Your business is only ever going to be as good as the team you have behind it and as you get to that point, you’re not just doing this solo-preneur thing. You’re working toward a position of leadership in your business, casting vision, inspiring your team and setting momentum.
Staff That Has Capacity for Your Vision:
2:28: We really want the people in our organization to be on board with what we’re trying to do.
4:32: When we’re hiring, we’re really looking for people who are looking to grow in our organization.
7:26: It’s important for these people to have the ability to show up and execute with excellence repeatably, not just the first week they’re there.
10:25: Are these employees on board with your mission statement? FYI, your mission statement cannot be about making money.
14:40: Make sure that your mission statement is known. To create one, ask key questions that point to your “why” for getting started in real estate investing. Is it to leave something for your kids, philanthropic reasons, etc.
16:40: Page 230 in our ebook discusses some very motivating mission statements from Nike, Amazon, Disney, even Wikipedia. Wikipedia’s motivated Bill to contribute to their fund.
18:08: As an organization, what is it that you’re looking for in your employees, business dealings and what can your employees hold YOU accountable to? This will give you a fair litmus test to hiring and firing too.
Painting the Picture:
23:33: It ultimately is your responsibility to cast vision for your company, staff and yourself included. You need to be able to paint the picture for what the other side of the hill looks like. Paint the picture for a contractor of what you want it to look like.
28:10: Outline your vision, people can’t read your mind. Your staff, as you continue to hire, should have a sense of pride in what they’re doing. They should want to have an excellent end product that they leave behind each day.
Casting Vision for Yourself:
30:30: Don’t fall into a buzzwordy and shallow trap of something like “I want to own a 7-figure business.” There’s not much difference from $999,999 and $1M. That’s very vague. $1M of farmland you can’t lease will bleed you dry. Write out this instead, I want X properties that cash flow by X amount per door.
33:50: Goals have a place and they should be smaller that look toward building a system that builds the overall pathway. As Scott Adams says, you’re always in a state of pre-success failure or pre-failure failure.
Connect with the Good Stewards:
Ryan: If you're facing a challenge, um, maybe it's a challenge they haven't dealt with before, or maybe it's a big challenge. You have to be able to paint the picture of what the other side of the Hill looks like. Hey, this is where we're headed. This is what we're wanting to accomplish.
[00:00:23] Intro: Welcome to the good stewards podcast, the only podcast dedicated to seasoned real estate investors who want to maximize the cashflow potential in their business. We are buy and hold investors with a thousand plus properties and markets across the U S who bring an insider's view into the nitty gritty details of real estate investing. If you're looking to develop the mindset teams and systems that can dramatically build your real estate business and net worth, you're in the right place.
[00:00:55] Ryan: Welcome to this episode of the good stewards podcast. I'm Ryan Dossey.
[00:00:59] Amanda: I'm Amanda Perkins.
[00:01:00] Ryan: I'm bill Syrios
[00:01:01] Andrew: and I'm Andrew Syrios.
[00:01:03] Ryan: Hello. Good stewards. Uh, your business is really only ever going to be as good as the team that you have behind it. And, uh, hopefully we get you to the point that, uh, you have a team and you're not just doing kind of this solo-preneur thing. Um, and really casting vision, inspiring that team and leading your team is absolutely critical to maintain momentum as you grow. Um, I'm looking forward to really covering this topic because as we all know, uh, business and success unfortunately, is not just like an elevator ride to the top. You're going to have starts and stops and pushing it back uphill and downhill. And, uh, I think this is super important when you're at a Valley to be able to lead your team back to the top of the Hill. But before we dive back in, uh, we do actually want to hear from you. It's not just something we say. Be sure to visit us over at thegoodstewards.com subscribe, snag your free copy of our ebook. Obviously, make sure you tell your friends about us. Um, leave us a review and if you have any questions, get those over and we'll make sure we get them answered for you. So, kind of kicking this episode off, I want to dive into why it's important to have your team really be on board and kind of what that looks like.
[00:02:28] There's, there's certain, um. There's certain roles in your company that it's kind of just like a, you know, show up, do the job, punch in, punch out. And that could be something like say maintenance. Um, I think we would all agree that that's really not what we're looking for though. We really want the people in our organization to be onboard with what we're, what we're trying to do. And we'll give a good example from property management that we had this past week. Had an application come over and uh, our, our first initial pass was like, Nope. Decline. And reason being, it didn't really have good rental history. They were late on some bills and their, their credit, uh, wasn't ideal. I think it was like mid, low, five hundreds. So our initial gut reaction was this person's probably not going to be a good fit. Let's just pass the person overseeing our property management though, um, chose to dig in a little bit and ask more questions. And what we ended up finding out was their previous housing was actually paid for by a nonprofit that they worked for and they were there for five years and the nonprofit was actually moving them to town. And through opening the dialogue, um, with the actual director of the program for our state, not only did they inform us that, uh, you know. Kind of how it works and that the bills will be paid, but they even actually co-signed on the lease and went so far as to say if for some reason they just default, we'll pay out the balance of the rest of the lease. We want these people to be out here working with us so bad that will go on the hook for them. Right. So I would say that's kind of the difference between just like, Oh, yep, Nope, this one doesn't fit the criteria and move on. Too caring enough to dive in a little bit. Um, they'll, Amanda, Andrew, do you guys have any other good examples of a team member going above and beyond because they are really on board with this thing?
[00:04:32] Amanda: Well, okay. Always looking for, um, is somebody who they have their job description, everybody has a job description, but what you can't put on a job description or all of the things that we also want them to do. And then, you know, to kind of take ownership of what they're doing and help out with, with everything else. And not just sit there and say. Got my 12 things on my list and I'm going to phone it in for the rest of the day til I can punch a clock and go home. And so, um, you know, we, when we're usually, you know, hiring, we're really looking for people who are looking to grow in our organization. Um, we just had an instance, um, where we brought on a new receptionist in our Eugene location. And you know, she's a recent college graduate, not a ton of work experience, but what she put in that role was she did her reception job, but then she was also looking for other ways to improve the organization. And if we gave her a task, she would complete it. Till the end to see it through. And so what we ended up just recently doing was hiring a new receptionist and moving her to a different position that has a little more room to grow because we wanted her to not be stuck in a position that she didn't want to be at longterm. We want to, we want to retain her. We like what she was bringing to the organization. We liked that she brought more to the organization than just. That list of duties that were on her job description. So you know, and that's sort of,
[00:06:01] Ryan: that's huge.
[00:06:01] Amanda: Everywhere we're looking for that.
[00:06:03] Bill: i think we can give a shout out to Emma, who is this person, and I would call Emma a capacity person. I think. This is, this is, I'm quoting somebody else and I'm not sure who it is, but there's a difference between a culdesac person and a capacity person. A cul-de-sac person can kind of, well, you know what a cul-de-sec is, you kind of find, you get there and you kind of have some limited options, but you, you do your thing and you, uh, are adequate and you go home and you flip on the TV and go from there. But a capacity person, I think says in their heart of hearts, I'm going to improve myself and I'm going to improve this organization and I'm going to move up. Now, they might not even think that consciously, but that's just who they are. And that's a kind of person that you're looking for in any position. Because none of this stuff that we do is rocket science, really. I mean, if it is, then uh, all of us would have to bow out because only a very, very small slice of the, of the, uh, population can do neurosurgery and rocket science. But most of what we do are tasks that, that are repeatable, learnable. Uh, improvable everything else, and yet it's the person's attitude and their ability to say, I'm not going to just do what's been assigned to me. I'm going to go over and above. That's what you're looking for.
[00:07:26] Ryan: That's the ability to show up and execute with excellence repeatably, not just the first week they're there.
[00:07:33] Andrew: That's Jim Collins and I, that analogy has never worked for me. Like what does capacity has to do with cul-de-sac's should be like cul-de-sac to a freeway?
[00:07:40] Bill: It's a C for crying out loud.
[00:07:44] Andrew: No. Okay. Um, I think another thing is, um. there's just, you can kind of like the one, one good way I've heard it is like, do you give your busiest person, uh, the job that you need done or your least busy person? And often it's the busiest person who will get it done better is the one, if you have that feeling like, even though this person is, has gotten Ton on their plate, but they can handle more or they're the one I would trust with this project that that's kind of a sign of, of, uh, of the, the, that's the kind of person who wants somebody who's also not just going to pass off tough decisions and they'll come to you with a suggestion. They'll come to you with the solution. Like, I need your approval for this, but this is my suggestion. Not, Oh, what do I do? I have no idea. Um, or as willing to, you know, talk to an upset customer and not try to get you involved and take that off their plate that we have. Our, our property manager, Preston, uh, is great about that, that he'll, he'll deal with, you know, the worst of the worst when it comes into, uh, sometimes legitimate complaints, often just irrational anger. He'll, he'll deal with that without, without involving us. And, and that's something with even somebody who's willing to take that on. You can tell. That they have an ownership in your company. They have an ownership and where it's going and they want to move up and, and, and be a part of that. They're not just there to collect a paycheck and cause if somebody is just there to collect a paycheck, why would, why would they tolerate being yelled at? And if they're just. And, uh, or why would they want to deal with that if they can pass it off to you or someone else in any sort of way that lets them save face, you know, uh, they'll do so. And so those are, those are things I think that are important to look for.
[00:09:24] Ryan: I think another good thing to highlight there is, uh, we're looking for people that are buying in. They're taking on an owner, um, mentality while, they're not an owner, right? They're a, a salary or even an hourly employee. And one of the best ways I've, I've seen to tell, um, if somebody really has that or not, is are they willing to go above and beyond, like Amanda mentioned? You know, their stuff is done. Are they willing to put on other hats and get other stuff done that needs done? Um. You know, to quote the Bible, if you want to be the greatest you have to serve, you have to be willing to do the stuff that other people aren't willing to do. And I think that's one of those key things to look out for when you're hiring, but even in your staff.
[00:10:16] So what does buying in actually mean? Right? That's, that's kind of one of those like, uh, like, you know, are you with us or not? Right. And one of the best ways I've seen to do this is. Are they onboard with your mission statement? Uh, and what a mission statement is. If you don't have one, that's really what you're looking to accomplish as a business. Now. Most of us got into business ideally to turn a profit, but that can't be all that it is. If it's just about making money. Um, you know, there's, there's other ways to make good money.
[00:10:55] Bill: Maybe we should address why making money cannot be your mission statement. And I would say that is not a rallying cry to motivate people over the long haul. Yeah. Everybody needs to make money and we want to make as much as we can, but if that is the gist of what your organization is all about, how, how does that, how does that motivate anybody who's a little bit outside of that circle of making money?
[00:11:22] Ryan: How does that motivate a hourly employee at $9 an hour or whatever.
[00:11:28] Bill: Or the people that you're, you're serving, you know, if they see that it's all about money for you, you make choices that are in your interest, but not in their interest oftentimes. So it can't be about making money as a central core of your mission statement. Just take it out if it's in there.
[00:11:45] Ryan: I think one of my favorite memes I've ever seen is a guy sitting on the hood of a Lamborghini. And it's him talking to one of his employees and says, you know, I was able, I was able to buy this car after all these years of hard work. And if you keep showing up, putting in the effort and you know, really giving it your all to your job, I'll be able to buy another one next year. Right? Like, that's not going to get people on board.
[00:12:09] So a mission statement, you know, could be something like, uh, you know, we want to take distressed assets, renovate them, and turn them into affordable housing for the communities we grew up in. That's so much more powerful than just, you know, a dollar dollar bills. Y'all are like, we're here to get paid. Right. Um. Interestingly enough, in like fortune 100 fortune 500 companies, the big thing that convinces these world class people to jump ship, to give up stock options or go work with other firms truly is the mission statement of what are you setting out to accomplish? So I'll give you guys a quick run through of Stewardship's. So stewardship property's mission statement for our residents is to serve people in their housing needs for our private lenders and investors to wisely invest their funds, giving them a good return for its use for our sellers, vendors, and contractors to treat them in a respectful, straightforward, and ethical way. For our partners to work on their behalf. So together we substantially benefit to our staff and field team to create wealth enabling increased and unexpected opportunities. I don't know about you guys, but that gets me a little bit more fired up than, Hey, you can show up and make 12.50 an hour. And if it goes well after 90 days, we're going to bump you by a dollar two.
[00:13:33] Um, so setting a mission statement. And making sure it's known, making sure it's, this isn't something you can just do once and put on a shelf. It's something that when a quote unquote, when stuff hits the fan, this is what you're going to go back to of why are we doing all of this. Why are we going to put in this work? Um, you know, Andrew mentioned the property manager. You know, I, I wish I could sit here and tell you as somebody who owns rentals, that every single person you lease to is going to be rational. They're going to be fair. They're going to pay their bills on time, and they're going to complain or register, you know, issues in a, in a polite manner. Uh, in my experience, that has not ever really been the case. So if you have somebody that's kind of on the front lines taking that heat, there needs to be a reason that they're there doing that work, other than quite frankly, to just get paid. Um. So that being said, kind of in my experience, some key questions to ask when you're kind of pulling together a mission statement in the first one is just why, like why are we, why do, why do you as an entrepreneur want to get started in real estate investing? Is it to build wealth. Is it to leave something behind for your kids? Um, you know, is it because you're in a part of town and you see just distressed assets all over the place.
[00:15:06] Amanda: Is it more philanthropic? Like are there philanthropy issues that you feel like needs addressed in order for you to do those, you do have to build the wealth and create a cashflow. You know, lots of things.
[00:15:20] Ryan: That's, that's one of my huge ones. Um, there's causes, I'm passionate about that. I know $1,000 check doesn't even put a dent into. Right. Um, so figuring out kind of what drives you at one of the most beautiful, incredible, why's I've ever seen. There's a real estate investor I know. Who, the whole reason they got into real estate investing, and this is fix and flip wholesaling and rentals. They literally fund an orphanage overseas every single month singlehandedly as a family. Like they know if they're not profitable, people literally don't get fed. Right. Um, you know, is it. Providing a good life for your employees, your staff. Um, I love, you know, Bills kind of take on unexpected opportunities. Um, I think the other thing to get clear on is, you know, why you're doing it, but how are you going to do it? Hey, I want to fix up, you know, the neighborhood. Okay, cool. You know, you're going to sweep the sidewalks. Are you going to, you know, buy the trap houses on the corners and get them fixed up and cleaned out? And, um, you know, um, anybody else have any other thoughts on creating the mission statement?
[00:16:34] Bill: Yeah. Let me give a shout out to our ebook. As a matter of fact, uh, I'm just going to give you a page number here for you to go to, to take a look at other people's mission statements. Page 230 of our ebook is, uh, let me just give you a couple of examples. What do
[00:16:50] Ryan: Do Amazon's if you have it on their Bill.
[00:16:52] Bill: Yeah, I'll do Amazon's, but what do you think Disney's is to make people happy, Amazon, to be the world's most consumer-centric company, Nike to build inspiration, to bring inspiration and innovation to every athlete and parentheses, every person in the world. Here's one. I like Wikipedia. What do you think their mission statement is? I love this...
[00:17:13] To know everything?
[00:17:16] Ryan: Absolutely. That's my mission statement as a man.
[00:17:19] Bill: Get rid of Britannica encyclopedia and world book and say, no. Uh, "imagine a world in which every single person is given free access to the sum of all human knowledge." That's enough. That's enough to get me online and make a contribution to Wikipedia, which I did recently.
[00:17:38] Andrew: I believe that's, that's propaganda. Their actual mission statement is to empower a bunch of online Stalinist's one ruthlessly control a page of Wikipedia for some reason.
[00:17:51] Ryan: Andrew's Wikipedia doesn't read nice.
[00:17:56] Bill: Anyway, I would really encourage you, this is a chapter 13 of our ebook is all about. Uh, being mission minded and, uh, I'd, I'd encourage you to go there.
[00:18:08] Ryan: I had also, uh, I'm not going to get into it too much because quite frankly, it's a whole nother episode. But the other thing you want to really have established are your core values. And that as a, as an organization, what is it that you are looking for in your employees, in your business dealings, and what can your employees hold you accountable to? Uh, something I highly, highly recommend you take the time to do. Um, it's one of those things that like, feels kind of silly to have four or five like character traits that you really champion. But, um, it honestly, as a business makes hiring, firing. And promoting extremely easy. Um, mine, if you're curious. Ours are Epic. So excellence, uh, personal responsibility, individual development and community. So if somebody is gossiping, they're gone. Right? Like you're...
[00:19:04] Bill: You know, Ryan, what I would say that's really important and very difficult is when you're having to. Evaluate somebody who's producing, they're a high producer, they're doing the X's and O's. You look at the flow chart, you look at whatever your, their role is...
[00:19:20] Amanda: Your KPI's, etc. they're hitting all of their numbers.
[00:19:24] Bill: They are, and yet. The attitude, the lack of being team-oriented is just kind of poisoning the well in your organization or in the culture that you're trying to build. And you have to make the really difficult decision to ask them to find another source of employment. That is agonizingly difficult.
[00:19:41] Ryan: Absolutely. I know it's a, I won't sit here and let me rephrase. It doesn't make hiring and firing easy. It just gives you an accurate and fair litmus test. And honestly, um. I would even on the flip side, say if you have business partners or C level employees, it also allows them to do the same thing back though of, I've had times where my staff have literally been like, Hey, um, you're not really showing up with excellence right now.
[00:20:11] Or, you know, your, your individual development has been awful, right? Like, you're not growing as a person. So, um, I would highly recommend just mapping those out. And there's plenty of good exercises for it that we, we don't have time for right now.
[00:20:26] Bill: One other thing too, the boss always gets treated the best, and I've, I've fallen into this trap so often. I say, well, that gal, that guy. They're, they're great. They're great, they're doing a good job, and they have a wonderful attitude. Yeah. Towards me. They do, you know? But, uh, as I dig a little deeper, that is not the case with other people. And so people hate to tattletale on others. And I don't want a culture of tattle tailing necessarily, but I do want the feedback of their colleagues. About everybody's colleagues about how they're doing because they're going to treat me, or if you're the boss, they're gonna treat you the best. Everybody else is going to come in and peg lower.
[00:21:08] Ryan: I would also say on that same note, um, if you have somebody who's been with you for a long time and you have a newer employee. And even if you really, really liked that new employee, I'll be super honest about a mistake here and actually a public apology I'll make for Amanda. Um, we had an employee in Indianapolis that I, I adored. I was very impressed with, she felt like a great culture fit. Everybody liked her. Um, you know, always very bubbly. And Amanda came out and met with her, and Amanda understands her job better than I did. And, uh, Amanda said, Hey, she's got to go. And, um, I said, no, I was very firm. Um, you know, no, I like this person. They're doing a good job. They're showing up. And it was, um. Two months after the fact, we ended up letting the person go and they were overpaying our bills. This is something that's somewhat important, right?
[00:22:06] Amanda: Or not paying them at all...
[00:22:08] Ryan: And yeah, and we found out, unfortunately. She just didn't pay any of our utility bills for two months. So all of a sudden now across a hundred plus units, most of which were not paying utilities on, but vacants and properties that were doing construction on like the power just starts getting disconnected and it's not an issue if the money wasn't there, she just stopped doing her job. So with that being said. Regardless of whether you like somebody or I would even, I would even go a little bit further if you just made a hire you needed to make and you really don't want to go back to not having that hole filled, but you're getting feedback from long-termers that this isn't a good fit. Um, uh, Bill has always told me, and it's now become one of my slogans. I've never fired somebody and thought, geez, I wish I would have not done that this long as I did. Or. You get the point? Uh, I've never fired somebody and thought, geez, I'm glad I waited that long. So that being said, um, with your core values, you also have to take feedback from your employees, whether you, whether it's something you want to hear or not. Uh, because as bill put it, as the owner, as the boss, you know, they're going to give you the, Oh, I'm doing everything for you. And then they may not be treating other people that same way. So, um, kind of moving forward on that note.
[00:23:33] As a business owner, as a real estate investor, as an entrepreneur, it is your responsibility to cast vision for your company, for your staff, um, and even with yourself. And I'm going to give a couple. Can I quick practical uses of this? So, uh, with staff, for instance, if you're facing a challenge, um, maybe it's a challenge they haven't dealt with before, or maybe it's a big challenge. You have to be able to paint the picture of what the other side of the Hill looks like. Hey, this is where we're headed. This is what we're wanting to accomplish. Um, you know, something like,
[00:24:16] Amanda: we may be going through it right now, but ultimately we want to be here and let's imagine. What there looks like. Wow. We're getting through from here to there, right?
[00:24:27] Ryan: Absolutely. Yeah. It's a for anybody who's, you know, uh, in, in the gym, if you're ever running or something. Um, I, I lie to myself constantly of like, hope, just one more lap, just one more block. It's kind of that of like, but ultimately we're, where are we headed? Where are we trying to end up? Um, with. Especially if you're using general contractors, if you're not GC-ing your own projects, this is so important to not only do it in writing, um. I actually learned from Andrew, we need to write our own scopes, but you have to be able to paint the picture with the general contractor of what you want this thing to look like.
[00:25:08] Bill: Let me, let me give you a really quick example, and this is something that's easy to overlook, but one of our properties, we, uh, uh, you know, it was to redo the shower and, uh, so it had to be gutted. It was just a standup shower. And. The contractor put the a faucet, the, the nozzle and the faucet pointed directly out towards you rather than on one side of the other. And it's kinda like when I saw it, Oh my gosh, you mean I have to be that specific? In other words, when you turn on the water, it just blasts right into you outside of the shower.
[00:25:43] Ryan: That's a a fun way to start your morning at 5:00 AM.
[00:25:46] Bill: So it's kinda like, ah, Oh my God. So. I mean, that now needs to be changed, but it should never have been an issue. And yet, if you're starting from scratch and you, you, you just gotta be very specific in when Ryan says paint the picture, it's like, paint it in.
[00:26:04] Ryan: This is a, yeah. Vivid picture. Yeah. I, I had a similar one where, um, we remodeled a kitchen and we get done and there's no backsplash and it's going to be a rental property. And I'm like, we have. Painted drywall behind a sink in behind a stove. You don't think that's going to have spaghetti on it in a week like that? Like to me, I was like, that's illogical that we didn't budget for back splash that you didn't have that in here. Right. Um. My biggest rehab mistake I ever made was with a new sub that came highly recommended on a property I no longer own and, uh, are, you know, we, we had our scope and everything, and at the end of the day, um, it was like rent ready and, uh, or rent ready was, was the picture we painted. This is what we're wanting, but we weren't specific enough and that like, Oh, well, I didn't think you wanted doors on the closets. Well, of course I want doors on the closets. Why would I have a closet with no doors? Oh, I didn't think you wanted outlet covers. Well, of course we need outworkers
[00:27:12] Bill: Or returns on your screen doors. You know, that's just flapping in the wind when the thing opens and
[00:27:18] Amanda: You just cannot assume that somebody knows your vision. And I have. This is an unfortunate example from my youth, but my very first job was as a telephone answering service operator. And we answered for a lot of medical clinics and we had a particularly snotty doctor and I said, and he was always just really mean to us. And I mean, I was 16 years old. So I was, I mean there was pretty young and I said something along the lines of why I assumed, and he said to me, never assume it makes an ass out of you in me. And I've never forgotten that. Um, and I'm a lot older than 16 years now, but I will always remember the doctor that said to me that to me, it made me feel like complete garbage. I still thought it felt like garbage, cause I wouldn't talk to people like that. But you can never assume like that's, you have to paint your vision. So impeccably that they you didn't have, you don't have to go back and be like. Oh, well, I thought you would. I thought you would know that wasn't done. And I thought you would know because it seems such like a reasonable thing, but if you didn't outline that vision with, you know, whoever we're talking about, people can't read your mind and they don't know what you were thinking.
[00:28:31] Because you know, in the case, some real estate investors would be fine with the shower there, or no back splash or no outlet covers, and that might be fine for some it's not, it's not our standards, but you can apply that for a lot of things in our business. You know, you just. Actually, I think the, I think, you know, one of the four agreements is don't make assumptions. It's, it can be used that way, but also in don't make assumptions about what other people are thinking or their intentions. But in this case too, it's just never assume that somebody understands your vision or where you want to get to.
[00:29:07] Andrew: Particularly with contractors. Uh, contractors are not experts in funkshway and really going there after the fact, regardless of how specific your scope is, you need to go there after the fact. You need to go through it. You need to check on, make sure every item is complete. Even our best contractors, you just have a couple things here or there that they need to go back and finish. And so you need to implement a quality check program as well as putting together a detailed scopes of work upfront. And don't pay out until they've finished every item. And so, uh, it's just kind of, yeah, don't rely on anyone to, to fulfill your vision. But, uh, most specifically don't rely on contractors.
[00:29:46] Bill: And it's a thing, a thing of beauty when they start picking up on your system and they start sensing that you want to do things with excellence because I, I think they, they want to take pride in what they do. Obviously they're all about efficiency because. Another day on the job is dollars lost out the door for them. But if they're, if, if they, if they grab a hold of this vision and it's the people that you want to continue to hire, that will, then I think there's a sense of pride for them. They work for an organization that's all about excellence and they want to have an excellent product that they leave behind as well.
[00:30:23] Amanda: Ryan, how do you tie that vision back? Like to yourself, casting your vision within yourself and as an entrepreneur.
[00:30:32] Ryan: I would say it's not so much as casting vision for yourself, it's setting the, uh, setting the vision or visualizing where you want to end up. Right. Um, I, I work with a lot of different real estate investors, entrepreneurs. Uh, I mean, there's literally hundreds of businesses my companies serve a month, and it's, it's funny how there's. People tend to pick buzzwords, right? So as entrepreneurs it's like, Oh, I want to own a six figure business. I'm like, well, what is, what's the difference between owning a $99,000 a year and a hundred thousand dollar business? Nothing really. You know, a lot of real estate investors, it's why I want to buy my first property, and then it's, well, my goal is 10 and then it's a hundred and then it's, well, let's go to 50 or 500 or a thousand. So a lot of the times I feel like people tend to kind of set almost, um, goals or vision for themselves without really thinking it through, of, of what are they actually wanting? Where are they wanting to end up? Right. So. Making sure you don't fall into that like buzzwordy trap of like, Oh, I wanna own a seven figure business. Or, you know, I want to own $1 million worth of real estate. Well, if you own $1 million worth of real estate and it's all farm ground that bleeds you dry and you can't lease it, what's the point? Right? So, um.
[00:31:54] I would actually too. I love sharing our mistakes cause I just feel like it's, there's a lot of people can learn from them. Um, you know, Bill and I, uh, like getting good deals. Um, so much so that we needed office furniture and Bill bought an entire bank's worth of office furniture for my poor staff to move with like four hours notice. Right. Uh, but it was a great deal. Right. We, uh, we had a partner that we worked with who we don't really work with anymore. Um, that, you know, the acquisition was what he was focused on and it was like, wow, I now own 10 rentals. But then they weren't managed. Yeah. Projects weren't finished, places weren't leased, and ultimately we ended up having to liquidate those assets. So, um, as you're casting vision for yourself as a real estate investor, I would be very specific of, I want. You know, X amount of properties that cashflow by X amount of door, and I'm not talking theoretical cashflow. If I look at a 12 month or a two year P and, L, this is what I'm, this is what I'm after going at it with that level of, um. I think specificity.
[00:33:11] Bill: Specificity, and Andrew, I think you have something about the difference between creating goals and and habits maybe or, uh,
[00:33:20] Andrew: or systems
[00:33:21] Bill: systems. Yeah. There you go.
[00:33:23] Andrew: Uh, yeah. I mean, you never know exactly where an opportunity is going to come from. And so creating a system to basically run your business versus a particular goal. Like let's say your goal is to buy 20 properties. Well, if you're nearing the end of the year and you're at eight, I mean, do you just buy garbage? I mean, the goal is sort of, but at the same time, you might, if you have put in place a very strong system for finding properties, rehabbing the financing, the rest you might find a. You know, a package of 97 or something like that. Although our systems weren't that well set up when we did find that package. Um, one of the episodes we talk about that you can go look through that I'm sorry to have on the top of my head. Um, I think Scott Adams has talked about this a lot. It's, um, goals are. Are, uh, you are always in a state of pre success failure or perhaps pre failure failure. Um, you're never actually, you've never actually, they're like, you will never, because as soon as you actually accomplish a goal, uh, you're just going to set another one. And so goals, I think have a place. They're kind of like, we're looking for this. We know this is what we're trying to get to. We're trying to accomplish this particular task, but it's more of a, it's, it's within the niche. They should be smaller. You should be looking at building, you know, systems. For this. We sent out this many letters a week. We go through this particular process on our rehabs. We put the scope of work together, we put it out for bid. We measure the contractor's performance, we do our quality checks, et cetera. We have our property management systems. These are screening criteria. This is how, you know this is the quality they need to be and the type of pictures we put them on the website. This is our financing criteria we're trying to get, you know, we're trying to finance up front with 8-9% we're trying to meet with different people to see if we can find potential private lenders. We're refinancing on the backend with different banks. We're doing the things to get them and we're just kind of chugging along and then we're looking for potential opportunities that come. Build those systems and just move forward and look less at less than. Unless it's specific goals and more of building the system to fulfill, you know, fulfill opportunities that you might not even be thinking of. Um, I think that's a better way to approach things. Probably worth it episode in itself.
[00:35:31] Ryan: No, I think that's a really good point of, you know, it's, it's kind of hard to measure something that is a, you've either hit it or not. So if your goal is to buy one rental property. And you don't do it well, you know, that sucks. You've failed, right? Whereas if, if your goal is to analyze the opportunities that make sense for you, um, make offers that make sense for you and only purchase assets that you can BRRRR out of that are cash flowing. That's a much, much, um, more realistic, you know, it's not just. Hey, this is what I want to do. It's this is how I'm going to do it, and I would even say the fruit of that system is going to be accomplishing the deal as opposed to I'm only looking at the outcome and not really how you're going to get there.
[00:36:22] On that note, I think we're going to give this one a wrap. I appreciate you guys turning, tuning in to this episode. If you liked what you heard, be sure to subscribe to the podcast share and make sure you snag a free copy of our ebook. Visit us over at thegoodstewards.com for more info, submit any questions or topics you'd like us to talk about. Talk to you all next time.