Episode 17: Why an Entrepreneurial Mindset is Key to Business Success
Cory Boatright has started, run, or been directly involved with almost 40 different companies ever since his early twenties. After bringing in almost 4 million dollars in sales from the first company, he sold it and directed his passion to the world of real estate investing.
Well, most of his affluent customers in his first business owned real estate so he knew there was something to be learned in that industry. He was a complete novice to it and didn’t even graduate from high school.
He started as a “bird dog” and quickly learned how much money the investor was making selling the houses he was bringing him. So he quickly learned how to assign, wholesale and flip distressed properties. He then put together a skeleton rehab crew tho his rehab attempts ended up being more of a mirage instead of a real profit center.
Around year 2004 that he stumbled his way through a short sale and made over $30,000 on that first short sale deal!
He soon became known as the local “go-to” guy for doing short sales. After discovering a loophole in the short sale submission process he partnered to create a short sale software that grew to over 5000 users.
Cory has become an International speaker, real estate trainer and coach, book author, private consultant and real estate investor. He also serves on the BOD for a landlord and property investor association in Oklahoma City called ”Millionaire Possibilities” (MPREIA). He’s published in the Wall Street Journal for successful business aptitude and voted #4 in the world out of nearly 30,000 others by Fast Company Magazine Social Influence Project as “Most Influential Marketer”.
The biggest lesson I have learned in life is: “Be a solutions provider by asking how you can serve one another better. The rewards of servanthood are invaluable”- Cory Boatright
What you’ll learn about in this episode:
- Cory’s background and how he got into real estate
- Cory’s three M’s for business success
- Why there is no such thing as perfection in real estate investing
- Why you need to take yourself out of the business whenever possible
- Why believing that doing everything yourself saves you money is a giant myth
- Why an entrepreneurial mindset is so important to business success
- Creating a standard operating procedures manual
- Why you have to deduct expenses out of your gross immediately and figure out your net
- Why you need to have potential employees take the Kolbe test — and why you should take it yourself
- Why you absolutely need a coach
- Cory’s coaching program
- Why “I can’t afford to have a coach” is just a bad mindset
- Success stories from Cory’s coaching program
- DOWNLOAD FREE BOOK
Mitch: So, this is Mitch Stephen and I have the distinct honor to be speaking with Cory Boatright. Cory Boatright is a 38 year old young man, who has got an extensive knowledge and an entrepreneurial mindset in real estate. He has done a lot of short sales, he is very motivational — if you’re ever around him, it’s just, his personality is inspiring itself. I met him at a seminar not too long ago, and immediately became drawn to him.
He has a way of thinking about things and a way of explaining himself that you just connect with right away. And I have him on this call, because, he likes to talk about mindsets, how to achieve your goals through positive thinking and — I don’t know, it’s just something that we all need. We get up and down in our day to day lives, we have good times in real estate, we have tough times in real estate, we have easy markets and we have hard markets. And, I think, mindset is something that we can use, not only in real estate business but all businesses.
Cory has been involved with over 40 companies since in his early 20s. Many of those companies required strong selling skills, which is no problem for Cory. Cory has sold everything from Ginsu knives on eBay and Kirby vacuum cleaners to $50,000 high end electronics. He likes sales. But, sales, again, is all about attitude.
So, Cory, with no further ado, how are you doing today?
Cory: Hi, Mitch. Doing well, man. Thanks for having me on here.
Mitch: Well, you know. I love this idea about the entrepreneurial mindset, because, if you don’t control your mind, you don’t control anything. Why are you so enthusiastic about mindset and why in your coaching career and stuff when you’re helping people? Just tell me about mindset. What is it that turns you on about mindset?
Cory: Well, I used to think that money was the pursuit — purpose — whenever I was doing kind of anything involved with different business endeavors. As you mentioned, I’ve been involved with over 40 different companies since in my early 20s, I’m 38 now. I have, out of those 40, two of them were successful, Mitch. And the other 38, I called business therapy.
Mitch: [LAUGHTER] Business Therapy.
Cory: Yeah, I learned a lot from those experiences. And one of them was an information marketing technology driven business rather. And, I sold that company and we did, I think around $4 million in sales or so within just a little under 5 years. And I sold that company and then I ventured off into doing real estate investing. I didn’t knew a single thing about it. But, I did know that a lot of people were interested in real estate that were in a certain kind of mindset, and a certain kind of affluency that they had. And, in my technology business, we had the plasma screen televisions. Remember, Mitch, when those plasma TVs came out and they were about $20,000 for a 50 inch plasma TV? Do you remember that?
Mitch: I remember it clearly.
Cory: Well, some of those TVs were over $50,000. They were over $50,000 for some of these high end electronics and, of course now, that same 50 inch plasma TV, ten years basically later, you can go down to the store and buy it for $600. And so, the number’s come down quite a bit. But, when I was in this business, I got in it right in the very beginning, and we started selling a lot of plasma TVs all over the internet, and we did really well with that. A lot of the customers that bought those were affluent. Not everybody could afford, obviously, a 10, 15, 20 thousand dollar or higher television.
And so, I got the chance to talk with some of those customers, and about 90% of them all were involved in real estate. And I started to really think about this real estate thing. It really made a lot of sense to me, but I didn’t know anything about it. So, I needed to learn everything I possibly can about real estate investing. And that is where I started my education, after I decided to sell the plasma TV business, and move into the real estate investing space.
And, you asked about the entrepreneurial mindset portion, and I’ve really come down to 3 different — kind of a little formula. It’s called the 3 M’s for Success. And, the first M is Mindset, the second M is Mechanics and the third M is Money.
And, it really goes in that order, Mitch. I used to think about money first. I used to think about mechanics second and then, mindset is the last thing. What happened is you actually end up chasing money, instead of money being attracted to you. And, if that’s one thing that you wanna change the way that you think about it is how things can be naturally attracted to you, compared to you going out there and chasing them. And mindset is, I think, is probably the biggest proponent for success that you’re ever gonna have in your business.
Once you really get and understand how important it is to condition your mind on a daily basis in order to get into situations where you’re selling houses and you’re out there marketing for motivated sellers, and a seller calls in and you’re dealing with that seller or when you have one of your team members dealing with that seller — you have to understand the mindset of where people are in their business, and where they are in their daily lives. Now, as a motivated seller, let’s talk about mindset, just for motivated seller.
So, a motivated seller, typically, we’re going to be marketing to absentee owners, you know, or high equity or we’re going to be marketing to vacant property absentee owners. So, what’s the mindset you typically run into with a motivated seller, Mitch?
Mitch: Well, they seem like they are desperate.
Cory: Yeah. They’re desperate. Why are they desperate?
Mitch: I think they have a “glass is half full” mentality, and they just have a lack of — they have a lack of knowledge on how to solve their problems.
Cory: Okay. So, they’re looking for some solution, because they’re desperate. That means that they are willing to listen to whatever options that you present in front of them, okay. What else? What else is the mindset that you think a motivated seller has?
Mitch: The ones I see, they need some kind of money, usually, to get out from some kind of trouble. And so, they’re chasing — they’re running from some kind of problem.
Cory: There’s a level of motivation, right? You got to determine how motivated they are to get rid of the pain. So, their mindset is, “I have a big issue, right? So, I’ve got these property that I don’t — no longer want”. Or, if it’s a landlord that’s a burnt out landlord, they don’t want that property anymore. If that property is sitting vacant, they probably don’t want that property anymore. Or sometimes, the person just wants to have a little bit of money in their pocket, and just to get rid of the property, right?
So, the first thing as a mindset for a motivated seller, one thing you need to make a note of, is what is the motivated seller’s motivation? What is their motivation? Why did they want to get rid of the property? So, once you find out why somebody wants to get rid of a property, or if they’re even willing to get rid of the property — if you’re not willing to get rid of the property, you’re not talking to a motivated seller. So, if they’re wanting to get rid of the property, you wanna find out why. So, let us say, the situation where it’s a divorce. We market to a divorced list; people that are divorced. Well, why do you think someone that’s divorced would like to get rid of their property?
Mitch: They’ve got to divide up their interest — their common interest. So, they have to liquidate.
Cory: Right. They have that decree that they have to deal with. So, they have been divorced, know what I’m talking about? Not the funnest situation in the world. And so, they have a decree. They have to look at all the assets that they have and all the liabilities that they have, and they divided up, and they go and they have to say, “This is yours and this is mine”, and a lot of the estate is fifty-fifty. So they got this property and, typically, the property is in both the husband and the wife’s name. So, they want to get rid of the property, because, one there is equity probably in that property. And, they need to get the cash out, because 50% goes to the husband and 50% goes to the wife, right?
Cory: So, the motivation for that seller, right, is money, right? So, they need the money for that property, right? But, then also the motivation is that they also need to get their ex off their back, right? And so, at that point, what happens is, if you’re thinking about mindset, you’re not just thinking about just the money–money–money, and you wanna get all of the money out of this property, if you really start to think about money as that third step, and you really start thinking about, “What is this seller’s feeling?” — Okay? You’ve heard about the “feel, felt, found”? It is an old sales relationship marketing from Brian Tracy and Dale Carnegie days. Do you know what I’m talking about?
Mitch: I can see you doing like —
Cory: “Mr. Seller, I understand how you feel”. You know. “I understand how you feel, like, you’re really going through a really tough time right now. You know, I’ve also felt the same way, I’ve been through…” — Maybe you’ve been through a divorce in your life, or you went through a really tough time and it was really hard. “And, what I found was…” And then, that’s when you present your solution. If you start thinking about your mindset, whenever you’re dealing with these motivated sellers, the money is always gonna be there.
The money part doesn’t go away. Money’s always gonna be in the deal. But, the way that you approach the seller, in the way that you’re talking with them is; are you really being present with them? Are you really being in the moment with them? You know, do they feel that empathy with you? Do they feel like that you’re someone that they can trust, even though you just met them? How quickly are you building rapport with them? Are you letting them speak? Are you letting them speak enough where you’re listening and really being there, being in the moment? Or are you just thinking about the money, right? Which is what we just tend to do.
In business, we can’t just think about the money as the go-to thing, right? And the reality is, is that, once you start thinking like that, you’re missing a huge amount of deals. Plus, you’re chasing money and you’re not letting things be naturally attracted to you. Because, when you start having some empathy, once you start really being in the moment and having — being present with that seller, that seller will want to naturally work with you, even over somebody else that offers them, sometimes a little bit more money. Even though someone else has said a few more slick things to them that — “Mr. Slick there or Mrs. Slick there — you know, they wanna work with you, Mitch, because you understand where they are coming from.
Mitch: That makes perfect sense. You know, someone — I just met someone recently, if you help enough good people, you’ll get what you want. And that kind of fits right along with this. Because, if you’re going with the idea to listen so that you can find out what their motivation is, then you’ll better how to serve them. And, if you’ll serve them, then, you know, at the end of the day, you’ll probably end up with something that’s gonna fit yourself. Not always a 100% of everything you want, but, you know, you’ll get more than enough in your lifetime. So, I agree a 100%. Pick up the motivation first.
Cory: What is the motivation? What’s the level of motivation? What’s the level of pain? Where are they in that kind of scale of a 1 to 10, where are they? Are they, you know, at the place they just can’t stand it anymore, and they needed a solution right now? Or, you know, they’re just kind of “there”, they’re not really that motivated, and they’re just kind of looking and listening to your options? All of those things are completely different mindsets, okay? Even if you made the same offer to them, it’s completely different mindsets. So, it’s really important that, whenever you’re dealing with the motivated sellers, that you understand that. The mindset is the critical, critical differentiator between your business and your success, and the guy who just turns up there and just thinking about money. Because you are gonna win every single time, whenever you are being more present, and you have your mindset right.
Then, we talk about the mechanics. Now, the mechanics are important, as well. Because, mechanics are the one, two, three steps. They’re the checklists that you have in your life. They’re the things, that wherever you go up in an airplane, that you better make sure that you check every single thing or you’re gonna crash. And you’re gonna die. And, you need to make sure that you have your checklist or your mechanics down. And, what does that mean when we are talking about real estate?
Well, so many times, you see what I call the one-man-shop — and, I know you know what I’m talking about, Mitch — the one-man-shop thinks just about himself. Just thinks about winging it. Just thinks about just getting out there and just winging it, and just getting something going. And that’s okay, to get — you don’t have to get it right, you’ve just got to get it going. I agree with that statement. I don’t know who said it, but, I believe that’s true. You don’t have to get it right, you just need to get it going. Because, there’s no such thing as perfection. This idea of perfection — If you have that in your mind, you’re a perfectionist — You might as well get rid of that, if you’re going to be a real estate investor.
There is no such thing as perfection, so you can get it — you don’t have to get it right, you can get it going, but you can’t stay that way, okay? You can get something started like that, but you better thinking about your mechanics. Because, mechanics are what’s going to be, the thing that makes — it’s gonna be building that little engine, that first little engine that you have, that can start to churn out things as much as possible without your direct involvement. So, what does it mean? Well, as real estate investors, a lot of times, you know, we’ll just call certain people from a list that we get, we’ll get a list from the title company, we’ll start going down the list using a pen and piece of paper and check it off the list, we’ll put them in some manila folder, put in the desk drawer, and we’ll come back the next day and do the same thing. We might send out a letter to or get some list from the county that we can send out 100 or 200 or 500 letters. But, we’re not really thinking about mechanics, right? We’re not really thinking about, “Is there a way that can systemize, or systematize rather, this process?” I want you to be thinking about that when you think about mechanics.
Mechanics is nothing more than creating your little engine and doing really well with that little engine, so then you can go and duplicate the process. Once you duplicate the process, then you can start to scale. And that’s what you see a lot of big business do. So, for example, FedEx. FedEx is not one huge, massive FedEx company, is it? It is not like you go to one location and there’s just one FedEx. It’s not. It is one little engine, right, that they prospected, got really really great mechanics and then, they started duplicating it. So, it’s small business duplicated. That’s what big businesses are; small business duplicated.
So, as a real estate investor, now that you’ve got your mindset right — you’re there, you’re present, you’re using empathy, you’re getting the deals more, the deals are just coming attracted to you, people are recommending deals more to you because they liked the experience — now, the mechanics are, you’re getting all these deals coming in your way, now, how you handle them all? Before, you were just, like, trying to chase deals. Now, you get a lot of deals, and how you are able to put all these deals into a system that will start to run where you’re not — it’s not running your life. You know, this thing is serving you, for your purposes, and this thing, and you’re not serving the — you’re not serving this monster, which is what can happen is, you can get involved with a business, start a business — I know, you have probably done this before Mitch. I know I’ve done this several times — and, that thing can just absolutely weigh you down. But, pretty soon, you’re serving the business, and the business is not serving you.
Mitch: Amen, brother, to that. I have been there so many times and it’s, you know, people — I was the one-man-shop, and then I was a one-man-shop with a partner. Then, I was a one-man-shop with a secretary, and, you know, even to this day, I’m working on the mechanics. I work on it — I’m working on it more than ever now. I’ve recommitted to, in an effort to simplify my life, I have to get systems for my businesses. People look at me, like, “Though, you already have a system.” And, I said, “Well, I have parts of systems, and I have delegated out a lot, but this business still doesn’t run real well with me on a cruise ship somewhere in the Bahamas.” And so, that kind of — what I’m trying to do is take myself out of the equation, so I’m relating strongly to what you’re saying about this mechanics and these systems. So, proceed on, brother.
Cory: Yeah. If the mechanics are, you know, that’s what going to allow you to take some more of those trips, and you’ve got to change the mindset. So, the entrepreneurial mindset now, okay, is it “I have to be directly involved with every single process”, because that’s the way the greedy mindset is, that’s the way a scarcity — and a mindset that isn’t healthy because, it’s not wanting to grow. That’s that type of mindset where you have to have your finger on everything. We also call them Control Freaks. And, I can totally —
Mitch: It is also, kind of a narcissistic attitude to think that, you know, someone can’t do these tasks that you can do, and that you’re the only one who can do them, which is just flat wrong. You know, there’s people that can do — you know, I learned early on, there’s people that can do the tasks that I’m doing better than I do it. And I’ve learned to let those go. Especially, starting with the ones that I didn’t like to do.
Cory: You have to think about how to do that. How do you let — it’s easy to say, Mitch. But, how do you let go? I mean, how you do it? Because that — if you have the solution to just letting go, and everything will be fine, then “Wow”. That would be an amazing pill to swallow. The reality is that, that being a control freak and having your finger on the pulse of every little thing has served you up to a certain point. And that becomes what I call, “My Linus Blanket”. For a long time my Linus blanket — you remember that was with —
Mitch: Yeah. Charlie Brown? Yeah, your Linus blanket. I was thinking about that a second and, then I —
Cory: My blanket — I had to have my blanket everywhere I went, right? Because, I felt like, if I didn’t have my blanket, I was out of control. I couldn’t handle everything. It was — I had to have my Linus blanket. So, what is the Linus blanket? The Linus blanket is this feeling — and, again, this is the mindset thing — but this feeling that you have to be in control in order for things to work out in the optimal way, okay? It’s the feeling that you feel like you have to be in control in order for things to work out in the optimal way.
The reality is, is that that mindset is actually holding you back and hurting your optimal You. You are never going to be able to become the optimal You that you can become in this world. The greatness that is inside of all of us, — I believe God gives all of us a measure of greatness that we need to tap into. You’re never going to be able to tap into that, Mitch, unless you’re able to let go of that feeling. And, that’s all it is, by the way. It is a mindset, which is a thought that leads to a certain feeling that you have, that makes you think that you have this control over everything, okay? That’s a little ambiguous, a little vague. Let’s get clear. Let’s give an example.
I’m involved with my real estate business, and I come in and I know that certain letters need to go out, okay? I need to write those letters, every one of those letters I want to write. And, I want to put something in there that says, “You know, hey, call me.” I’ve put my phone number down there. “Call me and I’m interested in buying your house.”
And, then I need to fold that letter up, and, you know what, I am gonna — because I want to save money, I’m just gonna and just do this myself. I’m just gonna do these letters myself, because I can save, you know, $50 or a $100, or whatever the dollar amount is, depending how many letters you’re doing. I’m gonna save that money, so this mindset is I’m gonna save that money and do these letters myself. And then, you know, I’ll go ahead and that will be good. I am not having to — I’m keeping all my money. And so, there’s a point there where the mindset says, “If I’m doing all this stuff myself, then I’m saving money.” Okay? That is your one thing you have to dislodge.
There’s some point in your life and, for everyone it’s very different, Mitch, but, there’s some point in your life that you equated “Doing everything myself equals saving money.” When, I want to argue the fact that, now, on the other side of me giving away a lot of activities and a lot more of core control — Now, control is not even what we think it really is, but, for what we are talking about, the understanding — control, giving that away, I actually am saving the most precious thing that I possibly can in my life, which is my time. So, the mindset is — because, here’s one thing I know, that, if you’re doing $10 an hour work right now, I promise you, that you’re worth more than that as a real estate investor. I promise you, at whatever level you’re at, if you’re doing $10 an hour work, where you could pay someone $10 to do that work, Mitch, your time is better well suited for you to use somewhere else. Do you agree with that?
Mitch: Yeah, I do. Because, I see this all the time. You know, I’ve coached some rehabbers in my time, and I see these people that — they want to get in the business because they actually think the business is about them going in and making an ugly house pretty physically themselves. And, I tell them right off the bat, I say, “You don’t even understand the real estate investing at all. If you wanna be a carpenter, go get a job as a carpenter, or a painter or a sheetrocker, or whatever you wanna do.
But, you know, just because you are a handy-dandy guy with a hammer, is probably evidence that you’re not good for the house flipping business.” You know, because, that’s not what the house flipping business is about. And, I see people wanting to do that all the time. I also have seen in my own — my own journey, people and partners and family members taking on exactly the kind of tasks you’re talking about, these mundane tasks of licking envelopes and writing letters, and I shake my head and go, and I — I won’t say that I’ve never sat down to do those kind of things, because I have. But, in short order, before the task is finished, I’ll catch myself, I’ll throw my hands up, I’ll push my chair away from the desks and go, “What in the heck am I doing? This is ridiculous.”
Mitch: You know, I am sitting here doing a $10 an hour job, and I’m not bashing anyone that’s that what they do for a living. I’m just saying, that’s not where the money is in this business. The money is finding the house and getting that contract, where you have a twenty-thirty-forty thousand dollar spread. There’s the money. And that — I find myself, telling myself all the time, I need to focus on the things that makes the big difference in my life and sub out the little things that are easy to sub out; they’re easy to hand off to someone else. And for the ones that are more difficult, then I got to sit down and train them for a little while.
Cory: Yes, 100% yes. And that’s the part that is the part that takes some time and patience is the training. Like, most entrepreneurs that I know, they really struggle with the concept of training somebody. You know, it takes time. It takes patience. It’s frustrating. They may not get it right. They may make mistakes. They may put more work on you than you even had in the beginning. They have doubled the work. You have to go back fix their mistakes. All of those things come up and so then, therefore, —
Mitch: That’s the biggest objection. That’s the one of the biggest objections in my office is, “I don’t have time to train someone.” You know, how you handle that, Cory? You know, they’re saying, “I don’t have time to train someone” because they’re so busy.
Cory: First off, it’s the mindset, Mitch. First off, they don’t have time not to train someone. So, the first thing is the mindset. The entrepreneurial mindset, you know, is “I don’t have time to train someone”, because they’re saying that it’s going to take so much time to train them. The reality is, is that it doesn’t take as much time as what we think it takes to train someone to do repetitive tasks. The other reality is, is that sometimes, we can just find someone that already knows how to do the task, okay? And that we don’t have to do much training at all. We can just give them a little checklist to add to their — what they already know and their knowledge — and they can be off to the races.
So, it isn’t that they don’t have time to train them, it’s that they’re telling themselves that, that the reality is that they don’t have time not to train them, because they’re gonna give away more of their time and they’re not going to be scalable by not training somebody to help them with some of the tasks that they, one, don’t have their big strength towards. So, they’re working in these weaknesses. And there’s this concept that you need to work on your weaknesses. You know, I feel like that’s a little bit of an older idea. I think that you need to focus on your strengths, and you need to outsource as many of your weaknesses as you possibly can. You can learn about some of these things you wanna get better at, if you’re just passionate about it. But, most of the time, you’re going to not be as passionate about something that isn’t your strength in the first place. That’s why it’s not your strength. And it’s better to find someone that is.
They’re excited about — For example, someone that loves to do letters, some, maybe, stay-at-home mom would love to make an extra $75 one night, folding letters for you. So, you’re gonna feel good, because you’re helping her out, and her kids and her family and it helps her out. And, then, it takes it off your desk now, because you know it’s getting done, because she’s getting it done, and you know that. And then, you have a process, because you have a checklist. And, once it’s done, that she needs to drop it off at the mailbox and then she needs to mail out the letters. And you have it all — you have a system for doing that little mail piece. And now, you can take that time that you were going to do that and take it somewhere else and put on an area that really does require more of your time and warrants more of your time, which is, you know, building relationships. Most of the time, building relationships is gonna be a very, very good use of your time. And doing some consulting, doing some coaching, reading, reading is a very, very good use of your time. But, these are some of the things that are the mechanics.
The last one is money. Money is important, Mitch, but, it’s not the most important thing. Here’s what I found. Whenever you have a positive, entrepreneurial mindset that is healthy and it goes — and, you’re thinking the way we’ve discussed and you have mechanics in place where you have processes and checklists for things that are mundane or repetitive in your business that you are doing all the time and you know it every single week, doing the same thing. If you can create a simple little checklist, a simple little process, a checklist for that type of thing you’re doing, that activity, okay? You’re adding to, what’s called a Standard Operating Procedure manual — You could just simply take each one of those processes and start adding it to your Standard Operating Procedure’s manual, and pretty soon, you have the majority of what you do in your business, which, I got to tell you, a real estate business is not that difficult, guys. It’s not that difficult at all. Once you’ve got these systems in place, then what happens is money comes looking for you. Because, what happens is, now you’re able to get out twice as many as mailers, because you have twice as much time on your hands. Someone else is doing it for you, so you’re not– you don’t have a governor on what your capability for production is, now–
Mitch: I’d like to point out that the other side of that is the consistency. We, as entrepreneurs, we start doing — we gonna do the letters. So, then next week, we’re not doing letters because, we were writing contracts and we can’t do the letters the week after that because we’ve got to go to the title company and close these things. And, so, what happens is the letters don’t get sent out. So, you start to have this peaks and valleys in your business, because it’s not consistent. And, I think, part of what you’re eluding to is also consistency that there’s someone there that gets paid to do this and makes sure that it happens, day in and day out, week in and week out, month in and month out, all year long. And that that part is handled and you can walk away from it. And now, you have more time to deal with the results of those mail outs. And that’s exactly where the money is. We’re on number 3, the money. The money is the results of all the promotions that these Steps 1 and 2 caused. So —
Cory: You got it.
Mitch: So, am I on the right track there? Am I on the right track?
Cory: That’s it. You said it. You couldn’t have said it any better. The results is where the money is. And, the getting to the result faster is, you know, it’s a way that you’re going to be able to — adding these processes and these activities and where you have the mechanics and the mindset there — you’re able to get to the money a lot faster. Because, now, instead of doing, you know, 500 mailers, you’re doing 2500 a week or 2000 or 1500 a week. And now, you have that many — 3 times as much opportunity to get a deal than you did before, right? And nothing changed besides the fact that you just simply changed your mindset on what you’re going to put your time and effort into as the COO or the CEO, or of the one that started the business and that’s going to build the relationships and start to build something that you can possibly scale someday, and you need to have good team members in place that you can use to help out. So, how do you find these people? Well, it’s a lot easier than you think. It’s a lot easier than you think.
Here’s what happens whenever someone closes on a deal. “I made $5,000. I made $10,000. This is awesome. This is incredible. All I did is I just, I just put an offer on a property and I found somebody and they gave me $10,000 more because I found the deal. And, I signed the contract or I went and I bought the house and I flipped it and I rehabbed it, and I made $10-15,000 dollars,” and now, they’re excited and they have all that money there. You didn’t make $10,000. You didn’t make $15,000 or whatever your number is for rehabbed. That is the detriment of your business success, whenever you say it. “I made X”, meaning your gross.
Any business owner who has been around for a long time and successful will tell you this same thing. You have to look at your gross number and start deducting things out of it right away to equal what your true net is, okay? So, what do I mean by that? $10,000 comes in, you immediately take out 15 or 20% for marketing. You immediately take $1,500 or $2,000 out of that immediately for your marketing. If you are someone that is a believer in Christ, that’s a Christian, you take out 10% — you tithe, you take out 10% of the money and you’re going to give that to God. You take out your other percentages for anything else that you think is a buffer. Maybe, another 5% buffer out of there. So, you take another $500 buffer out of it. And then, what you have left over is your net.
That’s what you made from that deal, and that is the amount of money that you can quote, say, “I got excited about in profit.” But, your gross is exciting to talk about but, in reality, you better take stuff immediately out of that check. And don’t wait. Because, you’re not gonna be consistent. I promise you, when it’s in your bank account, you’re not gonna use it typically. You’re not gonna have the discipline, something’s gonna come up and you’re gonna use that money for some personal use or some — go buy another car, or go buy furniture, go buy something else, and you’re just oh, you know, get excited or whatever. And all those excitement things is good, you reward yourself. But, I promise you, reward yourself after you have that mindset to be able to take those things out of that money right away.
Because, then what will happen is every single deal that comes in, you’ll immediately take money out for marketing. So, what will happen is your marketing will never stop, Mitch. It will never stop. And, when you eat like a boa constrictor, right, where it’s like, you made one big deal, and then you starve for 2 months. You made one big deal, and then you starve for 2 or 3 months. And, the reality is, is that you weren’t taking money out of your deal to put it towards marketing.
Mitch: So, let me ask you this. Let me ask you this. So, you know, I’ve made — actually, I’m asking your opinion because, I’ve made a lot of mistakes trying to get big and get systematize and, quite honestly, I’ve thrown up my hands and I’ll go away and give up on it, and then I come back and I’ll make another run at it, and then, you know, something will happen. And, I’m getting smarter about it, but, one of the mistakes, I think that I made, I hired people that wanted to be in the real estate business. And they ended up always breaking off and competing with me or doing stuff. And, one of the things that I learned was, when I hire someone to do letters, I don’t hire people in the real estate business. When I hire a salesman, I don’t hire people that I met at the real estate investor seminar to be my salesman. I go hire someone that wants to be a salesman who doesn’t really care if it’s insurance or a car; he just wants to make a living.
And, I’ve also learned to be really specific about what these people do. And I try to pay everybody on results oriented pay checks, you know, like commission only, so that — because, every time I find I put someone on a salary, I just get taken advantage of. I mean, I don’t have the time to sit there and watch them to make sure they’re doing what they’re supposed to do, and putting them on a commission seems to solve that. So, I try to break up everything; you do X, you get paid Y. This other guy, he does Y, he gets paid Z. And, I try to take the facets of the business — and, this is where I’m really interested on your take — I try to take the facets of my business and break them up so much, that the right hand and the left hand, the right foot and the left foot, don’t know what each other are doing, and they can’t really put everything altogether. And, they’re not losing focus. What do you think about that idea, that you hire from outside the industry?
Cory: I think that, what you need to do, is you need to take what’s called the Kolbe test. And everybody that we work with, and even on our virtual side of the business, we all have them take the Kolbe test. And, have you heard of that before? It’s called the Kolbe A Index test. It’s kolbe.com, (K-O-L-B-E.com)
Mitch: Ok, K-O-L-B-E? And, you said something,…A index test?
Cory: K-O-L-B-E.com. It’s called the A index test. It costs $50. And what happens with the Kolbe test is that, it basically shows you things that’s called your conative and your cognitive strengths and weaknesses, if you will. There’s no right or wrong to it. And there’s a scale of what they give you from 1 to 10 on certain areas. And, one of them is the Fact Finder, the other one is the Follow Through, the other one is a Quick Start and then the last one is an Implementer. And, in each one of those different levels, there’s a continuum, you know. There is a side of someone that’s a 5 Fact Finder, that they may be a 3 on a Follow Through and they may be a 3 on a Quick Start. You might have someone that is a 2 on a Fact Finder but a 7 on a Follow Through and a 7 or 5 on a Quick Start and maybe a 2 on an Implementer.
And what happens is the Fact Finder, someone who is typically gonna spend some time doing a lot of research, and you know, they’re going to have the patience to do that, they’re gonna set their — a lot of Fact Finders would be attorneys, they’ll be really good for Fact Finders. And, if you have a different mindset, there is no right or wrong to it, but there’s different mindsets to that type of person. And what they’re — how they’re typically kind of wired and what cognitive and conative means is, one of them means that — what your difference is your cognitive is what you think you are good at, and your conative is what you are actually good at, right?
So, it is a very good test that will allow you to be able to work with someone and have them take this test and see where they kind of fall on their Kolbe test. So, if you’re looking for someone that is sales, right, you wanna have someone that is a Quick Start, right? You wanna have someone that is an Implementer, you want them high in Implementer, you them to get things done and thinks fast. If you want someone that’s ,like, an admin person, that is doing lots of paper work kind of stuff, you want them to be high on Follow Through. You want them to be high on Fact Finder, maybe not as high on the Quick Start, because they need to have someone to tell them what to do.
So, if you can use some — it’s a science to it — but, if you can use some of these ways of how you choose people you’re working with, what will happen is you’ll find people that have–that will complement your strengths. And it will help you with the things you’re not strong with. You’ll be able to put somebody in place that makes sense from the test that they took — and you also ask them if they agree with the results after they take the test, and 99% of the time, they will agree, because it is a fantastic test. And so when you do that, you start to put the right piece that fits together. Instead of just winging it and hoping somebody — just because they come from the inside or some hire from the outside or whatever it is — that they’re going to be a certain way. I’ve found that you just need to look at what their Kolbe test is, their Kolbe results and you can really get a good sense of how that person is going to act in your business.
Mitch: It’s funny that you say this, because we just — I just talked about this today with one of my associates, we are looking for a sales person. My idea was to go to the headhunter industry, or the car sales industry or something, or insurance industry, I don’t know. But, the one thing that my associate said was, whoever we get, they’re going to take this personality test first, and we’re gonna find out who they are and what their strengths are before we hire them, and we’re gonna lean heavily on this test. So, I think this conversation is very apropos because I just had this conversation with my associate today. Real quick, have you taken the Kolbe test yourself, Cory? Where do you score?
Cory: Yes, So, I’m a high on Quick Start. I’m very, very high on Quick Start. My Fact Finder, I’m a 3-5-7-4. So my Fact Finder is a 3, which means that I tend to not to worry about figuring out the problem. I don’t look at the problem. I don’t have to figure it out. I just take action and start to learn as I go, you know. I don’t mind scaling. I don’t mind falling down. I’m just taking action, and I’m learning as I go. And it’s fantastic to have somebody on my team that I can give something to, and they can go research the snot out of something, and so they just, they love it so much, they love just doing that and that’s a compliment for me. And my Follow Through, I’m a 5, which is solid right in the middle.
So, I’m pretty strong on Follow Through, it is not my most — it’s not my strongest attribute but, I’m pretty strong on it. So, whenever I start something, I’m gonna finish it, quite a bit of the time. I’m gonna work with other team members that are also strong in Follow Through in case the things that I’m not finishing, which usually has to do with priority, then they’ll finish those stuff. Now, my Quick Start, I’m 7. I’m really high on Quick Start, because I can get excited and pull the trigger and what they call it — they call it “Ready, Fire”.
Mitch: Ready, fire. I was gonna say, that was at the tip of my tongue. You are a ready-fire-aim guy and that’s how I am. You know, I jump in and worry about all the details later, they’ll come to the top. So, where are you on the Finisher scale?
Cory: Well, on Implementer, rather, I’m a 4 on the Implementer. So, I finish quite a few things, so I usually finish the things that are the most important and not finish everything. So, I come up with quite a few different ideas and some of those things are, you know — because it’s your idea, you might think all of them are important. But, we take a couple of the ideas that are really good and those are the ones I tend to finish, compared to just finishing, you know, every single idea. Which is interesting, because of my Follow Through, I’m really doing Follow Through, which is usually not something that you find Quick Starts really great at.
You see, usually, Quick Starts having a Follow Through is about a 2 or a 3. And, usually the Implementation is usually about 2 or 3. So, I’m — there’s a lot of guys that have a lot of really great ideas, but they never follow through and — and it’s just “Pie in the Sky” ideas and never take action to actually get anything done with it. But, I’m kind of right there in the middle.
Mitch: So, what is your score on Implementer?
Cory: I’m a 4 on Implementer. So, what happens is, on the Fact Finder, if I’m a 3, okay, that means, I look at things very simply. And, if I was like a 7 on Fact Finder, I would look at things very specifically, almost like an engineer would, right? So, I don’t get lost in all of the details, I look at things very simply and, what I call it is a view of altitude. I like to get altitude on a situation and see where the big pieces fit together. And, we can look at the details later, but the details on things don’t concern me as much as looking and getting the big picture together. So, I’m a 3 on Fact Finder. On Follow Through, I’m a 5, which means that if you’re — if I was like a 2 or a 1 or a 3, I’m closer to like adapting to what I’m going through on the Follow Through compared to being systematized. So, I’m right in the middle. I can really adapt very quickly to things, so I can also put together systems and so I’m right in the middle with that.
And, on the Quick Start, I’m a 7. So, if I was closer to like a 3 or a 2 on the Quick Start, I would be someone that’s more, like, about stabilization and I have to have things a certain way, you know, I’d be a — what do they call it, where you’re, you know, you have to wash your hands 5 times a day. I’m not that guy.
Mitch: You’d be a little obsessive compulsive.
Cory: Yeah, obsessive compulsive. I’m not so much that way. I improvise a lot, so I’m more towards, instead of that kind of obsessive compulsive, I improvise a lot. And that makes sense a lot whenever I started playing guitar when I was 12 years old, and I never took a guitar lesson in my life, and I’d just watch people fingers play certain notes. And I went home and I could hear the notes and I’d just play them over and over and over again for hours and hours and my fingers just got so coarse. And, I would just improvise and come up with different solo ideas and what they call phrasing, and things like that. So, I’m definitely more that musical-artist type whenever you start thinking about that for Quick Start. And then, on Implementer, I’m a 4. Which means, if I was, like, a 2 or a 3, I would be more about the imagination where it’s like a dreamer. I’m a 4.
So, I’m more about actually getting things done. And, I would even say that this one is something I could even say I’m probably even a little higher than a 4, because I got a lot of things accomplished. I’m not just a dreamer. But, that was the kind of the way that you would look at that scale.
Mitch: Well, you know, there’s 2 kinds of paralyzers. One is the Dreamer, who just dreams and has ideas, and has ideas, and never does anything about them. I’m kind of the opposite. I think a lot of entrepreneurs are the opposite of the Dreamers. Entrepreneurs see opportunity in almost everything. They see how it could work out. Like you said, they get the 10,000 foot view from above and they look down at it and they say, “Yeah, I could see how this would work.” And so, this other paralyzer for entrepreneurs is that we start too many things and we don’t focus on and finish the one. I like to say, the hardest thing an entrepreneur will ever do is come up with one great idea and finish. And, can you relate to that?
Cory: Yes. Yes.
Cory: You’ll get the “shiny object”, you know. There’s a lot of things that interests you, as an entrepreneur, because you are interested in learning. And so that interest in learning can take over, you know,` the whole part of your life and pretty soon you’ll learn-learn-learn, and you don’t do-do-do. You don’t do anything.
Mike: So, Cory tell us about your coaching program. I mean, what is the perfect student for you? Who are you looking for out there, and who can you help and how can you help them?
Cory: Okay. I want to tell you about this last thing and then I’ll go into the coaching thing.
There are 3 parts of the mind with this Kolbe test that I want you to know. There’s cognitive, conative and there’s effective, okay? Cognitive is the thinking, it is like your I.Q, your skills, reason, your knowledge, your experiences, it is your education, the cognitive stuff that you have. The conative is you actually doing, okay? So, the cognitive is thinking that you’re good at something. The conative is what you actually are good at doing. So, your drive, your instinct, your necessity, that mental fortitude, that innate force, your talents, that is conative. And then you have what’s called your effective, Mitch.
I just want to say this just before we go into the coaching. I think it’s important just to really understand it. Like, effective is about your feeling. It’s about desires, your motivations, your attitude, your emotions, your values, okay. So, the Kolbe test takes all these areas, your cognitive, your conative and your effective and it really shows you the things that you think you are good at, compared to what you’re really good at, and then how you feel towards these certain things. Does that make sense?
Mitch: Yes. I think it’s important to know because you could save yourself a lot of time, if you just understand who you are, and that’s where you’re going, right? You just — who you are, little scientific help.
Cory: Yeah. And they do a great job when you take that test. It’s called A Index Test, you’ll love it.
Ok, so, coaching has been something that has been exciting because, I’m really not that great about looking at looking at my own life and being able to figure out everything. I’m very good at looking at your life, Mitch, and you telling me the things that you’re going through and then, I can figure out solutions for you very quickly, because I’m not in your effective. I’m not in those feelings and those desires and everything that’s wrapped up the way that you are. So, it’s, a lot of times, difficult to be able to see the challenges and the solution, more importantly, to your own challenges.
So, that’s why the greatest athletes, the greatest people that you know, or you’ve ever heard of in the world, all have and had coaches, right? And so, the coach is able to give you a direction. The coach is able to give your insight on things that you aren’t viewing in the way that you should be viewing. The coach should be able to show you something glaring right in front of your face, that you’ve probably been missing. In those moments of “A-ha”, and the coach is able to understand and listen to your situation, to really get a clear idea of the solution that you need in order to accomplish a certain task or certain thing you want.
So, what we do is, when we work with our coaching students, is we go through an application process first. Not everybody is going to be cut out to be a student that I particularly like to work with. I like to work with a certain kind of student that is ready to make some changes, they are — they understand that they do need some help, and that they have not been able to fix what it is that they are dealing with by themselves up to that point. And, so, they admit that they have a challenge, and that they’re ready for a solution and that they cannot find that solution within themselves, or anything within their — where they are.
And so, we go through and talk for about an hour, we do 1 hour coaching/consulting session. I get them to fill out a little application, and I just go through and I talk to them the same way as if we would be on a coaching call together. And I talk to them about systems. I talk to them about marketing. I talk to them about how they are set up with their mindset, how they are viewing certain things right now. Where they are, Mitch, where they wanna go and how to get there. Those are our 3 things that we focus a ton of time on. And we put it all together, we start putting together organizational charts within their business. We put together mind maps for them to follow.
So, we can go through and make sure that they’re following what we come up with for the solution. And, I also tell them that I’m not there to do anything for them. I’m not going to do the work for them. I’m not responsible for them not doing the work. I’m responsible for giving them a plan. I’m responsible for telling them what they need to do in order to achieve a certain bench mark that they want in their lives or in their business. And then, it’s up to them to feel it. Now, I’m not gonna be that happy camper when someone is saying they’re going to do something and they don’t do it. I might take you on for a, maybe a month, and if you’re not doing the things that we go through and talk about, I’m probably just gonna drop you as my — for the coach — as a student.
But, thank God, I’ve had everybody, so far, has really done a great job on doing the things that they need to in order to accomplish what they want to accomplish. You know, I’m also — I’m not a cheap date, either, Mitch. Our prices aren’t cheap. It’s not designed for someone that doesn’t have the money for something — not designed for everybody. Because, I take time out of my day and the things I’m doing, and — Mitch, you know I’ve got a lot of things going on, you know some of that, being in the mastermind with me.
There’s a lot of things that we’ve got going on in our lives. And we’ve — if we’re gonna do coaching, then you’re going to take time out of your day, a time out of your family, a time out of all of those things and you’re gonna focus on another person’s challenges. Focus on what it is that they need to accomplish, using all of your leverage, all of your experiences, all of your, you know — all your relationships that you have. There’s many times I can just make a phone call and I can accomplish what someone would take months in order to accomplish. Just because the relationship has been built there in an area that they probably don’t have that relationship built. So —
Mitch: Let’s talk about this entrepreneurial mindset for a second. There’s people that say, “You know, I just can’t afford to have a coach.” And, the way I look at it is, in my life, I couldn’t afford not to have one. I mean, it was ridiculous not to have one. I’d still be light years behind where I am now if I didn’t, you know, get around some people that could help me. Talk to me about the mindset of “I can’t afford to do it” or “I can’t afford not to do it.”
Cory: Sure. It’s the mindset. But, it goes deeper than that. They’re thinking about the wrong thing. They’re thinking about necessarily what they call the ‘CAAE’. They’re thinking about coaching as an expense. All entrepreneurs that I know, all successful entrepreneurs I know, never look at coaching as an expense or cost. They look at it as an investment. So, when you look at it as an investment, then that changes the ballgame quite a bit. But, that might be even a little too vague for you. The other thing that you really need to focus on, if that’s too vague, then you need to start thinking about you can’t afford not to get the result that you want. That’s the big issue. It isn’t you can’t afford coaching, it is you cannot afford not to get the results that you want.
Mitch: Well, put it like this. It’s R.O.I, return on investments. So, you say, “Don’t look at it like a cost.” It’s “What will it return you?” And that’s how you have to balance it. That’s how I — and, I’ve written some checks I thought I would never write, you know, in my life. Early on, I thought, “Wow, how do people do that?” And now, you know, I know why they do it now, because I’ve been to those places and they’re game changers. And I’m not the same person when I walked out of that room, and I’ll never be the same person again. Never.
And when you — If you want to relate it to finances, I’ve always made my investment back plus more and generally, much, much, much more because, it’s not even over yet. I’m still using the tools from 5 years ago that they taught me and I am still making extra from what I learned. So, I kind of wanted to put that in context when you say, “Don’t look at — the kind of wrong way to look at it’s a cost.” The right way is, like what Cory said, it’s an investment. And then, you invest because you want a rate of return. The question is, do you feel like this person or this system or this program is gonna give you a rate of return greater than the cost? And, I hope I’ve put that in the right context for us, Cory.
Cory: That is. That’s 100% true. And, you know, your — there is a sacrifice that’s required. In anything in life, I challenge you to think about some of the greatest things that you’ve accomplished in your life probably required a pretty good amount of sacrifice.
Mitch: A commit — a real commitment.
Cory: A real commitment. Commitment is — and that’s the other thing, too. Whenever we talk — I talk with the students, I say, “Listen, I don’t want you to work with me if you’re not able to give me this commitment that you are going to take this serious.” I also tell them in the beginning, too, that the more truthful that they are with me about their situation, the more I can help them. Because, what happens is you come in with ego, saying that you’re certain way, or you’ve made a certain dollar amount and you’re always comparing yourself to Bob or Harry or somebody down that’s in a bigger business or a smaller business, and say that you feel like you’re on top of the hill, you just need to make a few tweaks where you come in with this ego.
I’m telling you, if you drop all of that, you come in naked and you come in and say, “This is how — this is what’s going on. This is where I’m at right now, you know. And this is the reality.” The more that you’re able to Truth — what I call Truth — the more you’re able to Truth with me, the more I’m able to help you. Because, it gives me the full picture, you know, not just this ethereal idea of what you — what I think you’re going through.
But, if someone tells me exactly what they’re going through right now in their lives and where they are, and the pain of what they’re dealing with in order to — I mean, some people are working 19 hours a day, living on no hours of sleep, 2 kids, you know, picking up another job on the side, just to make the ends meet. Going on family outings, falling asleep – spending time with their wives not even there; in the same room, but totally gone, totally not there. You know, just, I mean, I’ve dealt with emotional situations, where you feel like a therapist. Where I’ve also dealt with people that just don’t express anything at all, and they’re just stoic and they just want to find out, “Just tell me what to do, and I’ll go do it. Just tell me A,B and C, I’ll go do that. Just fix all my problems.”
And, one thing is that there’s no such thing as a problem. So, if you have that word in your vocabulary, completely remove it, because there’s only challenges. And, whenever you have challenges, and you accomplish them, they lead to solutions, which leads to big opportunities. So, there’s a lot of things that we come pre-programmed. So, as a coach, it’s my job to download where you are and let’s get clear with that. Then, to clean out your “hard drive” and give you some new ideas, new ways of thinking, new systems, where you’re not having to “be a control freak” anymore. And, also not feel guilty about it. And there were times I was sitting on a beach, Mitch, and I felt guilty sitting on a beach, drinking a margarita because, I just felt like I had to be doing something. I had to be doing something or I felt guilty. And, I mean, there’s a whole mindset behind that, right? But, that’s where some people are. They have to be doing something. They haven’t taken a vacation in 5, 10, 15 years and it’s just all about work. I will outwork you. I remember, I was selling Kirby’s and, my mindset that was in my 20s, because I’m speaking out of a lot of my pain here, by the way. This isn’t just “I’m the best person in all these things.” I’ve figured some of these stuff out the hard way, and I’m telling you, it’s a daily challenge to change your mindset, to renew your mind, you know.
So, I was selling Kirby’s and the older guys that got in, they were going to try to outsell me. And I remember thinking to myself, “Well, those guys gotta eat. They’ve got to stop and eat. I’ll eat at night when I don’t have to worry about it.” So, my mentality, you know, it was, “I will outwork you. You might be smarter than me. I might come from all these other things and a silver spoon in your mouth, you may not have to work for anything, you may be smarter than me, you may be better than me on different things, talented, all these things but I will outwork you. I will be more tenacious. I will be more persistent. I will not quit until I die.” Right? And, that mentality served me up to a certain point. But, then it starts hurt you, as you go to different points in your life, the thing that got you to where you wanna go in life is not going to take you to, ultimately, where you need to be.
Mitch: That’s really important. That’s real important, because I’ve had the nervous breakdown from exhaustion. I was outworking. I actually outworked my body. My body just said, “Hey, the hell with you”, and it shut down.
Cory and Mitch: [LAUGHTER]
Mitch: My body said, “You know, I’m not doing this anymore. I mean, I’m not doing this.” It just shut down. So, can you give us some examples of a business success story that jumps out?
Cory: Yeah. So, one guy that is one of my students, Tim. Tim didn’t even have an internet business at all. He wanted to get involved with internet marketing. And, I had some success with that, you know, we had a software company, we grew up to over 5,000 users, paying $97 dollars a month, some of them were paying us $2,000 set up fee. It was a big business for a while, so I got good at internet and software, and those things, and he wanted to get into the real estate business as an appraiser. And, he wanted to get involved with internet marketing. So, he came to me, and within 2 years, he was on the road to make his first million dollars. Within 2 years, he was on his road to make his first million dollars online. He stopped his real estate appraisal business and he focused on a niche called golf — he was a really good golfer, and he put together some great programs on golf. And, to this day, he is now doing over $10 million online. And he did not even have a business whatsoever when he came to work with me for coaching.
Another person that I worked with made a million dollars after working together with us in real estate. He had a property, he just really didn’t understand how to leverage and how to market and how to set up systems. And he had a property that he was working on fixing up and trying to find buyers for. Within a two year period, he made a million dollars on this property after doing work together as a coach.
Another one of my students has actually — basically, they have a real estate business, they were doing all of the management themselves. And, whenever you have a real estate business, you tend to kind of be the person that everyone calls, if the toilet breaks or, you know, something, you don’t really have the systems in place for that. We put together a whole property management team for him, we systematized his whole business. And, actually set up a sheet now, so he could actually just take a simple one page sheet, Mitch, and take it over to his assistant. His assistant, now, when a lead comes in, she can come over and she can fill out this one page sheet that he would have to drive all across town in order to feel like he had to make this — be the one that had to make the offer, look at the property, go in and make sure all the fuses are there, if they need to upgrade the fuses, if the plumbing was good or not, the foundation was good or roof was good. He had to drive and look at every single thing on this property, taking time away from his family and his kids, taking time away from anything that he wanted to do in his personal life. I mean, it was totally interrupted.
He would take time and drive all the way across town to look at these properties. And now, we’ve put together a one page sheet for him where she can go in and put in the same information that he would, and get within $500 of him having to go out there himself.
Cory: Within $500 dollars on the property. Just because it takes time in order to know what it is every single time that you are looking at, when you go to look at a property. Every single time, there’s certain things that you look, right? What are the big ones? The roof, the A/C, right? The problems with the foundation. What kind of A/C? Is it a 1 ton, a 2 ton, a 3 ton? What is it you need to look at it for the dollar per square foot on the roof? How many bedrooms are there? How many baths is it? Is the bathroom gonna need to be rehabbed or not? Just all these different things, believe it or not, have a value associated with them. Every single time, based on the square footage, there’s a value that doesn’t change, it always stays the same. But, there’s something in us that says, “I have to go look at every single property, and before I’m able to put an offer on it”, which we already know, we have a 7-day or a 5-day or a 15-day clause that we can walk away from a property. But, in our minds, we have to feel like we have to go out there and make an offer on every one of them ourselves. And I promise you this, one little tweak has saved a family, has saved his life.
Mitch: That’s 3 great examples. So, there’s gonna be a link right here where you click to listen to this interview with Cory Boatright. There’ll be a link there. If you’re interested in getting an interview with Cory to see if he is the right coach for you, and if you’re the right student for him — just like he said, he doesn’t take everybody — there’ll be a link right there.
Cory, I really want to thank you for being on and discussing the entrepreneurial mindset with us. We’re bumping against our time schedule here, but is there anything else that we need to talk about before we close out? Or we pretty much touched on what you want to touch on?
Cory: I just think that the main thing to remember whenever you have a rough day in life is that, I say this every single morning when I get up and take a shower, “My worst day is someone else’s paradise.” You just understand that there’s so many things that are challenging in your life, and I get it — I’m not discounting those things — but, compared to so many others in other countries, you all are blessed. You’re not going through things nearly as rough as what you think they are — they could be so much worse — and, it’s pretty amazing to live in the United States of America with all the opportunities you have. So, I just want to leave with that, is to remember to be of service and remember your worst day is someone else’s paradise.
Mitch: Amen to that. Believe you 100%, I am right with you. Cory, thank you. Have a good evening, I appreciate you being on the call.
Cory: Thanks, Mitch. I appreciate you too, bro.