Latest / Success Story with Scott Clary / Lessons - Don’t Get Scammed By Gurus | David Greene - Host of Bigger Pockets Podcast

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Lessons - Don’t Get Scammed By Gurus | David Greene - Host of Bigger Pockets Podcast · Success Story with Scott Clary

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  In this lessons episode, discover the myths surrounding real estate success,
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  the pitfalls of passive income promises, and the truth about building lasting wealth.
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  Learn actionable insights on developing skills, embracing the pursuit of excellence,
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  and avoiding the traps of misleading courses.
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  And by the way, when you look at, let's let's talk about what's sort of
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  peddled online in terms of real estate courses. This is probably one of the biggest
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  pain in your asses and you deal with every single day when you speak to people, but
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  when you look at the people, there's a couple different things. You look at people that have
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  figured it out one way, and maybe they've gone through a lot of shit and a lot of failures
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  that they're not speaking about publicly. Maybe they actually haven't even figured it out to
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  the degree that they're alluding to online and they're making a lot of money selling courses.
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  That's another issue, but the point is you still will not respect the process compared to
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  if you're putting your own money in, which is why I love sort of just the framework that you
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  teach over to people. But what are some of the, you know, the false stories, false narratives of what
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  real estate success looks like? Well, everybody, my friend Brandon Turner has a really good statement.
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  He says, nobody buys a drill. They, nobody wants a drill. They want a hole. You buy the drill to
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  get the hole. Nobody wants to learn how to put the work into investment real estate. They want
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  financial freedom. They want to be rich. They want to not have a job. They want to, they're sitting
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  in commute traffic and they're pissed and they hate it and they want a way out of it. Okay, my
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  experience in life is that the only way you get out of a situation you don't like is that you
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  rise to the top and you earn the right to get in a better one. It, in everything in life,
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  if your spouse isn't happy with you, you don't have a good relationship. The only way to fix that
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  is to change the things in you that make it hard to be a good partner, bad a thousand,
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  and now your spouse usually starts to feel guilty. I'm not married, but I see this in marriage
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  all the time. Like, man, they're showing up every day and I'm not. It puts pressure on them to
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  do the same thing. If you get into the, I'm going to make threats like, well, all be a better husband
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  when you're a better wife. It never works. It becomes a race to the bottom. Work is like that.
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  You can't as a basketball player tell the coach, I'll play harder when you give me more playing time.
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  You have to be showing a lot of effort and practice and improving to earn. That is the order of
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  the world. Okay. Like, it is naturally meritocracy. Even though we live in a society that sort of
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  does a misdirection to try to make you believe that's not the case, it's still a meritocracy.
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  When I decide where I'm going to go for dinner, I don't ask what the most mediocre tacos are.
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  I say, what is the best taco stand in town? That is how I make my choices. You buy a Rolex because
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  you think it's the best. You buy a Lamborghini because you think it's the best. That's how we all
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  make decisions. So it's just ingenuous to tell people, hey, somewhere, someone out there is going
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  to like your tacos just the way they are. It doesn't matter if they're not the best or they're
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  stale or it takes a long time to make them. They are unique and special snowflake taco and someone's
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  going to love it. It's ridiculous to think that way. And so getting back to your original question of
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  like, what can you do to, sorry, we'll take this part out. What would I remind me what you would
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  ask me the real estate? I don't know what I would say. And so you went down as a really good rabbit
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  hole and there's the things I'll pull out of every single thing you mentioned. And most of it is
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  in the pursuit of excellence. I want to give you that in the pursuit of math. There you go. I was
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  saying the false stories around real estate success. Thank you. What are they? What are they?
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  So what I talk about in my book, there's three pillars. There's there's chapters on defense,
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  literally the mark of tracking your money, budgeting your money, knowing where it's going,
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  reading a profit and loss statement, having a personal budget and having a plan for every dollar.
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  Then there's a pillar on offense. And this is the skills that you need to develop, the things
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  that people who make money do. It is not, it doesn't just happen. Like people that are really good
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  with with women or women that get a lot of of email attention. It doesn't just happen. There are
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  things they are doing that you could identify and say, this is why they do so well. So there's
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  chapters on extreme ownership and being a leader taken on responsibility. There's chapters on
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  the process of skill development, the literal process you go through to build skills. I did a
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  TED talk on that topic that if you want to be good at things, here's the path you follow. Like
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  Du Boleyn Dynamite said, you got to have skills. There's the pursuit of excellence. You have to
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  fall in love with the process of being great because I'm going to go spend my money for the best
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  tacos. I'm looking for the best partner. My friends are going to be the best friends that I think I
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  can get. The pursuit of excellence is how you earn the right to get more money. Now in our space,
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  the real estate investing space, there are a lot of people that are going to sell you on the
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  opposite of that. You don't have to do anything. It should just happen. If you know, it's sort of
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  like a mixed martial artist who trains every day versus a person who says, well, I went to this
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  kung fu place and they taught me the secret ancient art of the five finger death punch.
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  And so I don't have to practice. I know this special technique, right? Well, we know that doesn't
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  exist because there's nobody in the UFC that's doing five finger death punches. That is something
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  that hacks the Hughes to get you to sign up for their gym and they're praying on the fact that
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  there are a lot of people that want the result without having to put in the work in the real
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  estate investing space. You will frequently see people that are bragging about they quit their job
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  because they made enough money from real estate and they they have this amazing car because they
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  got it from real estate. But the reality is when I talk to these people, their real estate is not
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  doing much. They're making these money from the courses that they're selling. They're really just
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  really good marketers, which is oftentimes a good synonyms with the sewers. And they're using the
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  money you pay on their courses to fund the lifestyle that they're now selling you. And so the book
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  was written almost as an antidote to that. I don't know any wealthy people who approached things
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  like that. And I do know that it is possible to deceive people and separate them from their money
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  but not for the long term. Eventually, you get exposed. Eventually, people figure it out. You also
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  have to live with yourself that it kind of makes your my opinion a POS that you're selling a dream
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  to people that's that's not real. Well, you know what you're doing. You're you're selling the
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  dream of what you're that person was experiencing and they're commute to work the not having to work
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  anymore. The I don't want to I don't want to have a W2 income. I want to have passive income. My
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  most hated word in the world. Oh, that's a very bad because it doesn't it doesn't exist like
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  everything. So it's a massive fit. Well, sir, how would it work really hard to get a great body
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  and then never have to work again. My six pack will refer on how it works. That's just never how it
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  works. And then once people start into real estate, listening to people that actually don't know
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  what they're talking about and don't know what the precinct because again, they're making a lot
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  of their money off course sales. Then you have an overreliance on whatever that person is teaching
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  you and you're not looking elsewhere because you're so bought into it and you're now not just
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  financially invested, you're emotionally invested in whatever this person is teaching, which I think
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  is a whole other issue because like religion, like fitness, you you attach yourself to this dogma
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  and you refuse to look at anything else because you're so invested in it. And I think this is a
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  very toxic place to be because now you have spent 10, 20, 30, 40, $50, $100,000 on courses.
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  You have to make it work. Yeah. So now you're not even going to allow yourself to look elsewhere
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  for other opportunities because you feel like you're failing. That's and you feel as what I
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  you invested in the wrong thing. And now you're low to let it go. It sort of
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  supports that they were talking about earlier that when you're invested in something,
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  you'll hang on to it, but it can work against you when you invest in the wrong thing.
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  I spent $50,000 learning how to do this technique, but there's not opportunities in the space
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  for that technique anymore. Or I don't have the skills that are needed. Like in our in our world,
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  that's often wholesaling. Hey, you got no money. That's okay. Put $15,000 charge on your credit card.
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  Buy my course. I'll teach you how to make money in real estate without any capital. And they teach
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  you wholesaling, which is basically going and finding an incredible deal, putting under contract,
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  and selling the right to buy that property at an incredible price to someone else,
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  and you get like a middleman fee. It's the hardest way that I know of to make money in real estate.
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  You got to relentlessly go out there and look for people that are trying to sell a home. A lot of
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  the time, not every time, but a lot of the time you're buying from grandma who doesn't know what
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  her house is worth and still thinks $100,000 is a lot of money. Or you're finding a person in
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  serious financial jeopardy that you're you're taking advantage of in a sense. But you got to have a
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  great mouthpiece. You got to be really good salesperson. You got to talk people into something.
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  You got to make them think they're winning even if they're not. There is a lot of skills that a
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  whole seller needs much more than a average Joe that just does a good job being a plumber and slowly
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  puts their money into real estate. Let's it grow over 30 years. That's a you don't need very many
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  skills to make that work at all, but you got to have some money. So all of these courses that will
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  teach you how to do real estate without money. They end up needing you to have the highest talent
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  level that most people won't have. So then they'll fail at it. But like you said, they'll think,
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  well, I have to keep going because I've already spent the money. And then they get what I call course
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  shame. They sign up for a course. They sign up for a group. It didn't work out and they internalize
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  it. And there's something wrong with me. I'm the problem. I suck at life. Their confidence takes a
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  hit. They're less likely to go work hard at what they're doing. Meanwhile, the person who left
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  them feeling that way is driving around in the Ferrari that they got from the money that that
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  person sped on their course. Thanks for tuning in. If you found this valuable, don't forget to
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  hit that subscribe button so you never miss an episode. And if you want to dive deeper into this
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  conversation, check out the links in the description to watch the full episode. See you in the next one.