This is Why Your First Deal is Taking Forever

Welcome back to another episode of the Roots podcast. I'm Max Moore joined with my co-host Tyler Lingal. And today there's something that stirred up in me, which is the ability that Roots has to shorten someone's runway. Whether you're an agent, an investor, a home buyer from like what feels to be 2 to 3 years, maybe even four years to close your first deal as an agent or buy your first investment property or get a house hack or get an FHA loan and break in. There's these runways, right, that are so intimidatingly long. That's what stopped me from buying my first house. I'm like, how do I ever get there to save this much money? It's going to take years. I think we have a unique ability that we don't hit on often because of the transformative way that we engage in relationships to take that runway and at least cut it in half for sure. Like I could stamp that on and and trademark it and live behind it. Um, why do you think that is? Why do you think agents like Kyle, who was on our episode last week, are able to cut it? I I think you have to provide structure, right? I feel like people get wideeyed and glossy eyed when they're like, "Oh, I'm gonna, you know, go to coffee shops and pop my laptop out and close some deals and then, you know, call it quits at 3 p. m." And, right, they do zero volume, right? They don't have a mentor. They don't have structure. So I think it's like right we talk about the value proposition of a team and it's like uh you know it's like uh um expertise uh network um time freedom and I think you have to join a team if you're in real estate. I don't really see the like loan producer coming out of the woods really happening much in this current age. No, it's just so competitive. Yeah. And it requires the scale and support of a team. Yeah. I think a team can pro provide that mentorship and I I think that that is the way that I look at uh our client base too. It's like they kind of are engaging with a team who all have independent relationships with mentors outside of an access to people. It's like okay you're a new person that wants to uh start buying houses and and flipping them or getting them for rentals. It's like, okay, well, I can get you in the door with Nick Giuliani or with Jeremy Tolman and you can learn from them who have done that many of times and have been in and signed settlement statements that you don't even know what those look like yet, right? And just like to be able to learn and have that access to knowledge, right? We talk about it. Buying houses isn't that hard. And that is so polarizing because for some it's like uh how ungrateful are you that it's well it's not hard because we've we've done it and we can actually say from our experience that it's not as challenging as it's made out to be. It is possible right to buy a home. Um one of the other things Kyle mentioned and Kyle's story is so cool because it was like he he said I'm not working W2 anymore. I'm going 1099. And I kid you not, three months later, I looked at our transaction balance sheet. Dude, Kyle's doing the thing. He's like for on trajectory to 4x what he made last year, right? Wild to do. So, what does it take for Kyle 2. 0 that's listening to this to take the leap? The What does it take for him to go to the next step right now or for somebody that's like Kyle sitting in a chair at their W2? I don't think it's easy. It's not. Yeah. And I think he knew that that it would be hard. Cuz at the beginning when he even like did an interview with us, we're like, "All right, buddy. You can join the brokerage, but our team Yeah. We didn't even let him on the team." And then he was like I remember we both like looked at his social media and like look at the hours he was putting in and like him grinding. We're like shoot. We got to get this guy on our team. Yeah. Cuz he was so It's like the book Cal Newport book. So good. They can't ignore you. M I' I've not actually read the whole book, but the the concept is easy. It's like be so good that those ahead of you can't ignore you and they're like want to give you that opportunity. And I think so many That was it right there. I guess I think that's it. The whole trajectory has been that. Yeah. He's been so good that we can't ignore him. He's he joined in a role for us that was W2ley, but became irreplaceable, right? He had to quit that position for us to like two months ago, we should have said, Kyle, it's time to transition out. you have enough business. And he's like, we didn't do that cuz we we wanted him to stay. Let me ask you this. My curiosity is I just had a guy call me. He's like, hey, I want to do this, but I want to be part-time because I need that income cushion. What do you say to that that very common archetype of person that wants to do it but part-time? I hate to have scarcity and not be abundant because like my natural is to be more abundant and optimistic sometimes to a fault, right? And in that when I thought of the same exact equation. I was making a comfortable income at the time and wanted to leap into this world. Um, I bought my W2 because I felt it was necessary to have runway of income. So, I get it. Bought a GNC to get into real estate, right? Literally, which now I'm like trying to get out of the GNC. It's a little complicated of a way to do it, right? But I was sitting there looking at the spreadsheet going, I can't take two months of no income, right? And I don't think I can sell a house in two months, right? I But I also couldn't sell a house. ask about you said in the last episode that I sold my house to buy rentals. I sold my house to have runway to get in real estate. Yeah. Most of it sat into my bank account until I was closing deals. Yeah. And making money, then bought more rentals. I think to that guy, they need to have enough hustle to get a raise in their W2, stack money, have the runway sheltered in an account, quit the job, and jump in because you you cannot you can't do it part-time. I tried to do it monthto monthth. You have to have margin to get in real estate. Y cut your expenses, get a raise, and keep your eyes set on the price, right? Yeah. Like you can't give up within a month of even closing. Yeah. I mean, I was licensed for 13 months before I closed my first deal. Nine of which were part-time and two of which I was like just operating getting GNC going. And then once I went full-time, two months went by, I closed a deal. Right? Everyone has that flip that switch is when they go full-time in real estate. Part-time, this is my take, part-time doesn't work. However, if you have to, you have to use that to build skills. Yep. And find a mentor. Yeah. And I think ultimately you need to humble yourself onto a mentor and do everything they say. Yeah. Legit. Yep. And find a good one that isn't transactional. That is transformative. Yeah. I think that's everything. It's huge. So, if you're sitting out there and and you want to take the leap like Kyle did or Tyler or myself or anybody on our team, I think it starts with a conversation with Roots and others in the industry that we'll connect you with and interview who you can get a job with. Yeah. And find that job. Even if it doesn't pay you crap, if it's just showing houses, go show houses. Go walk houses. Yeah, happily. So, this has been another episode of the Roots Podcast. Make sure to like and subscribe and we'll see you at our next master class. Peace.