Quoc Nguyen On Private Money And Group Coaching
Episode 352: Quoc Nguyen On Private Money And Group Coaching
Securing private money for your real estate practice can be a difficult process, but once you’ve found your way in, it’s just a matter of exactly where that money goes. Yes, getting private money can be a huge boon for your business, but you’ve got to be very prepared. Quoc Nguyen is a longtime pharmacist-turned-real estate investor. Mitch Stephen interviews Quoc about his radical career shift and how he managed it. Having trouble raising private money? Learn a thing or two from Quoc’s story!
I’m doing a segment with my friend, Quoc. He’s from outside of Houston. He had bought the Private Money Changes Everything course and that was that for a while. He sent me back a glowing report and was telling me about his successes. I’m always asking people, “If you have a victory, share it with me.” I like to know about the success stories because many people call me with problems, issues and hard cases. It’s nice to sometimes hear, “What happened? Tell me all the good stuff.” There’s a lot of good stuff out there, but people don’t tell me that they did something good. They call me when there’s a problem, they need a fix or they need to solve it. Quoc, introduce yourself. Tell everybody where you’re from and what your background is and we’ll talk about the Private Money course.
My name is Quoc Nguyen. I’m a pharmacist for about seventeen years at Texas Children’s. That was my identity for the longest time. The only constant in this world is change. The pharmacy world is changing. When we were growing up, our moms and dads always taught us like, “Go to school, get good grades, get a good job,” and that’s pretty much it. I did everything. Mom and dad only taught us what they knew. After many years, I see the changes in the pharmacy eco-system because they’re producing many pharmacists per year that our jobs are becoming obsolete with technology and everything.
I know some pharmacists too. One of my best friends is a pharmacist and he’s going through hell because he used to make pretty big money, $150,000 to $160,000, and it’s getting tough to find a job. The jobs that they have is paying half of that. That’s because they’re just pushing out many. I want to bring it forward to say you always got to be working on a plan B because no matter what you do in your life, something can happen. You could be a brain surgeon where you get a car accident and you lose your arm or your hand. Who knows what will happen? There has to be a contingency plan B that you’re building on the side. You’ve taken that seriously.
A couple of years back, I recognize that and then started working on my plan B, which is real estate. I always wanted to do real estate. Everyone knows Rich Dad Poor Dad, the whole bit. Due to the lack of information, knowledge or want at that time, I did rentals. I started my career cutting teeth doing rentals. I had a couple in the medical center. They’re easy to buy, rent and sell, but these last few years, the writing is on the wall for pharmacy. I dedicate myself to learning to invest. I had a good mentor that’s been doing investments for a little while and he introduced me to the owner finance strategy and all of the moving parts of it. I was able to do three, but then I seek somebody out that actually knows. My mentor at that time only knows what he knows in terms of what he does. He does this and he does that, but he hasn’t been doing for 25 years.
He’s not driving down on that particular niche. That’s not his thing.
It brought me to you. I was like, “I know someone has to be doing it somewhere.” Through Google, YouTube and whatnot, I was able to find you and I was like, “Mitch.” After 300 episodes of your show, you get to know somebody without knowing somebody.Because of changes in technology, pharmacists are slowly becoming obsolete. Click To Tweet
Did you read 300 episodes?
Yes. I have read 300-plus because you have 320-something episodes.
My show is however long they go, so they’re not short.
I dedicate myself to learning everything about you through cost-free mediums. After 300 episodes, you know somebody but you don’t. I was like, “Mitch is Mitch. He likes what he likes and he knows what he knows.” In terms of mentorship, you find whoever you want to be and then you ask for mentorship, that’s how it goes.
That’s how you got connected. I’m always interested to know how people connect. That’s very interesting to me how things evolve and how I get together with different people. I was speaking one time outside of Houston right by the coast. We have a talk about it in the middle of the week. It was an odd time during work hours, but you were there and you’ve got a lot of enthusiasm. I told you, “I don’t care if there are only four people here. I’m going to get up here and give it all I got and tell them.”
That’s the kind of person that you want somebody to lead you. From then, I joined your mentorship, the Tuesday Calls and that helped too. Once I joined that, that came with a couple of programs. One of them was the Private Money. That was something that I was looking into earlier too. To segue into the Private Money aspect, it rules the world. If you are able to get private money, the barriers are almost gone. Either you could buy stuff, you could sell stuff, you can do anything and everything with private money. People say that all the time and I hear it, but I don’t think they understand it. I’m just scratching the surface, but even charging at 6%, 8% or 10%, the doors are open up to you. It’s almost unlimited.
I know the world becomes your oyster, you can buy a lot of things. At least you can occupy a lot of things until you can straighten it out. If you need cheaper money for that deal to work, you can get cheaper money at another time when everything is free and shined up. You went ahead and we were talking about that and I said, “Go check out my Private Money course. It’s $997.” I don’t understand how it can’t make you money, but you got to do it. To my surprise, you went out right away and did it.
You specifically say, “If I can’t find you money, I would literally kiss your butt.” I was like, “That’s a strong statement.”
Let’s make it clear because I didn’t say if I can’t find you money. I said, “If you work it and you put up the numbers, which means you’ve got to make a call, you’ve got to talk to people. If it doesn’t work, I’ll kiss your butt.” I remember saying that, because I know it works because I lived it. It’s a numbers game. Before you can start to talk to people, you got to be confident in what you’re going to say, what order you’re going to say, and how to teach them all with the objections.
The course provided a structured system where you can come out and pitch better. You open the door. One of my favorite strategies is talking about it. When I speak, the enthusiasm is there. I don’t have to work on the enthusiasm. The structuring of how to say things, how to open the door and say, “I don’t see somebody for a while.” I’m not pitching them, but I am in terms of like, “How have you been?” I was like, “I’ve been great. What have you been up to?” “Let me tell you,” and then I opened up the door. If they’d like to walk in, come on in and I’ll show you all that I have. I’m not selling you anything. I’m telling you what I do. That’s one of my favorite things.
Isn’t that part of the brilliance of it? Because you never feel like you’re a salesman anymore. No one can peg you as a salesman. When you ask somebody, “I want to talk to you about borrowing some money,” they get in this boxing stage. Inside this program, I’m going to show you, I’m not sure if it’s neural linguistic programming or not, but I think it is because people asking me the questions that I want them to ask so that I can get them in the room where I want to be to talk to them about what I want to talk about. If I drag them into the room, they will leave as soon as they have a chance, but if they come in on their own, then it’s there.
In terms of inception, when it’s your idea, it’s always the best idea. I completed the course as soon as possible, then I start working on my pitch. I worked on a pitch before but it wasn’t very structured. The confidence level wasn’t there. I knew what to say but the Frequently Asked Questions sheet that you have is gold. It’s always in front of me. It’s a good base in terms of, “If they have this question, you always have a rebuttal.” Not rebuttal per se, but an answer to whatever question. Because when you ask them to give up $100,000 and then you come in stuttering not knowing the answers, it’s tough. Their confidence level goes down.
I want to tell everybody that it’s not a bulky course. It’s very light. It’s a handful of steps. You memorize the steps and you make it your own. You can practice in the mirror, you can practice with your spouse. Get a scenario with some numbers that you know, so you’ve got the numbers memorized. You can do it on a napkin if you want to. I know of 21 objections, that’s all I’ve ever heard. If someone hears an objection that’s not on that sheet, call me and let me know and we’ll put 22 objections on there and we’ll have the answer to that one. In part of the key right, is that when someone has an objection that you very succinctly answer the question with an answer that you’ve thought about and understand right on the tip of your tongue so it rolls off and you have this appearance of being a long-time pro. I asked a guy these five questions and he answered them like that. How did you memorize the answers to 21 questions? You’re a pharmacist, you probably read it one time and threw it over.
Everything comes with dedication and practice. Even playing sports, I wasn’t the best shooter, but I’ll hustle. That was my game. If I can’t beat you in shooting, I’ll have to see you in whatever I need to do to get to that ball. I translate that into this.
The course came with a script that you can memorize and walk in with nothing in your hands and did it. It also came with two PowerPoints. One was me going through the slides so you could plug and play. You can say, “I’ll show you exactly what I’m doing. Let me show you.” You could turn the computer screen around and they could just watch it. There was also the same PowerPoint that didn’t have any audio. How were you doing it? Which one are you using?
I took your two PowerPoints. One was the Credibility and the other one was the actual PowerPoint of what you did. What I loved about that was I’ve thought about doing that, but I didn’t know where to start, what to say in terms of how much information do I want to give them in the beginning? Because when you throw up on somebody’s information, they get confused and then they shut down. That’s a no right away. I took your PowerPoint presentation and made it my own. It was pretty sick. Like, “I am an investor. These are the ones that I did. This is how I do it. These are the numbers.” I made it my own numbers and that helped because I had the three deals that I had done in the past and that springboard meeting at least confidence-wise until the next level.You can pitch to someone without them knowing they're being pitched to. Click To Tweet
It’s easier to talk about your life deals than it is to memorize my deals that you have nothing to do with. You’ve looked at my deals and you go, “I’ve got some deals like that. I can make it work.”
That’s what I did. Those two PowerPoint presentations solidify me in terms of my credibility, definitely for myself, my understanding of what to do and how to do it. From there, I literally practice. Everybody I get a chance to talk to I tell them what I do and how I do it.
What’s amazing is you and I can pitch someone and they don’t even know they’re being pitched.
Sometimes it feels uncomfortable, but I forced myself to do it to make it comfortable because everything in life is at the fringe of 5% of uncomfortability. If I’m too comfortable, then I’m not doing anything. If I’m a little squeamish when I do it, not 20% or 50% crazy, but about 5% or 10% uncomfortableness, I feel like I’m doing something.
That means you’re growing. You’re going to be uncomfortable with what you’re not doing or you’d be uncomfortable with what you’re doing. Because if you’re uncomfortable with what you’re doing, you’re growing. That’s beautifully said. I love that, and I don’t think it was too fortune cookie.
Growth happens at 10% of uncomfortableness.
How was your first presentation? Do you remember the first one?
It was fine. When I presented to him and I was talking to him, he’s a peripheral friend. This is not somebody that’s like, “Let’s go get some beers. Let’s go hang out all the time.” More like a friend that I’ve had quite a while, but we don’t keep in touch. He had a birthday dinner and it was six of us. We sat down and we had dinner. We were talking, “Quoc, how you been?” I was like, “I’m good.” He’s like, “What you’ve been doing?” I start like, “This is a lot I’ve been doing. I’ve done three in the past. These are my numbers,” but I don’t try to glow or over embellish anything because there’s no reason to. At the very end of it, I always say, “Anybody interested, letting me know.” I think that’s one of the biggest things that you could say to depressurize the moment.
You take the heat off of it. You don’t ask him, “Would you be interested?” You don’t need to ask him. You say, “If you know anybody that’s interested, let me know because I got some other deals coming up.” If they’re interested, they’ll tell you. You don’t have to ask them. It takes all the pressure off the conversation. You don’t feel uncomfortable, but they are in their mind. They’re going, “Yes, I know somebody.”
I think he committed that day. By the time I did the presentation and presented him with the presentation, he was ready to go already and the presentation may be sealed the deal.
Did you say, “Yes, I’m interested, can you tell me more?” and you whip out the PowerPoint?
After dinner, he pulled me to the side and said, “I have some money sitting on the side.” I tried to bring up pain points, which is all true. There’s no lack of money out there. Before, I didn’t believe that, but I truly do believe now that money is not the problem. Because everyone has money, especially people towards my age, several years into it of our career, we have a couple of hundred sitting around either in a bank, in CD or stocks. It’s the lack of opportunities. Lack of financial vehicles to catapult this or to either grow the money better than the standard CDs and the financial system. I feel like it’s a big scam, but that’s a whole different story.
You’re talking about Wall Street and the stock market. A lot of people are talking about that it’s rigged. People who can get the inside information and everybody else gets hacked.
How does it work when you go to work and someone tells you, “I’m going to take 10% of your money, put it in something that’s not tangible. If you lose it, good luck.” Everyone does it. Being a good son or being whatever, you do what you’re told. You have to start questioning these things, especially this whole system is crazy. We still have money. The biggest thing is the lack of vehicles. Real estate provides me that vehicle, especially owner financing. When you turned the whole banking system in your favor, it’s mind-blowing. When I try to tell people that, people are very hard to understand the same process in reverse. I’m still trying to learn.
Guys and girls that are reading, I’m not making a formal commercial for Mitch Stephen and Private Lending, but on the other hand, I’m going to tell you that I want you to learn because it works. I know it works if you’re by yourself. I wanted you to learn it from somebody besides me that took the program. It’s not bulky, fat or heavy, but pretty simple. I don’t want you to be disappointed in that either. You pay $1,000 and like, “Is that all you get?” It’s not heavy. It’s effective. If you can master this tiny thing and learn how to get yourself in a position to get people to say, “What do you do for a living?” Is it amazing to you how many people, when you tell them that you’re in the house flipping business or the real estate investing business, how much they want to ask you?
It’s sexy. When you say they’re like, “How can I get this?” At work, I have people calling me and I don’t even know who they are. Somebody texted me and say, “Quoc, I heard you do this.” I’m like, “Yes. I’m sorry, what’s your name again?” I’m not stingy with information. Teaching when I’m able to explain a subject better, I become better. It gives me an opportunity to go through my rehearsals, my pitch or whatever it is one more time. Because if I can’t explain it to them, I probably don’t know it.
Let’s talk about your numbers. Do you know about the approximate date that you got the program?
I don’t but from the time that I got the program to the time I got that, no more than a month. Maybe it was three weeks.
You’ve got some money within three weeks?
I got the verbal confirmation and then we closed because we did a full title close and the whole bit. That was another two weeks. When he verbally committed, it was less than three weeks.
It was a month and a half or two months, it doesn’t matter. You’re on your way. What kind of confidence was it when you got the first one?
You never forget your first one.
After you get one, the world opens up again. It’s like, “I can do this again. That wasn’t that bad. People didn’t shoot me in the eye with a BB gun or anything. It’s cool. Even the people that said no, they were nice. They didn’t even say no. They didn’t want to carry the conversation any further, so we talked about something else. What’s next? I’m thinking to myself, “He didn’t want to talk about this anymore. He’s not very interested. Let’s move on to the next topic and I’ll move on to the next person.”
It’s a numbers game and I’m trying to understand that. In my field, we don’t sell. When somebody needs Tylenol, we get it for them. There’s no selling in pharmacy when you’re a pharmacist. Selling is something new to me. I’m learning that it’s a numbers game. I’m learning that you have to look a little bit more thick skin in terms of rejections. It’s all a learning curve, but it’s fun. I enjoy it.
Have you picked up any more investors besides that one guy?
I haven’t. Once that happened, it was more towards Christmas time and I planted a lot of seeds. There were verbal commitments here and there, but I have a whiteboard with straight private money.
This is very smart. You’re taking another note out of it. You’re making a list of the people that you’ve planted seeds with and then those are the ones that you go back when you find a killer deal. Try to pick that you think has the most money in that list and go, “I want to tell you about this deal I got rolling around. Do you know anybody that might be interested? This is $200,000 and I only need $80,000. Do you know someone? This is a great deal for somebody.” Until they let you know by their actions or their non-action that they’re not interested. At that point, erase them off the whiteboard and find someone else to put up there. How much did you borrow on your first deal?
The house is worth $165,000. I bought it for $102,000. I put about $3,000 with the rehabs. The paint and a new carpet that I had to do, but I borrowed it at $100,000. I didn’t want to borrow too much.
You have $105,000 in it. What did you sell it for? You sold it owner financing and you got it down.
That’s something I wanted to ask you in a segue. I have somebody that put down earnest money for $15,000 down for $150,000 with 9.9% for 30 years. The problem is that he doesn’t have a bank account and he doesn’t have a W-2. He gets paid in cash.Real estate investing is really a numbers game. Click To Tweet
If you do over five per year, then you classified in a different realm. You got it for Dodd-Frank. I’m not an attorney, but I’ll tell you what my opinion is. If they think they have a reasonable reason to believe that they can pay, it doesn’t mean they have to have a check stub or proof of income. Here’s a reasonable reason to believe that they could pay. “If you don’t have a job that you report your income, where do you live?” He goes, “I live in that apartment complex right over there.” I’m like, “What’s the rent there?” He said, “The rent’s $1,200 a month.” I’m like, “Do you want to buy my house and my house is $1,100 a month?” He said, “Yes.” I said, “You’re going to save a little money.”
He might pay $1,200 a month and my house is $1,250 or $1,300, “You’re going to amp up a little bit. Let’s call your manager. How long you’ve been there, sir?” He says, “I’ve been there for three years.” I’m like, “Have you been late or have you been paying on time?” He said, “No, I always pay on time. I’ve never been late.” I’m like, “Let’s talk to the manager and see if they’ll get us a letter that you’ve lived there for three years and that you’ve never been late,” because that’s my reasonable reason to believe, but I need to get writing from the authority.
The RMLO may not even say, “I’m not going to hang my hat on that.” You say, “Let’s find, I’ll hang my hat on it,” because does the law says or does it not say that I need to have a reasonable reason to believe? We also run the FHA formulas to see if they fit in the FHA 50% of your disposable income or whatever the number is, 43% or 47%. It used to be 43% but I think they’ll sell you a house if you have 50% of your disposable income, your payments less than that. That’s not what Dodd-Frank says. Dodd-Frank doesn’t have any math that you have to multiply it.
I wouldn’t say, “Judge, he’s been making payment at $1,200. He was going to go up to $50, but he’s going to own his own house. He’s going to have tax deductions. He’d have an interest deduction. The rent is going to go up on the apartment. It’s not going to go up on this house.” These are my reasonable reasons to believe that even at $1,250, he’s a payer. I want to say that you had a good experience with Private Money Changes Everything. If you go to 1000Houses.com, go over to the courses that are offered on the tabs up there and click on Private Money Changes Everything. Does private money change everything or not?
Everything, the whole world.
The other thing is you’re also on the Tuesday Night call. The Tuesday Night call is $3,500 for the year and we’re on there almost every Tuesday at 7:00 PM Central Standard Time. There are between 15 and 40 people on almost every call, depending on the time of year. It rotates between Mike and myself. Mike is my business partner, a multimillionaire several times over. As a matter of fact, we had to do our finances and he was a multimillionaire. He started out as my student. I was very impressed. I made him my partner after a while. We’ve done over 300 deals together and a very sharp guy. He’s only 33 years old and I’m 58 years old. Every other Tuesday, Mike and I rotate and I think it’s a pretty nice change of pace back and forth. I’m the old guy, I already made it. I’m jaded. I have a certain pace that I run and all this stuff, and then there’s a 33-year-old guy. He hasn’t got all he wants yet and he’s out there aggressive. He has that piss and vinegar in him that I hadn’t when I was 34. Tell me a little bit about your experience on the Tuesday Night call.
To be honest with you, there are pros and cons and it comes with whatever it is. The pro is that it’s more than $3,500 worth. For $3,500, I get to talk to you or Mike that has 25-plus years of experience in what I want to do. It’s invaluable. For $3,500, that’s a bargain.
What is the con? I’m interested to know.
My con is I don’t get to talk to you enough. Because it’s a group format in itself, I’m greedy. I just want to talk and have my answer. I’m very self-serving like that.
Some people don’t want to be highly personal in a group setting. Sometimes there are regular life situations that you don’t want to expose. My wife and I are fighting over this and you don’t want to get into that.
The con is not really a con. For me, I am interested in maybe stepping up to the personal program where I get direct access to you. I know that for me, I don’t know if I’m ready to commit, not the money, but the time. I know you’re going to tell me, “Do this,” and if I do it, it’s going to work. It’s more of do I need to quit my job to do that? I’m not sure where in my life is it supposed to be? That’s what I’m battling with. Every Tuesday night call, I pick up a nugget. That’s all I’m looking for. That nugget can be a little nugget to a big nugget. An example is Mike talked about Facebook and how Facebook is changing the world. I understand that because I picked up half of my houses off of Facebook and sold the other half with it.
Mike using Facebook to sell houses is badass. It’s free. I used to have to create classified ads and all this stuff and spend thousand to try and let everyone know I had a house for sale. With the system with LiveComm and then Facebook, that’s like a pittance. It’s nothing. It would have an average of nine on the market.
I’m not for nine days. I’m 3 or 4 months, but it is what it is. I’m learning. My personal goal is to do about four, and I did three. I put a crazy number of maybe ten or twenty out there to throw it out there and see whatever sticks. You got these personal goals. The Tuesday calls are great. I get down and it’s about an hour. I get my nugget and then some weeks, I tried to work on that nugget. Some weeks, it is what it is.
Honestly, in my heart, this is what I wanted. I think it’s a value. It will be very difficult for someone not to make back their $3,500.
I made that money already. It’s a done deal. I’ve only been in the program for maybe a handful of months.
It’s every Tuesday. Mike and I generally rotate every other Tuesday. We’re not going to make it 52 Tuesdays. We’ll probably make it 42, 43, 44 Tuesdays. We don’t miss much. During the holidays, Christmas and Thanksgiving, I don’t want to do it. You don’t want to listen to it. We’re all eating pie and getting fat. Sometimes, Mike and I have the right to get sick. We have the right to go on vacation sometimes with our family. We’ll call it off that one week, or sometimes we screw up. More often than that, we don’t screw up much. Usually, it’s a technical difficulty. We’re out of range or something’s not connecting right, but it doesn’t happen very often at all. We’re almost always there. I’m going to say 44, 45 Tuesdays out of the year, it’s going to happen. Also, it comes with 500 hours of archives Q&A. You can listen to Mike and I until you don’t like us at all anymore.
What’s good about that is that I’ve been going through that too. Unlike the live Tuesday calls, you can fast forward through stuff that you don’t want to listen to.
It used to be documented the different topics that were coming up and you could speed through the speed to them. It got to be those calls. Our commitments to stay on that call until every question’s answered, and sometimes those calls run an hour and 45 minutes to two and a half hours. Mike and I will start begging for mercy around an hour and 45 minutes. Like, “If it’s important, can you please save it? Can we hear about it next time because you guys are killing us?” You hang in there pretty good and we won’t quit. We always stay until the last person.
I love that commitment. It’s very genuine. Once again, the con that I can only think of is because everyone has great stories. Sometimes I need an answer and you’d have to go out of your business because it’s a busy week. That’s the only conflict. That’s the nature of a group call and I understand that.
I get it, but there’s always that other level when your time comes. I think the group call’s good for people who are not yet sure that the business is for them and they’re trying it on. If you get a one-on-one for $25,000 or whatever and they’re not saying that the businesses for you, that doesn’t work. First of all, you do everything free first. Get all the stuff as you can, then start narrowing down to the strategy, you might start paying for a little bit of things here and there. When you’re sure the strategy you want to do, you find the guy that is doing it how you want to do it. Make sure that guy is who you want to be on the field and off the field.
Sooner or later, things are going to overlap. Delve in, but even then, I’m offering pay the $3,500 I’ll talk to you once a week and make the system pay for the higher level. Earn it through the deals. Make the house pay for the mentoring, instead of putting on your credit card or going to your savings account. There are other people like, “I know I can do this. I’ve already done 30 houses.” They already did 30 houses, they know. In a way, the house is already paying for their system because they’re taking it out of the proceeds where they made out of that 30 houses that they did. Clearly, I want people to do what’s right for them. I have usually a 45-minute console, but we’ve talked a lot before. I would like to talk to you about that one-on-one time. As always, little pressure. There’s not a pressure but, “Will you please get with my people and get a date? We’ll talk about where you’re at, what you’re doing, what your freedom number is, your personal needs. Let’s talk about when the right time is and what the right price is.
I’m waiting for you to accept me as a student. I don’t want to be too pushy. I want to prove my worth.
I don’t take everybody. At the end of the day, we’re both going to hold our hands up in the boxing match and go, “The winter is us.” We won. I don’t like to take money from people and do coaching where they don’t win because I don’t feel good about it, they don’t feel good and it’s not any fun. That’s not what I’m looking for out of this. What I’m looking for is the emotional high of being part of a winning team. You do gain a lot of ground. You took something without much personal interaction and you went and did it. You show that you learn. You show that you can follow through and you can act on what you learn. You can consummate $100,000 deal within a relatively short period of time when the material ended in your hands. Your stock just went way up with me.
Thank you. I appreciate that. That means a lot. It’s weird because after 300-plus episodes, I feel like I’ve been there the whole time with you. I learned and have you in my ear every time I’m in the car. I turn it on as a mobile university and then have you on literally.
I’m glad you said that because sometimes I think people say, “I’ve tuned in to all the 300 plus episodes.” I’m like, “You didn’t even have time to have a job if you did all that,” but you’re using it in the car in your wasted time. Instead of listening to the crappy radio, you’re using that time to get a degree in honor of financing in the state of Texas for free.
Until you’re ready to move on to that next level and then hopefully, I move on to that next level. That’s the beauty of it. I tell a lot of people that call and talk to me and ask me like, “I heard you’re doing this and I heard you’re doing that.” I’m not a big Facebook guy. I didn’t have Facebook until I had kids. Even so, I post stuff so I can see what when my wife is posting. I try to be more diligent in terms of, “This is what I do. This is my house.” Increase my brand and image.
It’s a way to generate some interest and a bigger friendship because I see two mistakes happening. People using Facebook that they aren’t even talking about any business or what they need. That may not be a mistake. Maybe that’s what they enjoy. I see business people making a huge mistake. They’re on Facebook and every time they get on, it’s all about business. It’s got to be more like a 25% business. The rest of this is who I am as a human being having fun and living. How are people going to get to know you and want to do business with you if all you do is hammer them with your pitch all the time?
You’ve got to be a human being. You’ve probably seen that I’m on their pace and I started at 278 pounds and I’m trying to lose weight. I’m down almost 30 pounds. Along the way, I’m getting to know people. People are getting to know me. If you listen to 300 episodes of anything, as long as it’s live and the person’s not acting. I’m not acting, I’m being myself. By the time you read my three books and read some blog, you probably know exactly who I am, how I handle things and what my demeanor would be in most situations.
On the Private Money line, I’ve had people who said, “I’ve listened to over 300 episodes and I want to leave you money.” I said, “Do we need to meet some time or something?” They go, “No, I’ve listened to 300 episodes.” I believe that you can’t fake who you are for 300 episodes. He says, “I need to get some references because I’m handling trust and I need to prove that I did my due diligence, but I’m already in.” The next day he flew from Tennessee to Texas and it was in my office and we were done. It was $1 million plus or minus. That was a direct result of being who you are in a social media environment where people that you don’t even know are watching and listening. I don’t know if that helps you in at all with Facebook.
It does. That’s not my natural medium. I don’t want to overshare and I’m not a private guy. Sometimes not everybody needs to know that I like cigars or I like this. I like to play golf. I think everyone knows because every time I do go play, I do post something.
There are subtle ways to let people know, “I went out to play golf with my private lender.”
I like that. I’m writing all this stuff down, Mitch.
I was telling you about my real life but also, there was a slight hint. A post like that would also say, “There’s a real person that has given this guy money. Maybe I should. He can’t be all that bad, that guy looks pretty smart. They’re at a country club.” Maybe you can up the post, “My private lender invited me to his country club to play golf.”
I’ve had that before, a potential private money lender.
This is subtleties of being a real person but also throwing in a tiny little 10%. It’s always the underlying thing, “If you’re interested, find me.” I want to thank you for your time. I want to thank you for sharing your victory, and also being frank with the pros and the cons of the call. Also, sharing with the call. I liked you when I met you down there in Houston. I was impressed that you were able to take something in a short period of time. Take what you learned and wouldn’t do something. I wanted people to know from somebody besides me that it’ll work if you’ll put it in play. One of the biggest fears that everybody has is that they’re not going to be able to find the money because it’s like, “I’m too short. I’m too fat. I don’t speak the language. I don’t have a long track history.” It doesn’t matter. We get to that hurdle in the course. It’s not about you and me, it’s about the deal.
You present to them as, “It’s not me. Look at the deal. Either I’m here or I’m not, you will win. The worst-case scenario is I’ll pay you back on time.” I tell them that all the time. I use all your quotes. That’s why you’re there to teach. I take down notes and I plug it into my plugs.
I want to thank everybody for stopping by to get you some Quoc Nguyen. Check out the Private Money Changes Everything course or check out my website, 1000Houses.com. You can get a layout of what’s involved in the Private Money course. You can also listen to one of those weekly calls. I think it’s about almost two hours plus or minus and see how that feels and what it sounds like and what it looks like. There’s all the information on the website. Thanks a lot, Quoc.
Thank you. I’ll be in touch with you soon. Bye.
About Quoc Nguyen
Qouc Nguyen is a career pharmacist turned into a real estate investor.