WEBVTT 00:00:14.699 --> 00:00:17.940 Welcome to Networking Unleashed, Building Profitable 00:00:17.940 --> 00:00:20.980 Connections. I'm your host, Michael Foreman, 00:00:21.039 --> 00:00:24.399 and this is the show where relationships meet 00:00:24.399 --> 00:00:28.120 real results. Today's guest works at the intersection 00:00:28.120 --> 00:00:32.560 of money, housing, and long -term security. We're 00:00:32.560 --> 00:00:34.859 talking about solving the affordable crisis, 00:00:35.320 --> 00:00:38.119 building wealth through hands -off real estate, 00:00:38.280 --> 00:00:41.539 and creating a future where retirement comes 00:00:41.539 --> 00:00:44.170 sooner. without cutting back the life you've 00:00:44.170 --> 00:00:47.310 worked so hard to build. This conversation goes 00:00:47.310 --> 00:00:50.509 beyond property and numbers. It's about access, 00:00:50.789 --> 00:00:54.549 trust, and the right relationships that open 00:00:54.549 --> 00:00:58.329 doors most people never see. If you care about 00:00:58.329 --> 00:01:02.270 freedom, stability, and making smart moves with 00:01:02.270 --> 00:01:04.709 the right people around you, you're in the right 00:01:04.709 --> 00:01:07.950 place. I'd like to welcome to the podcast today, 00:01:08.049 --> 00:01:12.319 Dustin. He has an incredible background. Would 00:01:12.319 --> 00:01:16.019 you mind just telling my audience who you are, 00:01:16.140 --> 00:01:18.900 how you got here today, and that's how we're 00:01:18.900 --> 00:01:21.500 going to start. Hey, thanks for having me, Michael. 00:01:21.640 --> 00:01:24.560 Yeah, my name is Dustin Hendrickson. I am the 00:01:24.560 --> 00:01:28.560 founder of Mailbox Money Real Estate, and we 00:01:28.560 --> 00:01:32.859 raise private equity to develop multifamily housing, 00:01:33.060 --> 00:01:37.920 workforce housing for professionals. And I've 00:01:37.920 --> 00:01:42.200 been doing it since 2003. My mom wanted to build 00:01:42.200 --> 00:01:46.140 a duplex. And so we started, that's how I started. 00:01:46.219 --> 00:01:50.959 And then I slowly scaled up. But in about 2018, 00:01:51.400 --> 00:01:56.760 2017, 2018, we started flatlining on our growth 00:01:56.760 --> 00:01:59.340 or on our profitability. Actually, we felt that 00:01:59.340 --> 00:02:02.760 we were still growing, but we were not as profitable 00:02:02.760 --> 00:02:05.359 or just flat on profits, even though we were 00:02:05.359 --> 00:02:08.520 busier than we ever had been. And that was actually 00:02:08.520 --> 00:02:11.379 because of a lack of connections. So we discovered 00:02:11.379 --> 00:02:18.319 syndication, the LPGP structure, and it was all 00:02:18.319 --> 00:02:21.960 about networking and connections. And from there, 00:02:22.020 --> 00:02:25.719 we started networking more. I met another partner 00:02:25.719 --> 00:02:28.439 that taught me how to do the syndication process 00:02:28.439 --> 00:02:32.419 in Nashville at a networking conference all about 00:02:32.419 --> 00:02:36.090 syndication. And yeah, from there, from all the 00:02:36.090 --> 00:02:38.409 connections we started building and the networking, 00:02:38.569 --> 00:02:43.409 we started being able to scale and expand. Great. 00:02:43.530 --> 00:02:47.050 That's great. So you found out that I feel that 00:02:47.050 --> 00:02:51.990 networking is the lifeblood of business. And 00:02:51.990 --> 00:02:54.710 we can't seem to get away from that. All the 00:02:54.710 --> 00:02:57.550 AI talk and everything else, it's the person 00:02:57.550 --> 00:03:00.729 -to -person networking. Okay, so let's do this 00:03:00.729 --> 00:03:03.530 by the numbers. When it comes to real estate 00:03:03.530 --> 00:03:06.909 and housing solutions, how often does success 00:03:06.909 --> 00:03:12.550 come down to you when it comes down to who you 00:03:12.550 --> 00:03:18.389 know before what you know? 99 % of the time. 00:03:18.669 --> 00:03:21.449 Yeah. You want to expand a little bit on that? 00:03:21.770 --> 00:03:25.830 Yeah. So in our business, it's all about buying 00:03:25.830 --> 00:03:28.330 land. So we have to first purchase the land. 00:03:28.610 --> 00:03:31.860 Then we have to raise the money from... a bunch 00:03:31.860 --> 00:03:35.219 of investors and we have to know bankers and 00:03:35.219 --> 00:03:38.560 each each person that we meet it's about trust 00:03:38.560 --> 00:03:41.000 if the land owner doesn't trust you to close 00:03:41.000 --> 00:03:43.139 on the land they're not even going to talk to 00:03:43.139 --> 00:03:45.340 you they're they might talk to you but they're 00:03:45.340 --> 00:03:47.520 not going to take you seriously so that you have 00:03:47.520 --> 00:03:50.039 to build a relationship with them they have to 00:03:50.039 --> 00:03:52.740 trust you then you go talk to the bankers the 00:03:52.740 --> 00:03:55.039 bankers obviously have to trust you and the more 00:03:55.039 --> 00:03:57.300 bankers that you know the better it is because 00:03:57.300 --> 00:04:02.000 the better terms you'll get and then The investors, 00:04:02.080 --> 00:04:06.639 it's 100 % trust. Most investors don't even really 00:04:06.639 --> 00:04:10.759 look or study the deal. They more, they like 00:04:10.759 --> 00:04:14.580 the location and then they like you. So the trust 00:04:14.580 --> 00:04:16.699 that you build with the investors is extremely 00:04:16.699 --> 00:04:20.500 important. And then you have to have partners 00:04:20.500 --> 00:04:23.259 and employees that also you have good relationships 00:04:23.259 --> 00:04:26.259 with that work with you to do all the. to get 00:04:26.259 --> 00:04:30.180 all the details done so every single aspect of 00:04:30.180 --> 00:04:33.819 it is relationship based and the higher up you 00:04:33.819 --> 00:04:37.220 go the more relationship based it is the less 00:04:37.220 --> 00:04:39.560 about the work the less about doing the work 00:04:39.560 --> 00:04:44.279 and the more about who you know yeah i i go all 00:04:44.279 --> 00:04:47.379 over the country and i teach workshops and i 00:04:47.379 --> 00:04:49.800 do breakout sessions keynotes and things like 00:04:49.800 --> 00:04:54.730 that and i have a hard time telling the 20 -somethings 00:04:54.730 --> 00:04:58.069 and 30 -somethings about networking, about the 00:04:58.069 --> 00:05:00.649 person -to -person, because they're always behind 00:05:00.649 --> 00:05:03.649 a computer screen or their cell phones. They 00:05:03.649 --> 00:05:07.790 forgot or they were never taught how to network 00:05:07.790 --> 00:05:11.970 and how important it truly is. Yeah, so maybe 00:05:11.970 --> 00:05:17.009 one way that you could break through that cycle 00:05:17.009 --> 00:05:20.649 with a young crowd is to let them know if... 00:05:21.079 --> 00:05:23.680 AI can take your job, which if you're working 00:05:23.680 --> 00:05:27.040 behind a computer or a phone or just doing the 00:05:27.040 --> 00:05:30.459 work, AI can take your job. If AI can take your 00:05:30.459 --> 00:05:32.959 job, your security is not really there. So your 00:05:32.959 --> 00:05:36.779 security comes from all the relationships you 00:05:36.779 --> 00:05:40.540 build and being able to get something done through 00:05:40.540 --> 00:05:43.000 those relationships and not actually doing the 00:05:43.000 --> 00:05:45.850 work. So that's really how you scale up. And 00:05:45.850 --> 00:05:48.930 AI can never take my job. I've tried to have 00:05:48.930 --> 00:05:51.649 AI help me, and AI does not help me. It tells 00:05:51.649 --> 00:05:53.269 me to get some of the little tasks done, but 00:05:53.269 --> 00:05:58.009 it cannot do what I do. No, I use AI as a tool, 00:05:58.050 --> 00:06:02.329 and that's all. Because you don't have the emotional 00:06:02.329 --> 00:06:07.310 support when you use AI. It takes all that out 00:06:07.310 --> 00:06:10.410 of it. So you have to bring the human element 00:06:10.410 --> 00:06:15.639 into it. fix that, AI really isn't going to replace 00:06:15.639 --> 00:06:21.199 what I do, but I use it as a tool. Yes. The affordable 00:06:21.199 --> 00:06:24.959 housing crisis isn't something one person fixes 00:06:24.959 --> 00:06:28.259 alone. What types of relationships have mattered 00:06:28.259 --> 00:06:34.079 most in making real progress here? Relationships 00:06:34.079 --> 00:06:38.540 with the municipalities. So if you can convince 00:06:38.540 --> 00:06:41.639 a municipality that you have the solution. for 00:06:41.639 --> 00:06:44.839 their problem what we find is that most cities 00:06:44.839 --> 00:06:48.500 that's the top three on their problems top three 00:06:48.500 --> 00:06:51.879 issues is affordable housing sometimes it's number 00:06:51.879 --> 00:06:55.180 one sometimes it's two sometimes it's three but 00:06:55.180 --> 00:06:57.579 it's always in the top three no matter where 00:06:57.579 --> 00:07:01.079 you go and if affordable housing is not an issue 00:07:01.079 --> 00:07:03.439 that means they got way more issues to deal with 00:07:03.439 --> 00:07:05.920 but yeah affordable housing is almost always 00:07:05.920 --> 00:07:09.019 top three everywhere we go and if it's not top 00:07:09.019 --> 00:07:11.620 three then that's a really good community and 00:07:11.620 --> 00:07:13.360 they've got everything figured out, which is 00:07:13.360 --> 00:07:18.040 very rare. Very rare. Real estate investing involves 00:07:18.040 --> 00:07:23.220 large financial commitments. Does trust get built 00:07:23.220 --> 00:07:26.579 inside investor networks and how do you spot 00:07:26.579 --> 00:07:31.339 it early? Yeah, it's all about trust. Investors, 00:07:31.339 --> 00:07:33.319 if they don't trust you, they will not invest. 00:07:33.639 --> 00:07:36.220 It's way too much money. There's way too much 00:07:36.220 --> 00:07:39.100 money at play for there not to be trust there. 00:07:40.719 --> 00:07:43.680 So, and then how do you, how does that come into, 00:07:43.759 --> 00:07:46.540 what'd you say about it? Or how does it come 00:07:46.540 --> 00:07:50.939 in early? Yeah. How do you spot it early? I don't 00:07:50.939 --> 00:07:56.000 know. How do you spot trust early? I don't know. 00:07:56.920 --> 00:08:01.240 There's a mantra in networking. I don't mean 00:08:01.240 --> 00:08:05.089 to, but there's a mantra in networking. It's 00:08:05.089 --> 00:08:07.649 if they know you, if they like you, if they trust 00:08:07.649 --> 00:08:10.870 you, then they'll do business with you. And to 00:08:10.870 --> 00:08:13.110 know you, you know everybody. So that's not a 00:08:13.110 --> 00:08:16.170 problem. But like you, that narrows the scope 00:08:16.170 --> 00:08:19.470 down just a bit. Because listen, as good as you 00:08:19.470 --> 00:08:22.089 and I are, everybody isn't going to like us. 00:08:22.589 --> 00:08:25.370 But then you get to the trust factor. And the 00:08:25.370 --> 00:08:28.389 trust factor is so important that nothing can 00:08:28.389 --> 00:08:32.470 be built if you don't go past that point. And 00:08:32.470 --> 00:08:37.090 it really I find it just takes experience to 00:08:37.090 --> 00:08:41.149 you can see if somebody is truly telling you 00:08:41.149 --> 00:08:43.769 the truth or if he's just that good of a con 00:08:43.769 --> 00:08:46.789 artist. You've got it. You spot that early because 00:08:46.789 --> 00:08:51.210 you can tell whether somebody is not right. Yeah, 00:08:51.289 --> 00:08:55.409 I guess. So when I it's easier for me to see 00:08:55.409 --> 00:08:59.909 if someone is trustworthy than to see if. than 00:08:59.909 --> 00:09:03.490 for me to notice if they trust me. Probably if 00:09:03.490 --> 00:09:05.509 they take your advice, if they want to get on 00:09:05.509 --> 00:09:08.169 the phone with you, those things. Maybe that's 00:09:08.169 --> 00:09:11.470 just a like though. Maybe that's when they like 00:09:11.470 --> 00:09:13.669 you and they're answering your phone call. I 00:09:13.669 --> 00:09:16.129 know as soon as they invest with you, they trust 00:09:16.129 --> 00:09:18.230 you. That's for sure. I think they really don't 00:09:18.230 --> 00:09:20.870 have a choice, yeah? Because they've given you 00:09:20.870 --> 00:09:23.490 the money and so they have to put some sort of 00:09:23.490 --> 00:09:28.600 trust in what you're doing. Yeah. Okay, so. Many 00:09:28.600 --> 00:09:31.700 people want hands -off real estate opportunities, 00:09:31.820 --> 00:09:35.279 but never see them. How does being in the right 00:09:35.279 --> 00:09:39.539 circles change what opinions, I'm sorry, change 00:09:39.539 --> 00:09:46.240 what options even become visible? Knowing all 00:09:46.240 --> 00:09:49.480 the right people will put you in front of all 00:09:49.480 --> 00:09:53.159 the opportunities as well. So as you start to 00:09:53.159 --> 00:09:56.519 network, as you start to introduce yourself to 00:09:56.519 --> 00:09:59.129 different groups. More and more of these opportunities 00:09:59.129 --> 00:10:03.929 will come up. And at first, when you first start 00:10:03.929 --> 00:10:07.590 investing, there are no passive opportunities. 00:10:08.450 --> 00:10:13.470 So everything seems to be that you have to go 00:10:13.470 --> 00:10:15.769 and do the work yourself, except for stocks and 00:10:15.769 --> 00:10:19.250 bonds. But those don't really pay that well because 00:10:19.250 --> 00:10:21.990 everyone has access to them. So you got to find 00:10:21.990 --> 00:10:24.970 the passive deals that the wealthy have access 00:10:24.970 --> 00:10:30.029 to. And the more... that you get into that ecosystem, 00:10:30.450 --> 00:10:33.669 the more you'll see different deals open up to 00:10:33.669 --> 00:10:36.509 you. There's many different real estate deals 00:10:36.509 --> 00:10:38.710 you could do. You could start getting in with 00:10:38.710 --> 00:10:41.730 some developers that are local. And a lot of 00:10:41.730 --> 00:10:43.929 these deals are closed off and they don't go 00:10:43.929 --> 00:10:47.070 public ever. So you have to get within the ecosystem 00:10:47.070 --> 00:10:53.350 to find those deals. But talking to the wealthy 00:10:53.350 --> 00:10:55.230 people, that's where all the deals are. This 00:10:55.230 --> 00:10:58.090 is why it helps to have... At least one rich 00:10:58.090 --> 00:11:00.750 friend. You have one rich friend and that rich 00:11:00.750 --> 00:11:03.509 friend will start introducing you to other rich 00:11:03.509 --> 00:11:06.950 friends or more opportunities. I just watched 00:11:06.950 --> 00:11:10.370 something the other day that said a rich person 00:11:10.370 --> 00:11:13.809 will mentor you and help you and show you. That 00:11:13.809 --> 00:11:17.570 makes rich people feel really good is when they 00:11:17.570 --> 00:11:20.750 can help somebody climb the ranks, whereas poor 00:11:20.750 --> 00:11:23.090 people just want to pull you back down and crabs 00:11:23.090 --> 00:11:27.659 in the bucket type mentality. try to upgrade 00:11:27.659 --> 00:11:30.139 your network. What they say, your network is 00:11:30.139 --> 00:11:32.139 your net worth. You take the five people you're 00:11:32.139 --> 00:11:34.899 closest to, average up all the salary, and that's 00:11:34.899 --> 00:11:36.700 probably what you're going to be, the salary 00:11:36.700 --> 00:11:40.080 you're going to be making. That's great. As a 00:11:40.080 --> 00:11:43.620 matter of fact, on my website are digital courses 00:11:43.620 --> 00:11:47.320 that I've written. And my number one biggest 00:11:47.320 --> 00:11:53.779 seller is network to net worth. And that is what 00:11:53.779 --> 00:11:57.039 it's all about. What role? Have warm introductions 00:11:57.039 --> 00:12:00.720 played in opening doors to deals, partnerships, 00:12:00.919 --> 00:12:04.700 or capital that would have been unreachable otherwise? 00:12:07.299 --> 00:12:12.799 I met my partner, Omar, down at the first syndication 00:12:12.799 --> 00:12:15.899 conference I went to. And so then he taught me 00:12:15.899 --> 00:12:19.940 all about how the LPGP structure works and then 00:12:19.940 --> 00:12:24.080 getting that knowledge and being able to talk. 00:12:24.570 --> 00:12:26.990 the way he talks has opened up a lot of doors 00:12:26.990 --> 00:12:30.990 for me. Bankers tend to open up a lot of doors 00:12:30.990 --> 00:12:34.350 for you to get relationships with those guys. 00:12:35.230 --> 00:12:38.610 I don't know. I guess it's, I don't look at just 00:12:38.610 --> 00:12:41.830 one thing. I guess it's all just seems to compound 00:12:41.830 --> 00:12:48.440 so rapidly once you start growing. It's definitely, 00:12:48.539 --> 00:12:51.220 it's the warm introductions that can lead to 00:12:51.220 --> 00:12:54.799 other introductions. And it goes all the way 00:12:54.799 --> 00:12:57.960 back down to that trust factor. So that if the 00:12:57.960 --> 00:13:02.639 warm introduction to a person, and if they trust 00:13:02.639 --> 00:13:05.779 you, then they'll introduce you to somebody else. 00:13:05.919 --> 00:13:08.279 If they're not going to trust you, then they 00:13:08.279 --> 00:13:12.899 will never introduce you. Yeah. Yep. I guess 00:13:12.899 --> 00:13:16.600 I feel like I just, I do the work. I'll get an 00:13:16.600 --> 00:13:19.179 introduction and then I'll do what I say I did. 00:13:19.320 --> 00:13:21.840 I do what I'll say I'm going to do. And then 00:13:21.840 --> 00:13:24.620 I'll add value first. And then by adding the 00:13:24.620 --> 00:13:26.860 value and not really seeking anything in return, 00:13:27.039 --> 00:13:29.799 the return comes back to you. And then that's 00:13:29.799 --> 00:13:31.960 how you get introductions. You get brought onto 00:13:31.960 --> 00:13:34.580 the team. So they'll bring you onto a team. And 00:13:34.580 --> 00:13:36.700 then on that team, there's a bunch of other people 00:13:36.700 --> 00:13:39.759 and you'll start working with those people. What 00:13:39.759 --> 00:13:43.370 you just said is the key to networking. You always 00:13:43.370 --> 00:13:46.929 bring value to the relationship before you do 00:13:46.929 --> 00:13:51.250 an ask, right? I firmly believe in having a servant's 00:13:51.250 --> 00:13:54.169 heart. You go there and you do what you say you're 00:13:54.169 --> 00:13:56.889 going to do. You do it for other people. And 00:13:56.889 --> 00:13:58.929 when you do enough, they're going to turn around. 00:13:59.049 --> 00:14:00.950 They're going to say, wait a second. You know, 00:14:00.950 --> 00:14:03.490 Dustin did all this. Let me listen a little bit 00:14:03.490 --> 00:14:07.399 closer or let me do something for him. And it 00:14:07.399 --> 00:14:11.519 starts that symbiotic relationship. When someone 00:14:11.519 --> 00:14:15.580 is focused on not outliving their money, how 00:14:15.580 --> 00:14:17.620 should they think about building relationships 00:14:17.620 --> 00:14:20.820 differently than someone chasing short -term 00:14:20.820 --> 00:14:28.860 goals? Long -term relationships. It's hard for 00:14:28.860 --> 00:14:31.460 me to put myself in the shoes of someone chasing 00:14:31.460 --> 00:14:34.679 short -term anything. So I don't really understand 00:14:34.679 --> 00:14:39.100 what... they would be doing as opposed to the 00:14:39.100 --> 00:14:42.399 long -term people. This just comes down to just 00:14:42.399 --> 00:14:45.139 putting in the years, just do what you say you're 00:14:45.139 --> 00:14:48.519 going to do. Trust takes many years to build 00:14:48.519 --> 00:14:52.320 and just a few moments to destroy. So you put 00:14:52.320 --> 00:14:54.659 20 years into building trust and then you do 00:14:54.659 --> 00:14:59.279 one shady thing and then now all that trust is 00:14:59.279 --> 00:15:02.379 eroded. So short term, I don't know, I guess 00:15:02.379 --> 00:15:04.799 the short term to me, short term thinker would 00:15:04.799 --> 00:15:08.000 be just trying to get something for themselves, 00:15:08.100 --> 00:15:11.419 being very selfish, which doesn't work in the 00:15:11.419 --> 00:15:14.340 long term at all. So short term thinking, I don't 00:15:14.340 --> 00:15:17.220 really understand how they even operate because 00:15:17.220 --> 00:15:20.919 it seems like a very low mentality to be a short 00:15:20.919 --> 00:15:24.899 term thinker. You just reminded me of something. 00:15:25.039 --> 00:15:29.669 I'm an old Air Force vet and. When I was in Desert 00:15:29.669 --> 00:15:32.809 Storm and when I was in McGuire Air Force Base 00:15:32.809 --> 00:15:36.129 in New Jersey, the commander would, I'd say, 00:15:36.149 --> 00:15:38.870 would give you an attaboy. You did a great job. 00:15:39.190 --> 00:15:41.409 You did this great. You did this good and everything 00:15:41.409 --> 00:15:45.029 else. And you can get 100 attaboys, but you have 00:15:45.029 --> 00:15:48.730 one all crap, one negative all crap that wipes 00:15:48.730 --> 00:15:53.210 the 100 away. So you have to always follow through 00:15:53.210 --> 00:15:56.070 with what you say you're going to do as a minimum. 00:15:56.559 --> 00:15:58.320 Then if you want to go above and beyond, that's 00:15:58.320 --> 00:16:01.759 different. But what you said was key because 00:16:01.759 --> 00:16:06.019 if you do what you say you're going to do, that's 00:16:06.019 --> 00:16:10.799 80 % better than your competition. For those 00:16:10.799 --> 00:16:14.179 who want freedom sooner without cutting back 00:16:14.179 --> 00:16:17.179 their lifestyle, how do relationships accelerate 00:16:17.179 --> 00:16:20.779 that timeline? I don't know if you can get freedom 00:16:20.779 --> 00:16:24.570 sooner without cutting back. Because the reason 00:16:24.570 --> 00:16:26.570 why you're probably in the position you're in 00:16:26.570 --> 00:16:29.769 without the freedom is because you're overextending 00:16:29.769 --> 00:16:33.450 yourself somehow. Yeah, I don't know. I don't 00:16:33.450 --> 00:16:36.129 know. You have to cut back somewhere. Because 00:16:36.129 --> 00:16:40.129 if you're doing everything right, then you already 00:16:40.129 --> 00:16:44.250 have the freedom. So I would say you have to 00:16:44.250 --> 00:16:49.049 examine where your money's going. You have a 00:16:49.049 --> 00:16:51.620 bunch of loans and a bunch of debt. You have 00:16:51.620 --> 00:16:54.919 a bunch of debt on depreciating assets. So I 00:16:54.919 --> 00:16:58.139 would say you have to start thinking long -term 00:16:58.139 --> 00:17:01.659 again, and you have to put money into things 00:17:01.659 --> 00:17:03.899 that don't necessarily pay you immediately that 00:17:03.899 --> 00:17:06.279 aren't liquid. You have to buy long -term assets. 00:17:07.099 --> 00:17:11.119 You have to buy assets that reduce your taxable 00:17:11.119 --> 00:17:14.140 liability. So I guess that's one thing you could 00:17:14.140 --> 00:17:16.319 do. Maybe you don't have to cut back, but instead 00:17:16.319 --> 00:17:18.970 of paying Uncle Sam. With your taxes, you start 00:17:18.970 --> 00:17:21.069 investing in real estate. But the thing is that 00:17:21.069 --> 00:17:24.869 inherently makes you have to cut back for the 00:17:24.869 --> 00:17:27.710 first year because you have to invest the money. 00:17:27.769 --> 00:17:30.109 You don't necessarily get the tax benefits till 00:17:30.109 --> 00:17:32.349 the following year or the following two years. 00:17:32.890 --> 00:17:36.049 So all the money you're paying Uncle Sam, so 00:17:36.049 --> 00:17:37.589 you have these high earners and they're paying 00:17:37.589 --> 00:17:42.329 50 % to Uncle Sam, 40 to 50%. That can all go 00:17:42.329 --> 00:17:45.470 into investments and then you can get your taxable 00:17:45.470 --> 00:17:48.990 income to zero. So instead of paying Uncle Sam 00:17:48.990 --> 00:17:51.569 $200 ,000 to $500 ,000 a year, put that money 00:17:51.569 --> 00:17:53.890 into investments. Five years from now, you're 00:17:53.890 --> 00:17:56.650 going to have some really good passive income 00:17:56.650 --> 00:18:00.150 and your regular ordinary income should be very 00:18:00.150 --> 00:18:03.309 similar. So that's what I'd say. Replace all 00:18:03.309 --> 00:18:05.190 the money that you're paying in taxes and put 00:18:05.190 --> 00:18:08.089 that into investments, real estate investments 00:18:08.089 --> 00:18:11.470 that reduce your taxable income. Okay, I'll go 00:18:11.470 --> 00:18:14.869 with that. I'll go with that. Not every group 00:18:14.869 --> 00:18:18.759 is worth joining. What signals tell you a network 00:18:18.759 --> 00:18:21.500 will help you grow instead of draining your time 00:18:21.500 --> 00:18:28.900 or money? I go off intuition. So if this resonates 00:18:28.900 --> 00:18:31.980 really well with me and I feel like I've got 00:18:31.980 --> 00:18:34.640 some aha moments right off the bat and I want 00:18:34.640 --> 00:18:39.140 to learn from it, then I'll go into it. But doing 00:18:39.140 --> 00:18:41.839 the program is really the only way you can tell 00:18:41.839 --> 00:18:44.940 if it's a waste of time or not. cut the program 00:18:44.940 --> 00:18:47.019 off once you realize you're not really learning 00:18:47.019 --> 00:18:50.839 that much anymore. But you also have to put yourself, 00:18:51.019 --> 00:18:53.079 you have to do the program, right? You can't 00:18:53.079 --> 00:18:55.400 just go in and then not do the work and then 00:18:55.400 --> 00:18:58.480 quit. But if even if you find yourself not doing 00:18:58.480 --> 00:19:00.180 the work, it's probably not for you. You're probably 00:19:00.180 --> 00:19:02.819 not inspired enough. Doesn't necessarily mean 00:19:02.819 --> 00:19:04.440 it's the wrong program. It might just be the 00:19:04.440 --> 00:19:06.599 wrong time. You might need some more knowledge 00:19:06.599 --> 00:19:09.339 upfront before you join that program. But I say 00:19:09.339 --> 00:19:13.539 intuition, if it aligns with you, if everything, 00:19:14.279 --> 00:19:16.579 Looks like it's going to work for what you want 00:19:16.579 --> 00:19:19.640 to do in the future. I'd say join it. Give it 00:19:19.640 --> 00:19:24.539 a try. You're never going to... Some people are 00:19:24.539 --> 00:19:26.059 like, oh, if you go do that, you're going to 00:19:26.059 --> 00:19:27.700 get ripped off. Oh, don't do that. You're going 00:19:27.700 --> 00:19:29.079 to get ripped off. And then they end up doing 00:19:29.079 --> 00:19:33.400 nothing. So pay a little bit of money. See what 00:19:33.400 --> 00:19:36.759 you feel about the course. And if it's a bad 00:19:36.759 --> 00:19:38.700 course, that's fine. Quit the course and move 00:19:38.700 --> 00:19:41.079 and do another course or get into another group. 00:19:42.920 --> 00:19:46.660 How long would you suggest somebody stay in a 00:19:46.660 --> 00:19:48.980 course or a networking group or something else 00:19:48.980 --> 00:19:54.240 before they can really truly find out? I don't 00:19:54.240 --> 00:19:57.880 know, a month, two months, three months. It just 00:19:57.880 --> 00:19:59.740 all depends on you and how much effort you're 00:19:59.740 --> 00:20:01.519 putting in. You'll know when you're done with 00:20:01.519 --> 00:20:04.839 the group. That's what I always say. And most 00:20:04.839 --> 00:20:08.069 people. Probably keeps, they stay with the group 00:20:08.069 --> 00:20:10.150 because it's familiar, it's comfortable. But 00:20:10.150 --> 00:20:11.609 once you get to that point, you should probably 00:20:11.609 --> 00:20:14.769 move on to another group and put yourself in 00:20:14.769 --> 00:20:17.089 a more uncomfortable position where you're learning. 00:20:17.309 --> 00:20:20.710 I like to learn though. I'm always the one who, 00:20:20.789 --> 00:20:25.150 because everybody asks me. where I am and what 00:20:25.150 --> 00:20:28.109 because I have a networking group I meet weekly 00:20:28.109 --> 00:20:31.589 with about 17 or 20 businesses and we discuss 00:20:31.589 --> 00:20:34.170 the networking and everything else and they ask 00:20:34.170 --> 00:20:36.690 me they have a thousand other networking groups 00:20:36.690 --> 00:20:40.250 and they always ask me a time frame like when 00:20:40.250 --> 00:20:43.029 do you know when you find out if it's good for 00:20:43.029 --> 00:20:46.009 you or not and have a round term I always say 00:20:46.009 --> 00:20:49.609 three three months give it three months And if 00:20:49.609 --> 00:20:51.470 you don't, because the first month, everything 00:20:51.470 --> 00:20:55.130 is new and you're really unsure. The second month, 00:20:55.130 --> 00:20:57.009 you're getting your footing. And the third month, 00:20:57.130 --> 00:21:00.890 you're going to really, truly understand what 00:21:00.890 --> 00:21:02.470 you're doing, why you're there and everything 00:21:02.470 --> 00:21:06.890 else. So I always give it to three months. Okay. 00:21:06.970 --> 00:21:11.690 So in real estate, people often guard information. 00:21:12.529 --> 00:21:16.009 What happens when professionals choose shared 00:21:16.009 --> 00:21:22.119 progress instead of secrecy? I think it's similar. 00:21:22.740 --> 00:21:26.579 I think it's similar with every industry. I think 00:21:26.579 --> 00:21:29.579 people are inherently scared of giving away the 00:21:29.579 --> 00:21:33.759 secret sauce and someone coming in and stealing 00:21:33.759 --> 00:21:36.559 all their info and doing what they do. I found 00:21:36.559 --> 00:21:40.500 that nobody is going to take your info. Very 00:21:40.500 --> 00:21:42.920 rarely is someone going to take your info and 00:21:42.920 --> 00:21:47.319 copy you. I put it all out there, put everything 00:21:47.319 --> 00:21:49.930 out there. what we're doing. And then that actually 00:21:49.930 --> 00:21:52.170 builds trust with people. And now they want to 00:21:52.170 --> 00:21:55.210 come in and invest because when they see how 00:21:55.210 --> 00:21:57.309 much at work it takes to do what you're doing 00:21:57.309 --> 00:21:59.950 there, they just say, ah, that's way too much 00:21:59.950 --> 00:22:02.630 work. I'll just, if I can just join him instead 00:22:02.630 --> 00:22:05.089 of trying to do all that work, that'll be much 00:22:05.089 --> 00:22:08.630 better. So it builds a, when you share all of 00:22:08.630 --> 00:22:11.190 your information, it builds a huge level of trust 00:22:11.190 --> 00:22:13.369 with people in the public. And then it also, 00:22:13.410 --> 00:22:18.170 it signals that you're not scared so you have 00:22:18.170 --> 00:22:20.569 an abundance mindset versus a scarcity mindset 00:22:20.569 --> 00:22:23.890 and a scarcity mindset will not do you any good 00:22:23.890 --> 00:22:26.769 it's never going to do you any good and even 00:22:26.769 --> 00:22:28.710 if you have a scarcity mindset people can still 00:22:28.710 --> 00:22:30.970 come in and steal all your ideas it's not that 00:22:30.970 --> 00:22:35.890 hard i'll go with that let's bring this podcast 00:22:35.890 --> 00:22:41.329 full circle and looking back was there a single 00:22:41.329 --> 00:22:44.910 relationship or introduction that shifted your 00:22:44.910 --> 00:22:48.039 entire path And what lessons should listeners 00:22:48.039 --> 00:22:52.119 take from that story? I would say no, because 00:22:52.119 --> 00:22:55.740 it happens to me all the time. I'll get introduced 00:22:55.740 --> 00:22:58.380 to someone and then that shifts my entire path. 00:22:58.480 --> 00:23:00.299 And then I'll get introduced to another someone 00:23:00.299 --> 00:23:03.720 and that shifts my entire path. So I constantly 00:23:03.720 --> 00:23:07.799 look for that one relationship. But let's see, 00:23:07.859 --> 00:23:12.720 my partner, Caleb, meeting my partner, Caleb. 00:23:14.349 --> 00:23:17.569 has really shifted because I realized that I 00:23:17.569 --> 00:23:20.529 could put all the general contracting work onto 00:23:20.529 --> 00:23:23.690 him. So I was a general contractor. I did all 00:23:23.690 --> 00:23:25.930 my own building and all my own development and 00:23:25.930 --> 00:23:28.109 all my own asset management, property management, 00:23:28.250 --> 00:23:32.390 all of that. And I always assumed that if you 00:23:32.390 --> 00:23:36.549 didn't build, how could you create the equity 00:23:36.549 --> 00:23:39.609 you needed to create to develop these projects? 00:23:39.710 --> 00:23:42.599 So that's how I did it. I was the builder. And 00:23:42.599 --> 00:23:47.140 so I would use that equity in each project. Then 00:23:47.140 --> 00:23:51.119 I met Caleb and I just, one day I just, I think 00:23:51.119 --> 00:23:53.299 I hurt my back on the job site. And I said, I'm 00:23:53.299 --> 00:23:56.500 done. I'm done with all this heavy lifting and 00:23:56.500 --> 00:23:58.180 stuff. I'm too old. I've already put in all my 00:23:58.180 --> 00:24:01.970 time. And I'll never be able to expand to where 00:24:01.970 --> 00:24:04.730 I want to expand if I keep doing all the general 00:24:04.730 --> 00:24:08.269 contracting. So I ended up giving Caleb all the 00:24:08.269 --> 00:24:10.309 general contracting work. And then that's when 00:24:10.309 --> 00:24:12.529 I really realized that I didn't even like general 00:24:12.529 --> 00:24:16.190 contracting. I would rather do the design and 00:24:16.190 --> 00:24:18.869 the marketing and the capital raising and the 00:24:18.869 --> 00:24:22.569 land acquisition. That really helped me. But 00:24:22.569 --> 00:24:24.750 then I did the same thing with property management. 00:24:24.829 --> 00:24:28.480 Someone told me one time. you can't find a property 00:24:28.480 --> 00:24:31.700 manager. It's because of you. You're not the 00:24:31.700 --> 00:24:34.819 best property manager in the world. You just 00:24:34.819 --> 00:24:37.420 need to trust. You need to trust and you need 00:24:37.420 --> 00:24:39.880 to find a really good property manager. He said, 00:24:39.900 --> 00:24:41.480 look at all these buildings down here. These 00:24:41.480 --> 00:24:44.019 buildings are better than any building you own 00:24:44.019 --> 00:24:46.519 and someone else is property managing it, not 00:24:46.519 --> 00:24:49.880 you. So get that idea out of your head that you're 00:24:49.880 --> 00:24:51.819 the only one that can property manage because 00:24:51.819 --> 00:24:54.200 it's not true. And he said, you'll never be able 00:24:54.200 --> 00:24:58.359 to scale. That was one of the first where I realized 00:24:58.359 --> 00:25:02.259 that I have to trust other people much more than 00:25:02.259 --> 00:25:04.720 I was. And then the general contracting was another 00:25:04.720 --> 00:25:07.680 step. And then you meet people that help you 00:25:07.680 --> 00:25:11.960 capital raise. I don't know. Once you get that 00:25:11.960 --> 00:25:14.220 one connection, you're going to find the next 00:25:14.220 --> 00:25:15.839 connection and you just have to keep doing the 00:25:15.839 --> 00:25:17.799 same thing because you have to constantly scale. 00:25:19.859 --> 00:25:23.890 Good, good. Dustin, this was a great podcast. 00:25:24.349 --> 00:25:27.450 I love what you had to say. It really made me 00:25:27.450 --> 00:25:31.670 think about my investments. If somebody wanted 00:25:31.670 --> 00:25:35.470 to contact you, they wanted your help or to have 00:25:35.470 --> 00:25:39.750 you consult, where can they find you? Mailboxmoneyre 00:25:39.750 --> 00:25:44.190 .com. Mailboxmoneyre, as in realestate .com. 00:25:45.450 --> 00:25:48.990 That's great. That's great. So that was an eye 00:25:48.990 --> 00:25:52.140 -opening conversation. What stood out most is 00:25:52.140 --> 00:25:54.559 how much progress comes down to relationships, 00:25:55.000 --> 00:25:57.859 the right introductions, the right partners, 00:25:57.920 --> 00:26:01.579 and the right rooms. If this episode gave you 00:26:01.579 --> 00:26:04.180 a new way to think about money, housing, or your 00:26:04.180 --> 00:26:07.160 own timeline to freedom, pass it along to someone 00:26:07.160 --> 00:26:09.640 who needs to hear it. Thanks for spending time 00:26:09.640 --> 00:26:11.960 with me on Networking Unleashed, Building Profitable 00:26:11.960 --> 00:26:14.940 Connections. I'm Michael Foreman. Keep building 00:26:14.940 --> 00:26:18.200 strong relationships. Keep those thinking long 00:26:18.200 --> 00:26:21.160 term and keep moving towards the life you want. 00:26:21.339 --> 00:26:25.519 So until next time, I bid you adieu. Dustin, 00:26:25.700 --> 00:26:29.519 thank you again for coming on my podcast. Hey, 00:26:29.559 --> 00:26:30.940 thanks for having me, Michael. It was a good 00:26:30.940 --> 00:26:36.940 time. Well, hold on, folks. Don't go anywhere. 00:26:37.420 --> 00:26:40.579 Let's hear from our sponsors. David Neal, co 00:26:40.579 --> 00:26:44.240 -founder Revved Up Kids. Revved Up Kids is on 00:26:44.240 --> 00:26:47.200 a mission to protect children and teens from 00:26:47.200 --> 00:26:50.180 sexual abuse, exploitation, and trafficking. 00:26:50.460 --> 00:26:53.660 They provide prevention training programs for 00:26:53.660 --> 00:26:57.180 children, teens, and adults. To learn more, go 00:26:57.180 --> 00:27:01.559 to revvedupkids .org. Henry Kaplan, Century 21. 00:27:02.079 --> 00:27:04.299 When it comes to making the biggest financial 00:27:04.299 --> 00:27:07.279 decision of your life, leave it in the hands 00:27:07.279 --> 00:27:10.599 of a proven professional, Henry Kaplan. Henry 00:27:10.599 --> 00:27:13.759 is a global real estate agent with Century 21, 00:27:13.960 --> 00:27:17.940 celebrating his 41st year in business. No matter 00:27:17.940 --> 00:27:20.619 where you're moving, Henry has the right connections 00:27:20.619 --> 00:27:27.640 for you. You can contact Henry at 561 -427 -4888. 00:27:28.299 --> 00:27:31.099 A huge thank you to our guests for sharing such 00:27:31.680 --> 00:27:35.000 insights today. And of course, a big shout out 00:27:35.000 --> 00:27:38.299 to you, our amazing listeners, for tuning in 00:27:38.299 --> 00:27:41.220 and spending your time with us. If you're interested 00:27:41.220 --> 00:27:44.559 in my digital courses, being coached or having 00:27:44.559 --> 00:27:47.700 me come and talk to your company, just go to 00:27:47.700 --> 00:27:50.920 Michael and fill out the request form. Remember, 00:27:51.240 --> 00:27:54.559 networking isn't about being perfect. It's about 00:27:54.559 --> 00:27:57.500 being present. So take what you've learned today, 00:27:57.660 --> 00:28:00.279 get out there and make some meaningful connections. 00:28:01.000 --> 00:28:03.920 If you've enjoyed this episode, please don't 00:28:03.920 --> 00:28:07.259 forget to subscribe. Leave us a review and share 00:28:07.259 --> 00:28:09.460 it with someone who could use a little networking 00:28:09.460 --> 00:28:12.480 inspiration. Let's keep the conversation going. 00:28:12.660 --> 00:28:17.200 You can find me on Apple, Spotify, Pandora, YouTube, 00:28:17.339 --> 00:28:22.000 or my website, foreman .com slash podcasts.