https://www.jayconner.com/gary-boomershine-and-the-coronavirus-crisis/
Gary Boomershine founded RealEstateInvestor.com in 2005 out of the need to scale and grow his own real estate investing and home buying business. With a family legacy in the real estate niche, and a long successful career in enterprise and emerging technology markets, Gary saw the vision for RealEstateInvestor.com.
He noticed the glaring opportunity to leverage people, processes and technology to gain a leg up in a changing and competitive marketplace. As he worked to develop and use the initial product and service, he saw his real estate business flourish by allowing him to work smarter - not harder and focusing on the one thing that makes money - talking to sellers and making offers.
That’s when RealEstateInvestor.com began offering its flagship product, REIvault, to the savvy investor market.
According to Gary, “Most small real estate enterprises limit their growth and many times fail because they lack real marketing and sales expertise along with the infrastructure to scale their business. Instead of being able to focus on closing deals and maximizing profits, they hit a wall trying to build and do everything themselves; and they simply can’t do it!”
REIvault caters to top producing agents, investors and smaller hedge funds who are looking for a competitive advantage in their local markets. Under the leadership of Gary Boomershine, this service has launched a “technology revolution” within the real estate niche; offering an alternative to the MLS by bringing pre-screened motivated sellers and buyers face to face at the right time.
Gary currently resides in Northern California with his wife and two daughters where he continues to manage a global team for RealEstateInvestor.com. He is actively involved in real estate investing and private lending. In his free time, he enjoys fly fishing, skiing, hiking, mountain biking and traveling with family.
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Jay Conner (00:12):
Hey, here we are, Scott Paton. I believe we are live today.
Scott Paton (00:16):
We are you live!
Jay Conner (00:17):
Alright, well let me know when we have some live human beings starting to show up here with us.
Scott Paton (00:25):
Three people already! Jay we're popular.
Jay Conner (00:28):
How do they do that?
Scott Paton (00:29):
I don't know. How did you find this everybody? Give us something in the comments.
Jay Conner (00:37):
It's like we've been live for like 8 seconds and people are here. Maybe people are like waiting. I don't know. So everybody say hello. So obviously we know your name when you comment, but type in your city and state as to where you are tuning in from. We've got a fantastic guest today. Some of you may have heard from him before. Gary Boomershine is in the green room right now waiting for us to bring him back or bring him back out here. But we're going to be focusing today when we officially launched this show here in just a couple of minutes, we're going to be focusing in on obviously Corona virus, how things are different, what's different, how you need to be different.
Jay Conner (01:27):
And Gary's going to be talking to us today about what he's doing different in his business, what his team is doing different. So as y'all are coming in to the live stream right now in the comments section right now below, doesn't matter if you're on Facebook or you're on YouTube, everybody say hello and where you are coming in from. And there you are. There's Paul from South Dakota. It says email and waiting. There we go. Scott. They saw the email and here is Stephen from Nashville, Tennessee. The first two year on YouTube we got Harold all the way from New York on my lands. Harold. So Harold there in from Facebook Harold in the comments section, let us know how things are with corona virus up there where you are in New York. I'm interested to know. So again, as you all are coming in either from YouTube or you are coming in from Facebook, everybody say hello and you're city and state that you're coming in.
Jay Conner (02:34):
We're going to bring Gary Boomershine out here in just a second and talk about how things are different and how we can actually embrace this corona virus thing that's going on and how we can serve a lot of people and profit from it greatly as well. So we haven't officially started for those of y'all that have started, I'm going to give you a little sneak peek now. And that is, I am going to be putting on three free events and y'all should write this down. Three free events May 15th, 22nd and 29th. Those are Fridays. All three Fridays. I'm going to be teaching all day long. They're going to be absolutely free and you can go over right now to get free tickets for those three free fridays at JayConner.com/Fortune and get registered on that site. Hey Scott, did we get that fixed? We had one participant last hour that said that they could only register for the first Friday or were they confused?
Scott Paton (03:47):
They were confused. Once you sign up, like we're making this as we're talking and so we don't have yet a sort of a thank you email that's going to go out, but we'll get that done today. And so when you sign up, you'll get emails telling you where to go so you can watch each of the three days as we set them up.
Jay Conner (04:08):
Excellent. So yeah, those three free days, in fact, Gary Boomershine is going to be a part of it, but on those three free days, the first Friday May 15th is going to be all day long on private money. How you can raise a lot, not even raise, I mean, how to get it without even asking for it. How to get a ton of private money here in the midst of corona virus and have that at your disposal to buy houses, to buy commercial properties. I've got more private money coming at me right now than I have in forever. I mean, look what's happened in the stock market. People, they don't want to be investing in the stock market. They got money sitting on the sidelines. So that's Friday, May 15th, then we got Friday, May 22nd. That's going to be all day long. How do I make a fortune in foreclosures, right here in the midst of Corona virus?
Jay Conner (05:05):
How to be getting ready for that, how to learn, how to be able to purchase those foreclosures, serve a ton of people while getting high profits yourself. There's gonna be an avalanche of foreclosures when we come out on the other side of coronavirus. I want to position you to be ready for that. That's the second free Friday, May 22nd. And then the third free Friday, May 29th I'm actually going to be teaching a strategy called how to locate and get free private money. So that's gonna be a strategy I'll be teaching as to another way that you can own properties without even having to raise any private money to do that. So get right on over to JayConner.com/Fortune and get registered for those three free Fridays. We got hellos from Nathan in Texas. And yes, Harold says up there in New York says, well, my wife and kids have me on lock down.
Jay Conner (06:06):
I bet so Harold. Just had two casualties here in Erie County. And...
Scott Paton (06:12):
Sorry to hear that.
Jay Conner (06:13):
Our thoughts and prayers are for sure out to the families on that. And Fuquan! Fuquan's been on my show here before, I love that! Fuquan says, free Fridays. I love it. You gotta keep going, get right on over there and get registered at JayConner.com/Fortune and y'all can take advantage of that. Okay. Again, if you've just come in and you've not said hello yet, it doesn't matter if you're on Facebook or on YouTube right now. In the comment bar below the video we want to hear from you, tell us hello, what city and state you're from. And of course we appreciate you subscribing, rating and reviewing as well. So Scott, let's kick this show off officially so I can bring Gary. Oh there's, Greg, Uhmer. Hello, Greg from Durham, North Carolina, one of my mastermind members. Hey Greg. You know Greg from being at my live events.
Scott Paton (07:13):
Yeah. I was going to say, Paulina just joined us from Syracuse. Hi. Hey Paulina.
Jay Conner (07:23):
Glad to have you, Paulina. Alright! I'm ready. Scott, let's go officially live on this show.
Scott Paton (07:29):
All right!
Jay Conner (07:30):
And I'm not gonna, I'm not going to do my shameless plug. I'm going to get right on and let it be all about Gary.
Scott Paton (07:37):
Alright! I will disappear and put you in place and here we go.
Jay Conner (07:55):
Well, hello and welcome to another episode of real estate investing with Jay Conner. I'm Jay Conner, your host, also known as "The Private Money Authority". And you may be tuning in now, live on YouTube or Facebook, or you could be listening to the official podcast show on iTunes or on Google play. No matter where you're turning in from or when. And we're glad you're here. If you're tuning in from iTunes, be sure to subscribe, rate and review. We love the five stars that you give us and your testimonials. We're hitting right on now, right quickly at 300,000 downloads and listens here on the real estate investing with Jay Conner and we're glad to have you back now if you're tuning in on YouTube or Facebook, we need your help. We need your questions and your comments for our special guests today. I'm so excited to have him out or have him back and I'm going to bring him out here in just a second.
Jay Conner (08:58):
I'm excited to have Gary Boomershine back here on the show. I had him here on the show just a couple of weeks ago and you know, due to Corona virus going on and all the ramifications of that and how things are different. We like, I told Gary, I said we got to have you back on the show. You're just as soon as possible and thankfully he's agreed to come back. So for those of you who have not been introduced to Gary Boomershine, let me just tell you a little bit about him. At first of all, Gary's been around the block more than a year or two. He's got a knack, a big time knack for actually staying ahead of the curve, staying in front of the emerging real estate trends. That's why I wanted to have Gary back here on the show just as soon as possible.
Jay Conner (09:49):
I mean, folks, have we got a new and emerging real estate trend going on right now? Absolutely! You know, with Corona virus going on right now, the way we're doing the real estate investing business has changed. We're doing a lot of things virtually that we weren't doing virtual before. And even more so of a longterm consequence when we come out on the other side of Corona virus, things are going to be different, right? So that's one thing I'm gonna want to drill down with Gary because he did. He's got a, he's been through more than one or two cycles. He knows what to be looking at in his crystal ball and he's going to be sharing that with us. Well, back in 2004 Gary actually started his real estate investing career. So he and I started right at the same time and very quickly he built a direct mail software that was called sales team live and today it's grown into a much bigger service that is an amazing service.
Jay Conner (11:00):
That's called RealEstateInvestor.com. RealEstateInvestor.com. So this company that Gary founded and started with the vision and what a team has put together, they've sent out over well over 40 million pieces of direct mail. They've made more than 2 million outbound seller calls. And Gary and his company have now been named in the fastest growing companies according to inks, five hundreds lists. And that's three years in a row. Another thing I love about Gary is his heart. Gary is a servant by nature. He's a servant first and everything that he does, and we're going to talk right now with Gary about what's different and what we can be expecting on the horizon. With that, Gary Boomershine my friend, welcome to the show.
Gary Boomershine (11:55):
It is an absolute pleasure. What a wonderful introduction. I actually am. I can tell you I'm getting a little goose pimples on. What a fantastic introduction that is. Thank you Jay. We go back, we've got a long history of you and me. It seems like we're always running into each other. We'll be at speaking events or you and I were in Tampa and it's like, Oh my gosh, bear hug to Jay Conner. Even though, even though we're on the opposite sides of the Island, I'm in California and you're on the other side of the country and you've got the area where we're at, the $2 million price tag and 200,000 I'd actually prefer not to be in California right now because buying real estate and about what, what's to happen right now is what we've been looking for. If you've been around the block for awhile.
Jay Conner (12:41):
Yeah. So yeah, you're in California. So folks here, here's the perspective. So I'm here in Eastern North Carolina, this little teeny tiny town called Morehead city, North Carolina population 8,000 my entire target market is only 40,000 people, but we still do two to three deals a month. On average profit of $67,000 but here's the point I wanted to bring out based on what Gary just said. Our median price point is 225,000. What's your median price point in your market there where you live, Gary?
Gary Boomershine (13:15):
Well, in where I'm at, it's probably 1.5 million and I would say the median in this sort of Val you know, California where we're living, San Francisco Bay area is closer to about 770. It's insane.
Jay Conner (13:29):
Yeah. Yeah. So, you know, my medium price here is $225,000. I mean, folks, you can't even buy an outhouse in Gary's backyard for $225,000. And if you don't know what an outhouse is, well my granddaddy could tell you that's where he used to go get private time from my grandmother.
Gary Boomershine (13:51):
Yeah. You know, what we just came out of was the end of the cycle, a typical real estate cycle. We can talk about that, but yeah, it's a seven year cycle. It's euphoric, which means everybody, you know, it's like that's the time you don't, you don't want to buy, you want to prepare. And there were, there was a tear down down the street from me, a literally a tear down of a house that sold for 1.35 million. 1.35 million and somebody paid cash.
Jay Conner (14:21):
They paid 1.35 million and tore the house down. So they'd bought it for the dirt and now they're, they're building whatever.
Gary Boomershine (14:29):
Yeah. Complete insanity.
Jay Conner (14:32):
Wow! So, Gary, just so our viewers and attendees here don't have to wait to the very end of the show. How about going and, because I want us to dive in here on your perspective, your crystal ball about where you see this thing going and the ramifications and consequences and opportunities from Corona virus. Then before I can get you to dive in on that, just go ahead and tell everybody a little overview about your amazing company, RealEstateInvestor.com and the kind of services that you and your company provide.
Gary Boomershine (15:10):
Okay. I'd love to do that. So there is, one of the biggest holes in real estate. Historically, we've been, a lot of us have been targeting off market deals. That means go direct to the seller. They're not on the MLS. It's how do we get in front of, you know, the hot and motivated sellers that are ready, willing and able to sell and but nobody else is targeting them. And that's off market. So there's a couple of ways to do it. The ones that are most proven is direct mail sending out text messages, right? Legally. Ringless voicemail, which means dropping a voicemail to them where the phone doesn't even ring and then cold calling. So number of ways just to, you know, you gotta buy the list of names and addresses correctly, and then you've got to market to those people.
Gary Boomershine (16:00):
And with the output of being, you know, qualified sellers that you can go meet with and close and it's a lot more of a daunting task than most people think. And so we perfected it. I started this from my background in 2005 and today, fast forward, we've done over 50 million pieces of direct mail. I do it for a handful of people around the country, about 1200 active investors that are actively buying. So over 50 million pieces of direct mail. I've got every response rate, which means every metric around what's working in what part of the country. And on top of that, I have a phone team that does, and a system. A proprietary follow-up system that does all of the follow-ups so that we can generate the leads unless our some of our clients have their own, but we put those into a proprietary system. And I can talk about that does automated follow-up. It's almost like a little engine that basically says, Oh, this, this person needs to get an email. Oh, this person needs to get a text message with the exactly the right word. So most of us as real estate investors, we don't have to do any of the thinking. And then on top of that, I have a phone team. Those are called inside sales agents or lead processors. Somebody that's dialing for dollars. That's calling those and following up on all those seller leads at the right time with the right message. And then the output of that is an appointment. A scheduled qualified appointment that can be passed over to a real estate investor or agent to go and make offers and close deals. And so we've done about, I think we're at about 3.5 million outbound phone calls on behalf of our members.
Gary Boomershine (17:56):
And so we've got lots of different services and offerings with RealEstateInvestor.com we've got lots of free stuff. But yeah, you check us out if you're, if you're new or you're super, super experienced RealEstateInvestor.com may have something for you. And we'd love talking to real estate professionals. And you know, we're super passionate about it. I have about 115 people on staff all over the world. And I, we recently we did an inc 500 fastest growing company three years in a row. And recently we used to be called REI vault. You can actually see that behind me, but we recently merged, acquired a couple of software companies and have merged into RealEstateInvestor.com which is a brand that I've owned for a long time. So RealEstateInvestor.com is a place to, you know, help real estate investors and especially being able to get out of the busy work. The $10 an hour work, that is such a booby trap for most of us, right? We get into real estate for having a life and financial freedom and many people get stuck doing $10 an hour work and wonder why they still have a $10 bank account. And so we're really passionate about helping people kind of jump the line in real estate, whether they're new and they're trying to actually make it real. And have a new lifestyle. And a new life around real estate is the vehicle or people that have been doing this for decades and they're looking to scale and go even even higher. So...
Jay Conner (19:36):
if you're just joining us, my special guest today is Gary Boomershine of coming all the way with us from California. And he has an amazing company that he has created. RealEstateInvestor.com with fantastic sources and automated services for locating motivated sellers and having the follow-up process totally automated. So Gary, let's dive in right now to what we got going on with corona virus as far as a real estate investor goes and how you and your team are supporting real estate investors right now to locate motivated sellers and do business. What's different today? What, how are we, how are we going about, how are you going about doing deals differently than product corona virus?
Gary Boomershine (20:30):
Yeah, great question. So I want us, I think a great way to start. Number one, we've never been in exactly this situation before. This is new for all of us. In fact, it's new for the entire world. And what we can do though is can use history as a guide in a crystal ball for part of the future. And one of the things I've had a podcast for the last two years and almost every podcast I've been talking about this coming downturn. And I also saw it back in about 2006, 2007 real real estate is a seven year cycle. It has been a seven year cycle for a hundred years and it just happens that this last cycle has been the longest that we've actually had in a hundred years. It was, it got, you know, it went seven years, eight years, nine years.
Gary Boomershine (21:24):
We were actually almost at year 11 depending upon where you start and, and those cycles there is a massive transformation of wealth at each of those cycles. And so the hardest part for most real estate investors, especially a full time active real estate investors is actually at the end of the cycle. And so where you really, you know, you would go back to Warren Bufet, you want to buy low, you want to sell high, you also want to buy when there's panic, not when there's euphoria, right? Warren Bufet, one of the smartest, richest guys in the world. I was actually at a shareholder meeting and one of my favorite quotes actually came from his really as COO, CEO, the guy, the brains behind Warren buffet Berkshire Hathaway as Charlie Munger. And he said, his success formula is what's called K. I. S. S. Keep it simple, stupid.
Gary Boomershine (22:21):
He goes, you know, you buy. Real estate is a simple game. Nothing new under the sun, right? You don't have to reinvent any wheels. You basically find what works in the current market and replicate it. And then once you, once you make it work, you can make it better for yourself. But a lot of people make the mistake of trying to reinvent the wheel. So we're coming out of a time where we're going to see probably one of the greatest transformations of wealth in history. Real estate investors that are properly prepared and positioned and trained are going to do incredibly well. And I can kind of tell you what we're preparing for a lot of us. I've been interviewing some top, top, top performers around the country. We have Facebook, private, we're basically calling it the beacon of light for real estate investors.
Gary Boomershine (23:15):
It's real estate investor. It's basically called real estate investor beacon. We can post that you know, at some point that's it's a private Facebook group we're delivering lots of content there in interviews with people around the country. But what we're finding is most of us that are active are actually excited about this market. This is not a time to be watching the TV. Most of us, there's a lot of people on the sidelines right now. They're watching the TV. I call that fear porn. It's a lot of people, like, my daughter hates me using the last word. She's like, Oh dad, you got to come up. But it really is right. It's panic and a lot of people are frozen and this is not the time to freeze up. We call it the 3PS. This is a time to protect, which is to get your house in order. This is a time to start to pivot and into the moneybmaking activities so that as soon as the market's ready to go, and then the third P is to profit. And...
Jay Conner (24:15):
Hey Gary, do you know how many new Netflix subscribers there are in the past six weeks since we've been in Corona virus?
Gary Boomershine (24:24):
It's incredible! It's incredible! You know, I, I came alive, I have videos all over Facebook and I talk about social distancing, all these new acronyms too that I don't even want to go down because that becomes like, you know where they're coming from. It's like all of a sudden everybody's parroting these new, you know, these acronyms that had been created by, you know, the guys up on top. But social distancing for me means I am social distancing myself from watching any of the TV. Social distancing myself for being in the house. I can't tell you I'm out hiking, I'm walking, I'm getting a new perspective. This is a really an opportunity of a really reflection, right? And being thankful but also preparing up and people have been asking me like, we're as a family, I've got two daughters and we're having a blast.
Gary Boomershine (25:15):
And a lot of us on the real estate side are starting to pivot and we can talk about sort of where I see the market going. But this, there is a lot of money to be made right now around what I consider virtual wholesaling. Especially for people that are fairly new. It's an opportunity. While you know, there's a massive panic, a lot of people aren't paying rents, right? So a lot of these, what we call burned out landlords are not getting the rents and they're realizing, wow, this is an opportunity for me to sell and unload. That's one huge opportunity. There's, there was $3 trillion of money in what's called the i-buyer network. The i-buyer model, instant buyer, that's like Zillow and open door and offer pad. Basically institutional investors. There was $3 trillion available to these sellers where they could sell that.
Gary Boomershine (26:12):
Those were competing with us, Jay and myself, and a lot of you, hopefully all of you. And that money is gone. That money literally disappeared off of the streets. And so now all of a sudden we've got this great opportunity where people are panicking and this is an opportunity where you can make money literally without ever going and seeing the house. So a lot of us are doing that. I do think that the market's gonna shift over the next 12 to 24 months where there's going to be an incredible opportunity or an incredible buy opportunity of buying foreclosures, specifically the ones that go back to the bank. And an incredible opportunity to pick up longterm, appreciating assets in the right market at a great price and buying them creatively with cash that you raise, but also create a financing that you can get from the seller and these types of markets.
Gary Boomershine (27:10):
So I'm super excited. I, you know, obviously we're locked down. There's a lot of unknown. There's a lot of misinformation. There's a lot of sequestering of information, right? In fact, you can't even be on YouTube now and quote the C word. That sounds, I call it the cerveza bug by the way, you know, correctly the cerveza bug because if you actually use the acronym they will take you down. The YouTube CEO basically said, if it doesn't support the narrative of the world health organization, they're, they're basically pulling all those videos. And so just an interesting time, but this is an opportunity to really connect with other investors. And if you're an agent, other agents and a lot of us are preparing and not stopping what we're doing, this is not a time to stop the business because if you don't have marketing and you don't have sales, then your business is toast. And this is an opportunity, a lot of us, I'll tell you, like a lot of us that have been doing this business, we're doubling up on marketing right now because this is the time.
Gary Boomershine (28:17):
There's a lot of people that are not doing it. Our competitors are not doing it. And this is a time to take those old leads. If you've been doing this business for a while, we're actually going back to all those old leads and with the right system and following up and getting them on the phone and finding that, Hey, there, now all of a sudden they're interested people that said, you know, they were hanging up and said, don't bother me. Or they said, Hey, I'm not interested in selling. All of a sudden they're starting to open up again. It's really awesome.
Jay Conner (28:44):
Yeah. So are you advising your clients now to until we come out of corona virus to back off of their marketing? Any looking for motivated sellers or to stay consistent or to increase their budget?
Gary Boomershine (29:00):
Yeah, well it's, there's a lot of components around that. So this is first and foremost, if this is really a time to double up on marketing and this is definitely time to double up on your follow-up specifically following up. And I can go through the math on that, but you got to have, marketing is not the end all be all. Okay. You have to, you use marketing to generate leads and then there's a sales component that is to convert those leads into dollars. And you have to have both working. So a lot of us are making sure that, you know, the marketing is fairly easy. You can use a company like RealEstateInvestor.com if you want. It's basically, it's a numbers game. It's really a numbers game. It's like I have to spend a dollar to make $5.
Gary Boomershine (29:50):
It's a return on investment. And knowing the math around, you know, what market you're in and how much do you have to spend to get enough leads that then you can get on the phone and then convert. And so this is a time but you have to have the sales piece in place as well. And what I found is that the, you gotta have marketing to generate leads. You have to have a system to automate the follow-up. And because there's massive amounts of follow-up required to close a deal, it's just the way it works. And then you need a phone team that also is actually talking to the sellers. And then preferably if you're a real estate professional, all you want is the good ones. You want the ones that are saying, yes, I got a three bedroom, two bath house, I'm interested in selling properties currently vacant. And so as long as you've got both marketing and sales working, this is a time to double up in my opinion.
Jay Conner (30:48):
Yeah. So Gary, in your opinion and what you've observed, where do you think real estate investors missed the ball in their follow-up or lack of follow-up?
Gary Boomershine (31:02):
Yeah, great question. Number one, not doing it. Not doing it. Most. What we saw as the difference between success and failure was really those that did it consistently. We're actually converting and those that didn't complaint and they basically said, okay,
Jay Conner (31:20):
How often should you, how often should a real estate investor follow up? And who should they follow up with? I mean, should they follow up with the people that said, you know, don't you ever call me again?
Gary Boomershine (31:32):
Here's the number. This is a Harvard review. And by the way, this is not just real estate. This is almost any type of direct response marketing, direct mail being one of them. Cold calling be another. Leads coming in from Facebook or you know, Google pay per click is what they call it. 90% of the profits come from the sixth contact and after. 90% come from the sixth interaction. Okay. Interaction with the seller. Like they're actually interacting with you. Less than 10% of all investors and real estate agents in the entire country follow up more than twice. Okay. And why? Because it's a massive amount of work. I mean, so that's number one. Number two is trying to do it yourself is like. I use the concept of opening up a pizza parlor. Imagine if we're going to be a business owner.
Gary Boomershine (32:38):
Okay, that's what we are. If we're actually doing full time real estate and trying to buy and flip properties kind of full time, that's a business operator. You're a real estate business operator, not a true real estate investor. A true real estate investor according to Warren Bufet. Not Gary Boomershine. But Warren Bufet says you have money, you buy a physical asset, which is a real estate property, whatever kind it is, that's the asset. And then you hold it and you take all the benefits of real estate over the long haul, right? And the tax advantages and the appreciation. So a real estate business operator. Imagine if you're, imagine that you have a pizza company and you decide to invest in a pizza company and imagine you don't have that much money. So you, you're the cook and you're making the pizzas, you're taking the phone calls, you know, you're putting up the advertising and handing out all the flyers. And then you're taking the orders when people come in. Or taking the phone calls for their pizza and then you're flying back to the back of the kitchen and you're making the pizzas and then you get in the delivery truck and you go deliver them.
Gary Boomershine (33:43):
And that's that. It's impossible. It's not a business, right? That is a job and a really terrible job cause you're not going to make that much money, right? So really what you want to do is you want to leverage, just like we leverage money, right? OPM, which is using other people's money. That's the whole game of real estate is you leverage money to borrow money at one rate, make money than another, and take the spread. You want to leverage people, other people. And there are time, experience and resources. And you know, and you get a massive return on investment. So as a real estate investor, a real estate operator, our time is really worth somewhere. If you do the real calculation, if we want to make a half a million to a million dollars or whatever the number is, typically your time value of your time is worth between 250 and a thousand dollars an hour.
Gary Boomershine (34:38):
So if you're doing $5 or $10 an hour work, like pulling mailing lists and sending out licking stamps and talking to sellers and doing all the text follow up, you know, you don't have enough time in the day to actually go and raise money and close deals. You're doing one or the other. So you want to leverage people at a fraction of the cost. That's how you get a massive return. So that's like a lot of people come to RealEstateInvestor.com to say, Hey, how do I get the maximum bang for my buck? By spend a dollar, how do I actually make five with as little work as possible? And then we say, Oh, let's set up your marketing if you want, let's set up your followup system in 24 hours. It's all automated. You don't have to do a darn thing except, you know, do a little bit of training on how to use it.
Gary Boomershine (35:23):
And then if you want to use our phone team to actually do all the work, we can do that. And then we do it for them. In any parts of that, a lot of people have said, Hey, can we just use your follow-up system? Or, Hey, can I just use your phone team? And so we have those capabilities. So the follow-up is absolutely key. The phone team have actually, there's one thing that you cannot automate in this business. For all of you that are fairly new people that have been doing it will totally get this. But you cannot automate the talking to people. You have to do. There's a live human interaction with the seller and with the buyer that you cannot have a system that automatically does it for you. Down the road maybe artificial intelligence, right? 10 or 20 years. There's a live interaction because when you're buying a physical property from a seller, there's a relationship. There's some trust building and there's coming up with an offer or a solution to their problem.
Gary Boomershine (36:23):
Okay? And that can't be automated. You can automate everything else. And those that do it right and automate all of that work, the $10 an hour work so that they can just get, you know, 10 appointments a week. Five appointments a week. Two appointments a week. Whatever the number is, right? Then it becomes a numbers game. And when you get good at this business, you can then hire a sales person, right? And leverage them to do that work for you. So you're really standing back and just collecting a piece of big, a nice piece of the pie.
Jay Conner (36:58):
My special guest today is Gary Boomershine, creator and founder of RealEstateInvestor.com has amazing service for helping you as a real estate investor, locate motivated sellers and has a way to completely automate the process when it comes to follow-up. Gary, is, we are about to wrap up the show. Tell our audience and viewers at what point in RealEstateInvestor.com automation process does either the real estate investor or the real estate investors acquisitionist as you just said, who actually is going to be talking to the seller? At what point in the process do they become involved?
Gary Boomershine (37:40):
Yeah. It's so funny. A lot of people come in and they're like, so you do all this stuff. What's left for us to do? And I hear it, we hear that. And Julia who talks to most of our, she's an investor herself out of Dallas, but she says, you do have to close the deals. You do have to, we're going to tee up these deals for you via with a, here's the script, here's exactly what the seller said. You're going to have to go out and make the offers to them. And negotiate a great deal and close it and profit from it. So, you know, we're going to be on the front end, really is your team is your expert resource team that are experts. But we're not stealing your pencils and drinking your coffee, right? We're not sitting in your office.
Gary Boomershine (38:26):
You don't have to train us to do anything. You don't have to hire somebody in the Philippines to, and keep them motivated and manage them and make sure that they're moonlighting with like 10 other clients. Like that's what we do. And our team will manage that for you. And it's pretty awesome. So you do have to close the deals. There's a lot of, you know, we love, you know, we love, we don't provide the training. We typically the training of real estate. There's some great people, like you guys have an incredible three day free event. We're actually promoting your upcoming event here because we've got some great people and we know exactly what you teach is congruent to, you know, what we think the market's going to be doing. And so you go to, you know, you got to JayConner.com and do that training.
Gary Boomershine (39:21):
And then if you've got the training, you combine it with what we have and it's like, it's like peanut butter and chocolate, right? You got the great training and the great coaching and then you got the great system and boom should, should work. But there is work. You know, anybody that thinks that you can truly just make money in your underwear and go to bed you know, broke and wake up rich. That's not real estate. That's not anything that I've ever seen. And anytime I hear somebody talk about that, I say run away from it quickly. Right? Cause it's, I'm 51 years old and I've spent hundreds and hundreds of hundreds of thousands of dollars on pretty much every training known to mankind and I've never seen anything that just pops out of a box and works perfectly. There is some stuff that you have to do.
Jay Conner (40:06):
Yeah. But money still does not grow on trees for sure. Thank you so much for coming on for the show today. Parting comments?
Gary Boomershine (40:16):
You know, I think this is a I know in the crazy time that we have right now this is a crazy time and I just think that I always go back, I'm a faith based guy and I go back to first Timothy one seven, which is God did not give us a spirit of fear but that of love and self-discipline. Right? And so I really embrace that fear is false evidence appearing real and right. And so I just think this is a time to, again, the 3PS. And this is, you know, this is going to be an interesting this week, the next 12 months are really going to be around taking advantage of the current market. But what we're going to see is we're going to see an opportunity for a massive, you know, buying opportunity because there is inflation coming, which means assets, physical properties are going to skyrocket.
Gary Boomershine (41:15):
And I anticipate that being in the, really around the 24 month timeframe. So using that as an opportunity to learn from guys like Jay and be prepared, right? You're gonna want to learn how to raise money. You're gonna want to learn how to do the virtual real estate. You want to learn how to do creative deals, raise money, et cetera, as I said, and be surrounding yourself with the people that are doing this business today and that are abundance mentality and willing to teach you. That's my, that's my take. Long winded, but that's my take.
Jay Conner (41:49):
I'm right there with your brother. There you have it folks, my good friend and special guest and expert, Gary Boomershine. Gary, thank you for coming on. And again, thank you to everyone tuning in. We had a bunch more people tune in here. We've got Paula. We got Jermone. We got heroine. We got Javier. And we've got the whole crowd here. So thank you for joining folks. I'm Jay Conner, "The Private Money Authority". Be sure and connect with Gary boomershine at www.RealEstateInvestor.com. And here's to taking your real estate investing business to the next level. We'll see all of y'all on the next show. Bye for now.
Scott Paton (42:40):
Okay, well I didn't hang up. We're still live. It's the after show. It's the after party after show where all the really good stuff gets talked about.
Jay Conner (42:48):
And then we've got a bunch of people still here on live. So again, thanks to everyone for tuning in. Just a real quick plug since we've finished the actual show being turned into the podcast. You're welcome, Harold. Thank you for coming and y'all stay safe up there in New York. But for those of y'all that came in after we got started, I got three free days, May 15th, 22nd and 29th. These are going to be all day trainings, free virtual that I'll be conducting. That's Friday, May 15th, Friday, May 22nd and 29th and the first Friday so you can get registered for free at www.JayConner.com/fortune. The first Friday May 15th is going to be all about private money.
Jay Conner (43:38):
How to get a bunch of private money right here in the midst of Corona virus. I got more private money coming on my shelf than I've had in a long time. The second Friday, May 22nd is going to be how to serve a ton of people in foreclosure and make a fortune in foreclosures, particularly when they come on the other side of the Corona virus. I want to get you all prepared for it. That's what we're going to do on Friday, May 29th I'm, excuse me, Friday May 22nd and then Friday May 29th is going to be how to locate and get a bunch of free private money. I'm not going to tell you what free private money is until that Friday, but I got a strategy to teach you is that how you can buy a bunch of property without even having to raise any private money as well. So you all get on over there to JayConner.com/fortune and get registered for that. Think Gary Boomershine is participating those three free Fridays, so we're looking forward to Gary being a part of it as well.
Scott Paton (44:37):
What else, Scott, before we let all these people go?
Scott Paton (44:41):
I was trying to think of one last sort of deep question to ask Gary and about real estate. And I was just coming to blank because you really covered everything that I was curious about. But one thing that comes to mind. Gary, is there anything that you do that keeps your attitude and your mindset in the right place? Because I know that, you know, I'm sure that there's, well, suicide rates are going through the roof. Alcohol and marijuana are going through the roof. So obviously a lot of people are having a hard time dealing with this situation. It's not an easy situation. So what are some of the things that you would recommend people do?
Gary Boomershine (45:20):
Yeah. Well, what one is, I am a, gosh, I've been where almost all of us have been. I come from being a crazy workaholic and it's very easy to be a workaholic and then repeating the same cycle over and over again. It's the Albert Einstein quote of insanity, right? Of doing the same thing over and over again expecting a different result. So you have to change. If you want a different outcome, you have to change what you do. Mindset, the most expensive real estate is the six inches between here and here. It is really all about our mindset. I do what's called habit stacking. And these are creating new habits. Typically 2200. So you want a new habit.
Scott Paton (46:06):
2200 new habits?
Gary Boomershine (46:08):
It's 20 slash 200. If you want a new habit, it's really 20 days is 20 days or 200 times. And so when I stack habits, I actually, I've got multiple coaches. I always have a, like I have, I have four CEO coaches in my life, one of them being a personal trainer. So whenever I want to perfect something and improve something, I always go get a coach. That's a been a life changer. Number two is I associate myself with likeminded people. I do masterminds, the huge mastermind proponent. The third is I always follow a best practice. I go and I find something that's already working and I just, I just grab it as my own. But habit stacking. So let me walk through one of the habits I do. I have a 5, 10, 3 rule. All right. I wake up and this actually came from a coach of mine years ago. I wake up at five, we all have the same 24 hour day. So how can somebody I used to use bill Gates's name, but I don't really like to refer to him anymore.
Gary Boomershine (47:25):
I'll just leave it at that. But anyway people can read into that however you want, but you know, how, how do you take somebody like Warren Bufet, right? Or somebody like Jack Welch who ran general electric or, or those guys have the same 24 hours and how are they able to do what they do within the same hours? Cause the time is the, is the most precious commodity on this planet. It's our time. And when you do the exercise, I'm 51, when I actually look at the number of really hours that I have, it's actually pretty limited. And then I look at, I look at the number of hours that I want to have a life and how do I fit? How do I fit my work time into all the other stuff that I want to do. Skiing and fly fishing and hiking and biking and spending time with my family.
Gary Boomershine (48:14):
So here's what I do. I go to bed earlier and I wake up at five in the morning. I push out my Workday actually till 10. So that gives me five hours of personal time. And I've found that I don't actually have any time issues anymore because I have, I have five hours. And then during those five hours I work out, I exercise. I actually have dropped like 40 pounds in the last couple of years by doing that. And I journal. And I do prayer. And I read scripture. This is my morning time. That's my time. I always make coffee for my wife and clean the kitchen too. That's actually that by so many dividends I've been doing that.
Scott Paton (49:00):
That's a way, great way of being in service to your relationship.
Gary Boomershine (49:04):
Absolutely. Amazing. And then I follow a, the one thing that Dr. Gary Keller, Keller Williams, right? The founder. He's got 2 million realtors, realtor teams around the country. He has the one thing. So I actually will go in and put my one thing that I'm going to do to move the marker. There you go! I actually interviewed his business partner. Jay. I actually just did a podcast with him. It was amazing. But the one thing, and now I'm able to sometimes do as many as three. What's the one thing that I'm going to do as a CEO to move the marker today and then the 3, 5, 10. The three is the three hours that I work in my businesses not just business. I actually have three businesses that I'm going to move the marker and then I focus on that one thing. And I do that before going to social media, responding to email, returning phone calls.
Gary Boomershine (50:04):
I do the one thing that's going to be the money making activity to move the marker my business. And that's really changed my life. That's the mindset. I am very optimistic and thankful. Like I lived in a world of being thankful for what we have. And what we have the freedom, the, you know, I told my daughters, I'm like, there's, you know, with all the stuff going on, why do we pray at night? And it's to be thankful for what we have because we don't know what tomorrow's going to bring. And it gives me a mad amazing knowing that allows me to live in the present and not about the future. Cause we really don't know what the future is. And I can tell you that gives me an amazing amount of peace and then I, and then I can, I can deliver that same amount to my team. And let's see, what else? I would say being a servant leader, this is not like being Caesar. It is the servant leader is the triangle, except upside down. I'm the servant for my team. It's not the other way around. And I can't tell you how the team will run through walls if you have a servant heart in all you do.
Scott Paton (51:13):
Awesome. Well thanks for sharing that Gary. Really appreciate it.
Jay Conner (51:16):
Thank you so much Gary. Well look, Scott I'm gonna jump off. And Scott, I guess you are taking care of Gary and his team with everything that they need for our joint venture.
Scott Paton (51:30):
Yeah, I'm working on that right now. So in the next day or two I'll be reaching out to everybody.
Gary Boomershine (51:35):
Awesome. I'm really excited. I've been, we've been putting together all the special training that we want to do for your three day events and I'm really excited of being able to share with everybody who's signing up with JayConner.com/fortune. Correct?
Jay Conner (51:57):
There you go! Don't let your people push that out because we've got to get your affiliate in place to cookie all of your people.
Gary Boomershine (52:05):
Okay. Love it.
Scott Paton (52:07):
I'm gonna be working with Jay's on that today and tomorrow.
Scott Paton (52:10):
Thank you so much, Garry. Scott, I'll see you in 55 minutes. Yep, right. Bye bye.
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