In this podcast episode, Steve and Kevin share personal stories about their real estate investment failures, highlighting the importance of sticking to a well-thought-out plan.
Steve reflects on a decision from 2005, where he sold two fourplexes for a quick cash infusion, deviating from his long-term retirement plan. While he made a modest profit, he later realized that had he kept all three properties, they would now be worth around $1 million each, generating significant cash flow.
Kevin shares a similar story of failure. In 2009, after the mortgage crisis, he impulsively bought 20 homes for $150,000 without proper due diligence or a clear strategy, hoping to make massive profits. The investment backfired, leading to significant financial loss and eventual offloading of the properties at a loss.
Both stories emphasize the pitfalls of deviating from a solid investment plan, succumbing to "shiny object syndrome," and attempting to "swing for the fences" without proper research or preparation. Steve and Kevin both learned the importance of methodical planning and smaller, consistent wins over aiming for high-risk, high-reward deals.
0:00 Lower Interest Rates
3:31 Our Worst Investments
5:34 Steve's Tale
11:43 Kevin's Tale
22:49 Stick to Your Plan
00;00;00;00 - 00;00;06;00
Kevin
All right. Well hello everybody, and welcome to replace your income with Kevin and.
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Steve
Steve.
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Kevin
Is that your name?
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Steve
Steve. It is.
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Kevin
Okay, good. Steve. It is. Well, welcome, Steve. Good to have you.
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Steve
Thanks for joining. I'm happy to be here today. Thanks for having me on the podcast.
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Kevin
Thanks for getting off your motorcycle and, coming in and actually spending.
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Steve
Some the sacrifices I make.
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Kevin
I know it's a lot. How about this for a Segway? You know what else might be a lot? Is, property values going up because of the recent interest rate drop. Now, was that a good transition?
00;00;32;13 - 00;00;40;29
Steve
That was great. Okay. It's actually pretty exciting, isn't it? The fact that, I mean, they that the fed lowered the rate, the fed rate by, you know, 50 basis points.
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Kevin
Wait, why do you think they did that? Well, I wonder if that is there anything coming up that would make the fed want to lower the, you know.
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Steve
I texted, Jay Powell. Yeah. Yesterday just said, hey, would would you please.
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Kevin
Yeah.
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Steve
And then he.
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Kevin
Did. Jerome Powell was like, I'm in a good mood today. I'm going to lower the interest rate. There's nothing politically that would motivate that right? No, no, of course not. We don't we don't want to show like pretend like the economy's really good right before an election we wouldn't know how to do. We don't want to do that.
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Kevin
No, but it is really exciting. I saw this, I saw this post on, Instagram. Our friend Ryan Lee, and he had a picture of the same house, and, and it said 2021. And it was like the house was worth, like, 420,000, right? Same house, 2024. The house was worth like 360. I don't know what it was.
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Kevin
And the point that he was making is. So do you really think property values won't go up when interest rates go down?
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Steve
On the same day that the fed lowered the rate, mortgage originations jumped by 14%. That's like within hours of the announcement, 14% like, we've been screaming this from the rooftops for a long time. That that there's been an opportunity and there's a huge opportunity right now to be to be moving for anyways. It's like the correlation is just like it really is.
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Steve
It's it's economics 101. Yes. And and it's kind of fun to see, you know, you know what we've been talking about like literally within hours of what we said was going to happen, you know, it happened.
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Kevin
And again, guys, just just, you know, as a reminder, we don't need really we don't need to get in the weeds. I was starting to, but, the reality is when the fed cuts the interest rate, it will likely be reflected shortly thereafter in mortgage interest rates. Okay, that it's when the fed cuts the rate, because I know a lot of people get confused.
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Kevin
They think if the fed cuts rates somehow, that automatically lowers interest rates. They are separate entities, acting according to market conditions. But what is a common, frankly, always the occurrence is when the fed drops interest rates, the mortgage interest rates typically follow to a certain extent. And so if mortgage interest rates drop, the the reason originations went up is now people are going, oh, wait a second, I can afford more house or I can afford the same house for less money.
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Kevin
And so all of that pent up.
00;03;04;25 - 00;03;12;23
Steve
Demand, the House that they were waiting to make an offer on. Yeah. Because they're like as soon as it drops to this amount, we can afford the payment. Yeah. Like that happened yesterday.
00;03;12;23 - 00;03;27;29
Kevin
And so just reminder, if interest rates go down, if the market heats up, what's going to happen is there is still a shortage of housing. But now if there's more people willing to buy, it's going to exacerbate the thing and it's going to drive prices up, because that is going to be a natural condition, right?
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Steve
Yep. Pretty cool. But that's all we really want to talk about today, right?
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Kevin
No, because that would almost indicate that, you know, someone could be successful in real estate, which we are big believers in today. However, you know, we we talk on this podcast all the time about all the cool stuff that happens in real estate. We talk about the cool stuff that's happened for us to happen for our clients.
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Kevin
But what if we did a little story time today? What if we did a story time about some of the worst real estate investments that you and I've made and share with the audience some of our failures? You know, Napoleon Hill says that you know, something to the effect of inside of every failure is embedded the seed of a future success.
00;04;14;19 - 00;04;25;06
Kevin
But failure does happen in real estate, especially when you do the wrong things. Like, we've both done. And so let's have a story time. Let's talk about ways that we have failed in real estate.
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Steve
I couldn't wait for this podcast just so that I could like, you know, what's.
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Kevin
Been work therapy.
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Steve
What stories should I should I choose? Yeah. From the mini failures. And what's cool about this is every time we fail, we get to remember, right? And we get to remind not only ourselves, but our clients. Right? So the beautiful things that we get to learn from each other. And the more you try, the more failure is going to have, but the more you try and the more failures you have, the more successes that you have.
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Steve
You really can't have one without the other for the most part. But you.
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Kevin
Fail often.
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Steve
Right? Yeah, but but the nice thing and I'll just I'll just make this real quick plug. The nice thing about working with, you know, people who are experts, people have been doing it for a long time, is you get to avoid a lot many of those failures. It doesn't mean that, you know, your experience is going to be, you know, perfect, but sure.
00;05;15;05 - 00;05;32;00
Steve
But you get to avoid a lot of these things. So the story I'll share, Kev, you know, I thought about it for, for about, you know, point five seconds. I had one come to mind. And, you know, we talk a lot about game plans, right? Having a plan and executing the plan. Stay on track. Just do the plan.
00;05;32;03 - 00;05;34;07
Steve
Enjoy the plan and you'll win.
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Kevin
Yeah. Right.
00;05;34;26 - 00;05;53;17
Steve
Well, so I've been doing this for a long time. I've been executing my real estate plan for, you know, 18 years. And, you know, I started out flipping homes and so I wasn't hanging on to a lot of properties. And within a few years, I started hanging on to them as I realized that that's where real wealth was created.
00;05;53;19 - 00;06;18;16
Steve
And so, back in 2000, I think it was 2005 ish. I bought three, four plex is here in Utah. I had I took a commercial building that I had bought prior to that, and, I own it for a few years, and I decided to do a 1031 exchange into three four plex. So I bought these three four plex is for $240,000 each.
00;06;18;18 - 00;06;22;25
Steve
They're like in sequence, right. And all break, you know, just like.
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Kevin
You saw four plex in Utah County in 2005 for 240.
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Steve
Grand each. Yep. Yeah. So pretty cool, Yeah, yeah. And my plan was it was like, these are going to be a big part of my retirement. And I had owned them, you know, for about ten, 12 years. And I had something else come up where I needed to generate some cash, in order to do this thing, and I deviated.
00;06;53;23 - 00;07;12;01
Steve
I, I did one of the I, I so regret it. I'll tell you why. I sold two of my four plex's. And thankfully, you know, I had enough, you know, brain stem activity going on that I hung on to one of them. But I deviated from my plan. Sold two of them. Use the cash to go do something else.
00;07;12;01 - 00;07;22;25
Steve
That, of course, didn't work very well. And, I, you know, kind of one of those things, like, we call it, like, swinging for the fans, you know, kind of like, you know, something, whatever.
00;07;23;01 - 00;07;26;17
Kevin
Shiny objects and shiny objects. And as entrepreneurs. Yeah, yeah.
00;07;26;18 - 00;07;33;29
Steve
Like I was swinging for the fences. I thought I was like, I was like, I'm going to make so much money with this other thing. Yeah, that it won't matter.
00;07;34;01 - 00;07;38;11
Kevin
If I sell these properties. I'm going to get the capital that I need to go and crush it so hard.
00;07;38;17 - 00;07;54;06
Steve
I wasn't even here. I was like, I wouldn't even need my real estate retire because I have so much money. Yeah, that, you know, I won't need anything. I won't need a job, but I won't need real estate. I'll just like, I'll need, like, a big enough boat with a big enough safe to put all my cash in.
00;07;54;08 - 00;07;57;00
Kevin
You'll need enough servants to drive your feet.
00;07;57;01 - 00;08;23;20
Steve
That's a lot of those thing. A lot of those things, for sure. So, anyways, I deviated from my plan, Kev. And, you know, the the thing that I was doing it. Did, you know, it didn't work out the way that I thought? And here we are now about ten years later. So I've now owned this one, fourplex for an additional, eight years because I sold the other two and I owned them for about 12 years.
00;08;23;22 - 00;08;28;09
Steve
And do you know much? I sold those two four plexus for 12 years after I bought them.
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Kevin
So you bought them for 240, right?
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Steve
Sold them for about 330. Okay.
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Kevin
Okay. Hey, you made a profit.
00;08;34;20 - 00;08;59;06
Steve
Yeah. You know, almost, almost $100,000. You think that. Hey, that's pretty awesome, right? But do you know, much like, eight years later now, the one remaining fourplex that I have is worth almost $1 million. Almost $1 million. And Kev, like, I'm only a few years away from having it paid off. Yeah. And so this thing is a cash cow like it?
00;08;59;13 - 00;09;02;12
Steve
It cows cash flows like crazy.
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Kevin
Yeah.
00;09;03;14 - 00;09;25;07
Steve
And I'm super grateful that I still have it, but had I kept those other two properties and executed my plan in a couple of years, that all three of them would be paid off those three properties alone right now, generate $4,000 per building per month. So that would have been a $12,000 a month cash flow. Yeah.
00;09;25;09 - 00;09;44;25
Steve
To me might have, you know, a few expenses, that kind of thing, but pretty minimal. These things have very few expenses. They're just like, they're just they're kind of bulletproof. Yeah. And and so I think about then I think that deviation and like I've, I've shared this story with you before and I've, I've kicked myself over and over and over again, you know, for having done that.
00;09;44;25 - 00;10;06;03
Steve
Now, having said that, I know the individuals who did buy them and, the close friends of mine, actually. And so the silver lining is, you know, two of my good friends own those properties. And so we get to hang out once a month when we, you know, collect rent and that kind of a thing. And so is a, a massive opportunity for them.
00;10;06;03 - 00;10;35;03
Steve
And so from that standpoint worked out. But I deviated from that from my plan, a big part of my retirement plan way back in 2005 was to, you know, own these properties forever. I deviated from that. And, you know, it's been a really important lesson to me. And the cool thing is I've been able to translate and share that story with my own children when they've contemplated selling their investment properties in order to pay off student debt or whatever other thing that they have.
00;10;35;08 - 00;10;54;27
Steve
And I've been like, no, let me share a story with you. Here's why you want to stick to your plan. Like the properties that you have. They are gold. They will be gold times five. You know, when you're really ready to start creating cash flow from them. Yeah. And so I've been able to do that with my own child and of course, with our, with with our clients.
00;10;55;01 - 00;11;00;15
Steve
And hopefully lots of people hear the story. And, and I keep somebody from, you know, jumping off the ledge.
00;11;00;17 - 00;11;07;06
Kevin
You're like old man real estate. Like your kids have a question like, let me tell you about a time when I sold.
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Steve
My is that what I sound like now?
00;11;09;19 - 00;11;42;28
Kevin
And so really, I'm well, here's what I'm hearing. I'm hearing that the failure came there. I heard two big whatever, two, two categories of failure. One was deviating from the plan. Right? You had a plan. You said, I'm going to step away from the plan because I have shiny object syndrome. The second kind of goes along with that shiny object syndrome, which is you were trying to swing for the fences and and so my biggest failure also has to do with attempting to swing for the fences and missing royally.
00;11;43;00 - 00;12;04;20
Kevin
So I had a buddy of mine that was doing a bunch of real estate that came to me, gosh, this month, this was like 2009. Probably because it was after the crash. Right. So if you think about what happened during the the, you know, the great mortgage crisis, that mortgage crash and property values went tanking and there was like crazy foreclosures all over the place.
00;12;04;23 - 00;12;33;06
Kevin
These banks were going and repossessing large bunches of homes. And then they were trying to like, resell those to, you know, to to investors. Well, I had a buddy that had an in and he said, Kev, we can go and buy 20 homes scattered across the state that I'd never really been to 20 homes for $150,000, 20 single family residences.
00;12;33;07 - 00;12;33;25
Steve
That's crazy.
00;12;33;28 - 00;12;57;07
Kevin
For $150,000. So my mind was, that's impossible. There's no way we lose. There's no way we lose. There's no way. Because, oh, now look, one of the failures for me with this deal was swinging for the fences, thinking, oh my gosh, I could go do this deal. And like, what happens if over the next ten years, I can sell each of them for $150,000 or whatever, right?
00;12;57;07 - 00;13;19;05
Kevin
I'm ten exceed my money like I'm a millionaire from one real estate deal, right? What? Whatever it was that that was one big failure as I was swinging for the fences. The other big failure, that that led to the demise was I didn't do the thing that we have literally five layers of vetting that we do on our properties for our clients.
00;13;19;05 - 00;13;39;21
Kevin
Right. There's five layers of vetting these properties go through. I went through none I like literally this is this was what happened. But my buddy said, look at this. This is amazing. 20 properties, hundred and 50 K I go, oh, I'm a smart investor, man. So show me the addresses. So he shows me the addresses in some sort of a spreadsheet that says this is what they used to be worth before the crash.
00;13;39;24 - 00;13;55;18
Kevin
Here's what we can buy them for today. And it was literally like 50, 15 grand, home. Right. Like some where I had the highest were 15. I think there was one that was like 20 grand for the home. Some of them were 15. Some of them were like seven, eight grand. Right? It was like it was kind of scattered.
00;13;55;18 - 00;14;09;05
Kevin
And it was looking at I was looking at it like, oh, dude. Okay, so if the spreadsheet says that this is what they were worth and I could buy them for this, then, worst case scenario, I could turn around and sell them in a year or two years and at least make my money back. How do we lose on this?
00;14;09;11 - 00;14;26;06
Kevin
I didn't know what they're vetting. I didn't know what their due diligence. I didn't go I didn't, contact anybody on the ground to go and take a look at the properties. I didn't, I just took this this group that was packaging these Oreos and this this guy who I. I'd known that had done a bunch of real estate.
00;14;26;08 - 00;14;43;26
Kevin
I just took them at their word and thought, this ought to work wonderfully. So we send the wire, and now I own the homes. And now it's kind of like, oh, now what? Now here's another failure. There was no strategy. I had no strategy. The strategy was you could buy something cheap and I'm sure it'll work out. So I was chasing shiny object home run syndrome, right?
00;14;43;28 - 00;15;03;08
Kevin
I did not do any sort of due diligence or vetting whatsoever, and I did not have any sort of a plan of how I would create success from these things. Right. You know, one of the principles in our book, Micro Wins Civilians is you always start where you are right now. I didn't I was where I was, but I had no idea what to do next.
00;15;03;08 - 00;15;16;29
Kevin
There was no next steps that I had in my mind. I was only focused on the end goal. The whole concept of micro wins the millions. Everything that we put in the book is like the end goal is fine, you'll get there. But what you have to do is you kind of have to back out of that end goal.
00;15;16;29 - 00;15;36;29
Kevin
And, and, you know, Napoleon Hill talks about this too and think you grow rich. You have to put together, sort of specific defined steps of like, what's my next step and how was I going to lead to something? And I didn't do that at all. So homerun syndrome, I did not vet and I did not have any sort of clear path.
00;15;37;01 - 00;15;59;06
Kevin
Now what's interesting is today what we do at DFI is we create a game plan. We do multiple layers of vetting and our focus is not on hitting homers, it's on swinging for singles. And what's interesting is that $150,000 investment, that there's no way, dude, there was at least one property that wasn't even a real property. But I didn't vet it, right.
00;15;59;06 - 00;16;33;26
Kevin
I didn't know I didn't even get on Zillow to, like, look it up. I just took people at their word. I was trusting, right? And so that was so stupid of me. Of that $150,000 that we invested, I got nothing back. In fact, it got to the point where I just had to offload these things because I was starting to get, you know, stuff from cities or principalities, exclusions, but, but, violation violations, like, and, you know, there was this thing that I had to do in this, and I was like, Holy cow, I didn't even think about how much money was going to cost to fix this up, how much money
00;16;33;26 - 00;16;59;15
Kevin
it would cost to sort of, you know, pay the taxes. I literally thought through nothing. All I saw was money and potential money out, and I connected no dots. And so we ended up having to like, pay somebody to take these off our hands, like, just for them locally there to do something with it. Right. It's like, so I still lost money on the $150,000 that was going to make all this money.
00;16;59;15 - 00;17;13;10
Kevin
I still lost money, but was able to eventually just sort of eradicate the portfolio so I didn't have to worry about it. So, you know, what's interesting about this, Steve, is we look at kind of the story that you just shared and this and we have other stories that we could share, but those are just the basics.
00;17;13;11 - 00;17;20;24
Steve
I do have to say this can like hearing your story actually makes me feel better about about my story.
00;17;20;24 - 00;17;21;09
Kevin
Is still kind.
00;17;21;09 - 00;17;27;13
Steve
Of made, but I still kind of made almost $200,000. So yeah, I.
00;17;27;13 - 00;17;28;22
Kevin
I just, I missed it all. Yeah.
00;17;28;22 - 00;17;29;07
Steve
I'm sorry.
00;17;29;07 - 00;17;51;28
Kevin
Dude. Yeah. No it's, it, no it's it's great. It was I'll tell you what though. It was one of those things where when it was all said and done, the individual that had kind of got me into the deal. It took me. I will tell y'all full transparency. It took me a while to forgive that person, and I had to because it was just eating me up that I felt like I had been so mistreated.
00;17;51;28 - 00;18;16;08
Kevin
And so, you know, there was no liability borne by this guy. But we took it all and and man, it just it took me a long time to kind of get over that. But then once I got over it, I went, what a remarkable lesson. What an incredible lesson of what not to do. And sometimes the best way to learn something is to learn what not to do.
00;18;16;09 - 00;18;35;04
Kevin
You know, I think that I think about that with kids a lot. It's like I could tell my kids, hey, so I'll give you an example. Okay? This is not real estate related. This is human related. My daughter, who's 15, we we've kind of, you know, said, look, you know, you probably don't need a boyfriend. You're 15, you know, it's like.
00;18;35;07 - 00;18;43;01
Kevin
But she really wanted a boyfriend cause her other friends had a boyfriend. And so she kind of picked the first guy that was like, you know, interested, and, and she.
00;18;43;01 - 00;18;44;23
Steve
And so now that you need to go get one.
00;18;44;23 - 00;19;04;04
Kevin
Yeah, you should get one. Yeah. It's like a vending machine. It's very cool. Yeah. So she's is she, she's in this, you know, stupid little juvenile relationship with this guy. And he ends up being a total jerk, and she ends up being really hurt. And I told her afterwards I was like, you know, babe, I kind of warned you that this probably wasn't going to end well.
00;19;04;06 - 00;19;33;13
Kevin
However, you had to learn it yourself. And you know what's crazy is she is so much more aware and emotionally intelligent. Now when she looks at the potential of relationships in the future, and she would not have had that experience had she not experienced the failure and not experienced the negative. I don't know why it is that as humans, we are so thick headed that when somebody comes to us and says, I've been there, I've done that, I've had this failure, I've had this success.
00;19;33;19 - 00;19;56;28
Kevin
Here are the steps to avoid failure and to create success. We still, as humans look at that and go, nah, I think that's only applicable to you and not to me. And we go in an entirely different direction. And my hope is that, you know, when, when if you guys are listening to this, my hope is that I know that we are all chasing some aspect of real estate wealth, and I know it is so attractive when a good deal comes along.
00;19;57;01 - 00;20;01;24
Kevin
This is why Steve, we don't even talk about good deals at DFI Real Estate, right? What do we call them?
00;20;01;26 - 00;20;02;29
Steve
Purchase worthy properties.
00;20;02;29 - 00;20;25;27
Kevin
Purchase worthy properties because even the nomenclature of good deal makes us go, oh, well, let me evaluate this in a totally, illogical way. Let me be completely emotional. One of the things you talk about in the book, too, is like different types of investors. The emotional investor will either invest or refuse to invest purely based out of emotion, and not from a logical standpoint at all.
00;20;25;27 - 00;20;55;25
Kevin
You know, it's funny. We are guided by emotion and logic, but when we totally shut off logic and we only focus on emotion, we largely will make bad decisions. There has to be a balance of the two. When I look at what you know, there's I don't know how you feel about your four plexus. Mike. I don't know if you feel like emotion was more the deciding factor or if you logically went, okay, if I sell these and take this capital and put it here, it's going to ten x, I can tell you for me it was 100% emotional.
00;20;55;25 - 00;21;04;29
Kevin
I was like, oh, I'm going to own 20 homes. That's so cool. I'm so amazing. It was a pure emotional buy. That was a pure emotional and financial fail.
00;21;05;06 - 00;21;30;27
Steve
Yeah. No. You know, as I think back, look back on that particular you know, example, I think it was pretty similar. Like it was kind of a 100% emotional scenario because from a logical standpoint, like I would I had this set, I had this plan, I'd made the decision. And when I deviated from that, like all logic was thrown out the window.
00;21;30;27 - 00;21;56;11
Steve
That's what was required in order to make this, this decision. And so I think you're right. And so, you know, one other element to, you know, working with someone to help you with execute your plan is that, you know, you get to go back to somebody and run your ideas past them. And because I think of that to myself as like, I didn't talk to anybody.
00;21;56;11 - 00;22;04;23
Steve
Yeah. If I would have just talked to one person around here, if I would have sat down with you or with anybody who was around at the time, you would have looked at me and been like.
00;22;04;26 - 00;22;07;21
Kevin
Really? Yeah. Like. And you would have done the same for me.
00;22;07;24 - 00;22;30;21
Steve
Yeah. No. Exactly. And so. So what, what that is one of the ways that, that, you know, you can stay on track. It's one of the ways that you can, you know, make better decisions is to have, you know, your personal coach or, your inner circle of individuals who you go to when you're looking at making kind of important, decisions, whether they're financial or otherwise.
00;22;30;21 - 00;22;47;29
Steve
Right? Yeah. To go and bounce those ideas off. And as you do that, sometimes that logic comes back and you, you know, you think about it a second time and who knows, maybe I would have made the same decision again. Maybe I would have said, Kev, you're crazy. Yeah, because I'm going to the moon, baby.
00;22;47;29 - 00;22;49;11
Kevin
You're here. Yeah.
00;22;49;13 - 00;23;07;29
Steve
And, and that's just, you know, that's that happens as well, you know, sometimes. So I think one of the important things is that, you know, you don't dwell on that failure. You don't beat yourself up over it like what you did is you, you know, as quickly as you were able you, you know, you reconciled the situation and moved forward and it's like never resolved.
00;23;07;29 - 00;23;30;04
Steve
That's our opportunity again. Yeah. It's it's it's our opportunities to let that and and so that that's also, I suppose one of the other lessons that we can just take away from this particular podcast is that, you know what? It real estate, there's always another opportunity. And, and in real estate, you know, it's about time. So if you still have time, you can still, you know, you can recover.
00;23;30;04 - 00;23;52;00
Steve
It may take years. Yeah. And it may derail you. You know, to a large extent, you're I look at my scenario like that's a significant amount that that, you know, I've, I've had to overcome. But I've done some things in order to like, mitigate that. Yeah. And such a critical, you know, lesson that I've been able to impart to, you know, probably hundreds of other people.
00;23;52;03 - 00;23;53;26
Steve
And, and hopefully it's benefited them.
00;23;53;29 - 00;24;13;05
Kevin
Well, and it brings up to the thought of opportunity cost. And I think that a lot of times we talk about opportunity cost in terms of if I don't go and do this thing right, there's a cost to inaction. Sometimes there's also a cost to action, right? There's a literal cost to taking an opportunity, and there's other times when it is a massive cost to not take an opportunity.
00;24;13;05 - 00;24;31;01
Kevin
And that comes back to what you just shared. This is my third Napoleon Hill Namedrop can you tell what book I'm reengaging as of recent? Love it. I'm going through thinking grow Rich again, which is such a great book, such so so I've got Napoleon Hill's ideas in my brain every morning when I'm at the gym. You know, he talks about the principle of mastermind.
00;24;31;02 - 00;24;36;11
Steve
So this is Napoleon Hill, not Napoleon Dynamite, right? Okay. Yeah, I do want to.
00;24;36;11 - 00;24;37;10
Kevin
Make sure that they are a little.
00;24;37;11 - 00;24;39;23
Steve
Because I know that they're both heroes to.
00;24;39;24 - 00;25;02;24
Kevin
Yeah, they're both heroes to me. And they are both filled with wisdom. Yes. Yeah. I didn't see evidence. So Hill got the guy, I think a great guy. Not the vote for Pedro guy. So, he talks about the principle of mastermind and the idea that a real like, there's a lot of people that sell the idea of a mastermind that's not really mastermind is just kind of like a high ticket, like experience to go and be around people.
00;25;03;00 - 00;25;33;04
Kevin
The real idea of a mastermind is actually getting together with people and allowing your ideas to kind of grow into mega ideas. Right. And so you and I, like we get to mastermind together all of the time, right? Two heads are better than one. You've kind of heard that phrase, and, I was talking to Adam, York this morning, who's our amazing coach here at DFI, and, he's speaking at a at a local real estate investors thing tonight, and, one of the things he's going to be talking about, he loves this book called The Road Less Stupid.
00;25;33;04 - 00;26;05;08
Kevin
I've not read it yet. It's on my list. But he said that, you know, he's done these really emotional things where he's trying to go and grab just a bunch of assets, and he's had massive heartache as a result and is kind of re, you know, reconfigured the way that he's approaching this real estate portfolio and one of the things he's going to share tonight is that you have to have people that can help you make the right kinds of decisions, because you, as an independent actor, are likely going to fall too hard on logic, too hard on emotion, too hard on fear.
00;26;05;14 - 00;26;21;20
Kevin
And you may not always make the right decision. And so having somebody that you can consult with, that you can talk to, that you can bounce ideas off of, is massive. I didn't have that really when I went through my failure, you were kind of, you know, a lone actor as you went through the failure that you described today.
00;26;21;25 - 00;26;45;07
Kevin
We've can I think that we've fixed that in a lot of ways, both as we work together and we hope here at Dunphy Real Estate that if anybody, whether you are doing real estate with us or not, if you're just considering real estate, that's why we do these game plan calls. That's why we do the intensives. That's why we try to make ourselves accessible, because you have to have somebody to bounce ideas off of to help you ultimately determine, am I choosing the right path?
00;26;45;07 - 00;27;10;07
Kevin
Right. Don't do what I did. Don't don't, avoid vetting. Don't don't do due diligence. You know, don't not do due diligence. Don't swing for the fences. Don't do what Steve did where he had, you know, swing for the fences mentality and maybe was emotional in the approach. We want you guys to take a a a logic. But also a logic based approach that does have a good degree of excitement about the things that you're doing.
00;27;10;14 - 00;27;21;29
Kevin
Right. It can't just be numbers. There's got to be, some more to it than that. And and that's really what we're here to provide is to kind of counsel with you and, and help however we can. Anything else you want to share before we conclude, though.
00;27;21;29 - 00;27;23;19
Steve
I think we I think we hit that pretty.
00;27;23;19 - 00;27;47;03
Kevin
Good. Awesome, cool. All right, everybody, hope that was fun. If you like it, you know, go, go review the podcast and tell us that you want more stories of how Steve and I suck. Because we'd love. I've got a lot of so many, so. All right, everybody take so much. We'll talk to you real soon. And.