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Bill Fairman (00:02):
Hello everyone. Have you gotten into a network that will help you in your business?
Wendy Sweet (00:10):
A master Mastermind.
Bill Fairman (00:10):
One of the things that we talk about constantly is the best investment that you can make is an investment in yourself.
Wendy Sweet (00:20):
Amen.
Bill Fairman (00:20):
And we're going to discuss with five of her close friends, some of the stuff that we learned out of our last mastermind class. So we'll be right back with that. Thank you so much for joining us on the Passive. I'm sorry. Active Income, Passive Wealth show. I can never get that right. It doesn't matter. We are Carolina Capital Management. I'm Bill Fairman. This is Wendy Sweet. We are a lender. If you're interested in borrowing money in the Southeast, click on the apply now tab on CarolinaHardMoney.com. If you're a passive investor, click on the accredited investor tab. Don't forget the share, like subscribe, hit the bell, all that good stuff. We have a comment section on the right side of the screen, or just underneath the screen, depending on what platform you're viewing us from so if you have any questions or comments, don't hesitate as long as they're good comments put them in there. So, gentlemen, it's been awesome to see you back on the screen again, and I'm going to go through the names real quick. Of course you can see them on the screen, but we Fuquan Bilal on NNG capital. Glen Stromberg is trying to log in. He'll be with us here shortly, Strongberg Investment Group. Jacob Vanderslice with Van West Partners, Mike Zlotnik, Tempo Funding, but you can just say BigMikeFund.com and Chris Miles with Money Ripples, the anti financial. Thanks guys for joining us. So all of us are involved in several masterminds and we had a really good November and what I wanted to do, and again, we're in January, but it was a November meeting, but we got so much out of it. I just wanted to kind of share what we all got out of the meeting and again, we're all in different places and we get different things. So I'm just gonna get, kind of go around the horn and get your opinion on just a couple of-
Wendy Sweet (02:42):
Takeaways.
Bill Fairman (02:42):
Top takeaways you got from the meeting. So Mike's got a call and we tend to ramble on, so he's got a call a little bit later, so I'm going to start with him first so he can dive out of here if he needs to do so. Mr. Slotnick give me a kind of high points on what you got out of a Collective Genius and Freedom Founders is a passive member.
Mike Slotnick (03:09):
Thank you, Bill. Thank you, Wendy, for having me and great to see you all. We see each other too often, so it's a great company. So I'm going to shoot through a couple of bullet points. So Collective Genius is a great mastermind, Freedom Founders is a great mastermind. So I'm just gonna go through some real important, just very few points, not too many. So number one, role of a CEO. So I thought about this. We had a great presentation on CEO and CFO, COO, and the difference. So I took some notes and really these are the key points that a CEO should do. Everything else should be delegated to COO. Whatever you do, whatever organization you're running, these most important things so vision and ideas. So defining the vision and identifying the key ideas, to cash and financials. Make making sure that, there is money to run the business, you have to bring in the bacon. Typically CEO's are involved with sales, making sure that the sales process is strong and the revenues are there. And third, is hire and develop talent and relationships so leadership, providing essential leadership. So that's one of the key lessons learned from the CG mastermind and then from the Freedom Founders mastermind, I picked up on many things, but one thing realistics out, real very simple idea. The idea is that star athletes have great coaches and one of the presenters was a coach to the star athletes and what's most fascinating, he helps folks to perform better by taking on a role of a Superman or Wonder Woman or whatever you like to do, wherever is your character that you need to be to become, during a peak performance, you suddenly turn off your average, Joe, and you become the Superman and now you can do 10 times more. You can fly, you can do anything you want and these are the kinds of the lessons in business too. If you want to achieve something, you got to believe you're greater than your average day-to-day boring life in a manner of speaking, you got to sort of, set great goals and reach for the stars. So that's it.
Bill Fairman (05:32):
Excellent. Yeah. There's an old thing that you, with your arrow, you're supposed to aim for the sky. So worst case you hit the mountains.
Wendy Sweet (05:40):
Who was that speaker that said that his name has slipped me, who was the speaker that was doing that?
Mike Slotnick (05:48):
And you know, what what's most fascinating is I remember the speech but I'm blanking out on the speaker name. If you give me a second, oh, Todd Herman, I believe. Todd Herman is his name. He is an entrepreneur and business coach and a mentor. That's the gentleman who,
Wendy Sweet (06:04):
That's right.
Bill Fairman (06:04):
Excellent.
Wendy Sweet (06:04):
Yeah, it was awesome.
Bill Fairman (06:04):
Well, thank you, Mike. I'm Glenn, I'm glad to see you made it. So give me a big smile.
Glenn Stormburg (06:09):
Glad I did it. Glad to be here.
Bill Fairman (06:16):
Excellent. So, Jacob, you're next buddy. So fully up here though. We did have a question on our last show about self storage. What is the best way, or how is the best way to get involved in the self storage business?
Wendy Sweet (06:36):
That was the question. How's that for loaded?
Jacob Vanderslice (06:39):
That's a tricky question to answer. Well, self-storage is very operationally intensive. It's a great business, but it's not a fire and forget business by any means. I would say first and foremost, you want to get yourself educated. There's a few great educators out there in this space and the first guy that comes to mind is Scott Myers. He does his own deals and he also provides an education platform that helps people kind of understand the ins and outs of investing in self-storage, how to value deals, operate, deals, how to identify markets that are appropriate for investing in self storage. So yeah, I'd say first and foremost, get yourself educated and then secondly, the best way to learn after you've learned the basics is to do a deal. You don't want to think about it too much or over analyze it. You're not gonna learn unless you're actually out there, um, acquiring and operating properties. So learn the nuts and bolts, maybe through Scott Myers or somebody that's similar and buy your first deal.
Bill Fairman (07:39):
And I would just add to that, if you're an accredited investor, there's no point in actually buying the property, just invest alongside of the professionals that are already doing it.
Jacob Vanderslice (07:52):
So there's a lot of great fund managers out there that do self storage. We have a couple of self storage funds. There's a group called Elevation Capital has a hybrid self storage and mobile home park fund. Another group is out there called Reliant and there's all kinds of good sponsors and fund managers that are in the strategy and if you don't want to do all the heavy lifting and all the work yourself, that might be a good vehicle for you to get involved in the asset class without having to quit your day job.
Wendy Sweet (08:21):
Yeah.
Bill Fairman (08:21):
Excellent.
Mike Slotnick (08:22):
Invest with Jake, take an event West, I'm a fund manager, I'm an allocator, and we took a portion of allocation and we just invested in the Van West fund too. Why go to the strangers? Invest with the best. How about that?
Jacob Vanderslice (08:39):
I like it, Mike. Thanks. I appreciate it.
Bill Fairman (08:39):
Awesome. All right. So here, same question I had for Mike, what's a kind of a high point or a highlight that you got out of the mastermind?
Jacob Vanderslice (08:49):
For Collective Genius. I repeatedly wasn't able to spend much time in that conference, but, that was of course at Freedom Founders and a couple of valuable things I took away from there and one of the themes of that discussion that week was hedging and hedging is kind, sort of an innocuous term. And I think the spirit of the discussion as it relates to hedging and new founders was funny and strategies that both have upsides downsides in different market environments and spreading your asset allocation and your investment strategy across deals that have growth component and across deals, it also have an income component and sometimes deals that have both and I think were maybe on the precipice of possibly an inflationary environment right now, and regardless of the asset class that you're focused on, I think real estate that creates cashflow with a responsible leverage and inexpensive longterm debt is a great place to be right now so hedging was a big theme that, I got a lot of takeaways from. And another one was drag. And by drag, we're talking about drag in our, in our businesses. So what's kind of dragging her businesses down. And in our business, we're often guilty of focusing on the urgent things and not the important things because over and over or something urgent happens, and you never create them time to focus on the important things so crafting your business operations in a manner where the urgent thing is have a system taken care of automatically, and the process in place is great. And that way that as those urgent things come in and they can be processed and dealt with and as the business owner, you can focus more like a CEO does, as Mike mentioned earlier, on the big picture, the strategy, the relationships that in the vision. So drag importance versus urgents, and urgent things and, and hedging, or my big takeaways for going founders.
Bill Fairman (10:44):
Yeah. That's a good point. If you're constantly putting out fires, you're in the weeds, you don't have time for the, you know, the big picture stuff and that's the importance of having a good team and having the right people in place to handle that for you.
Wendy Sweet (11:01):
That's exactly right.
Bill Fairman (11:02):
Awesome. Fuquan!
Fuquan Bilal (11:04):
Yeah. I mean, I just echo with Jacob and Mike talked about. You know, for me, the term that they always use, they used it last year and this year also also is easier to do than the think. right? So that really always hit home with me and that was like, you know, a really big wake up call for me at the CG event when that was mentioned again from the stage, because as you were just saying, you know, staying in the weeds and trying to do, instead of really thinking of having that COO in place that can execute your vision is very important. So from the CG event, to me, that was like the biggest takeaway, you know, a lot of us business owners, always ,I can do it myself, you know, no one can do it like I can do it, and don't have the faith to kind of, you know, pass that responsibility along so it's not easy, you have to do it in stages and we'll be willing to relinquish those responsibilities and have confidence in a person that you're training to step into that position to kind of run a team so you could be more the visionary and that's something Glenn told me a few years ago, you know, so, you know, with the one, listen to the things you like, the things you don't like, and then delegate and elevate. So thank you for that again, Glen. At the Freedom Founder event for me, was the same thing hedging as Jacob mentioned. And I liked the date that we had, the equity versus debt, the beat. I learned a lot from that as well. Wveryone loves equity because they believe that the upside is greater. So we got the opportunity to see both sides even though the debt and the equity part one still is grateful to go through that debate and learn a few things and kind of figure out where everybody mindset is that for the coming year where they mastered is that as far as from an investment standpoint, what type of deals they're looking for so it's always great when we had those debates. So to me, that was, those were the highlights from both masterminds.
Bill Fairman (13:04):
Well, it's funny, you mentioned that the equity versus debt, while we all argued different sides of that equation. All of us like both. And I know all of you agree with that, that we all like both,
Wendy Sweet (13:20):
It depends.
Bill Fairman (13:20):
But we're, we're arguing one side or the other.
Chris Miles (13:23):
[Chris Miles] From Glenn.
Bill Fairman (13:23):
I mean, you know,
Glenn Stormburg (13:29):
He likes mobile estate. They're a little different.
Bill Fairman (13:35):
They're all good. And it just depends on where you are in life. If you're a little older and you're not worried about passing along and, you know, to your heir or something, then equity don't have to wait around for equity. So you're looking for the income part of it. So again, in most people's lives, both are beneficial. All you have to do is kind of judge what percentage of your portfolio is in one or the other based upon your weather, how risk averse you are. So anyway, Chris, and I'm sorry, Glen, I'm leaving you last, cause you got here last.
Glenn Stormburg (14:16):
I deserve it.
Bill Fairman (14:16):
That's penalty for tardiness. I know it was a technical issue.
Mike Slotnick (14:25):
Leaving the best for last.
Bill Fairman (14:29):
So Chris, yeah. What'd you get out of it?
Chris Miles (14:32):
You know, I've been part of masterminds for the last 20 years, whether it's casual or more formal, like what we're talking about here. I'll tell you like the biggest things I get is a few things, right? One, it's always nice to be able to associate with those people that have their finger on the pulse, right? Not just what's going on in the present, right? And then forecast and kind of say, Hey, here's, what's coming down the road here, we need to be aware of this. We need to kind of have this warning, right? We need to start making a correction now and I know I'm both mastermind programs, that's been the case. Where, you know, many cases we've been able to be ahead of the curve based on what things might occur, right? So I think that's a big one. Number one is just, you know, be able to have that knowledge and that expertise around you, those people around you, know, it's always great to see people that are at a certain success level to, you know, we tend to elevate with each other, right? It's hard because I used to be the guy that thought I was the guru for my own clients, right? And I had to be the one that was teaching them all. But the things I learned from the mastermind groups that I've been a part of, I realized I need to be more of a facilitator because sometimes the best value that my clients get is when other clients teach each other. So when we're able to talk to each other, right? We're able to exchange with one another and share ideas. And, you know, I used to hire a lot of coaches and now I've realized that for me, masterminds is actually almost a coaching program in and of itself because it's not just one coach that you're trying to rely everything upon. You're getting lots of opinions. You're getting lots of perspectives. They help give you a kind of a more comprehensive picture in a lot of ways, right? And you can go to certain people that specialize in certain areas when you have certain questions and that for me has been really the biggest thing is that, you know, well, one of the biggest things is of course, they'll be able to share and build to learn from one another, be able to see the forecast in the future or even what's going on right now. But I'll tell you the number one thing for me, that third thing would be the fact that I walked away wanting to be a better person, a better husband, better father, just a better person in general, when I'm around the right people, right? When you're in that right mastermind group, you want to be a better person. You become a better person. That was a result and I feel the elevation every time, and as a result, even in my finances, they elevate to my business elevates because as I elevate myself as a person and develop myself, then everything else around me develops too. So I think that's the biggest thing for me is that I did not expect was how I become a better person.
Wendy Sweet (16:58):
That's so good, that information is awesome. And I love the way that you highlighted the being the better you, because that really is, what's so important when you're choosing a mastermind to invest in with yourself. Having like-minded people that have this, you know, similar moral code and, but the ethics that you're using and, it really is, it's not just about your business. It's about your mind, your body, your soul and your business just happens to get a piece of it. So, you know, it's all wrapped up together. You know, the other thing that you said too, that you said first was about looking into the future, and I've said this before, and I've said it to a bunch of people and I'll say it again. I'm still, my mind is still blown about last year, our trusted advisor meeting at Freedom Founders, how, you know, we, the, it was in January and the thing that we were concentrating on was if a newspaper was laid on your door in the morning, and it showed that your business was going to lose 50%, right? Then, you know, what are you going to do? How are you going to handle it? Who are you going to communicate to? Who are you going to let go? What are you going to do to make those changes? And we treated that as a really event. And we worked on that plan and you know, what happens literally, 30 days later COVID hits and we were prepared, you know, we had everything in place to make a move. We didn't miss a beat. It was, and it was because of the mastermind event that we went through. That exercise was just unbelievable.
Bill Fairman (18:42):
Absolutely. And you know, the bettering of your personal self I find key as well. The reason that I got so involved in my personal fitness was my competitive nature with Glenn.
Wendy Sweet (19:05):
He's not going to compete against people. He know better.
Bill Fairman (19:11):
No, I'm not in it saying Marina. But when Glenn and I would be at the different events, we went to Jonathan Sprinkles event and he's walking around with a Ziploc bag of food that he was eating because he could only eat so many things and he really stuck to that night. And I went, well, he gets to stick to that and I got to stick to mine. And then he would do CrossFit in a warehouse in August in Fort worth, and I'm going, no, Eric. It isn't no, that's okay. I'm like, all right, well, I can do, I can work at it in an air conditioned gym, then.
Wendy Sweet (19:51):
Well then, you gotta be careful. Chris too. Miles is his last name because that's what he does. He runs mile.
Glenn Stormburg (19:55):
He does, he does.
Bill Fairman (19:58):
I'm not a runner don't claim to be. And every time I drag it, plantar fasciitis,
Fuquan Bilal (20:04):
Chris actually pushed me to my max at the last mastermind. I forgot my street ran, what was it at 12K or something? I don't know, I don't even remember.
Chris Miles (20:16):
It's funny. Chris influenced me as well, because in my last CrossFit class, one of the girls there were giving me a bunch of grief about how stiff my hips were cause we were stretching and she said, you really need some help. I said, well, I can do like a salsa dance and I started doing the knee thing. Like you were showing us, without snapping a knee and made it look like I had good movement in my hips, but it was just my knees. So that was awesome. All right, Glenn, enough of this banter, what'd you get at the last couple masterminds we're in?
Glenn Stormburg (20:56):
You know, when you go last night and stole my thunder pretty much, but, I'll take a different direction. And I want to say this, I think everyone's watching this can tell. Everybody on the screen, we're great friends, you know, we're great friends. Not only from a business point of view that we help each other personally. And I consider everyone on your screen, great friends and that's really the real bonus that I've learned about mastermind groups through the years. Just fantastic friendships and people you count on and so forth. So a lot of good comments by my friends here. So what I'll say is this, um, you know, I was absolutely, you know, John Burns who is like the real estate guru for projections, everything else, you know, of course he went through trends, right? And some of it was what I knew, you know, affordable housing is always a great place to be, there's going to be a tremendous need for turnkey for the new buzz is build to rent now, those are getting very popular. And of course the migration, right? People are moving from, you know, a lot of blue States into red States, right. Because the regulations because of COVID and everything else. But, you know, I got to say this, the number one thing that just kind of blew me away and I don't know what the answer is about everybody I talked to, I asked this question, I think I said, you know, what do you think of 2021? Do you see it as a boom year? Or do you see it as a down year? Whatever. And it was almost split down the middle. I mean, half the people see it as just, there is a housing shortage shortage in America. So all that looks good. Other people think that because of regulations because of COVID things are shutting down again, you better bet, you know, buttoned down the hats or whatever and be ready for a tough year. And, you know, I'm just prepared for, but I'm just prepared for both. I lean towards an affordable housing that there's always need for affordable housing. So I'm not gonna worry about that. But, yeah, that was because it was 50, 50. Half the people think 2021 is going to kill it. Half the people think it's going to be, it could be a potentially another 2008. And, once again, only God knows,
Wendy Sweet (23:06):
Right.
Bill Fairman (23:07):
Well, there's a big separation between wall street and main street right now. Small businesses are getting crushed in a lot of different States and at the same time, your multinational companies are blowing it out of the water. And for single family, what I see happening if we have continuing reg regulations or a continuance of past regulations, is that it's going to stifle innovation. It's going to stifle the small businesses that come up with the innovation and so you're still going to have the big companies are going to outperform because they have the money and the resources to overcome the regulations and the high taxes and whatnot and it's a small business entrepreneurs that are really going to suffer. That said, there's going to be people that work for these companies that make plenty of money and they can work anywhere they want so I've still loved the real estate sectors. There's always going to be people that are going to want to store their stuff somewhere so that a self storage is still going to be a good sector. Mike is in a good position with the, and he's leaving us. So he just got a call. So see you later.
Mike Slotnick (24:25):
See you later, everybody. I apologize.
Wendy Sweet (24:25):
Thank you, Mike. So much.
Bill Fairman (24:29):
So he's going to be in a good position with the conversions from, you know, hotel and hospitality to affordable housing. You had something to add there, Glen?
Glenn Stormburg (24:42):
I do, you know, it really doesn't matter if it's like a good market or a bad market. There's always tremendous opportunity. You know, either one, right? Down market is a lot of times, there's way more opportunity than that and neither one, you know, people who are doing business right who have the systems processes dialed in, they're going to crush it either way.
Wendy Sweet (25:02):
I agree.
Bill Fairman (25:03):
Well, that's true. When I first got into business with Wendy, I thought who in the, in their right mind would be investing in fix and flip properties in a market where the values continue to go down and then it finally dawned on me that it doesn't really matter what the market is doing as long as you can buy it and sell it for more than you paid for it, if you buy it right, it doesn't matter if the values are going down, they're going to beat people that are still going to buy the more you're going to rent them out and still make an income, right?
Glenn Stormburg (25:42):
Absolutely.
Bill Fairman (25:44):
Alright. So, we're getting here at the top of the hour. Does anyone have any further comments they'd like to make after listening to everyone else?
Wendy Sweet (25:55):
This isn't the same group of guys that I know,
Glenn Stormburg (26:05):
It was all said so well, right?
Wendy Sweet (26:05):
That's the truth. And I mean, one thing that I think we can all agree that, it's hard to invest in yourself, especially if you're, you know, kind of new a newer entrepreneur and, you're in it every day, you're in the weeds. You're thinking how in the world can I take money from my company and invested in being in a mastermind or a group that's going to encourage me and lift me up and make me better. How, you know, how do I measure that and make that move. But I think we can all agree that that's really the best move you can buy and really, I don't know how you can stay in business without doing something like that.
Bill Fairman (26:52):
I was just going to add, there's two ways, um, to improve yourself and your business. Number one is wherever you're weak, hire a coach to make you better, or hire someone else to do that job. What are those two and you concentrate on your strengths. And if you just keep that in mind, you know, depending on where you are in business, if you're a one man shop and you don't have any choice, then you're going to have to hire coaches to make you, and as you grow, get the hell out of your way. You're typically going to be the bottleneck and don't worry about having to micromanage stuff, find people that are skilled in areas where you're weak and pass those responsibilities onto them. Again, you're not just going to turn it over to everyone. You do have to kiss a few frogs before you,
Wendy Sweet (27:50):
Find true friends.
Bill Fairman (27:50):
Find a good one, but that's going to be your mindset that you don't need to be in the weeds , you need to be above it all and looking towards the future, because you definitely have a rudderless ship at that point. You're just looking at the, getting by the, you know, the next day. All right, listen, guys, thank you so much. It's been a little while since we've had you on all on, and we appreciate you joining the show. This is the Active Income, Passive Wealth show. We are Carolina Capital Management. If you are a lender, and if you're interested in borrowing money in the South East, Carolina Capital, oh I'm sorry. CarolinaHardMoney.com. Click on the apply now tab, if you're looking for passive returns on that accredited investor tab. Don't forget the share, like subscribe, hit the bell, all that good stuff. And, guys, thank you so much for joining us.
Wendy Sweet (28:50):
You're all awesome, thank you.
Bill Fairman (28:50):
We'll have you back soon as the audience-
Glenn Stormburg (28:54):
thanks for having me, guys.
Bill Fairman (28:54):
Are great to invest with and investing alongside of, I know we were putting their websites up and we'll make sure that we have all their contact info on the-
Wendy Sweet (29:05):
Recording,
Bill Fairman (29:06):
On the recording tapes.
Wendy Sweet (29:09):
Yup. there's Chris, there's Jacob, there's Glenn.
Bill Fairman (29:17):
Hurry, write it write it down.
Wendy Sweet (29:17):
If you want to hear any information about any of them, call us because we'd love to tll you what we know, even the bad stuff. Just kidding.
Bill Fairman (29:30):
Guys, have a grat day.
New Speaker (29:30):
Glad you made it.
New Speaker (29:30):
Again, folks thanks for joining us.
Jacob Vanderslice (29:32):
Thanks everybody.
Chris Miles (29:33):
`Thanks.
New Speaker (29:34):
That's great. See you guys later.
New Speaker (29:36):
Bye. Bye.
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