'll, it'll sell for enough to cover itself there and make some money. Cool. Let's talk a little bit about your experience and altitude because like you came in here guns blazing, which I always love when somebody does like the best people I feel like who grow the most are the ones who come in and, like, they're so fast to execution.
00:20:40:14 - 00:21:00:10
Unknown
Like you came in here, you grabbed a piece, you didn't grab everything, you grabbed a piece of the community. You're like, this is really important to me, I need this. You start implementing it, building the infrastructure in your business. I love to just kind of hear your experience with, like, that value. And then maybe some of the connections you've made and people who you've been, you know, connecting with or working with.
00:21:00:16 - 00:21:21:01
Unknown
I jumped on the rebar immediately. I, I think I had a ChatGPT account, but I never used it. Yeah. And using that to set up all the systems in my business was just like I was I was obsessed with it for like a month or two. Yep. And you know, I, I kept running into my usage limits for ChatGPT.
00:21:21:10 - 00:21:23:05
Unknown
So then I'm like, well, damn. Well, I guess I got to pay for this.
00:21:23:09 - 00:21:25:10
Unknown
Yeah.
00:21:25:15 - 00:21:42:26
Unknown
And, you know, like, I tell my wife all about it and she's she's a teacher. She's not, you know, into any of this stuff, or, you know, she's also not into, like, organizing things and filing things. Yeah. You know, looking at numbers, analyzing thing, you know, just completely different person, which is, you know, awesome.
00:21:42:30 - 00:22:09:11
Unknown
Because I couldn't handle another one. I may be the, like, you know, I'd tell her all about it, and she's like, I'm glad you're excited. That's so cool. I love your excitement. Yeah. Like, you know, and so I there's there's so many things. There's so many courses and things to watch that, you know, I, I think I had like a schedule like, okay, I want to do the, the VA training, I want to do.
00:22:09:16 - 00:22:39:59
Unknown
There was, there's one house that I'm working on where I'm flipping the house so that I can get the land next to it smart. And I'm like, well, let's watch the, the flip training, you know, videos that, so Tyler did. Yeah. Tyler Jensen and, the I was like, when I, I got to watch this. So I watched that, you know, I've, I've, I've hand-picked a few different things to, to look at and learn, but most of it has really been rebars and using AI and, you know, just asking questions.
00:22:40:12 - 00:22:41:06
Unknown
Yeah. You know, like,
00:22:41:09 - 00:22:55:06
Unknown
you don't you don't need everything. You need places. I think that that's the difference between when I watch somebody build describes it as a gym. Like, you don't go to the gym and use every piece of equipment. You go there and you work out one muscle group, and then the next time you come get the next thing you need.
00:22:55:11 - 00:23:15:30
Unknown
And I think it's really powerful, like the way that you came in and just grab the pieces you need implemented them. Then you go, okay, what's next? And I said, Rebus, you know, I like I asked, email management, like, how do you guys manage email? And you, you shared your Eisenhower matrix. And then I plug that into, ChatGPT.
00:23:15:35 - 00:23:41:40
Unknown
The seventh figure flipping chat. GPT and I said, what do you think about this? And then it it already knew all about my business and how I, you know, generally do things and it didn't like your Eisenhower matrix. All right. You know, so it it developed a different one. Cool that, you know, I have five labels. One things I need to do, things my VA can do like newsletters just things to, you know, catch up on eventually.
00:23:41:45 - 00:24:11:47
Unknown
You know, things to file. And then when everything's done it goes into this last folder like a completed folder. Yeah, yeah, yeah. And that's been working really well. And I think for the people who don't know, like we've been around for over a decade as a mastermind. So you got to imagine some of the best investors in the country over the last ten years have been through this mastermind and their collection of best practices and things that work and didn't work is like incredibly robust.
00:24:11:52 - 00:24:35:08
Unknown
So when I came on the scene, we we have always been firm believers and business operating systems. So obviously there's iOS and Imus and all these kind of big general business things. And over the years this real estate business operating system has kind of evolved from those things. So everything if you're listening to this, an operating system is just the infrastructure in your business.
00:24:35:08 - 00:25:03:34
Unknown
The systems, the process, how you hire the people you put in place, what their job descriptions are. You're meeting rhythm and it goes all the way down into, you know, your your vivid vision, your three year goal is your one year goal, is your quarterly goals, through as detailed as a revenue optimization inside of your business, looking at your different kind of marketing funnels and sales conversions and, it's a it's a cohesive way to run and build your business.
00:25:03:34 - 00:25:28:49
Unknown
And there's a guy that that runs the biggest wholesale company in Knoxville. And I told him that I joined center for flipping, and he was like, oh, I was in that years ago. And I'm like, oh, okay. So he obviously learned something valuable to become the biggest wholesaler for sure. Knoxville. And then another thing was the boss, you know, my goals not to make money.
00:25:28:54 - 00:26:01:05
Unknown
My goal is to have a family life, to not be working 60 hours a week. So, you know, my my main thing is basically working 15 hours a week. That would be the dream. You know, I, I can I'm already flexible and I can do school stuff with the kids and, you know, take them on trips and do things with them because, I don't have to ask my boss if I can take next Thursday off and, you know, like, I'm working with, you know, claw now to, like, really dial in that 15 hours.
00:26:01:10 - 00:26:26:01
Unknown
And I even told it, you know, last week or a few days ago before this trip, I said, I'm going to be in Cancun for a week. What do I need to do? And I said, nothing. They said, you've got your VA doing your email, managing your calendar. You have your son managing the projects. You know, there's no new leads coming in right now that, you know, like if something comes in, send it to your VA and he can analyze it with your deal analyzer spreadsheet.
00:26:26:06 - 00:26:54:21
Unknown
So, I mean, setting up the system so that I can just kind of check in on things. And with my that's why we did that exercise today, by the way with with my son. So it's so funny. My son's my project manager, my first employee. It's been like nine months now. He's been great. There have been a few times where he would, you know, texting with him in my realtor about something project related.
00:26:54:26 - 00:27:10:20
Unknown
And I jump in and I say, oh, I think you need to do X. And then he's like, no, no, no, we we need to do Y because of this. I'm like, oh, okay. And there was like three times that happened in a week. And I was like, you know what? I'm just going to shut up. You know, like, I don't know what's going on.
00:27:10:20 - 00:27:46:35
Unknown
Exactly. You're not on the ground. And I don't need to know exactly. Yeah, I need to know. You know, I need to have, like, a bird's eye view in general. What's going on? And I need to know that you can handle it. And it's being handled. And one of the big things I learned in my time leading in the military, you know, if I look back on 20 years of leadership is as a commander in the Marine Corps, you're taught to give your Marines the what and the why, but not the how you want to empower them.
00:27:46:40 - 00:28:06:45
Unknown
So at the end of the day, you know what we have to accomplish. You know why we're going to accomplish it. If you take a path that I don't wouldn't take to get there, it does not necessarily the end of the world. And that's how it might be better. And that's how you develop people to be their own critical thinkers, so that you're not always frustrated with the decisions that are making.
00:28:06:50 - 00:28:23:48
Unknown
You have to let people get experience, and in some cases, you also have to let them fail. Yeah, so long as it's not going to be catastrophic. And I think that's really cool that you've got the wherewithal to kind of step back and let him take the reins and understand you're not on the ground. And he is, and be able to implicitly trust him like that.
00:28:23:48 - 00:28:49:09
Unknown
And with my son the first month, you know, I I've never hired an employee before. And like the first month, I was like, okay, you're going to call the gutter guy and you're going to say these exact words x, y, z, and then you know, you're going to do this and then you're going to do that. And, you know, and, and it was, so micromanaged that, you know, like, no, it's the opposite of what you just said.
00:28:49:09 - 00:29:09:45
Unknown
Totally. And now I say, okay, this needs to get done. If you want, I can tell you what my experience was for, you know, the best way to get it done. But I'm just going to tell you what needs done, and you can figure it out. And if you, you know, and and whenever I, you know, I said, don't ever just ask me a question.
00:29:09:50 - 00:29:29:51
Unknown
Have a solution. Always. You know, I have, you know, like you have this problem. Don't just say, hey, dad, I got this problem. Say, these are a couple possible solutions. What do you think? And that's, you know, it teaches them how to think, you know, features and solve problems and empowers them and their own growth path. I think it's really cool.
00:29:29:51 - 00:29:49:17
Unknown
And the fact that it's your son, you know, you're really transferring this experience and legacy to him beyond like a business and money. It's he's getting, experience he otherwise wouldn't have if you didn't have this entrepreneurial spirit. Yeah. He doesn't want to be in the business or he doesn't want to have the business, but he is going to school for interior design.
00:29:49:22 - 00:30:17:36
Unknown
And so him being basically, project manager, that's exactly what he's going to be doing as an interior designer. You know, it'll just be different things inside a house instead of, you know, setting up a mobile home. So he he sees the direct, you know, job correlation, you know, so he's excited about it. Yeah. It's really awesome. I think today we talked we did some re boss planning, kind of high level planning.
00:30:17:36 - 00:30:43:11
Unknown
And I talked about a couple of different things today, which was, an SoC or no shit owner's compensation and net worth. And what I find is that when it what makes maybe us different than other people in seven figure flipping other masterminds or communities is I really we really encourage people to build their business, not mine, not somebody else's.
00:30:43:11 - 00:31:07:42
Unknown
So it's it's beautiful to watch somebody say, I want freedom. Most people get into real estate as an investor for some kind of freedom. And what ends up happening is you get in rooms like this and you see the big companies that are doing 200, 300 deals and you kind of get feel like you get pulled into having to build somebody else's business because you see other people doing it.
00:31:07:42 - 00:31:25:21
Unknown
And then our egos get into play. And I think for us in this community, it's very important that everybody builds their business around the lifestyle that they want. Of course, we've got people doing hundreds of deals and big teams, and we've got people doing 20 deals a year with great profit margins. But all their time for, you know.
00:31:25:30 - 00:31:46:25
Unknown
Yeah. And I'm not you know, it's it's sometimes I just copy, you know with, with bills infinite banking and, and you know, money stuff, you know, I literally just copy his brilliant. I did to as much as I can. I just copy that. But I'm not going to copy blackjack real estate. Right. Because, it's not your models.
00:31:46:27 - 00:32:07:26
Unknown
Yeah, I'm doing mobile homes. And every time I ask, like, I ask a question in the group chat or to someone directly, like, hey, I have this issue, or I want to I want to build this out. I want to do this. How do I do it? I've never gotten just one answer, you know, it's always, here's how I did it.
00:32:07:35 - 00:32:27:11
Unknown
Here's how I did it. Yeah. And with a VA, you know, I, I asked a lot of questions about that. And a lot of people did a lot of things that I have no interest in doing for sure, or didn't need to do. But I found what I, what what's working for me and what worked for me to get me comfortable to, you know, take that leap to hire a VA, right?
00:32:27:20 - 00:32:46:52
Unknown
Because it was it's, you know, giving someone my email in and they he has access to everything. You know, for sure. He doesn't have access to the bank accounts, but he's got, you know, like logins to things. But it's part of the system. It's part of what's giving you some freedom. You're here in Cancun. Your whole operation is still moving forward.
00:32:47:01 - 00:33:02:22
Unknown
I still sold two houses and bought a piece of land. This week is incredible in Cancun, even though the bank locked me out because I'm in Cancun, I still managed to call the bank, had them do a cashier's check instead of a wire. And then I had my son, my other son go pick it up and and deliver it to me.
00:33:02:22 - 00:33:19:22
Unknown
Yeah. It's awesome. And we had somebody today. I don't know if you know this, but and I can't she I said, where are you going? She was leaving like in the morning like, oh, I'm going to the consulate to sign a deal. Like that's incredible. I did that in Vegas once. Like when I first started, I did a closing.
00:33:19:22 - 00:33:40:40
Unknown
I had some mobile notary bring it to where we were in Vegas, and I was like, this is pretty cool, super awesome, super awesome. All right. I'm very, very thankful. Very grateful to be in seventh. It's so awesome to have you, man. If what is something you if you could tell the audience something is there. Are you partnering with people in Knoxville?
00:33:40:40 - 00:34:07:55
Unknown
Are you raising capital for your deals? Are you buying from other investors? Like how could people potentially work with you in Knoxville? I am the easiest way is to is to, fund the deal, be a private money lender. That is, I've replaced about two thirds of all of my my funding. I've gotten rid of hard money for the most part, or two thirds of it, and replace it with private money.
00:34:08:00 - 00:34:36:01
Unknown
And I'm looking, you know, always looking for more private money lenders. I don't have, any rich uncles or anything. So, yeah, I got to rely on people that I know through networking. And then if you know, if anyone has land that, you know, is for sale, that's if you're in Knoxville, you have land for sale. If you want to learn about mobile home, I spend so much time talking to people who, you know, randomly call me like, hey, Adam gave me your number, you know, said, you doing mobile homes?
00:34:36:01 - 00:34:55:12
Unknown
Can you tell me about it? And the the 3% that actually do it and make it worth all the other phone calls for sure. I agree with you. Yes, people don't do it, but that's okay. I just try to limit my initial call now, you know, like I'll give you a I'll give you 20 minutes if you want to learn about it, but then I need let's see if you're an action taker.
00:34:55:12 - 00:35:20:27
Unknown
Yeah. Yeah. Exactly. Okay. So people wanted to reach out to you. How can they reach out to you? I'm on Facebook. Josh Schmidt, the, my company is home. Schmidt homes. Home. Schmidt. Ho. I don't have a website or anything, but I just use, Facebook. And my my wife, that was that was her big contribution was I said, you know, I want I want some kind of name, but, you know, Schmidt sounds like shit, so that's not a good name.
00:35:20:32 - 00:35:41:45
Unknown
I was like, what can we come up with? And she was like, how about home, Schmidt Homes? Or what? Oh, I like that. Cool. Nice. Because it's a play on Sweet Home, sweet home I got it, I got it. It's like an inverse. Super cool. Okay, so you guys can find Josh on Facebook. Josh Schmidt m I t no d yes.
00:35:41:45 - 00:36:05:11
Unknown
In their duties. No. D civil. Tennessee. Knoxville, Tennessee. Does, land home packages, manufactured homes, new builds on, land. Really awesome. Got lazy money laying around. You want to get it employed into an asset class? It's still moving today. Like manufactured homes. Josh is your guy. And for everybody else, I'd say thanks for listening and I'll catch you.
00:36:05:11 - 00:36:05:56
Unknown
On the flip side.
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