Back by popular demand, all of your comments are calling for it, you want
more information on how to build a Power Team so today we're going to be going
live and we're going to be getting some real information, real questions from
people as we show you how exactly does you go about building a team to support
you so that you can get your life back step into deeper freedom and love how
you're actually going about building your wealth.
Alright, friends, how we doing? This is Kris Krohn. - Hi, guys. Steven Michael Miller here.
- And today we're going to be doing a follow up, this is our first time doing a facebook
live and it's going to be on how you build your power team and if you've seen some
of our youtube videos or some that we've posted then you actually know that this
is a really important topic. What we're going to do is, we're going to do a
quick rundown on what it is and then we've got Nate in the back that's going to
be taking questions, going to be moderating so that we're going to make this very very
interactive today, it's going to be definitely a different style of video. I
think the most important thing that we can start off with is, why a power team
in the first place? And by the way, we want you to comment why do you think
it's important to be able to build your power. - Yeah, actually right now in the
comments, just right what is the number one thing that you need in a power team,
just go ahead and put right now in the comments because this is really what
we're going to be talking about and if you need something, we want to be
seen from you, we want to kind of respond, this is a live video right
now so go ahead and put your comments in right now but why a power team? And I
think this may be an obvious answer to people, Kris, but I think the biggest
thing that we need a power team for is to fill in the gaps where we don't have
expertise. One of our most famous sayings we've been saying for
years and you know which is if you want something done right, don't do it
yourself. We say that all the time and that's what
a power team is about, it's about taking those pieces that you aren't expert in
and allowing an expert to come in and fill those gaps.
- Yeah, and I want to even go even bigger picture on why and I want to go to a
place called freedom, right. I mean the reality is, Steven says, yeah, fill in the
gaps on the things that you don't know, absolutely. In addition, what are the
things that you can do that you don't want to do or that you shouldn't be
doing? I mean, so often we're the ones that are the saboteurs of our own
business and if it's your business and it's not going well then there's only
one person to point at. You've done something wrong, you've made a wrong
choice and listen, don't step into the shame and the guilt of it, how do you
correct that and so you've got to get tied to the real reason for why you're
doing it and that reason for me at least is freedom. I mean, we're gauging in this
real estate, we're going back to our roots where, we're doing it through the
game of real estate, we're doing it intelligently, we're doing it real estate
for the 21st century but it's all about having greater freedom and a team
creates freedom because a team means that when you are coordinated, it means
that they're there to do things that you can't
do or don't want to do or shouldn't do and it's still going to take place which
means guess what, freedom in that moment, more time. - So we talked about the F's, right.
The F's of building your power team, if you've watched the videos that we posted
in the comments, this is kind of the follow up for those videos. I wanted to
add another F that we haven't talked about. So we've talked about freedom,
finding, fixing, funding, filling, and follow-up, right. These are the F's of
building this power team, individuals that can handle those things for you but the
one half that we really didn't talk about which is I think is what keeps
most people out of the game is fear. - Yeah, absolutely. - And fear is something that
I've seen come up amongst different individuals that are part of the
community, people that are first starting to get into the community and I wanted
to I wanted to speak to this fear because I think that if we can learn to
control or overcome or have courage through that fear then we can have the
success and building a power team could sometimes help us get over that
fear. - You know and you can take fear and you can put it in the same bucket as
doubt because fear and doubt, you've got the same chemical process going
through your body that produces fear the opposite with the same chemical is
called excitement so what we'll do is, we'll become nervous and we'll take that
excitement energy, we'll take that adrenaline and our pair of synthetic
system that goes into the fight or flight mode, we're going to translate that into
fear and all the sudden whether it's fear, whether it's doubt, all it really
means is that I have stepped away from my choice of certainty. Steven so often
we are not doing real estate, we're just learning, we're not making it happen,
we're not succeeding because we have lost touch with our certainty for
example, years and years ago, I read a book that was co-written by Mark Victor
Hansen and Robert Allen and it's called the, I think like the one minute
millionaire or something and it was two books in one, it was really kind of
genius because on each side of the book if you flip it around, it was the other
person's book and what it represented was the logic of wealth
building and the emotion of wealth building and Mark Victor Hansen wrote a
very tender story on the emotion of wealth building and what he did is,
he described the story of a woman that had 90 days to come up with a ludicrous
amount of money, a million dollars or something and I've asked myself, if I was
in a situation where I had to build wealth or make a lot of money in a short
period of time, could I do it and I want you to ask yourself that question, when
it matters, will you show up? Because where we get
stuck is in the tyranny of how. Well I was going to do up and then I didn't know
how to do this part and how translated into I didn't do it, my fear rose, my
doubts came in, when the reality is, when you have an absolute certainty for what
you're doing, if you have a greater conviction of what you want and why and
that it's going to be so for example you could say in these next 90 days, I'm
doing a deal and I'm challenging you right now to do a deal in 90 days. 90
days means it's got to be active, it's a realistic time frame and everyone that is a
part of this community, you can do this but are you willing to take on
the absolute certainty that you can do that? What are you willing to put on the
line if not just your word alone? - So for just a moment, I want you to right now in
the comments, talk about what is your biggest fear, just put
it right now in the comments so that we can see it, what is your biggest fear
right now in building a power team or moving forward towards your next deal?
So I want to wait just for a second as you guys are kind of going. Why don't you
talk to for just man, I'm going to look at some of these comments here or
do you have anything coming in? - Alright, okay so I'm going to take this question,
should I go to the bank to prequalify? Let's just hit the F real quick. First of
all, if we've talked about the big reason is freedom, the thing that holds us
back from her freedom is our fear and the thing that keeps us from overcoming
our fear is a lack of certainty which only comes down to a personal compeller
high-water choice then we get into the rest of the F's for the power team. We're
going to hit them just briefly here. Find, fix, fund, fill, follow-up. Find, fix, fund,
fill, follow-up, find, fix, fund, fill, follow-up. Number one, find. You need a teammate
that's out there finding the deals for you unless that's your jam and that's
what you love doing. Remember, a freedom for you is like, I don't like finding
deals then guess what, you get to have freedom by adding a member of your team
that likes to find deals and by having that person, you become free-er so on find,
bring someone to the table. Now normally in most cases, that's going to mean one of
two things, it's either find a realtor, right, if you
go to these networking groups, find a realtor, someone with a license or
investor that has deals that they're going to wholesale or give off to you or
confine for you or it's going to be working with Steven and I where we have an
excess of nationwide amazing killer deals just waiting for you to sign up
and nab one of them. Okay, so you got to have a finder on your team, a bird dog
that can help you do that. - Number two you, need someone who
we'll help fix these properties. - Unless you like fixing which I don't recommend.
- Unless you want to put on the tool belt, you know, some people love to just strap
it on and get to work and you know, pull the hammer out but unless that's you, if
you don't want to be part of that then you need to find someone who's competent,
someone that can get after it and do it at a decent cost, right? Because this
is all about being as profitable as you possibly can and only doing the work
that's necessary as well. So often we get stuck in trying to fix the home up to
maybe your own standard and I will say this right now, if you're an investor, put
on your investor goggles, this isn't about putting granite throughout the
hall, we're updating the gold fixtures, right. This is about fixing it to the
proper measure of what that home in that market will bear and carry so find a
competent individual. Some people have a problem finding this type of individual
and I'll just say this, test out a few people. - Yeah, absolutely. Get multiple bids,
try people out. - See how they work on a smaller job. If they work really well on
a smaller job, chances are, they're going to work pretty good on a large job. - I'm
going to tell you right now, if they're really screwing up something simple,
they're going to screw up the big project so don't do that don't do that. Okay,
number three is, you got to fund the deal, right. This is going to mean one of two
things, either go out there and find your own lending team, your own loan officer,
someone that understands investment lending, portfolio lending, works with
multiple banks and does hundreds of millions of investment deals if they do
that, they're qualified for that or Steven and I, have already built that
here with us, you can just come and use our team and we'll help putting the
funding in place but you got to have that funding person that understands the
banking world that can help make that happen for you. - So you have the question,
someone just had the question, should I get pre-qualified through a bank, right?
Is that what is that what it came through? So should I get pre-qualified
through a bank? And the answer is absolutely. - Yeah, you're using your credit
if you're the one that's doing the buying, yeah. - Yeah, you should always know
where you sit. Going to a bank to get pre-qualified, to get your credit pulled
so they can help you understand maybe where some derogatories are or what you
need to fix or maybe what you need to pay down in order to be able to qualify
for your next deal, that's all part of the planning process. Kris, when you went
out to get your first home, it wasn't this like magical you know, what's
her name, the bibbidi-bobbidi-boo lady? - Bippity Boppity. - The fairy, you know,
she didn't come out and just say okay, you're an investor, now you've
got everything you need. - No, I actually got turned down by a number of
banks and ran out of time and almost gave up before I found one bank that
squeezed me through got my first property. - But you learned what you needed
to do so that you could prepare so that you get that proper funding. You have to
go to the banks to understand what is that they're looking for cause if you
don't know this then you're just going to be sitting in limbo. - And don't let fear
step into the learning process. Banks are going to turn you down. I get turned
down. Their job is to turn people down, they're looking for the lowest risk and
remember they've got their own criteria, it's not a personal judgment, it's not an
indictment but if they don't pick you, guess what, someone else will or you'll
use someone else's credit because remember when you're absolutely certain,
don't let a bank determine what you can or can't do, don't take advice from your
credit, just like you don't take it from your own pocketbook. If I did that, we're
going to stay stuck for a really long time just where we at. - So I just bought a home
and the home that I just bought actually, I was turned down by two other lenders
before I was picked up by one right so the point is, like Kris said, it's
going to happen over and over and over again but make sure that you are
utilizing those tools, get pre-qualified and know where you said. - Okay, the fourth
member of the team that you need is someone to fill the home, right. If this
is a short-term buy-and-hold, if it's a rental, if it's a lease option, you need a
plan for who your PM is going to be. Who's your property manager, who's going to
put people in the homes. Steven for a long time played this role for me and
then he elevated to the upper echelons of the business and did lots of other
things. You need someone on your team that's going to do that again if it's not
you. It's you if you like it or you need to understand it, I recommend that you
try to play a lot of these roles in the beginning so that you can get enough
knowledge and first hands-on experience to learn what's working, what's not
working, what you like and what you don't like so you got to fill the home you
need a strategy for how that's going down. - And the fifth and final is, follow
up, right. So follow up in other words, rinse and repeat again and again and
again. Once you've done it the right way, continue to use that information and go
to your next property and go to your next property or this also may be
part of this is, looking at the marketplace and looking at when is the
right time to then pull some money on that property or go in and transfer it
to another property whatever that might look. - Perfect so right now, what we're
going to do is, we'll open up for questions, we're going to make this this video right
now way more interactive because we've got a live feed rolling and for those of
you that are watching, what are your questions about finding, fixed,
funding, filling, or follow-up as you're building a team, as you're putting it in
place and as you're establishing freedom for yourself or banishing out fear on
any of those six F's, ask away your questions and let's address them right
now. - How do you address family, skeptics, critics? I'm guessing that's what you
mean by that comment so let's just jump into that real quick because the reality
is when you first get started in real estate, everyone who has never done it
which is most of your family, most of your relatives. - What are you doing you
crazy? I told you to go to college, look how you're wasting
that degree. What are you doing chasing these gurus and learnings and education
and getting rich? - I didn't ever do it so you probably can't do it. - Oh my gosh, we live in a
world.. Listen, you have got to surround yourself with people that are going to
support you and your dreams. Remember, listen, don't hold it against them,
remember you also changed your mind, you're just the first to go and the
first to go, sometimes the pioneers take an arrow or two in the back and you've
got to allow yourself to be reconciled with the fact that people that aren't
doing what you're doing are going to just disagreeing with you and that's
okay. I remember when I started getting into real estate, I have all my family
members like, "What are you doing dude?"
Some of them more skeptical than others and then with time,
they either got used to it or started inquiring or asking questions.
Do you remember that video, is while back
and I can't remember exactly where I stopped. I saw this one video, this guy
who they wrote this outdoor music fest or something.
Do you remember this guy? This guy gets out there, he gets out in the middle
and he starts doing his crazy dance, he's just you know, he's doing this thing
like no rhythm, right. He's running his jig, dancing all over the place getting
crazy with the music and he's out there for minutes. I mean, he was out there. I
kept member how long but for minutes and minutes he's by himself dancing.
- Until a second person - Until a second person gets up, joins them, now there's two
people dancing, now all of a sudden, this once lone crazy guy,
lone wolf out there by himself is now joined with another person and he's got
some social cred, he's got some social credibility people like, oh wow,
this is actually fun to be out here dancing then all of a sudden you watch
at this point, it's movie of four they'll it almost in this whole crowd joins this
crazy man dancing. I'll tell you right now, it's same with investing. If you find
yourself wanting to invest but everyone's criticizing you or pulling
you back into the bucket, whatever that might be, stay strong,
keep dancing, do the real estate and you'll find it eventually, you'll start
to get people joining you and all of a sudden your family, your friends, people
that were the biggest critics are going to look at you and say, oh, what are you
doing? This seems to be working. What are you doing? And they're going to step into
that dancing circle and do more and more want to do more with you. - Yeah, this is
the advice that you really need to be very very aware of right now. Is that if
you are doubting any of your decisions to invest in real estate or how you're
learning or educating or what you're going to put in, the moment you've
decided to allow doubt in, it's already over. I promise you won't do a deal while
doubting yourself, you'll always be right in front of the next possible deal and
then it'll be a mile away and that'll be a hundred miles away so doubt, it's too
expensive, you can't afford it. Waiting for the recognition of other loved ones
to support you, it's too expensive, you can't buy that. Everyone has their own
choice, everyone has their own opinions. If you're waiting for loved ones or
close ones to support you in what you're doing, then you might as well just
put your life on hold indefinitely because if you're only going to do what
everyone else is doing, if you're only going to do what other people are going to
accept, you're going to never go anywhere. - Okay, got another question.
How did you determine the timing to sell at an equity growth market?
- Oh, great question. How do you determine timing to sell in an equity growth market? I just
sold a bunch of these. Do you mind if I come in ahead? - Go ahead.
- So I'm actively selling a lot of my homes right now in Vegas, Phoenix, Florida.
I bought up a slew of homes, this was about 3 or 4 years ago so I have
bought most of these homes for at $130,000, most of them had a
rebuild value of around $200,000. After 3, 4 years, most of those homes
have gone up to 170, 180, 190, they haven't gotten even to the rebuild value, I'm
selling and pulling out of the market. Why? Because I've gained a majority of
what I'm going to gain which means now I'm going to get diminished returns so I'm
taking that money and I'm rolling it into my next projects. Projects that have
higher gains that will also eventually have diminishing returns. I'll take them
out, I'll roll them forward and then eventually those investments on the tail
of when they're getting diminishing returns, I'm going to pull it out so I'm always
going for a lion's share of what's available on the strategy and I'm
leaving money on the table, I'm always leaving money on the table because I
value time. I might have to wait five more years and endure a greater level of
risk for the last 20% of profits meanwhile, I've just made another 100%
in this market. While everyone's trying to capture the
tale of that, I moved out and I'm moving into the next opportunity and so as far
as when you go out, it is going to come down to a personal choice. If you're
investing with our team, I recommend getting with your coach and having them
give you a read on the market because basically, you understand where you
bought at, you understand what the market has re-evaluted to, you understand what
it has to get to on rebuild value and the closer I get to it, the closer I am
to deciding whether it's time to sell and move on. - Yeah, another determining
factor could be kind of where you are in life. Some of those equity growth markets
have lower cash flows and you may also be getting to a point in your life where
you just you want more cash flow and don't care so much about that tail
end of equity growth and so that may be the right time to pull your money out,
put it into a higher cash flowing market and start doing it that way. So there's a
lot of different determining factors but I think we've given you a couple
there. - Okay, we got another question.
- What are your thoughts on investing on a newly built home versus an older home 8 years plus?
- Okay, old homes that are older than 8 years,
new homes. First of all, let's just tackle definition of old vs. new. 8 years is
not going to fall into my definition but yeah, if we're talking about a home
that's 3 decades old, now we're getting into old and my definition
really comes down to piping. Steven for awhile has really exploited the whole
industry of, what's a call? The doing the inspections. - Home inspections.
So Steven, what has happened
from the 50's 70's 80's, what if they've been the improvements and upgrades on
homes that used to be using old cast iron, they're now using
different plumbing and PVC's? - Yeah, you know, things have really improved and I
think maybe not to get too much into the nitty gritties of all that but when
you're looking at the home and you're looking at the age of a home, there's
something, there's a difference between the the actual age of the home and then
the, what's the word, it's like after repair age of the home, you know, the
updated age of the home and when you look on the MLS, if you're
looking at a home, it'll put those two different ages and the one
means that's when it was actually built, the other means it's been updated to a
certain point so the estimated age is a little bit different and so when you're
looking at a home, you want to look at the system's, you know you want to look
at the plumbing, you want to see is it cast-iron or have they updated to
either copper or or PVC or things like that, the wiring, is
it old aluminum or even worse, is it knob and tube wiring or have they updated the
wiring because I personally don't really care how old the home is as long as
those systems have been updated and the reality is, we go into some of
these other markets, some of our Memphis and Indianapolis homes, our older homes,
sometimes we buy homes that were built in the 50's 60's 70's but these
homes have also been completely updated so you're essentially
getting a newer home with all the bones but the workings, the systems are all
updated. - Now here's the principle that you need to be focusing on right now.
Understand that getting a deal on a new home is way less likely than getting a
deal on an old home, right. When everything's brand new, it sells at a
certain point and it's fairly static in the market, it becomes elastic the older
the home gets so when you start looking at home that's 20 years old, 30 years
home, 30 years old then all the sudden finding a home with an equity position
or finding something wrong with the house that's easy to fix it would bump
up the value drastically becomes more available so am I out there buying
homes that were built in the last decade? Generally not, we only do that when we
go into our high-growth markets and the market has tanked on something new. Those
homes, I love to buy but frankly they don't perform a whole lot different than
a home built in the 80's 90's or 2000's and so for me personally,
once I get older than 1980, that's where if a home hasn't been updated, you start
stepping into older wiring, older plumbing and just more problems and you
need to anticipate that maintenance and you got to factor that into the ARV,
after repair value, because that home's going to need more money, more maintenance
and as long as you're factoring it, then hey, I'll buy a home that's a hundred
years old and people like, what?! It's like, yeah, for a buck I would totally buy that.
That's right like, every home at the right price can make sense but for the
most part we have a formula and we're following that formula. I hope that
answers your question. - Great questions, everybody. - Any last
questions? Okay, friends, thank you so much for joining us today, thank you for
having those questions and just for a quick, I want you to be aware special
announcement. You need to mark your calendar and be in town and a corporate
office, we have decide whether it be corporate office or here in my home but February 7th,
Steven and I are launching the biggest next level innovation of our
real wealth community and it's not something you're going to
because we're going to show you how to put an extra $50,000 to $100,000
in your pocket in 2018, you're going to want to be there February 7th,
go nuts, it's going to be, this is the biggest thing I've done real
estate, Steven's done in real estate since our inception so February 7th in the evening,
set it aside. For our community members, we will have spent an entire day
training, we've got training also the next day after on the 8th, it'll be
happening in that evening and it's going to be a very very very special time to
release an innovation that is going to touch all of us so make sure you mark it
on your calendar. - See you later. - Thanks for joining us today. I hope this is
immensely helpful for you. If you want a shortcut and step right into an existing
power team that knows how to crush it, go ahead and click the link up here and on
the website you're going to get some information from me and my team on how
we can help you step right into real estate into massive awesome results.
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