Today I brought back my friend and guest, Chris Prefontaine.
Chris is the founder of Smart Real Estate Coach, as well as, the Wicked Smart Companies, and he hosts the Smart Real Estate Coach podcast. Plus, he has 4 bestselling books about real estate investing.
This guy is legit in the active REI world, plus, he has a servant’s heart.
He wants to help people with the work he does.
He is diving into the best REI strategy that will work in any market, no matter the economy or bank interest rates. He also is going into, from his own experience, how going with the real estate investing companies on your home sale can actually get you better returns in certain situations as the seller if you choose the right person to sell to.
Interested in passive investing?
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TRANSCRIPTS:
Speaker 1 (00:00):
Hello, my fellow Ripples. This is Chris Miles, your cashflow expert and anti financianal advisor.
Speaker 2 (00:07):
Chris Miles was able to retire twice by the time he was 39 years old, but he’s not content to just enjoy his own financial freedom and peace of mind. Chris wants you to have your own ripple effect so you can live free today. He’s not the financial advisor you expected. He’s the non-financial advisor you deserve. He’s jumping behind the mic right now, ready to make waves. Here’s Chris Miles,
Speaker 1 (00:37):
Walner Schultz for you. Those who worked so hard for money and you’re now ready for your money to start working harder for you today. You want that freedom of cashflow now, not 30 or 40,000 years from now, but you want it today so that you can live that life that you love with those that you love. But most importantly, we know it’s not just about getting rich because ultimately you want to create a rich life because as you’re blessed financially, you even have a greater capacity to serve and bless the lives of those around you. That is a ripple effect I’m here to create for you guys today. Thank you for tuning in. I appreciate you guys. You’ve been binging on these episodes like crazy. You’ve been sharing them with others and even more importantly, what I love is that you guys are acting upon those things that have been taught. So thank you so much for doing so. If you haven’t done so already, be sure to subscribe to our Money Ripples main YouTube channel. Now we have all of our podcasts there with all these other videos we have coming out that are current events that you’ll want to stay up on. So be sure to check that out today. Alright guys, so I’m bringing on a guest that I haven’t had on for several years, and now that we’re right around episode seven 60 something, right?
(01:37)
It’s probably about the time we brought Chris Prefontaine back with us. Now, if you guys don’t know who he is, he’s actually the founder of Smart Real Estate Coach as well as well Wicked Smart Companies, but he’s also the hosted the smart real estate coach podcast. Man, I got to get that straight. Basically, you look up real estate Chris Pri Fontain, you’ve got him right? He’s a four-time bestselling author of books like Real Estate on Your Terms, the New Rules of Real Estate Investing and others. He’s also even better. This guy’s got over 31 years of experience. This guy’s been through many Cycles, which we want to talk about today. Everything from constructing new homes in the nineties to owning real estate executive franchises to running his own investment, both commercial and residential investments that he’s got, and he coaches clients all across North America specifically getting them in the trenches and help ’em doing deals with them. In fact, they’ve completed over a hundred million dollars in transactions to date. So Chris, welcome to our show.
Speaker 3 (02:34):
Thanks buddy. Good to be back and good to chat with you again. We were just on my show. I love the anti Financianal advisor just because I’m always, I won’t say go against the grain, but in creative real estate, it’s not conventional, right? So it’s kind of anti conventional, so I love it.
Speaker 1 (02:48):
Well, it’s true. I mean anything conventional, pretty much ordinary status quo pretty much. It sucks. It just doesn’t usually work. Successful people are the minority, not the majority, and that’s why we have guys like you on here today.
Speaker 3 (03:01):
No, I appreciate it. Well, I guess we could ask the fellow ripples if that statement you just made. Do you want to be ordinary? Who wants to be ordinary? It’s kind of like a depressing thought, so just the way you said that, I’m like, okay, well who would want that?
Speaker 1 (03:13):
Exactly, yeah, we already know we don’t want the status quo life because status quo life is barely surviving. As I was kind of thinking about this morning, most people when they think about retirement, really what it is, is, Hey, I hope I have just enough that can ration off my money until I hopefully don’t die too late. I hope if I live long enough I can ration off and just be super cheap and skinny on my money, and that’s just not a way to live. There’s no freedom in that. So give us more of your story, Chris, tell us more about the background, what even got you to real estate in the first place?
Speaker 3 (03:46):
Yeah, yeah, I grew up around it. Chris, I don’t know if we even talked about that in your last show, but my father, he wasn’t in real estate. He had a welding supply business, but he would build his own buildings, brick and mortar and then lease them back to himself. Now, I never got that as a kid. I remember asking that going, I don’t get that. It’s you, you’re leasing it back to, but now I get it. He leased it back to his companies. It was pretty cool, and he hung around with people that did a few deals on the side, like land deals and engineer some raw and things like that. So I was around it and then I’m going to date myself here, but in the eighties, read Trump’s first book. When it came out he was in real estate. This has nothing to do with politics, and then I just had the itch. Even going to college, I went to college, but I didn’t have cool real estate courses. Then they do now and they do in creative real estate, but back then they didn’t. So I just worked on the side and then by 90, I think it was 91 I got into real estate. That was my foray into it. You mentioned a couple of the niches I’ve hit, but I’ve been on it since 91, so I’ve been through a couple cycles unfortunately, unfortunately just
Speaker 1 (04:45):
A few. Yeah.
(04:46)
Well, and here’s the thing that I see a lot. There’s always recency bias, right? Every show I go onto, if I’m going to a host that’s not in the real estate game, they’ll say, well, isn’t real estate going to crash? And as hell was like, if you look at the last six recessions, one time it crashed and that was the last one, but everybody assumes it’s going to crash and if you think it’s going to crash again, that’s usually how you know it’s not going to crash. But what’s your take on that? I mean, you’ve been around the block for a while. What is your take on what’s going on right now? Yeah,
Speaker 3 (05:12):
I have a few takes, but it’s not any priority order. Lemme just mention a few things that come to mind when you say that. First of all, oh eight, was it a crash? Of course it was, but a entirely different set of circumstances than we have now, and quite frankly then was ever in history. But even though that was unique, were there people that made money in real estate, not just the bankers who took it down the mutual fund. I’m not talking about that. I’m talking about in real estate, in creative real estate in particular where I am now. Are there people that made plenty of money and did well? And so yes, plenty. Unfortunately for me, I say unfortunately, unfortunately when I was in it from oh eight till 12 in that mess. But fortunately now in hindsight, I did go through it because let me say this about any market and then this might spawn other questions.
(05:58)
It doesn’t matter. There’s one constant in real estate, Chris, as you know, and real estate’s going to constantly change. We know that it’s not going to stay up, it’s not going to stay down, it’s not going to stay flat. If we know that, then why not? Like I did after the crash finally, after 18 years into it, I finally figured out, and that is why not learn how to BP and weave be the, I’d call it transaction engineer to operate inside this creative real estate niche in any market and be comfortable with it not going, oh my gosh, the media screaming. The more the media screams, the more you want to go the opposite direction and the more they scream, the more you can be a guide for the seller and buyers that unfortunately are listening to that crowd and you can help them. So I literally do not care. My wife asks all the time, how’s that going to affect the market? How’s that going to affect you guys? How’s that going to affect your students? She literally, we’ve been married 37 years, Chris, she still asks those questions and their provocative questions. I like them, but I always say, I don’t care. I really don’t. We just pivot how we’re going to do the deal, but we’re very comfortable in our own skin that we’re going to operate and profit and it doesn’t matter.
Speaker 1 (06:59):
It kind of reminds what you’re saying, it’s similar, but Robert Allen, right? We’re talking to Bob a few months back and he’s just saying everything’s cyclical. He is like, you just move the strategy when it’s this kind of market. You do this strategy when this kind of market, you do this strategy and it sounds like you’re saying something pretty similar to that.
Speaker 3 (07:16):
It is. Okay, so strategy and the ponds we fish in, right? So lemme give you a quick example. So we might get our leads, for example, I’m getting micro here, but we might get our leads from expired listings that realtors couldn’t sell for sale by owners. Let’s just stop there. Actually, let’s go those two. During Covid, right before Covid, when everybody was chaos, I don’t know what I’m going to do. We were putting a house on a contract on record numbers. Two or three short months later, the market skyrocketed. If you were for sale by owner, you sold your home. So was that a good pond for us to fish in? No, we’re wasting time. By the time we got to em, it was sold. That’d be sold tomorrow. Was the expired market still a good market? Yeah, there are always homes that don’t sell at realtor’s.
(07:57)
Functionality, price-wise, doesn’t matter. There are a batch of those and then a fail safe list to swim in. The pond of this list in any market is homes that are free and clear debt-free. A third of the property is roughly in the United States are free and clear. Well, why not talk to them? They don’t care what the market’s doing. They’re not on debt. So I’m just giving you examples of you fish in a different pond of lead source and you operate in a little bit different strategy. Owner financing, we are doing four year deals during and after Covid. I said to my students, no, no, no, push it like 5, 7, 10 year deals and just by doing that expectation they’re doing that. Why? Because the market’s uncertain. So push the term out and then you don’t care. Right? So those are just some examples. Yeah.
Speaker 1 (08:40):
Before we talk about the future, let’s go back to 2008. What did you learn then? How did that make you a better investor?
Speaker 3 (08:47):
Yeah, I mean you could not have convinced me, Chris, if you and I talked between February of 12, I remember that it was yesterday and February, I’m sorry, February of eight and February of 12, you could not have convinced me that it was good, but in hindsight, to answer your question, everything we do now is because of that. So what are some things We never, ever, ever take out bank loans. This building I’m standing in, we just sold this on September 8th of 23, but I had a 20 year rental financing deal that I structured in 18 that I did not require. One penny from the bank. Now any listener, any of the fellow ripples that know what a bank loan process is now it’s grueling. I don’t care if you know it or not, I know the process. It’s still grueling, so I didn’t have to deal with that. Owner financing is how we did that. And I’m sorry to get off on a little tangent on that one. Bring me back to your initial thought on your question.
Speaker 1 (09:37):
Well, yeah, well that’s actually a really good thing to talk about right now because most of the stress that people are talking about right now is dealing with banks, especially when they did short-term variable financing and now they’re wondering how they’re going to deal with it with the higher rates. Their numbers couldn’t factor in that, and what you’re talking about is you just owner financing. So you actually, when you bought the property, you bought it from the owner and financed it through them, correct?
Speaker 3 (10:00):
Yeah. All of our strategies came out of that oh eight question you asked, and they all don’t require us to go to the bank, so it doesn’t matter. We do not take out bank loan, and so I’ve had people call me and go students, Hey Chris, I got great credit. I say, well, I did too till the crash. And then they say, well, this bank allows me to get six properties and with the government loans I can get this many properties. They say, please don’t, unless it’s for a personal residence that you have your heart’s set on an area for the kids or whatever, and you have to be in this area and there’s no owner financing or lease purchase deal available that you can find. Okay, maybe there’s an exception there, but please to your point, do it on a fixed loan and do it on a very low, excuse me, loan to value example. Quick example. We bought a house, my wife and I, not too far from me, I just sold this too, but we bought a house. It was a little cottage and our intent was to tear it down. I needed a little loan to do it, and the rest we did cash. Well, the little loan was like 17% loan to value. That’s what I’m talking about with if you’re going to do it, be very conservative. I learned that from the crash. Back to your original question. So we buy everything outside of banks.
Speaker 1 (11:06):
Wow, that’s awesome. As you’re seeing what’s going on right now. Well, before we even talk about that, let’s describe more about how you even get people convinced to do owner financing. I know that’s a big question that probably some of our listeners are asking right now. So I want to go to this question first before we move to some of these other ones. But I know some people when they hear like, wait a minute, so this person sells you the property, but they don’t really sell it. So they don’t just cash out and leave. They’re just selling it to you. But how do you convince them to do something like that?
Speaker 3 (11:34):
Yeah, I’m glad you asked. Most actually. Not just hosts, most people in general say that exact thing. They use the word convince. They go, how do you convince ’em? Okay, so you never, ever, ever convinced is the issue, and I’m going to talk about this building when I put this to practice for you in a second, but the answer is you’re always going to either solve a problem for that family, that seller, or alternatively, if they’re free and clear, it’s usually helping them accomplish a goal that the market’s not helping them accomplish. So again, live examples are good, solve a problem. A couple not too far from here, Cape Cod Resort area gets a divorce. One’s on the deeded, one’s on the mortgage, they’re behind and they’re slowly sinking. They needed it fixed tomorrow. That’s solving a problem. We did that and we bought that house, the mortgage state in their name.
(12:19)
All that stuff that we do was more of a fix a problem. Fast forward to this building, this building was free and clear. That’s the pond we fishing. I just said that earlier, right? Well, if it’s free and clear, you’re not fixing a problem. The guy has money, right? Or presumably he would’ve pulled it out already if he needed it. So his issue was why do we not have to convince him? He was concerned, Chris, with two things. Estate planning, he wanted his wife and his son to inherit a cashflow stream, not a building. He’s since passed away, so maybe I didn’t know. Maybe he knew something was going on right in the middle of this deal. He passed away. Second reason he did it was tax reasons. He would call me periodically. He forgot to put in a prepayment penalty and say, I do not, do not want you to cash me out with a conventional refinance.
(12:59)
I said, don’t worry, we don’t do that. I’m nervous about it. It was for tax planning reasons, so that’s why we helped him accomplish a goal that market wouldn’t give him. He had a sign, this is called Million Dollar Mile, where I’m pointing out my window. He had a sign out, Chris four by eight that said, owner financing for sale by owner. Owner financing. Realtors were coming in with offers full price offers, offers, offers like cash in money. There’s a sign on the highway here. Tell him I don’t want. So they weren’t looking to what he wanted, so they were trying to convince him to go conventional. I just had to address his goal. That’s all I had to do.
Speaker 1 (13:33):
Awesome. And what were the terms something like that look like?
Speaker 3 (13:37):
Okay, this is a building, so it’s a little different, so I’ll give you two answers. Usually we approach a house, single family. You can do this on any asset class, right? It doesn’t matter. Four unit, six unit, we’ve done ’em. Usually the house we’re going to do no money down. We’re going to do monthly principal only payments, no interest principle, only picture the recession hedge. That helps within a market like this where you every month are making a principal payment, hammering down the principle. I know you love that because you love the whole money, right? We bought a house in the water and then I’ll pivot to the building not too far from here and 945,000. Chris, this is not just low end stuff. And the person that sold it to us was a realtor. To top it off, she couldn’t sell it. Eventually we paid her $2,500 a month.
(14:18)
Principal only. So 30 grand a year going against principal. Can you see why I said earlier, if you have a 10 year deal, you don’t care what the market does. I’m hearing that principle through 30 grand a year, regardless of how I exit. That’s a good deal. Now the building, he was a little different. He was one of the largest landowners in the area, and he was into math. He said, Chris, I love math. I loved your book. I gave him my book before I came over. He sat in this office where I am talking to you. And he said, okay, price was good. And I said, if I get my terms. He said, well, what are your terms? I said, I’d want a long-term as to where my company’s going to be and we only pay principal. He nearly fell off his chair because principal only to him did not even compute. So here’s what we did to make him happy. Remember, we’re trying to solve or help a goal. We did 18 months I think it was, or maybe 16, whatever it was, of principal only then, whatever the balance was left, we took that and gave him the interest rate he originally wanted and amortized it over that rate. So he won and we won. He said, great. We went to agreement and closed it. Probably a third of the time. You were with a bank,
Speaker 1 (15:15):
And I’m assuming that obviously you net profit on the money you’re receiving too versus what you’re paying him, correct?
Speaker 3 (15:21):
Yeah, with always with a house. And then this building, we inherited a 30 or 40 year tenant. It was an insurance company downstairs. So that was a no-brainer. It almost paid me what I had to pay him monthly. So it made it a complete no-brainer, and then I filled it with a couple other tenants and our own companies. So that made it nice. And then Covid happened and everybody went home. So we have 21 employees in this, three of us here, my son and one of our office managers and everybody else is gone. So I said to the agent, lease it out. And he said, okay. A week later, he came back and said, Chris, you got probably a building that people might want. Do you want to sell it? I gave him a ridiculous price. He gave me two offers within 10 days and we sold it. So talking to you as right off of the recent sale that I didn’t expect to do
Speaker 1 (16:04):
Crazy. Now let me ask you this. I mean a lot of people will say, they’ll say, well, you’re just taking advantage of stressful situations. You’re taking advantage of these people. How do you feel about that?
Speaker 3 (16:16):
I have a strong opinion on this. So let’s use the one that I said they got a divorce and I’m pointing this way because they’re down by the Cape Cod area, okay, a realtor, no offense, I used to be everyone. So if you’re a realtor, please don’t take this personally. Or a bank would go what? With them, if they owe about what it’s worth and their in arrears, they would probably go short sale. And if you’re not short a short sale, this is a quick sale, they’re going to get less than they owe. They might be recourse in that and they might come back and sue. It’s definitely wrecking their credit. All that is the conventional way of doing it. Fact, okay, so now their credit’s wrecked for seven years. That drags behind them and there’s not a realtor on the planet that wouldn’t say, yeah, what’s do with short sale?
(16:52)
That’s what they do, okay? We go in and we go, Hey, no problem. We’re going to fix the arrears. You owe 4,100. They owe 4,100 in arrears. It wasn’t bad. We’re going to pay that and the second we pay that, your credit’s going to take about six months. We’re going to keep your payments up. The loan stayed in their name. Chris, we don’t take over the loan, we take it over by payment, but it’s in their name. So we fix it by paying the arrears and then we start paying it on time. In about six months, their credit looks pristine. They’re not even in the house anymore. So it absolutely is a complete opposite of the taking advantage syndrome because that would be like a wholesaler or a flip that needs to steal it. We don’t mind paying top if we get our way and that deal we own, we still own that house. There’s an attorney in that house doing our rent to own program because she went to law school and got messed up with her credit. What a cool circuses if you think about it. So we helped the buyers who were divorced now happy and we helped the person who went to law school and trashed their credit, and we still in the house, the house. My grandkids may own the house. We bought it. Remember with a loan in place, we can own it for as long as we want,
Speaker 1 (17:55):
Right? Yeah. I mean you really bailed out That couple literally bailed them out, help them out in their situation when they’re, it’s already bad enough going through divorce. I know having gone through myself, having gone through a divorce before you emotionally, you can’t hardly make any decisions. So it have something. That’s why
Speaker 3 (18:08):
They just let go. You’re right. They went to hell of that.
Speaker 1 (18:11):
Just help. Whatever you can do. Great.
Speaker 3 (18:14):
There’s another one, I tell you quickie, there’s another one in Maine, one of our students have, it’s not ours. It’s always nice to see the students doing way up in Maine. Judy, Judy hits me with this morning and says, and I’ll be real quick here, the guy’s like 33,000 in arrays and fees and escrow shortages and all this. And he said to her, I just want to be done. A realtor wanted to do a short sale. He tried it, it didn’t sell. So he said to her, I just want to be done. I’m getting married. It’s like in two months. So now he’s at the end. We’re like, just fix it for me and he should have done it six months ago with it, but that’s what we do. Yeah, win-win.
Speaker 1 (18:44):
That’s amazing. It almost seems too good to be true, doesn’t it?
Speaker 3 (18:48):
People say that, look, if you can do real estate, I’ve done a lot of the niches. If you can operate in real estate and have a win-win win, we do buyer, seller and us. That’s pretty healthy. It’s good energy. Yeah,
Speaker 1 (18:58):
And think of, it’s the ripple effect we talk about in the show, isn’t it? I mean, you really are helping people out. You’re serving people. Yes, there’s a win for you too, but you’re able to find and negotiate that. That’s the thing that’s so great is that it’s unconventional. But in many, many cases there are people that need an unconventional answer to everybody trying to fit their square peg in a round hole. Some people just don’t want to be that round hole. They need that square peg and that square hole, I guess you could say to go into and that’s what you offer.
Speaker 3 (19:26):
Well, yes. Don’t want to be sometimes don’t even know that there’s an answer. So we have people in tears, mostly the buyer side sellers usually understood like, oh, I heard about creative finance, but most buyers are in tears going, I lost hope. Rates doubled. I thought I was done. I couldn’t buy my family, blah, blah. So what I like about your ripple effect theory and protocol is think of the generational effect. You teach a family, for example, what you guys do in infant banking world, they then are going to teach the kids This is because it’s so powerful, right? Generationally you affected them. Well, same with us. You have a family that just bought a home they thought they never could, especially the rates doing what they just did, and now what are they going to do? They’re going to talk about it and then generationally that’s going to ripple. That’s awesome.
Speaker 1 (20:08):
And that was going to be my next question, is that kind of the strategy you’re seeing leading up till now and into the future that is becoming more of an opportunity for real estate investor they’re not to capturing on right now?
Speaker 3 (20:17):
Well, yeah. I am getting, a lot of my students say, wow, there’s a lot more popularity now with creative finance. And I go, well, yeah, but it’s been around since 16 hundreds. What’s his name? Anderson Cooper wrote a book about his family. They were the Vanderbilts in Newport and the mansions. He wrote a book. It’s out now. I read it like a year ago. But he talked about them, his family generations ago doing owner financing and what they call master lease purchase in New York City before banking in the 16 hundreds. It’s not new, but is it becoming more mainstream now? Yes. I don’t know the stats, Chris. I’ve tried how to dig into this, but I do know roughly in the early nineties when I started real estate, about two or 3% of the transactions were done outside of banks. If you looked at all the transactions, that’s a small number.
(21:00)
I’m willing to bet it’s somewhere in the teens. I just can’t find a legitimate source to do this right, because a lot of that, if it’s not on MLSs and if it’s not on the, so we don’t know, but there’s a lot more being done outside of banks. You simply can’t. If you’re buying conventional right now as an investor, first of all, you shouldn’t. You should look up what we do, but if you are, there’s a lot of deals you can’t make work now. The rates are crazy. You just can’t make ’em cashflow. So if you are going conventional, you never talk to me again. It’s going to be tough to cashflow some of those properties conventionally.
Speaker 1 (21:29):
And you teach people how to do this stuff, don’t you?
Speaker 3 (21:31):
That’s all we do. But you said a good thing in the intro. This company, there are companies that market real well, Chris, and they got programs and they got courses. We have ’em, but it’s more so you can learn the base because what I want to do instead is do deals with you. You will learn faster interactively with us if you do deals in the trenches. You had said it in the intro, and so yeah, we coach it, we teach it, and you can do it on your own. Absolutely you can, but you, you’ll leave less money on the table if you do it with us.
Speaker 1 (21:59):
And who is it not for? Who would this not be a good fit for this kind of program?
Speaker 3 (22:04):
Again, nothing personal here. I’ve been there, I’ve been broke. If someone’s listening and they’re just living paycheck to paycheck, they haven’t quite fixed the cash thing. Please, please, please make sure you up your hours or get a bad job work to fix that because if you need money, you need water or air. I did come out of the craft. You just have to understand that it’s going to be a harder road. You can manage expectations, but you just have to understand it’s not a get rich quick. So I know people say, well, I don’t think that, but if you think that it’s real estate’s a get rich quick, you shouldn’t jump in. You should be jumping into any niche, not just ours with a three to seven year horizon. Plan with blinders on and stay in one niche and don’t get caught with a shiny object syndrome
Speaker 1 (22:44):
And definitely don’t mix this up and being a very passive opportunity. You are actively working a business, right?
Speaker 3 (22:50):
Yeah. I’m actively working a business now. Sorry, lemme switch that I worked it to get at this point, I started by myself after the crash, then my son came in, then my son-in-Law. Then we got 20 something people. So I’m not as involved in the trenches, but I’m involved in the trenches with the students. Can you do what I did? Bootstrap yourself out of some headaches. I had some major headaches and major debt. Can you bootstrap yourself out of that by yourself as a solopreneur? Yes. And then can you learn from myself and some of the coaches who all did it, they’ve all escaped at W2, Chris, actually almost all our coaches did the exact same thing. So could they teach you, could I teach you how to leave a W2 if that’s your goal or grow into a kind of a CEO where you have staff and VAs and yeah, you’re not as involved. You can take whatever road you want. We can help you.
Speaker 1 (23:35):
Does somebody need to have a certain amount of time that they allocate to do something like this each week?
Speaker 3 (23:41):
I always say the standard, I don’t know them yet, so I’m just going to give a blanket statement that they should have put aside 10 hours or so. Find six to 10 hours in your week if and when you do that, then we can start looking at where do you lock some skills we need to fix or where are you really shining that we could leverage and throw gas on, pour gas on? So that’ll just become more custom. People say, how quick can I do a deal? I don’t know. I don’t know you yet. I know your work ethic. Get disciplined. The baggage. I had baggage when I came, right? Because I had the crash. And so some people don’t have that baggage and maybe go faster than I did. So it just depends.
Speaker 1 (24:13):
Yeah. That reminds me of a quote from Robert Kiyosaki. I might be paraphrasing him a little bit here, but he basically said that real wealth is created in your overtime hours. And that definitely sounds like is what you’re doing is what you’re teaching people all across North America to do is how do you create that real wealth in those overtime hours to then essentially get ’em out of that W2?
Speaker 3 (24:33):
Actually, just before your interview this morning when you and I talked on my show, I interviewed Dr. Taran Marie, super cool lady, and she gave a good thing about this transition to full-time. She said, and I agree with her, she said it this way. She said, I would suggest if you have a job to stop the business, whatever the business is, if it’s this, and start it part-time obviously and run it as hard as you can, it’s not going to be easy. You’re going to be burning the candle on both ends until such time, you know, can just step across the line and leave the job and not stress out. That’s the ideal. Then there’s all kinds of things in between. But she said it that way, and I agree because don’t leave tomorrow. So you’re stressed out and you need a deal tomorrow. It is not going to be fun.
Speaker 1 (25:12):
No, I agree. I’ve seen that transition happen before where people do it too quick and especially before they build up a good decent amount of reserves so that they can breathe. Because if you come from a place of desperation, somehow you’ll sabotage your results. I’ve noticed if you’re in a scarcity mindset, business does not go your way.
Speaker 3 (25:27):
Yeah. What do they call it? There’s a book and it’s going to slip my mind, just read, but it’s called Upper Limits, right? We all have upper limits. We don’t know it, but we get there and the thermostat cools us right down. Boom, we’re back down. It’s slipping my mind. But anyway, Google offer limits. You
Speaker 1 (25:40):
Fine. No, it’s true. Well, yeah, great points and everybody, we’ll put the link in the show notes so you guys can actually go and visit a site, learn more about what Chris does and what he teaches. If this is something that’s really speaking to you, I recommend to look into it. Really consider this could be your alternative to getting out. And the thing I love about what you’re talking about here, Chris, is that, like you said, it doesn’t matter what the markets are doing, you can pivot and move and you’ve had the experience to learn how to do just that. And you’re right. I think pretty much in this interview I’ve had a lot of people, I’ve asked them about where they see the market going and a lot of ’em are like, well, I think it’s going this way, but you’re like, it’s already going this way. We’ve already pivoted, we’ve already moved. It’s almost like you’re kind leading edge in this scenario. Who
Speaker 3 (26:25):
Really, who caress if it’s going, just do your thing.
Speaker 1 (26:28):
That’s right. Do something that works and just keep doing it. Right. Awesome.
Speaker 3 (26:32):
And actually for your tribe too, Chris, we will put it in the show notes, but we want to give them all the bestselling book real on your terms. You probably get another couple of goodies in there, but Crystal, if you’ll stick that in the show notes, it’s free and it’s not one of those offers that go free book and then you got to put your credit card in for shipping. We will ship it out of this building. It’s free, totally free. You’ll get a package. We just need an address
Speaker 1 (26:53):
Literally free. Yep. That’s great. Yeah, appreciate that. That’s very generous. We’ll be sure to put that in the show notes as well. And again, everybody, it’s great to listen to these podcasts, but it’s another thing to actually do something with that information that makes a change in your life. Don’t be a hero of the word, be a doer as well. Chris, thank you for joining us today. Very valuable information, very wise. Everybody else. Like I said, if this is speaking to you, the links that are in the show notes there, you can go ahead and visit that claim, your free book, literally free book, and make your first moves towards your freedom. So everybody go and make it a wonderful prosperous week. We’ll see you later.