Latest / REL Freedom Podcast / BEST OF: Bryce Robertson: Negative Net Worth To Time, Financial & Location Freedom in 2.5 Years

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BEST OF: Bryce Robertson: Negative Net Worth To Time, Financial & Location Freedom in 2.5 Years · REL Freedom Podcast

• 0:00
  Speaker 1: Hello everybody, welcome to another episode of Real Freedom.
• 0:03
  Speaker 1: We're talking about building time and financial freedom through real estate.
• 0:06
  Speaker 1: Today's episode is going back into the history books a little bit.
• 0:10
  Speaker 1: We're going to go back about a year to an episode that we recorded with Bryce Robertson.
• 0:15
  Speaker 1: We were recently at Hunter Thompson's Rais Fest, and Bryce is somebody that got a little bit of awards, a little bit of recognition there.
• 0:22
  Speaker 1: So he was up on stage, led a mastermind panel, also received some awards for what he raised, but he's somebody that is having a lot of success in the capital raising space and while we were out and about at Rais Fest we wanted to pause and to be able to soak all of that in, and so next week we'll actually back with our new episode talking about what we learned at Rais Fest, but before that we've got Bryce Robertson talking about his story and how he achieved financial freedom from $2,000 in his bank to fully financially free in two and a half years.
• 0:51
  Speaker 1: So here's the episode with Bryce Robertson.
• 0:59
  Speaker 1: Welcome to the Real Freedom Podcast, where we inspire you to pursue your passion to gain time and financial freedom through opportunities in real estate.
• 1:06
  Speaker 1: I'm your host, mike Swenson.
• 1:07
  Speaker 1: Let's get some real freedom together.
• 1:09
  Speaker 1: All right, everybody.
• 1:16
  Speaker 1: Welcome to another episode of the Real Freedom Podcast where we talk about building and gaining time and financial freedom through opportunities in real estate.
• 1:24
  Speaker 1: And today's guest, bryce Robertson, has hit the freedom trinity financial, time and location freedom.
• 1:32
  Speaker 1: A little bit of a background about Bryce dropped out of high school, so I know a lot of times people think you have to be successful in school and get good grades and do that.
• 1:41
  Speaker 1: Dropped out of high school had a negative net worth with $2,000 and essentially achieved financial freedom within the span of two and a half years.
• 1:49
  Speaker 1: You lead the collective inner circle.
• 1:51
  Speaker 1: You have a strong desire to enhance physical and mental toughness.
• 1:55
  Speaker 1: You enjoy challenging yourself in outdoor adventure sports and athletic endurance competitions.
• 2:00
  Speaker 1: You love traveling and venturing with your wife and dogs, in addition to being one of the leading experts to inspire and power, empower freedom hackers to live a true fulfillment, living their sole purpose and expressing their freedom through the video cast and podcast, the Freedom Hack Radio.
• 2:15
  Speaker 1: And you also are a host of financial freedom mastery, so a lot of stuff to cover today.
• 2:21
  Speaker 1: Really excited to have you on the show and to talk about just kind of really highlighting the freedom trinity.
• 2:27
  Speaker 1: It's what everybody strives for and you know you're somebody that lifted yourself up by your bootstraps and went out and got it so excited to have you on Beautiful.
• 2:37
  Speaker 2: Great to be here, brother.
• 2:38
  Speaker 1: Give listeners that aren't familiar with you just a little bit back story how you got to where you're at and how that journey happened.
• 2:45
  Speaker 2: Yeah.
• 2:45
  Speaker 2: So Bryce Robertson, a native from Australia, got to near the end of high school and realized I'm not going to university, I just wasn't digging it.
• 2:53
  Speaker 2: I wanted to go out there and make money as soon as I could, but at the time I had no business or entrepreneurship, mentors or influences, so I really didn't know what to do.
• 3:03
  Speaker 2: And I went out there and got what I thought was the highest paying job of working with my hands, and that was a blue collar job.
• 3:09
  Speaker 2: And I got an apprenticeship as a steel fabricator, welder.
• 3:11
  Speaker 2: So I completed a five year apprenticeship in three years and then I went out to the Western Australia and work in the underground gold mines where I had worked for 14 hours a day, seven days a week, eight weeks on, one week off.
• 3:24
  Speaker 2: And I did that for about two years in Western Australia and Northern Territory until I saved up a little bit of cash.
• 3:30
  Speaker 2: And that had a dream in my early 20s to leave Australia and travel the world for six years.
• 3:35
  Speaker 2: And I did.
• 3:36
  Speaker 2: Here's how I did it.
• 3:37
  Speaker 2: I first started with my base camp in London, england, where I'd work.
• 3:42
  Speaker 2: I'd work eight to ten hours a day, five to seven days a week, for three to four months at a time, save up a chunk of cash and then go traveling through Europe until my money ran out and now I would come back work again, go to Africa, and I did the whole UK, europe and Africa cycle for three years and I don't want to change this scenery.
• 4:00
  Speaker 2: So I went from 12 million people in London to 5000 people in a really small ski village called Fernie in British Columbia, canada, because I wanted to experience a snowboarding season.
• 4:10
  Speaker 2: But I loved it so much there and I found out they had some coal mines down the road, so I ended up staying there for two years.
• 4:18
  Speaker 2: I started my own gig out the coal mines and when I wasn't working I was firefighting, downhill mountain biking, snowboarding or enjoying the outdoor mountainous activities, and because of that I didn't really travel that much.
• 4:29
  Speaker 2: Through that two years I did everything there in the mountains, saved an even bigger chunk of cash this time so I could take an 18 month surfing and scuba diving trip down in Central and South America.
• 4:40
  Speaker 2: And in the last six months of that that's when I met my wife, who's a native from California, so naturally I ended up here in the States about 13 years ago, and when my wife and I landed here in the States, we made an agreement with each other we want to recreate this freedom lifestyle, except this time we wanted to do it, number one, without our money running out.
• 4:58
  Speaker 2: Number two, without money growing while we're traveling and having fun and living that same lifestyle.
• 5:03
  Speaker 2: So we went out and looked at the three main ways we can make big bucks, and that's owning a business, real estate and the stock market.
• 5:09
  Speaker 2: I think crypto currencies fits in that last category, but it wasn't really a thing back then.
• 5:13
  Speaker 2: So in the beginning I tried about seven different side hustles and then after a while I realized I was spinning plates.
• 5:20
  Speaker 2: I was having mediocre success.
• 5:22
  Speaker 2: I need to take a step back and choose one thing Now.
• 5:25
  Speaker 2: I knew it was going to be in real estate, because at the time I had a 17-year background in construction and construction management.
• 5:31
  Speaker 2: But what was it going to do in real estate?
• 5:33
  Speaker 2: So it looked at all the different ways to make big bucks self-storage, single-family homes, wholesale fix and flips notes, mobile home parks, multi-family apartments and, over and over and over again, mobile home parks kept popping off the page.
• 5:45
  Speaker 2: Massive supply and demand in favor of mobile home park owners getting to fulfill what I believe is America's number one real estate problem, that's, a need for affordable housing, excellent cash flows, excellent tax benefits, hardly any competition I was in.
• 6:00
  Speaker 2: So three months later, once I made that decision, I went and put my first park under contract, a 40-space park in Southern California.
• 6:08
  Speaker 2: But at the time, like you said before, I had a negative net worth $2,000 in the bank and unseasoned credit.
• 6:16
  Speaker 2: And then how am I going to get this deal done?
• 6:20
  Speaker 2: So I actually went out there and I leaned on family and friends to get that deal across the finish line.
• 6:27
  Speaker 2: And that was my first experience at what we now call syndication, where we bring investors into the mix.
• 6:33
  Speaker 2: So we did that, and then I also negotiated some financing there through someone's retirement account to get that deal across the finish line.
• 6:42
  Speaker 2: And once I got that deal across the finish line, I realized, wow, I can do bigger and better things collectively with other people, also realized there was a big need for investors to join deals where I'm doing all the heavy lifting, and we call that syndication in our space.
• 6:57
  Speaker 2: So for the next two and a half years I rinsed and repeated the same business model and then created financial freedom.
• 7:04
  Speaker 1: Yeah, that's exciting.
• 7:05
  Speaker 1: So I know there's so many people out there that even just hearing a story like this and I think this is why you know you're somebody that likes to take action, likes to take risks so many people are stuck in paralysis.
• 7:16
  Speaker 1: By analysis of they come up with all the reasons why they can't do something.
• 7:19
  Speaker 1: And you just paved a road and figured it out as you went.
• 7:23
  Speaker 1: And so what advice do you have for people that do get stuck?
• 7:27
  Speaker 1: I mean, they're like how do I do a syndication?
• 7:29
  Speaker 1: There's all these different things like SEC regulations, how does that work?
• 7:32
  Speaker 1: And you're like hey, I just went ahead and got money from friends and family and now it's what we call a syndication.
• 7:37
  Speaker 1: So talk me through that process.
• 7:39
  Speaker 2: That's such a good question, mike.
• 7:41
  Speaker 2: So the way that my answer to that is really just like what you have to do is just understand the concept of what you need to achieve Okay, and then have some people looking over your shoulder so a mentor, people who have gone through the experience before that can see the red flags, and then all you really need to do is just focus on the one next step that you need to do.
• 8:02
  Speaker 2: So, like when I was in that position a negative net worth $2,000 in the bank on season credit, no experience.
• 8:08
  Speaker 2: What did I need to do?
• 8:09
  Speaker 2: I need to get it under contract.
• 8:11
  Speaker 2: So I focused on getting it on a contract.
• 8:13
  Speaker 2: Okay, got it on a contract.
• 8:15
  Speaker 2: What's next?
• 8:15
  Speaker 2: Do some due diligence?
• 8:16
  Speaker 2: Cool, I did the due diligence.
• 8:19
  Speaker 2: What's next?
• 8:19
  Speaker 2: Oh, I need money, I need financing, I need investors.
• 8:22
  Speaker 2: So I just did it one step, one step.
• 8:25
  Speaker 2: One step, one step and then I got the deal done.
• 8:27
  Speaker 2: If I had have actually thought in the beginning, oh my God, how am I going to do this, how am I going to do that, how am I going to do that I would have taken myself out of the game.
• 8:34
  Speaker 2: So just focus on the one next step that you need to do and have someone look at it over your shoulder to make sure that you're doing the right thing.
• 8:42
  Speaker 1: And I love how you just focus on taking that next right step.
• 8:47
  Speaker 1: And I think, yeah, sometimes people get so caught up because they think I've got to think three, four, five steps ahead to make sure that I don't hit a roadblock and you're like just, hey, what's the next step?
• 8:57
  Speaker 1: Okay, I got that done.
• 8:58
  Speaker 1: What's the next step?
• 8:58
  Speaker 1: So finding that balance, because you know you talked about get it under contract, do the due diligence and then find money.
• 9:06
  Speaker 1: A lot of times people might think, well, I've got to find the money first, and how does that?
• 9:12
  Speaker 1: How did that work in your world where it's like, let's, let's just focus on getting it under contract, how do I do that if I don't necessarily have the money lined up?
• 9:19
  Speaker 2: In a perfect world, yes, you would have the money lined up first.
• 9:22
  Speaker 2: But look, this is my first deal and I was just like I was piecing it all together and getting it done.
• 9:28
  Speaker 2: So in a perfect world, you would go out there and you would build the relationships with investors first, and then you would.
• 9:35
  Speaker 2: You know you would take that path.
• 9:36
  Speaker 2: You can get stuck on that path too.
• 9:39
  Speaker 2: You can be like well, I'm not going to go out and get in deals, I don't feel confident that I have enough investors yet.
• 9:44
  Speaker 2: You know, work on them both at once.
• 9:47
  Speaker 2: I'd say work on like building your investor group.
• 9:49
  Speaker 2: If you're going to raise capital for deals and work on putting deals on a contract, One of them is going to come first and then you'll just solve the problem of the other one.
• 9:58
  Speaker 2: In a perfect world, you would have the capital there ready to go first.
• 10:02
  Speaker 2: But don't let that stop you from putting a deal under contract, because unless you got a deal under contract, you don't have anything.
• 10:09
  Speaker 1: Yeah, I mean, really it's the simplest two things.
• 10:11
  Speaker 1: It's money and deals, and if you have money, you got to go find deals and you know vice versa, and so those are the two things that really matter as you continue to grow.
• 10:20
  Speaker 1: Okay, so you got that first one under contract and how did that build and escalate from you to yeah, where you said you, you know, in two and a half years time you've essentially achieved your financial freedom?
• 10:32
  Speaker 1: How did you go find some of those other deals?
• 10:34
  Speaker 1: What did that look like?
• 10:36
  Speaker 1: I know mindset's really important, and so you know what were the things that you kind of had to tell yourself to be able to move forward.
• 10:44
  Speaker 2: Well, actually it wasn't really what I told myself.
• 10:46
  Speaker 2: It was actually what one of my mates told me, and it was a guy that I just met at the time.
• 10:50
  Speaker 2: Later on we ended up collectively writing a book together at 10,000 miles through the American Dream.
• 10:54
  Speaker 2: But he was another Aussie that I met.
• 10:56
  Speaker 2: His name is Reed Goosens and he got introduced because we're both Australians investing here in the US.
• 11:02
  Speaker 2: And he's like oh cool man.
• 11:04
  Speaker 2: First phone call he's like oh cool man, you did a.
• 11:06
  Speaker 2: You did a 40 space mobile home park.
• 11:09
  Speaker 2: And I was blown away because I only like, literally just like closed on the deal.
• 11:12
  Speaker 2: I'm thinking I'm feeling like 10 foot tall and he's like so let me ask you, mate, why are you doing such small deals?
• 11:19
  Speaker 2: And then I kind of like took that arrow.
• 11:22
  Speaker 2: You know, at the time I'm like man, I thought I was doing some pretty cool stuff.
• 11:25
  Speaker 2: That was my first deal and then I sat and thought about it.
• 11:28
  Speaker 2: I'm like wait up, why am I doing such small deals?
• 11:31
  Speaker 2: So my next deal ended up being a 200 space park and then just like growing, expanding from there.
• 11:37
  Speaker 2: So really the hardest deal I did was the first deal, and to do bigger and better deals after that has actually been progressively easier and easier.
• 11:45
  Speaker 2: And you know, money was the challenging thing for the first deal and now I've got like more investors than we can throw deals at, you know.
• 11:52
  Speaker 2: So we, you know there's always challenges as you're growing and expanding.
• 11:58
  Speaker 2: But yeah, I mean we just it's all you have to do is just believe that something's possible and then go out and do it.
• 12:04
  Speaker 2: And I think when you're listening to podcasts like this and someone's paved the way for you.
• 12:08
  Speaker 2: One of the things that made it easy for me in the beginning is I went to a real estate meeting.
• 12:11
  Speaker 2: This was before I got my first mobile home park and I'm looking at all these people in Pomi Bahama shirts.
• 12:16
  Speaker 2: It looked like they just got off a cruise ship and they're like, yeah, we've done tons of fix and flips and we've made tens of thousands, hundreds of thousands of dollars.
• 12:23
  Speaker 2: I'm just like, if you guys can do it, it's a done deal.
• 12:26
  Speaker 2: I'm doing it, you know.
• 12:27
  Speaker 2: So you just got to believe in yourself, believe in the process and then plug away at it.
• 12:32
  Speaker 1: Yeah, so for people that you know how you know, maybe they're in single families or multi-families and they've heard about mobile home parks, talk a little bit about the kind of the strategy behind it.
• 12:42
  Speaker 1: You know, what do you do to take where it's at right now and to be able to kind of essentially flip it and resell it in the future.
• 12:52
  Speaker 1: What's the strategy for you?
• 12:54
  Speaker 2: We've actually got a pretty unique position in the marketplace, which not too many mobile home park operators have.
• 13:00
  Speaker 2: We do buy stabilized parks which are about 70 to 80% occupied, but we're really specializing, buying about 50% occupied parks.
• 13:09
  Speaker 2: So they've either got a ton of vacant homes or a ton of vacant lots or a combination of both, and so we go in there and we buy it for cents on the dollar.
• 13:16
  Speaker 2: We're buying it at about, like you know, 20, 22, $23,000 per lot.
• 13:22
  Speaker 2: Where you know when we can sell it, we sell it for about 70, 50 to $70,000 per lot.
• 13:27
  Speaker 2: And we've got our own in-house property management company, our own in-house asset management company and in-house contracting crews.
• 13:34
  Speaker 2: And we just move our contractors.
• 13:36
  Speaker 2: They go live at the park, they knock out all the remodels in a really short period of time, find used homes, bring them in, remodel them, or we bring new homes in, get it all set up, we send our salesmanagers in there and fill up the occupancies and refinance, cash out investors and move on to the next one.
• 13:54
  Speaker 2: And that's really the unique niche that we're in.
• 13:58
  Speaker 2: But for somebody else to join and do this, there's so many ways that you can actually increase the value of a mobile home park because it's based off the net operating income and how that applies to a cap rate.
• 14:09
  Speaker 2: So if we look at the net operating income, how can we increase that?
• 14:13
  Speaker 2: Because it's going to massively increase the value of the property.
• 14:16
  Speaker 2: So we can increase our expenses sorry, wrong way.
• 14:20
  Speaker 2: We can increase our revenue or we can decrease our expenses, and so we go in and we do both of that at once.
• 14:26
  Speaker 2: So we try and trim all the expenses, get rid of all the fat, just don't only have the baseline expenses in there that we need and then we raise rents.
• 14:36
  Speaker 2: That's the way to increase revenue.
• 14:38
  Speaker 2: We also build back utilities Another way to increase revenue.
• 14:42
  Speaker 2: We fill vacant lots increase revenue.
• 14:46
  Speaker 2: We fill vacant homes increase revenue.
• 14:48
  Speaker 2: It's really about increasing the occupancy, billing back utilities, increasing the rents and reducing the expenses.
• 14:55
  Speaker 2: And when you look at how that multiplies, when you have that newly increased net operating income and then you apply the cap rate to it, I mean we're talking about making big bucks here.
• 15:08
  Speaker 2: For example, we had 200 space park that we individually put water meters on.
• 15:15
  Speaker 2: They're all computer read and everything like that cost $70,000 something, $1,000 late.
• 15:19
  Speaker 2: Let's just round it up and say $80,000 to install these water meters and then build back the water to tenants.
• 15:25
  Speaker 2: But then when you look at the effect on the net operating income and then the cap rate applied to that when we sold it, it gave us an extra $500,000 worth of sales value just by installing those meters and building back the water and all it cost was like a little less than $80,000.
• 15:41
  Speaker 2: So the return on investment to do things like this is pretty amazing.
• 15:45
  Speaker 2: When we fill a vacant lot depending on if we get a new home, a used home or what if we get a new home, it costs us about $6,000.
• 15:53
  Speaker 2: And then we have financing programs that we can leverage and then that lots worth about $50,000 to $70,000.
• 15:59
  Speaker 2: If we do a used home, it's costing us in today's market about $25,000 to fill that lot, get it remodeled and ready for a tenant.
• 16:08
  Speaker 2: But again, on the backend we can sell the park for about $50,000 to $70,000 per lot.
• 16:13
  Speaker 2: So you can look at the return on investment on those and then multiply that by how many lots.
• 16:17
  Speaker 2: You're doing that on 10 lots, 20 lots, 100 lots, 200 lots and you can kind of do the math and figure out what's in it.
• 16:25
  Speaker 1: That's phenomenal.
• 16:25
  Speaker 1: Have you ever heard the phrase?
• 16:27
  Speaker 1: You're the average of the top five people that you hang around.
• 16:29
  Speaker 1: Well, real estate agents, I'm excited to increase your five with you.
• 16:34
  Speaker 1: We're launching the real freedom investor agent tribe to help you get educated and connect with others to build your real estate investing journey and also to help you along the way as you're working with real estate investors.
• 16:47
  Speaker 1: So come check it out on our website, realfreedomcom.
• 16:50
  Speaker 1: Go to the store.
• 16:51
  Speaker 1: We have a membership.
• 16:52
  Speaker 1: We have a mastermind group and private coaching to help you stay accountable to your real estate investing goals and to make sure that you connect with like-minded people to accelerate your progress and to cheer you on along the way.
• 17:04
  Speaker 1: Check it out realfreedomcom.
• 17:06
  Speaker 1: Click on the store.
• 17:07
  Speaker 1: So talk about how that has unlocked because I do want to make sure we talk about that the freedom trinity here.
• 17:13
  Speaker 1: So talk about how your financial life and then kind of your location life has changed in the doors that that's opened as a result of what you've been able to do.
• 17:25
  Speaker 2: Yeah.
• 17:25
  Speaker 2: So I achieved financial freedom quite a long time ago and then after that it kept plugging away and working for a while and expanding, because just because you create financial freedom doesn't mean you want to stop right.
• 17:36
  Speaker 2: But then I got to 2019, in the beginning of 2019, my wife and I were like, hey, let's go down to Costa Rica.
• 17:43
  Speaker 2: We're going to go surfing for three weeks.
• 17:45
  Speaker 2: We might look at some real estate there.
• 17:46
  Speaker 2: Maybe we'll start a backpackers hostel down there or something like that.
• 17:49
  Speaker 2: We were just like exploring.
• 17:51
  Speaker 2: We got down there, we had 10 days there.
• 17:53
  Speaker 2: I got some cool surfing in.
• 17:55
  Speaker 2: But my wife was like, yeah, let's go somewhere else.
• 17:58
  Speaker 2: So we got up.
• 18:00
  Speaker 2: She's like I've got these really cool plane flights down to Chile in South America.
• 18:04
  Speaker 2: So cool, we went down to Chile, hiked in Patagonia.
• 18:07
  Speaker 2: Next thing, you know, three months in South America, spontaneously.
• 18:10
  Speaker 2: We hiked in Patagonia.
• 18:13
  Speaker 2: We went to Michelin star restaurants in Argentina.
• 18:16
  Speaker 2: We surfed in Brazil, jungle treks in Bolivia.
• 18:19
  Speaker 2: It was amazing, awesome time.
• 18:21
  Speaker 2: And then, after three months in South America, my wife's like, hey, by the way, I found some really cool flights over to Paris.
• 18:28
  Speaker 2: Let's go hang out in Europe for a little while.
• 18:31
  Speaker 2: So next thing, you know, a three week trip turned into a spontaneous six month 20 country world tour.
• 18:37
  Speaker 2: While that was happening, I was working about four hours a week, still keeping all of the operations going, because I've built out the teams and then also launched a book through that period the book I mentioned earlier, 10,000 miles to American Dream and then also launched new investments, all while working four hours or less.
• 18:56
  Speaker 2: And then, granted, true, when I got back, I started working like 80 hours a week for a couple of months to catch up and do a lot of stuff.
• 19:02
  Speaker 2: But that was just an example of living the freedom trinity of financial freedom, time freedom and location freedom, meaning that you can do what you want when you want, from where you want, and that is true freedom in the material world.
• 19:16
  Speaker 2: I think we could go one layer deeper, because I think true freedom actually comes from within and it's more of a spiritual experience.
• 19:23
  Speaker 2: But talking about the 3D world, I mean the freedom trinity is really the way to go and it's very tangible and much more accessible in today's environment where we can really all you need, all I need is my phone and a laptop and game on.
• 19:38
  Speaker 2: If I got internet connection, I can do this from anywhere all over the world.
• 19:42
  Speaker 1: Now you had talked about, because you had built up your team and kind of stabilized that.
• 19:47
  Speaker 1: That provided you the opportunity to do that.
• 19:49
  Speaker 1: So talk through the process of building up a team, kind of getting that piece of the pie stable so that you can go and work four hours a week.
• 19:59
  Speaker 2: Yeah.
• 19:59
  Speaker 2: So one of the things you want to look at is the concept of, like, how much money am I worth an hour, okay, and you kind of just look at how much money are you making, divide it by like, how many hours you're working, and as an entrepreneur, that number is raising and raising quickly if you're doing it properly.
• 20:14
  Speaker 2: And then you look at, okay, if I'm worth, say, for example, if I'm worth like $100 an hour, then If I can find somebody to do the task for me for $20 an hour and I can earn $100 an hour, I'm actually making $80 an hour.
• 20:31
  Speaker 2: You know what I mean On top of that by getting that person.
• 20:34
  Speaker 2: And then you expand that through different people.
• 20:37
  Speaker 2: So really a lot of people in the beginning they're like, hey, man, I want to do everything myself.
• 20:41
  Speaker 2: No one's going to do it as good as me.
• 20:43
  Speaker 2: Well, that might be true, and maybe other people are only going to do it 80% as good.
• 20:46
  Speaker 2: You're not going to grow very quickly and if you really want to scale it, you have to build out teams for sure.
• 20:50
  Speaker 2: So you've got to look out like what's some of the things that aren't the best use of my time, that aren't making a big return on investment that need to be done.
• 20:58
  Speaker 2: Bookkeeping is one of those.
• 20:59
  Speaker 2: So you go out there, you get a bookkeeper.
• 21:00
  Speaker 2: Ok, what's next?
• 21:01
  Speaker 2: And we needed help with property management and all these different people.
• 21:06
  Speaker 2: And then construction, and then acquisitions, and then all these different parts of our business we were actually building out.
• 21:15
  Speaker 2: And what happens is you'll find, oh, too busy, I'm too busy, I need more time.
• 21:20
  Speaker 2: Ok, what can I offload?
• 21:22
  Speaker 2: Who can I bring on that can actually do it?
• 21:24
  Speaker 2: It's not how can I do that, it's who can do that.
• 21:27
  Speaker 2: And then you find the right person.
• 21:29
  Speaker 2: That's a good fit to do it.
• 21:30
  Speaker 2: Train them up, which takes time in the beginning, so you don't get that relief straight away.
• 21:34
  Speaker 2: But once you've trained them up and if you've chosen the right person, then, man, you will just go oh, that is so cool.
• 21:42
  Speaker 2: Once you do the first one, you're like man, I want to do two or three or four.
• 21:45
  Speaker 2: And then you just keep building and building a team.
• 21:48
  Speaker 2: And then it's always just this ebb and flow of like OK, yeah, yeah, we're getting bigger and bigger.
• 21:54
  Speaker 2: Ok, we need to bring on like three, four, five more people right now to help with that.
• 21:58
  Speaker 2: And it's kind of a balance between, like, how much money you're making, how much cash flows are coming in, how can you support these new people that are coming in?
• 22:07
  Speaker 2: How much time do you have?
• 22:08
  Speaker 2: And it's kind of more of an art really than a science.
• 22:13
  Speaker 2: And but so many people, so many small business owners, whether real estate investor or not, get stuck on that.
• 22:20
  Speaker 2: They don't want to like, they don't want to hire people and if they hire people, they're worried about firing them.
• 22:24
  Speaker 2: Like, if someone's not working out, get rid of them straight away and they just move on to the next person and and build out your team.
• 22:31
  Speaker 2: And really that's the way to scale.
• 22:33
  Speaker 2: I mean, there's no way you can do this alone and get over that fear of actually building out a team, because it'll be the best thing you ever did.
• 22:41
  Speaker 2: Because ultimately, one thing to add on that is like what's your ultimate skill set?
• 22:46
  Speaker 2: And you could think about that yourself, mike, and you could be like I know that it's like I am best at doing this particular thing.
• 22:52
  Speaker 2: So you want to free up all of your time so that you can do that one thing and really shine and let other people that specialize in bookkeeping and property management and construction and all these things do their thing While you're focusing on your thing, because that's when you're really going to shine and you're going to get the most out of it.
• 23:08
  Speaker 1: So what was, what was that top thing for you?
• 23:11
  Speaker 1: So as you look at, you know what's the highest and best use for me and the value that I bring.
• 23:16
  Speaker 1: What.
• 23:16
  Speaker 1: What do you spend your time on?
• 23:19
  Speaker 2: Yeah, podcast, speaking on stage, live events, high level meetings and joint ventures with new business partners.
• 23:29
  Speaker 2: High level decision making over like new investments that are coming in and strategizing, and then just high level like driving the business plan on an execution on all the projects that we've got going on.
• 23:43
  Speaker 2: That's really where I spend my time.
• 23:45
  Speaker 2: Yeah, and how did that change?
• 23:48
  Speaker 1: So, as you started to get a little bit of momentum, where did you see was was your highest and best use?
• 23:53
  Speaker 1: Networking with people that have money, is it helping to find deals, is it helping to put together deals, and how did that grow for you and change and adapt throughout?
• 24:03
  Speaker 2: the process.
• 24:04
  Speaker 2: Yeah, I mean, I just started.
• 24:07
  Speaker 2: In the beginning I started offloading all of the tasks that were not bringing in extra money.
• 24:14
  Speaker 2: So, like bookkeeping, it's like it has to be done, it's super important, but it's not actually technically making me more money, you know.
• 24:21
  Speaker 2: So they're like, okay, get a bookkeeper in so I can go get more deals.
• 24:25
  Speaker 1: Yeah, you focus your time on maybe finding the next deal and then hire that bookkeeper to build out behind you.
• 24:33
  Speaker 2: Yeah, so, and then you've obviously got to manage these people right.
• 24:36
  Speaker 2: You can't just like, hire someone, expect they're going to do the best job.
• 24:39
  Speaker 2: You have to, like, you have to manage them prudently.
• 24:41
  Speaker 2: But, yes, hire that person, go find more deals and then look at the deals that we do have going on.
• 24:47
  Speaker 2: How can we compress the time frame and get this business plan executed even quicker?
• 24:51
  Speaker 2: And that's really where I specialize and that's where I'm like, you know, selecting the right deal or saying yes and no to the right deals, getting the best financing, compressing the time frame, pushing things along, getting to that money pumping out on the end quicker for ourselves, our investors and everybody involved.
• 25:09
  Speaker 2: And, yeah, that's.
• 25:11
  Speaker 2: You know we're all about taking massive action as well.
• 25:14
  Speaker 1: Yeah, and I think you know one of the themes that I hear often is yeah, it's about speed.
• 25:19
  Speaker 1: Right, your job is to ramp things up, to move things along as quickly as possible so that you can compress time frames, go find the next deal, go find more investors, and so you're really orchestrating the speed and trying to make that treadmill run faster.
• 25:34
  Speaker 2: Yeah, and I would say that we, you know to your own, to my own trumpet and everything like that, but I think we do an exceptional job at it and really it comes down to planning, dude.
• 25:43
  Speaker 2: I think that a lot of people wait until it's time to do something and then they start like strategizing on it and doing it.
• 25:51
  Speaker 2: We like anticipate things like way ahead, man.
• 25:54
  Speaker 2: So like by the time we are closing on a mobile home park, we've already got everything lined up.
• 25:59
  Speaker 2: Our contract is ready to move there, live at the park.
• 26:02
  Speaker 2: They already know what they're going to do.
• 26:03
  Speaker 2: We've already bought our materials, got everybody lined up.
• 26:06
  Speaker 2: We've got the meters ready to be installed.
• 26:08
  Speaker 2: We're like we're primed and ready to go.
• 26:11
  Speaker 2: You know, and I think you know, perfect preparation is like one of the most important parts.
• 26:17
  Speaker 2: To like quick execution Instead of trying to like figure it out where you go, anticipate it, solve all the problems up front as many as you can.
• 26:24
  Speaker 2: You still going to run into problems along the way, but then just like hit the ground running, whereas so many other people they're like okay, I closed.
• 26:33
  Speaker 2: Now I have to think about this and this and this.
• 26:36
  Speaker 2: Like dude, we did that months ago, you know, and that's why I think we can like do this so quickly.
• 26:41
  Speaker 2: The other key to it, I think, is volume.
• 26:44
  Speaker 2: So if we've got 20 homes to remodel, we could have and this is what most mobile home park owners have they'll have a construction crew there and they'll move from home to home and then each month they'll remodel a home and lease up a home and after 20 months they're complete.
• 26:59
  Speaker 2: We'll get that done in like six weeks to three months.
• 27:03
  Speaker 2: We'll send out like three crews, four crews, five crews whatever we got to do, some parks will have like eight crews and some local support as well.
• 27:11
  Speaker 2: So we do a lot of preparation up front, a lot of planning, working with the cities and surveyors and all of this getting it all dialed and then boom, we send that, we send the forces in and just get them knocked it all out at once.
• 27:24
  Speaker 1: Awesome.
• 27:24
  Speaker 1: Well, I know our time is short today, and so I want to be respectful of that, but thank you so much, bryce, for coming on and just sharing how you had humble beginnings.
• 27:34
  Speaker 1: You found the right way.
• 27:35
  Speaker 1: You found the right thing to plug into and make it work and really live the life that a lot of people idolize right.
• 27:41
  Speaker 1: Being able to have that financial freedom, have that time freedom and just being able to, on a whim, go into a six month travel with your wife so that's awesome.
• 27:50
  Speaker 1: So thank you so much for coming on.
• 27:52
  Speaker 1: For people that want to learn more about you and what you're doing, how can they do that?
• 27:57
  Speaker 2: Yeah, come check us out at investcoltivatecom.
• 28:00
  Speaker 2: And cultivate is spelt with the number eight, so it's C-U-L-T-I-V, the number eightcom.
• 28:05
  Speaker 2: Come check us out there.
• 28:08
  Speaker 1: Awesome.
• 28:08
  Speaker 1: Thank you so much, Bryce, for coming on.
• 28:10
  Speaker 1: I appreciate your time Beautiful.
• 28:12
  Speaker 2: Thank you very much.