PODCAST

A Business That Works For YOU With Todd Toback

Episode 526: A Business That Works For YOU With Todd Toback

View this episode on:

itunes
stitcher
google_play

REIS 526 | Business That Works

Make a commitment to build a business that works for you and not the other way around. Todd Toback sits with us today to talk about how wealth’s definition is when your money grows while you sleep. If you’re wealthy, you could stop working whenever you want, and you’re still generating passive income! The key? Build a team. It gets old when you’re the one always on the treadmill doing everything on the business. So outsource even up to 90%! Don’t miss out on this episode!

Watch the episode here:


I’m here with Todd Toback. This guy is a legend. He has been around for many years. He’s done a little bit of everything like the number one training course in America. He’s trained a lot of people. The reason why he’s so good at it is he is passionate about it. He cares about where you end up for the amount of money you spend and makes sure that you get where you are going. If you don’t, it’s your fault because what this man does works. I’m living proof and I know it works. Thousands of people who dealt with him directly know it works. Todd Toback, how are you doing?

I’m doing awesome. I’m happy to be here and ready to rock and roll. If you are reading this and you want to do more deals, bigger deals, you want to make some money in real estate, you are speaking my language. Let’s get ready to rock, Mitch.

If you are already doing a lot but you need to start learning how to make that business work for you instead of working for the business and clearing up some time for lifestyle, that’s another big category that Todd knows a lot about. Let’s jump right in. What is the number one thing you would tell an experienced real estate investor about how to talk to private sellers and close more deals? We all know that nothing happens until we get a deal. How do you talk to these motivated sellers? What’s the number one thing?

There are five core skills that you’ve got to have. I talk about that in the No Limits Sales System. If I had to say the number one most important thing, is to generate leads. When you have leads, that’s going to equal confidence. If you are hanging on to 1 or 2 leads and you are praying that 1 or 2 of these things are going to be motivated, you are toast.

You are going to be praying that someone is motivated to do business with you. You are going to be chasing them. If a seller feels you are chasing them, and you are desperate, forget it. You are done. I used to have this dog named Molly when I was a kid. We’ve got her from North Shore Animal League in Long Island, New York. This dog used to bolt right out the door every single time, especially when the mailman came around when they used to walk.

I remember we chased Molly and Molly used to run in the other direction. We finally realized, when Molly ran out the door, if we ran the other way, she would chase us. The secret way to be able to run the other way is number one, generate leads. You’ve got to start there. You’ve got to have a steady, predictable machine that’s going to predict leads.

After that, you are going to have enough people to talk to. If you have enough people to talk to, you can use the skills that I will talk about to lock these deals up. If you don’t have leads, there’s no one to talk to. That is probably the single most important thing. Everyone is saying, “What’s the secret to talking to people?” Number one is finding the people to talk to. Start there, and then we can break into some of these communication techniques, Mitch.

You have a giveaway for us. You are going to be giving away one of these scripts. Tell us what you are giving away. I will plant that seed with people what we are going to be giving away here in a little bit.

I’ve got two things. Number one, if you want to learn how to generate leads, I’ve got the No Limits Map. It’s a massive action plan. This map is the blueprint that I used to get my first deal, all the way to scaling up my business. We have done over 1,300 deals. That’s an approximate number but 99% of those were locked up by people on my team and not by me. I will also give you the exact script we use to talk to motivated sellers in our own business and the script I use to train our acquisition specialists and other investors across the country.

They are very fine giveaways. I appreciate it when someone gives away something quality for the readers here. I know that they are going to benefit from those scripts and that massive action plan. Who’s your first hire? Most of us start as solo entrepreneurs. We are wearing every single hat.

This is going to depend on your skills in the business. If you are a complete, closer, and you love meeting with motivated sellers, and you know how to lock up deals, my first hire would either be a virtual assistant who can handle everything except for talking to sellers. One of the biggest areas of growth that I see struggling investors need to make is that they don’t have a steady and predictable system from marketing.

REIS 526 | Business That Works

Business That Works: It gets old when you’re the one always on the treadmill doing everything on the business.

 

That part is not because they don’t know how to do the marketing but because they have to pull a list, upload it, and scrub it. When it’s time to do it again, they’ve got to do it all over again, ordering a mailing campaign, approving the proof, and paying with a credit card or it could be handling a duplicate lead in a database, whatever that is.

A good virtual assistant is great. If you are a good closer, a close second would be someone who can answer the phone for you. If you are generating leads, you need to hire someone who can answer it, screen that person, and hand you leads who are ready to sell. They don’t have to be desperate but they have to be ready to sell either 1 of those 2 would be my first hire. I would leave the closing up to you when I’ve first got started.

Before that, don’t be doing your own books, your collections or any of that stuff. Those are the lowest-hanging jobs that you can sub out easily. When you are talking about generating the business, you are talking about people that can make calls or find someone who’s ready to sell. I agree 100%. If a person is stuck in the day-to-day grind, how do they start to get themselves free of that and form a business that worked for them instead of them working for the business?

I will start telling a story. I came from Corporate America and I’ve got out of Corporate America. I was selling Viagra at that time. It’s an erection pill. It was hard and the competition was stiff. I’ve got out of that because I didn’t want to work so hard. I wanted the freedom that the business could provide. About twelve months into quitting my job, I was about to have my 3rd or 4th child.

I was in bed and I remember looking over. I slept on this day because I was working out. I was up all night, I looked over at my wife and I said, “I don’t want to go to work,” which ironically, I have the “freedom” to work for myself and work the hours that I wanted to work but I was running around a chicken with my head cut off. I was uploading the campaigns, answering the phone, doing the follow-up, getting the contract, trying to file a contract, calling the escrow company, calling the cash buyers, you name it, everything and anything. Did you say keeping your own books?

You don’t when you are at that point.

Was I making money? Was I losing money? Who knew? If you ask any investor, “Should you keep books?” They are like, “Yes, that’s so important.” Ninety-nine percent of people aren’t doing that because they are running around like a chicken with their heads cut off. They are doing what we call the MBA, you are managing by your bank account. I would rather have an MBA, which is a massive bank account.

Most of the time, people are crazy. I committed right then and there that I would have a business that was a slave to me and not the other way around. Number one, you’ve got to make that decision. With that, once you understand that you are making that decision, all these fears will creep up about what could happen like hiring people.

What if I hire someone, and it doesn’t pay off? What if they quit? What if they steal my business? How do I find the right person? What if they mess up? What if my overhead is too high? All of these fears start to creep in. You’ve got to commit and understand. What is the alternative if I don’t take action, Mitch? I can tell you that you will be a slave to your business. If that’s what you want, that’s fine. For me, that’s not what I wanted. I wanted to lock up deals all day, every day, without my day-to-day personal involvement.

Can I interject your cause? You may love what you do, and you may be passionate about it. You may like running at that speed and having all that come at you for a time but let me tell you a fact. You are going to burnout and you are going to fall. If you wait until you get to the end of that burnout before you decide you need to do it, there won’t be any of you left to get it done.

That’s how I did it. I’ve got to the very end of my rope. I was about to quit everything and live off my storage. I couldn’t make myself throw away $1.5 million to $2 million worth of business every year. I said, “I’ve got to try one more time to automate this business but this time I’m going to go get some professional help. I’m going to listen. I’m going to let them unwind me and rewind me. As long as I trust the person, I’m going to do what they say, whether I believe it or not. Otherwise, I’m going to throw this whole business in a trash can.”

Make a commitment to build a business that’s a slave to you and not the other way around. Click To Tweet

What happened in my situation was I was so burned out that I didn’t care if I bought a house again ever myself. There was still that allure of, “Could I get other people to find houses and get it all done without me?” The year that I quit placing the 100 houses a year demand on myself and didn’t care was the year that I got it all fixed. You have to take a step back sometimes to fix something so that you can run faster going forward.

That’s another great point, Mitch. You have to understand there’s a long game with this. I hired someone, and in her interview process, she says, “If you want to go fast, go alone. If you want to go far, go together.” That’s a John Maxwell comment or he heard it from someplace. That’s true. The reason why we don’t go and sometimes bring a team is that, “I can do it faster myself. I can meet with that seller faster and get the contractor. I can call the title company or I can answer this question.”

It takes an investment. Every time that you work with somebody else, it’s a seed that you plant but sometimes, it doesn’t sprout right away. I went on this long RV trip across the country with my family. I checked in twice during that time with the team for a very short time. They were locking up houses without me. I wasn’t talking to sellers. I wasn’t locking up contracts. I wasn’t talking to the talent company. They were getting it done.

That first step is commitment and a vision of what you want for the business. The other part is understanding that it doesn’t have to be all at once. You could have small increment improvements quarter after quarter. Break your business life down into quarters and set goals to gradually pull yourself out of business. For example, this quarter set a goal. Say, “I want somebody else answering the phone, going through the script, asking people if they want to sell. That is going to free up 40% of my time,” which, by the way, will. That’s what I will commit to this quarter.

You may say, “Next quarter, I will hire a virtual assistant who will handle all the administrative stuff, the marketing, the CRM, the closing statements, getting everything to the bookkeeper, and handle everything that needs to be done from an administrative standpoint. You’ve got six months and you have outsourced 70% to 80% of your business.

You say, “The third quarter, I would like to hire an acquisitions person. This is the person who will meet with the motivated sellers, lock up the houses, get the contracts and drive revenue. After six months, you have outsourced 90% of your business. You are doing really good. You can continue to build from there. It’s a step-by-step.

That’s exactly how I did mine. The fear is I set up many people buying 100 houses a year. They’ve got paid upon success. I don’t pay until I’m borrowing money to buy the house, and then I borrow that money too or when I have sold the house, and the money hits the table. I’m paying for my salespeople’s stuff. That was the number one thing. I tried to take on as few dependent payroll people as possible so that my treadmill was very small. I would take a cut and pay because I would have to give all these people their share of what they did for that deal.

It turns out I made more money than I ever made because we could do a little higher volume. The main reason was that they might not have been as good closer as I was but they only had one thing to do, so they were better. They weren’t as good as I was but their numbers were better because that’s all they had to do. The same thing happened with the next chair and the next chair.

I’m willing to give up half of this $1.5 million profit a year not to have to do it. I will still keep half of it but I won’t have to work in the business. When I thought I would take a cut and pay, that’s not what happened. I ended up making way more than I ever made before and got everybody paid. That’s how efficient the machine became. You can explain that a lot to people, Todd, but it’s hard for them to grasp that. You can make more by doing less.

I fully agree with that but one of the things I will tell you is if you are a solopreneur, you think you are better than you are. If you are the person handling phone calls and leads, there’s no way you are doing this all well. I guarantee you that you are leaving leads on the table. You are not following up like you should be. You are not sending out text messages or emails. Are you telling me you are following up with all the leads that have been matriculating for 30, 60, 90, 120 days as you should, and then running the business yourself? I don’t think so.

It’s a contractor that comes up and says, “What do you do?” He says, “I do it all.” I’m thinking to myself, “He doesn’t do anything well. He’s not my guy.”

REIS 526 | Business That Works

Business That Works: You’ll know within one to three months if someone’s going to work to benefit you or not.

 

You have the one person concentrating on your database, ironically, maybe they might have missed a deal that you would but they are going to pick up three that you ignored because it wasn’t the low-hanging fruit. After all, you didn’t want to deal with it anymore. That’s the lesson that I learned. I always tell when we have a new hire that there’s $250,000 sitting in the database that you can extract here in the next 60 to 90 days. Every time they do it, they make 60 go calls a day. Motivated or unmotivated sellers don’t matter. It could be the oldest list in the world. They pull out revenue. It’s close to 100% profit because the marketing has already been paid for. That’s the beauty of bringing people along with you.

I have always said if you spend 2 or 3 days walking from door to door and said, “I’m buying houses. Do you know anybody who wants to sell one?” You are going to find a deal. It’s a commitment. You’ve got to put up the numbers.

It’s all about the volume.

I read one of the questions that we were talking about asking. I purposely didn’t ask you because I wanted the surprise of your answer but it said, “I did a deal, and I have to do another one. This one is done. I have to do another one.” How do you get off the treadmill of deal to deal living?

It’s a mindset shift, first of all, because when you are not the one doing it all the time, it’s not that bad. I always encourage people to do less deals and bigger deals. When you are cashing checks of $30,000, $40,000 or $50,000 regularly and you are not the one grinding, you have a team where that work is distributed among, it doesn’t get old near as fast. It only gets old when you are the one always on the treadmill doing everything on the business. If you are the one locking up houses and you have a team around you, it’s less of a burden.

I have heard Joel Osteen say, “You can’t have the blessing without the burden.” This business is a huge blessing. In that deal, you are generating quick cash for the short game. That being said, you want to expand the company and build that. You are also building your reputation in town as someone who gets deals done. You are building roots in where you live and do business. The other part about that is if you are generating cash, I have my investment philosophy where it is tied 10% of your income, spend 50% of your income, and invest the other 40%.

If you are investing at your 40%, whether in index funds, stocks, S&P 500, you want to keep rental properties or buy mobile home parks, which are a great long-term investment, those are going to grow in your sleep. I highly suggest that you get your money working for you. I always tell everybody on my team, my acquisition specialist, to be entrepreneurial.

There are only three ways to make more money. Number one, you can increase your productivity. You could be a better closer. You could be more efficient with your time. You can say no to time sacks. Number two is that you can work with other people. You can delegate. That’s another way to get off the treadmill. The third way is to invest your money so it’s working while you sleep. That’s really important.

I’ve got out of the grind and didn’t have to make those phone calls anymore because I’ve got four acquisition managers. They have been with me for about a year or two. I can see the grind of making those calls wear on them. We had a meeting and I’m demanding that they all hire VAs to start making calls for them.

We’ve got a guy to train them for us specifically. I’m making my acquisition because I don’t want to lose my acquisition managers. They are good but I can see the grind wearing them down. They are getting tired of it. They all have an office. We would be putting up a screen in their office right behind their desk that their VA is on.

They check in at 8:00 in the morning, and they leave in the afternoon. Whenever the VA has someone that’s more lukewarm that’s ready to talk, they get them prepped. They push a button and say, “Patrick, do you want to talk to this guy? He’s meeting all the criteria. He’s hot. He’s on the line.” They talk to him right then. My idea of that was a step further.

To increase your money, increase your personal productivity. Click To Tweet

I wanted to keep myself getting burned out. When I saw my acquisition managers getting fried, I didn’t want to lose them either. I have tried to help them. They are not nearly as quick to jump at acquiring a little overhead. I had to sit down and have a long talk with them and say, “You guys all got to try this. You’ve got to give it 3 or 4 months. If it works, your life is going to be substantially better. You are still going to be here for another five years.”

I brought that up with some of our acquisition specialists. We said, “We are going to take some administrative fees off the top of the commission but this person here is going to alleviate 70% to 80% of your work. Is that a good trade?”

They all said no at first.

The way that I framed it was, “If you don’t want this after 90 days, we will go back to the old way,” whether you are hiring someone, it doesn’t have to be permanent. Whether you are trying to convince the people who work with you to hire someone, it doesn’t have to be permanent. You can try it. Even if you decide to hire someone and lay out some money for something, it’s not like you are stuck for a year’s salary upfront. You are going to know within 1, 2 or 3 months if someone is going to work or not, and it’s going to be a benefit to you. Your only outlay is maybe a month to three months max.

If they don’t get one deal, they completely fail or they get one deal, then it’s offset again.

Have the majority of the people who are reading never done a deal and want to do their first deal? If you are reading this, I would love to see your comments on Mitch’s website. Tell me a little bit about the people who read.

About 60% to 65% of the people are intrigued, new or have done less than ten deals, maybe a little bit more than that. I also have some pretty staunch go-getters that’s reading regularly because I have great guests like you who really talk about real content. We are not here to sell a course for at least this hour. You are like me. When that person I want to coach is ready, they know if I’m the right guy and how to get ahold of me.

I don’t have to beat them up with the closing sales and run to the back of the room crap. I figure if we do a good enough job on these series and deliver some real content, show that we know what we are talking about, everything else comes. It’s a Christian belief. I give a lot first. I give all the time, and I know you are that kind of guy, too.

In terms of coaching and coaching services, I agree with you. If someone wants to do business with me before, I would even consider taking them on in any one-on-one capacity. That’s the biggest thing. I don’t chase anyone for anything. I’ve got four kids and a business, so people who come to me for coaching are really hungry for it.

You are the right guy for them. They have heard you or they have listened to you enough. They feel some relationship. We do the same thing. We talk to them and we try to figure it out. Given the amount of money they are going to stroke a check for, do we feel we will be able to help them enough to get it back?

If the answer is no, we will do something else, get on a call, get my course or do something else. If it’s yes, then I’m in. I had that experience. I told a guy, “I’m throwing my head in. I’m all the way in. You’ve got 100 houses. I can help you. What you are going to pay me, I can make it look chump change in about 30 days, maybe less.” You do the same thing. I specialize in seller financing houses across the nation.

REIS 526 | Business That Works

Business That Works: Wealth is when your money grows while you sleep, and you can stop working whenever you want.

 

Not a lot of people do that. You specialize in wholesaling, systems and create freedom in the workplace for the owner, generating leads and quality motivated sellers. Let’s talk about that giveaway that you have. I want everyone to go to 1000Houses.com/toback. Over there, you are going to be able to get that massive action plan to start figuring how to generate leads. You are also going to get a free script for talking to motivated sellers. Did I get that right?

You’ve got it right.

If you had to do it all over again from the very beginning, what would you do differently?

I would bring more people along with me for the ride in the initial stages. I would have understood that you can’t do it alone. I would have bought more commercial real estate and held it for sure. It’s the short game and the long game. You’ve got to work both. If you are always focusing on the long game, you are not going to be to live you want to live now. If you always focus on the short game, you will be on a treadmill even if you are building a team.

You want to structure your business for the short game. It generates cashflow for you. You also want to set up a long game to build a team and personal finances. One of the things I saw was my dad generated several multimillion-dollar businesses and lost it all at least three times growing up. Investing for the future always came naturally to me because I don’t want to be on that treadmill where I’m constantly starting over.

I will go to a lot of masterminds and see that there are a lot of people who make a lot of money but have very little to show for it. Make sure that you are investing a large portion of your net income into index funds, S&P 500, houses that you want to keep, commercial real estate or whatever else that you think is a good investment so that it grows in your sleep. That’s going to be my message for everybody. Also, make a hell of a lot of money.

It’s the same thing, though. It’s all about balance and diversification. If you are flipping all the time, you are going to be flipping the rest of your life. You have to invest in something that if you build that portfolio big enough, you work yourself out of a job that will take care of yourself. For me, it’s mini storage, boat storage, semi-truck parking, and storage facilities.

I woke up one day, and if I didn’t want to do any of this again, I didn’t have to, which makes this all the more fun. I’m talking to Todd Toback because I like and respect him. I want to have a show with him. I want to be on this show and talk to you because of all the things I know about you, how successful you are, and mostly the kind of person you are outside the workplace. I admire that.

Thank you, Mitch.

One thing I tell people when they are hiring a mentor is, “Make them the kind of person you want to be on and off the field because at some point it crosses over.”

Let me throw this out at you. One of the things I would tell you in terms of people like, “How do I find someone? There’s a book you’ve got to read. It’s by John Maxwell. It’s The 21 Irrefutable Laws of Leadership. One of the things they talk about is the Law of the Lid. You will not attract anybody at a lower level of leadership than you.

Focus on the long game while living in the present. Click To Tweet

Leadership goes back to character. It’s that, who do people believe that you are? What can you teach them? What are you going to give to them? How much you are going to root for them? How much are you going to get them where they are going to go? Think about it. If someone is coming to work with you, they are thinking, “What’s in it for me?”

If you are a leader, you should be thinking, “What’s in it for them? How can I give value to these persons that they would follow me?” If you are having a hard time attracting people, it’s time to take a look at your leadership, who you are, and your character. People will smell that. If people feel like this person wants to help me, they want to teach me, pour into me and see good things for my family and me, they are going to come and work with you.

They are going to work alongside you. They are going to go to battle for you. They will bleed for you if they feel you will do the same for them. That has been one of the things that I have learned. When people sense that, they will do a lot. Working on yourself is probably one of the best investments you can make to pour into others.

I also learned that I was a poor judge of who would be good at the position I was hiring for. Number one, I started scalping the real pros from other people. They already knew they were good. They have already proven themselves. Second, if I were doing a new hire, I would do the personality test. The personality test would point to someone that I didn’t believe in but I was so bad at it. I was working out so horribly that I went ahead and took a chance on some of the personality tests. Those people have been with me for five years now. I never thought they would have been able to fill the position but the personality test seemed to be pretty accurate for me.

We will have a little disagreement on the show and some tension, which I always think is good. I used to be a big believer in the personality test. Mitch, screw those things. The biggest thing is a personality test tells me someone’s personality. People are the opposite of stocks. They say that past performance is not predictive of future results. With people, that’s always the case. The reason why you have had success with scalping others is that past result is a predictor of future success.

I don’t care what the personality test is. I’m looking for someone who has won consistently in their life, time after time. It doesn’t that have to be in sales necessarily. I’m looking for someone who has committed themselves. My best acquisition specialist of all time was a total introvert systems guy. He would not show up on any personality test as a closer for this.

He would show up, make his calls and follow the script. He couldn’t do the flashy things other guys do like breakthrough massive barriers. He was consistent, and he was with me for a couple of years. We made millions of dollars together. He eventually went out on his own to do his own thing because I taught him everything up. The relationship was so strong.

We still do business together to this day and make a ton of money still together. He was my first hire. I would challenge you on that. Granted, some personality tests will point out some people who could be naturally good at sales. I get that. If you would take the DISC test, someone who’s very high in that DI, they are dominant. They have that real extroverted personality. They are going to come in and maybe kill it. It says nothing about longevity, commitment, loyalty or being able to operate within your system. How long someone will be with you will also factor into them.

As usual, there’s not one way to do anything in this business. It’s whatever you commit to and hammer through. How do people best stretch their marketing budget, and what’s working these days? It blankets the whole country. Probably in various parts of the country, different things might be working. I don’t know. What do you say?

First of all, there’s a misconception of when you say, “What’s working, what’s hot, and what’s all that.” That’s a bunch of BS. You can’t listen from one person to the other because one person will work their database differently than the other. One person says, “I tried direct mail, and it didn’t work.” Did you send out any volume, first of all? Number two is, did you follow up with every single lead for at least 3 or 4 months? How did you negotiate when you went out there? It’s all of those things.

You do the same mailing, same postcard, the calls come in, and one guy could pull out $70,000. The other guy will pull out nothing. If you spend $10,000, one guy is going to say, “I 7X my investment.” The other guy says, “It doesn’t work.” You have to be very cognizant of that. If you look at our marketing, we do it all. We do direct mail, SMS texting, and ringless voicemail in our markets where it’s legal. We are heavy in social media, local SEO, and Google reviews. We also work with the wholesalers.

REIS 526 | Business That Works

Business That Works: Get on the phone, convert, use a script, and make it happen.

 

My recommendation if you are reading, this is to pick one and focus 100% on that marketing channel and do not water it down. Commit to it for at least 90 days. I could tell you without a doubt that if you cold call for 90 days every day for an hour, you follow up, and you use a script that Mitch is going to give you, you are going to lock up a deal.

I say the same thing, Todd, “Everything works if you work it but you’ve got to work it to death.”

If you do text messaging, it will work. If you do mailers, it will work. The problem here is in the land of podcasts, you are constantly switching strategies. You are going, “I’m local. I’m virtual. I’m nationwide. I’m texting. I’m doing this.” It’s too much. Focus on one thing on one market, and make it happen. I start in creative real estate, doing lease options, owner financing, and sub-to. When it was just me, I could do those.

When I started hiring people, I tried to teach people owner financing, lease options, wholesaling, and none of it was working for them. It was too much, no way, no how. I said, “You do one thing. You guys wholesale, get for cash offers. That’s it and we are successful there.” I will do creative stuff on my own on some bigger deals, but I do not recommend training someone to be really good at one thing, especially when you’ve got a team.

I couldn’t agree more. Sometimes entrepreneurs who are very good ADD multitaskers can keep eight balls in the air. They think everybody is like that. It’s not true.

For someone like you doing owner financing, you are probably able to go from a cash offer, and you could tell, “This person is not going to take this. He’s not going for it.” You could switch over to some owner financing deal probably pretty seamlessly. When you’ve got a sales rep working for you, all of a sudden, their mindset is like, “If I give a seller more, this is going to sound way more appealing. I’m going to go high on price in every single deal.” You have to realize people process in different ways. That’s a great point.

What is real wealth to you and what do you think the secret is to build that?

The answer I’m going to give is probably not that popular but it’s 100% the truth. The easy part is number one, start making a ton of money. You want to produce. The more you produce, the more that you can invest. I’ve got the 10/50/40 Rule. You tithe 10%, you live on 50%, and you invest 40%. Some people say, “I don’t want to give up Starbucks. I don’t want to have to give up a fancy car.”

That’s fine. That’s cool. Enjoy all those things, just make more money, and then make sure that you are investing 40% of your income into cash flowing or appreciating assets, and you will get rich beyond your wildest dreams. The definition of wealth is when your money grows while you sleep, and you can stop working whenever you want.

That’s true wealth to me. You have no obligations, and you can do whatever you want. For me, I go on 6, 7 or 8 weeks of vacation every single year with my family. I do love to work but I take those time, I shut off my phone, and I invest my family in those vacations. I enjoy doing that. Being able to do what you want, and then not having to work, that’s true freedom. That’s the true wealth. When you talk about wealth, you are going to hit that point. If you are continually reinvesting, you will not believe how fast your money will grow once you are doing what I’m telling you to do, and that’s the 10/50/40 Rule.

I’ve got to a point in my life where there was more than I needed, more than enough. I needed something else besides more money. I needed an emotional reward, more than a financial reward anymore, which is why I like teaching. Dave Ramsey rings the bell when people get debt-free. They do the primal scream. We ring the bell at my office when people fire their boss when they leave their job.

Past performance is a predictor of future results. Click To Tweet

That’s what I get a kick out of, helping people do is fire their boss. I don’t know why but I have been doing it for a long time now. I never get tired of it. When I help that one person quit the job, I’m helping many people around that guy, his kids, his spouse, and his parents. He’s able to give some quality time to all these people. He’s leading a great example for his children and his spouse.

It has a ripple effect. All I want to do every month is help people try to quit their job, even at the most modest level. You make $3,500 at your job. We help you figure out how to make $3,500, so you don’t have to have a job. It frees up 2,600 hours that you get to figure out who you are, what you want to do, how to get good at it, and become the person you are supposed to be. That’s why it’s so important that the first step should be to figure out how to replace the money that you are going to do that job for. Figure that out first. If you want to be wealthy, we will get to that next. Get free. Get those 2,600 hours back.

If you do what I tell you to do right here on this, especially if you download the map, that’s really easy to do. I don’t know how much you are making at your job. If you are making $3,500 a month, you are going to snap your fingers and be able to do that. You could sneeze. If you are making $10,000 or $20,000, maybe you could sneeze a couple of times, and you can do that with 90 days of focus work. You could say goodbye to that. It’s attainable. That sounds like a worthy goal.

I remember when I left my job, I was making good money. My boss and I had a great relationship. His name was Sean at that time. He looked at me and like, “How did you do that? How can I do this? How can I learn?” That was satisfying. I didn’t have some big thing where I broke a window or threw a water cooler. It was a pleasant and sad conversation when I told him I was leaving but it was cool to see that he was envious that I was able to quit. That was really fulfilling.

I want you to go to 1000Houses.com/toback and get that massive action map to help you start generating leads, and also get the script so that how to talk to these motivated sellers when you get ahold of them, what to say, and what you are looking for. This is the key. The rubber meets the road by finding a deal.

You have to find a deal. That’s where everything starts. I wouldn’t worry about syndicating apartments if you haven’t figured out how to find a deal yet and capitalize on the smallest, easiest, little single-family home. Master that first. Is there anything you want to say to readers before we wrap it up, Todd?

No, that’s it. This business is simple. Generate some leads. Get on the phone and convert, use a script, make it happen, either keep that property or wholesale it, make a ton of money and do it over and over again. The recipe is simple. Go to Mitch’s website. You can download the script and the map, and make it happen. Grab it.

I would like to thank everybody for stopping by to get you some Todd Toback. I want to thank you, Todd, for coming on. I also want to thank my sponsor, LiveComm.com. There’s a reason my house is average four days on the market with no signs, my advertising budget to sell my properties is virtually zero.

I can show you how to do it. Watch the little videos on the homepage and learn how to generate leads using mass texting and much more. It’s not for real estate. It’s for any business. Thank you, LiveComm, for being the sponsor of this episode. Todd, we will see you down the road. Best of luck to you. I hope you have a great 2022 this coming year. I appreciate you taking the time to be on the show.

Thanks, Mitch.

Important Links:

About Todd Toback

REIS 526 | Business That Works

Experienced Chief Executive Officer with a demonstrated history of working in the real estate industry. Skilled in Negotiation, Coaching, Sales, Entrepreneurship, and Sales Management. Strong entrepreneurship professional with a Bachelor of Science Degree in Massive Action from Calvin University

 

Love the show? Subscribe, rate, review, and share!

Join the Real Estate Investor Summit Community: