How Wyatt Simon Turned a $200K Line of Credit Into a $20M Real Estate Empire

[0:00] This is the Wealthy Investor Show, where we don’t just talk about your wealth, we also talk about your holistic health. I’m your host, Matias. And I’m Erica. And this is the Wealthy Investor.

[0:14] Well, hello, everyone. It’s just Matias today. I wanted to talk a little bit today about, I’ve been rereading books and trying to help my own book writing process. And there’s certain books that are just fundamental to most people’s journeys when they get into real estate investing or just kind of in the world of business in general. And one of them that comes up over and over again is Robert Kiyosaki’s Rich Dad, Poor Dad. If you haven’t read that book, definitely check it out. It’s just kind of a key fundamental shift in the way of thinking about your income, about how you sustain yourself financially. So that’s a really, really good book. I had not read before The Cash Flow Quadrant, also by Robert Kiyosaki, and I’m finishing that one now.

[1:10] And that one really kind of gets to a certain core aspects of part of what my book is going to be about. And that is moving the way you earn money. So there’s a cash flow quadrant, which is you’re either an employee, you are self-employed, you’re a business owner, or you are an investor. And so on the left side of the quadrant is the employee and self-employed, and on the right side is the business owner and investor. And so his argument is that if you really want to have freedom in life and to enjoy your time more, that’s really the fundamental thing that drives me is the freedom of time. And moving more into the business and the investor side of the quadrants is where you can really start seeing changes in that.

[2:06] You’re not working for somebody else, you’re not, yeah, you’re not, you can use other people or you own systems that other people run for you, or you are having your money work for you and the investing side. So with my book, the, well, we don’t have a title yet, I’m going to hold off on that. But I’m really teaching agents who are obviously self-employed, they’re on the left side of the quadrant, to start looking at getting elements of their own business into the business category. So that could be hiring people, that could be implementing systems that you have other people help you run, and also investing in real estate. Because I think there’s a lot of people that don’t fully understand the power of investing in real estate as a realtor.

[2:58] Obviously, you are very intimate with your local market, you maybe come across opportunities that other people don’t. But just having that extra knowledge is key. But then on top of it is you’re a real estate professional as a realtor, and there are extra tax benefits to that. So buying real estate as people that are not real estate professionals and understand the power of being a real estate professional in the investing world, drool over that opportunity. And I think it’s a shame that most people don’t understand that. But that’s a bit of a topic for another day. So we got into this conversation a little bit with Wyatt Simon. Wyatt Simon is a guest today. He’s awesome. He just hustled and worked his way up to a large portfolio.

[3:44] Now he’s helping other people do the same. But we just kind of got into a little bit about the system building that you need. He developed his own property management company to manage his properties instead of having a property manager do it for him. I’m not saying there’s a right way and a wrong way there. But I think the thing that we want to focus more on is just building up the systems that you can then delegate. And so if you are a realtor, there are things that you do every day that you don’t necessarily have to. If you do everything yourself, you could focus on things that are more income producing or more important for you to take care of and delegate some of the things that are not.

[4:21] So I’ve seen other people, I’ve seen other agents do a lot of different things to accomplish this. This could be that they have other people running signs, lockbox, flyers out for them. I’ve seen, I’ve heard of people having somebody in their inbox helping answering emails. You got to be careful, of course. You want to make sure that people are trained well and that you have it clear what are things that you need to get involved with and not. If it’s just scheduling things, it might be helpful to have somebody else help. Or a transaction coordinator is another idea where once you get a house under contract, they would help facilitate setting up the home inspection, getting the contracts to the right places, making sure insurance is set up, making sure utilities are set up, helping them schedule movers.

[5:09] All that kind of stuff can be what a transaction coordinator can do. And if you have some of those details taken care of for you or aided, they’re aiding you in, you might be able to focus more on other aspects. Some other things you could do is have people take care of some of the marketing for you. If it wears on you to post things onto Facebook, you could have somebody else do that. You could have somebody else help you write content for a blog, have them help you write content for flyers or postcards to do direct mail. Somebody could help you door knock on a community that you are looking to farm. But all these things are basically thinking bigger, growing so that one day you can really step back more.

[5:59] And I think that’s where people often get burned out in real estate sales. I think if they do everything themselves, they can get burned out. It can be hard if you don’t, especially if you don’t have a great company you work with, with friends and colleagues that are willing to jump in and help you when you are on vacation. I mean, we can’t even get a sick day. What are you going to do if you have nobody to help you and you are deathly ill and somebody needs to see a house that’s going to go under contract in 24 hours? And what do you do? So that’s why I think it’s just really important to step back and look at the big picture and look at where you can go to systemize your business, your sales business.

[6:41] And I would argue your real estate investing business as well. Because if you have some of that fundamental, like you might be nervous about hiring an employee. You don’t have to start with a full-time employee. Don’t make that mistake. Hire them hourly. Find somebody that is willing to work hourly. A lot of this work can be done in any time. It doesn’t have to be a nine to five kind of thing. They could do it in the evenings. So start with hiring somebody hourly. And it’s really not that big of a commitment. But if you have the fear, if you have the scarcity mindset that you are going to lose, you’re not going to have enough money to sustain yourself by hiring somebody else, or maybe they’re going to steal your business if you do that.

[7:19] I think it helps to have your basic needs met through investing. So if you were to have your mortgage covered by renters paying for other houses, cash flowing enough to cover your mortgage, that could be one goal you set. Or you could look at insurance. It’s such a big deal for realtors. Have a goal to cover your insurance costs. So you don’t have to worry about that. And of course, what often happens is that you never touch the money. They never touch the cash flow that’s coming in. But you may find yourself in an amazing position in the future that your houses have now grown in value a ton. And you could use that capital for something else. But I think having a strong, more routine income, a more regular income through investing can help you have the courage, have the confidence, have the security to really step out and grow your sales business as well in a way that will just allow you to hire, trust other people, and have a little bit more time so that you can be in the business for the long haul.

[8:26] Especially right now. Right now is hard for a lot of people. There is so much uncertainty out there. And I think focusing in on being the best agent you can be, serving your clients the best you can, giving them as much value as you can, which sometimes does mean having other people help. You may not have the capacity, if you are a busy agent, to do everything. And you might have better service to your clients if you have somebody like a transaction coordinator overseeing things. You just got to analyze that for yourself. But anyway, that’s all you can do now is be the best, provide the most value, make yourself invaluable to your clients with the uncertainty right now. That’s really all you can do.

[9:07] And just keep going. Because right now, there’s going to be a lot of people getting out of the business. There’s going to be people that got in when things were great in the pandemic in 2021. Who knew we needed a pandemic to really get the real estate market moving? But it was very easy to come in and make money. I mean, yeah, it still takes skill, takes dedication, all that stuff. But it was relatively easy. If you don’t have a huge book of business built up, a huge clientele, a huge database, a huge sphere, you may not have as much business now. And then with all these changes, it becomes really difficult to stick with it. And so that’s my mission, is to help people understand that it’s a long-term game.

[9:51] Other people are going to be dropping off. This is where money is made. This is where big businesses are made. It is not in the good times. It’s in the hard times, where if you double down, if you really invest in your business, you are going to have a much bigger business. Because there’s going to be a lot of people getting out, and there’s still people in their sphere who are going to need agents. And if you have invested the time, you should see the fruits of that labor. The same is when there’s a downturn in the economy for housing. The people that are too fearful to continue, they don’t invest in more real estate. But that’s where the money is made. That’s where, when there is deals on the table, because everything is, everybody’s depressed.

[10:34] It’s a depression. Everybody’s scared. That’s when you make the money. That’s when you buy the good deals. And so this is the time now. We’re not in a depression. I’m not saying that. I’m just saying there’s fear and uncertainty in the sales business. And this is the time that if you invest in it, it will pay for itself in the long run. And it’s in the hard times that you will separate yourself from the others. And so take the time now to double down on your personal business. Provide your clients the best service you possibly can. And you should definitely see the fruits of that labor. So all that being said, we have an amazing guest, Wyatt Simon. Wyatt is a published author. Well, the book’s coming out in October.

[11:20] And he is a coach. He helps people learn how to invest. He turned a $200,000 line of credit into a $20 million portfolio. And he is excited to teach you how to do the same.

[11:39] Thanks for joining us, Wyatt. Tell me a little bit about yourself, what you’re currently doing. What’s your real estate world look like? Man, well, I’m probably best known as the kid that took a $200,000 line of credit and turned it into a $20 million portfolio. I do have business partners. So I own about 40% of that portfolio. And I did that in my 20s. At this point now, I have about 180 units that we own and manage. I’m vertically integrated with five full-time employees underneath that that run the portfolio. Right now, we have an off-market acquisition company. So we’ve bought 21 deals in 2024 here off-market. And then I also coach and help other investors invest better. And so that’s where I’m at.

[12:29] That’s me. Yeah, that’s awesome. I mean, good for you for giving back. I mean, there’s a lot of people that have that analysis paralysis. And there’s only so many books you can read without actually taking action. And I think that often it takes somebody with an extra step, like an extra coaching kind of process to really push you over the edge and really see movement. Lots to unpack there. Where should we get into first? So tell me a little bit about that $200,000 credit and kind of how you got it and how you used it. Yeah, well, it all started when I read Rich Dad, Poor Dad, right? As I’m sure, hopefully, a lot of people listening has read that. It basically gave me the concept of assets can work for you while you sleep so that you don’t have to work for money all the time, trading your time for money.

[13:18] And so when I got that foundational concept, I said, okay, how do I buy these assets to then work for me? Because I’m a broke 20-year-old. Like, how am I supposed to buy these assets? So the first thing that I did was I looked at, okay, how can I eliminate my expenses? Well, I got a duplex and I house hacked. So I lived in one side and I rented out the other. I even put another bedroom in my side. And so I was actually living not only for free, but I was making $200 a month just living. And so that reduced my $1,000 a month rental payment that I had and made it to a plus 200, which helped me save more money to then buy these assets. And so then the next thing that I did was I said, okay, cool.

[14:01] Well, I got the duplex. I got it with an FHA loan, first-time homebuyer loan, right? So I put 3.5% down. I didn’t have much money, but I had 3.5%. And so then I was able to buy that and do that, which was great. That was step one. Step two was like, okay, how do I buy these other assets when I still don’t have money? And that was when I came across the BRRRR strategy, which stands for buy, renovate, rent, refinance, repeat. And so there’s a book on it by David Green. I’d recommend going and reading that. But essentially that strategy, why it’s so powerful is it allows you to buy an asset and then improve it and then get all of your capital back and keep it. And the reason why that’s important is because I didn’t have capital.

[14:47] And so I found there was a way to borrow the capital, buy the asset, improve the value, get my capital back, and then give it back to the person I borrowed it from. And that was the foundational thing. I was like, oh, my gosh, now I can just pick up these assets again and again and again. So here we are. I’ve done the BRRRR 56 times on single family, on multifamily, and on office. And so it’s just a great strategy. That’s so cool. I mean, I remember just like, I was like, oh, my gosh, this is a magic trick. Like, how is this possible? The first time, the first time I did it as well. And it is unlocking so much. I think that it sounds like you kind of jump started a little bit faster than I did.

[15:32] I was using line of credits to fund everything, buying it all in cash and refinancing, where I could have probably gotten going a little bit faster the way that you’re talking about. So were you using hard money loans to finance the whole thing at the start? And then after six months of seasoning, you would refinance out? Is that correct? Great question. So I was fortunate. So I didn’t have a bunch of money. I didn’t come from a bunch of money. But my parents, my mom was 41 when she had me. So my parents were older. And so they had their house paid off in cash. And I said, Mom and Dad, would you let me try to do this BRRRR strategy, take a home equity line of credit on your house, and then let me use it?

[16:13] And they said, absolutely not. And so it was actually after nine months of me first off buying my own duplex and then educating myself, going to meetups and continuing to talk with them and educate them on this process, that they finally said, OK, we’ll try it. And so the first one, we set up a 200K line of credit. We bought the house in cash. We then improved it. And I renovated the whole thing myself after work with a buddy. And like, dude, I wasn’t handy. Like, I didn’t know how to do any of that. But my buddy knew how to do it. He grew up on a farm. So him and I, after work, we would just go work on the house. And I just, you know, I told him I’ll pay you 25 bucks an hour. And I’ll just do whatever you tell me to do.

[16:59] And long story short, we got it done in six months. And then I refinanced it back and gave them their money. And it all worked out. It worked out great. And so that was proof of concept. And then from there, it was like, OK, how do I continue to scale this? And eventually, you know, the next house was terrible, to be honest with you. It took me 11 months to do. I was nine months over budget. I got red tagged by the city. I was forced to use contractors instead of doing the work myself because the city came in and flagged me and said, where’s your permit? And I didn’t even know what a permit was. And so, like, it was just it was a terrible experience. But it was it forced me to then not do the work myself.

[17:41] And so then I had to find licensed contractors to do the work. And that allowed me to then start to move up the leverage scale and say, OK, well, now if I can have other people do the work, well, now I can do four of these at once, not just one of these at once. And eventually was able to take that line of credit instead of buying a house in cash, buy it with 20 percent down and finance the rest of it and then do the improvements. And that allowed me to do four projects at once. And then after that, I found banks that would do things with no seasoning period. And so, you know, fast forward four years into my career, when we had an off market acquisition system, we were buying 20 plus deals a year.

[18:21] We were able to do burrs in two weeks. And that really allows us to ramp. And that’s, yeah. Wow, that’s crazy. Would these be pretty light projects for a two week turnaround? Or I mean, what’s that look like? I mean, that’s really fast. Yeah, some of them were light projects. I mean, we were able to buy deeply discounted deals. And when you’re buying a deeply discounted deal, sometimes you don’t even need to do rehab on it. You can just buy it and then refinance it or just do some light paint and flooring and then refinance it with a tenant in there. OK. Yeah, that’s that’s amazing. So, I mean, you I think like a lot of people would have hit that hurdle and quit with the city coming after that.

[19:03] But taking way longer, the stress of using other people’s money, your parents money and all that could have really I mean, that those are some hurdles that I think some people would have quit over. So good for you for for pushing through and taking that as a way to learn. I mean, you already learned, you know, other people’s money. You got that one right away. And then and then using other people to leverage your time, really. I mean, because like, yeah, like you said, you can’t really scale if you’re a don’t know what you’re doing and be like, yeah, it’s going to take you longer. It’s going to be a lot harder. They’re doing a better job, probably. And taking on four instead of one is obviously more profitable as well.

[19:44] Yeah, well, I appreciate that. And like the whole reason this all started is because, dude, I had a job that I hated. Like, I just remember sitting. I wore a full I in college. I interned at a at a publishing company where I sold ads to farmers and I had to wear a full suit and tie every single day and drive 45 minutes into work and sit in a desk where it was just rows of desks, open desks, no cubicles. Manager sat at the back and just watched everything you did like a hawk. And like all we did was talk on the phone to farmers. And we had to like it was like out of the 40s or 60s for dress code. And there was one day and I just remember sitting there and I hated just sitting in a desk. I felt like my body was just decaying.

[20:28] I was a college athlete. You know, it’s just I felt like, you know, everything was just stiffening up and it was awful. I felt like I was wasting my time away. And then what really pushed it over the edge for me was I one day I came into work and my manager taps me on the shoulder about an hour into, you know, talking to farmers on the phone and says, I need to speak with you. And so I go back to the office and she’s she goes, where’s your belt? I just look down like, oh, I’m so sorry. I forgot my belt today. And she goes, well, you need to fix this. And I’m just like, well, I was I was it takes me 45 minutes to get there, you know, and back. And I’m just like, well, it’s you know, by the time I would get back, I would already be off because I worked four hours a day, four hours twice a week while in college, while being a professional or while being a college athlete.

[21:17] And so anyways, she’s just like, well, you’re gonna need to figure it out. And so I was just like, all right, I’m so over corporate, like, it is so awful. And so anyways, I just knew I did not want to be at a desk job or in corporate the rest of my life having people tell me what to do. Well, and if you don’t mind me asking, did you find that as a similar kind of feeling? Did you kind of have that like, you know, not wanting people to tell you what to do? Not not. What’s the point of this kind of mentality in school, like in high school and before that as well? Or was that is that kind of a new thing in the corporate life? Yeah, I think my, my father did not have a sense of liking authority.

[21:58] We’ll just say that. So yeah, I don’t think it was, I think it was a bit of nature and a bit of nurture. I mean, I was always the kid, my business partner thinks I’m crazy. And, but I was always the kid in school where I had a 23 minute drive to school. And so I would try to get all of my homework done while the teacher was talking in class so that I could go play video games when I got home. And if I didn’t get it done while she was here, she was talking, then I would do it in the car while my mom would drive me home, you know, and I’m talking in elementary and in middle school and in some of high school until I could drive. But I would just normally get all of my homework done in the car. So that way, by the time I got home, it was like, cool, I can play video games and relax.

[22:41] I can do what I want. Yeah, no, I definitely can, can relate to that. I had a corporate job and just in school, just kind of like, if there, if it felt like I was just doing busy work, just really drove me crazy. Like, what’s the point of this? It’s not really even teaching me anything. And so it kind of translates into wanting to have that freedom in your, you know, income. And yeah, lends yourself well to the real estate world. All right. So moving on past that, what got you to start hiring? When did you start getting other people involved? Well, so in 2021, I did the hardest thing that I’ve ever done in my life. And I left my cushy W2 job, which I was in sales for a foundation company, making very good money.

[23:29] I climbed up to the top. It was, you know, I was, I was, I did very well at my job on top of building my rental portfolio. But it was at the end of 2021 where I, I left my corporate W2 job and I started a property management company. And so why did I do that? Well, it’s because I started buying multifamily in 21. I did three deals in 2021, just me and a buddy. And we bought them right. We financed them right. But the property manager sucked. And so we fired the first property manager. We hired a second one and we screened them. You know, we looked at for the best one in town. We hired the second one. Well, the second one still wasn’t performing. Like there was just obvious, blatant, you know, not great management.

[24:13] And so then it was like, okay, well, I’m going to take responsibility for this, right? It’s my money and it’s my buddy’s money. And so if anybody’s going to do it, I’ll do it. And so I started a property management company, which was the hardest thing I’d ever done in my life because I didn’t have the skill sets of a business owner. I had the skill set of a salesman, right? And a technician. So I don’t know if you’ve ever read Michael Gerber’s E-Myth, but he talks about how in every business there’s the technician that does the work. There’s the manager that manages the people that do the work. And there’s the entrepreneur that sets up the business. And so I’m very much an entrepreneur and I can be a technician in the things that I’m good at, right?

[24:58] Where I’m not, where I was not good at, where I’m still not, like it is not my strength is being a manager. And so to answer your question in 21, that’s when I started hiring. That’s when I hired my first employee, which was a virtual assistant from the Philippines. And him and I started managing 76 units at the time. Eventually we started hiring on more people. And as we grew, we had to hire on more people. But I failed so much in that company. It was the hardest thing. It is so not a profitable thing. If you’re thinking of starting a management company, don’t. It’s awful. But I would only do it if you’re going to vertically integrate and grow a big portfolio. Because the operations are 80% of real estate.

[25:41] Were you all just managing your own properties? Or did you accept other people’s properties as well? Yeah, it’s all my own properties. Yeah. Or properties that I have ownership interest in. So that $20 million portfolio, it’s just that right there. Yeah. Okay. Yeah, that’s great. It is a hard thing. And sometimes, especially if you’re not, if you’re just doing it yourself, managing your own properties like I am, and you get calls about things, problems, it’s just annoying.

[26:15] But I can see the learning curve of that being pretty big. So were you, like you built up systems, I’m imagining then, that then you have the employees start running, and you’re just kind of in the creation process, but not as much in the day-to-day? Is that accurate? Exactly right. Yeah. And at first, I didn’t have, basically, it starts with people. So you got to get people, good people. I didn’t have that at first. Like, my first maintenance tech, like, stole our company car, like, and was stealing from us, and wouldn’t return it. I had to call the cops on them. Like, he sent a guy on a Harley to my door to, like, that he was subcontracting out, that he didn’t pay. Like, just crazy stuff. And anyways, it was just, like, I passed, like, full disclosure, I passed out four times from stress.

[27:05] Like, this is supposed to be the wealthy investor, the healthy investor, right? Like, dude, it was awful. But to answer your question, so it started with the right people. Once I got the right people involved, then I could set up the right processes and systems. And so at this point, I’m really only involved in hiring and a weekly meeting. But our team runs the rest of the business. And we actually just onboarded a person today. And I just, I cast the vision and turned things over to our director. And he’s doing all the training. So it’s a lot different today than it was three years ago. So did you have the problem that, like, that’s very common for people that are kind of, do it all yourself people.

[27:46] I guess you came from, you had property management. So you weren’t necessarily letting go of the reins of what you’d been doing. But did you have problems letting other people take over? Or was that not an issue for you? I, no, I didn’t. And honestly, I was too much of a trusting person. So I would say like, hey, here’s what I expect. And then just let the reins loose. And then what we had happen was we had the wrong people without accountability. And we had a lot of issues. And, you know, and that I had to answer to because it was me and people that I had raised money for. Right. And so it was all stem to me. And so I had to set up those systems still. And that’s why it was so stressful. It was because I, yeah, didn’t have a problem with it, but also didn’t have a good system slash accountability with it.

[28:34] Okay. Did you read any good books or go through any courses or anything along the way that that helped you create those? I know you mentioned E-Myth. Any other resources there? Yeah. I mean, E-Myth is good. Traction is what we run things on. So the EOS process by Gina Wickman. We run everything based off traction, which adds a lot of accountability to people. So those would be two great resources if you’re just in business. In general. Yeah. If you’re specifically looking for property management, Logan Rankin is like just unreal. The dude has 5,000 units. He’s in his lower 30s and he built it all himself. Has 100% ownership. And so he’s got a lot of free content on YouTube and stuff that you can take for processes for property management specifically.

[29:27] I love it. I mean, these are all really good lessons, I think. Like, you know, talking to people that are starting their real estate business and wanting to invest as well. I mean, there’s a lot of things you can pull out of this. So, I mean, not only in buying your properties and then having systems in place to run them, but also in your sales business. I mean, I think that if you are wanting to get a little bit out of the day-to-day, like hire a transaction coordinator, all that kind of stuff. There is a lot of ways you can build up a business and take yourself out of every single detail of the day-to-day work. And learning how to do this is really what liberates you. I mean, so I would say it wasn’t always easy for you, but I would imagine at this stage, you’re thankful that you have these systems and people in place to give yourself more freedom.

[30:16] I mean, I’ll let you answer that. Yeah. I mean, it’s definitely more freeing. You know, I’m still, I would love to be at, you know, a thousand units and have more, you know, people in place. Right. So I’m still, I’m still there, but, but it’s definitely less than it was. Right. And so I think at every level, you’re always kind of growing and putting in more systems. And the crazy part is once you put in the system, as you grow, that system breaks and then you got to redo the system to, to, uh, to fit it. So, um, yeah, business and entrepreneurship is just a constant evolution, but, and it’s not for everyone either. Like in all reality, like, uh, yeah, that’s true. I, I, I, you know, I’ve in the book writing process, I kind of went, wanted to go back to some of the foundational, like the, the things that people always love, which, uh, you know, Robert Kisaki, rich dad, poor dad, but also the, the cashflow quadrant.

[31:08] And I think talking about moving from that, from the left side to the right side of, of being like an employee or self-employed, uh, versus business or investor. Um, and that’s, I mean, that’s the shift we’re talking about, uh, really. I mean, so you’re right, it’s not for everybody. Um, but there are definitely some advantages to, to setting things up and taking the extra time to, I mean, it’s going to take extra work. To get you to that point, but you’re, you know, doing so can really liberate you. And, and, and a lot of the pain that people have in sales, um, or investing is having to do everything themselves. And so like building this, the systems up and putting it in place can really help you go take a vacation and not worry about an HVAC going out, go take a vacation, not worry about a contract falling apart or whatever it is.

[31:53] Um, so yeah, I mean, kudos for you for doing it and then also offering people advice, um, on, on how to do it. Speaking of which you have a book that you published, right? I sure do. Yes. So I am pumped. I put all of the research, the podcasts. I mean, all I listened to bigger pockets, all of the episodes up to like 400 twice, you know, was just while I was rehabbing properties and whatnot. But basically all the research that I’ve done and all the education and put it into like, okay, if I was starting from square zero, what would, what would, why it would have wanted and needed to just ramp up way quicker than I did and make so many less mistakes. Sure. And so what I did is I put it into a book and it’s called your first 100 units and it’s the real estate investors playbook for scaling a rental portfolio.

[32:43] It is coming out on my birthday, October 17th, 24 this year. Um, and I broke it up into three sections. The first one is if you don’t know anything, it’s how to get started. So it’s how to buy real estate with all the different strategies and the markets will change. So you’re going to want to know the strategy so you can take advantage of whatever market you’re in. Um, the second one is the systems, exactly what we were just talking about. So it’s how do you go from buying property to systemizing a portfolio so you don’t have to spend your time calling HVAC guys, as you said. Yeah. Um, and then the last one is scale. So if you do want to really scale and ramp, you can’t scale until you got systems.

[33:23] And then once you’ve got systems, you can start to scale how to use other people’s money and how to syndicate, um, how to buy bigger deals and leverage. Relationships. So, yeah. Uh, that’s super exciting. Yeah. That’s really exciting. So is that going to be available? Where would be a good place for people to find that then? Amazon. Do you have a website? It’ll be on Amazon. It’s, it’s almost less than a cup of coffee at this point. It’s 20 bucks. Starbucks is probably like 14 bucks for a Mocha at this point. So, yeah, it’s, uh, if you want to spend three weeks of my life with me in a book and download all the knowledge, it’s cost you $19.97.

[34:02] That’s awesome. Definitely. I’m looking forward to when that comes out. Um, and, and so the third part, let’s get into that a little bit. So like scaling and with other people’s money. Um, so syndications, can you explain to people who may not understand what that is, uh, uh, like what that is and how it works and the benefits of it? Absolutely. So when you get into larger assets, such as multifamily, um, it takes more money. And when it takes more money, uh, you may not have all of the money to buy that asset. Right. And so then it’s like, okay, if you get a good deal, what do you do? Do you just let it go? Or do you find a way to raise money to then buy that deal? And so syndications is a tool and a way to partner with people, um, by raising capital from passive investors to then buy the asset so that you can still take advantage of the good deal and share it with your passive investors and then complete the deal.

[35:00] Um, and, and that, and that often looks like, uh, kind of similar to the Burr process, right? I mean, or a flip where the property is a good deal because it’s, uh, not being operated properly or it’s in bad condition, often both. And so you’re basically wanting to turn around and make that, let’s say apartment complex more profitable, uh, by cleaning up the systems, by cleaning up the units or whatever, rehabbing them and then turning around and refinancing the money, investors’ money’s out, um, uh, all the money that’s invested out and returning the money to people, um, or, or selling it and getting the, the realizing the profits that way. Um, but along the way, the investors would also be, uh, earning some sort of return on their investment, right?

[35:47] Yeah, absolutely. There’s a lot of different ways that you can, you can structure syndications. Um, but one of the main ways that we do it is exactly what you just said, which is the value add strategy. Um, because it’s really hard to find a good deal. That’s just buy and hold. That means you just got to buy it really deep and the larger you get, the more sophisticated you get of people that you’re working with, which means they’re probably not going to be selling it at a discount. Um, unless it’s distressed, which means operations are bad and you got to come in as an operator and streamline things. And, um, so yeah, that’s, that’s what we do. Uh, we’re value add investors and then, um, we actually allow our investors to stay in the deal, even if we do refi them out.

[36:28] Um, which I think a lot of people appreciate because yeah, we just say, Hey, look, we’re going to be partners on this. My goal is to get the capital back out as quick as possible, just like I’ve done on my whole portfolio performance. And so, you know, why, why raise the capital and give you back the capital without equity? No, that’s, that’s really cool. Cause like the person could then rinse and reuse their money, right? So they could, they could put it in a, in a vehicle that’s giving them a return. That’s usually good. Uh, obviously it depends on the deal and it’s, and it has been harder with, with the rates the way they are. Um, but, uh, they’re getting a return on their money as it’s in there and then they have a return on their investment.

[37:08] Is it possible for if you’re refinance the money out for them to get more than what they initially invested in? Uh, we haven’t had that happen yet where they refi all of the money. Um, but you know, even if you refi some of the money, it’s like, Hey, I got my money back and I’m getting a return. And then continue. Yeah. Then you get continued ownership, which is pretty awesome. Cause they, they can just, let’s say they invested a hundred thousand dollars. They could then just go and put that into something else similar and still be getting a return. That’s, I mean, that’s, yeah, that’s ideal. That’s, that’s really cool. Yeah. That’s the power of infinite returns. Like that is the power of the burst strategy is once your cash is out, it’s an infinite return.

[37:43] And that’s how you can build portfolios with little cash. This is, this is the power of information. I mean, like I think that most people think of real estate investing as, uh, they got to save up their 20, 25% down. They’re not going to get great, great returns on it, but it’s a long-term play. And, uh, if you have a little bit of information, if you, if you understand these things a little bit more, um, yeah, it’s infinite. It’s, it’s crazy. I mean, it’s, it is, like I said before, a magic trick. Like there you are owning property for having no money in it. And, and then you also have equity in it and you can tap into that equity potentially as well with another line of credit. I don’t know if you’ve ever done that.

[38:25] Did you, in the part, in your growing stage, did you ever get like multiple properties on one big line of credit so you could fund the deals faster? Yeah, we, we do, we actually do hard money now. So we have a larger line of credit that we now lend out in arbitrage for investors doing flips, um, all because of the equity that we built in our portfolio. Yeah. Yeah. So it’s, it’s so cool to just understand. And I think that if, if anybody’s interested in these things, they should just read your book, read, read as much as you can listen to podcasts like this. Cause it is, it’s just a wild world out there that you can really take advantage of. Um, there’s of course risks. Um, but if you educate yourself and take action and learn from your stakes, you can really, um, get to where you’re at, you know, grow your business big.

[39:15] Yeah. I appreciate that. And it’s all, it’s all, it’s all information that’s been there forever. Right. And so it’s like, I didn’t do anything new. Right. And so all I did was I ripped off and I duplicated someone else who had done it before me and it’s all out there. You just got to know the information to then be able to rip off and duplicate. Yeah. Yeah. And then even before the birth strategy was, uh, labeled, it was being done. Uh, then I don’t know if it was a brand in that first called it the birth strategy. Then, then yeah, David wrote the book. I mean, yeah, it’s just, it’s, yeah, these things have been happening, uh, for a long time. And, and the other beauty of this world is that like, it’s, it, there’s so many opportunities out there.

[39:57] Like we, you’re not scared to share this information. Like it’s going to hurt your bottom line. Like you’re happy to share this information. It is such a win-win abundance kind of world. Yeah. Amen. Well, what, what do you do, uh, to keep yourself, uh, going, keeping your mind right when the stress is high? What, what strategy strategies have you learned, uh, that you need to do to, to make sure that you’re, you’re running out of them optimally. I mean, getting in the gym always helps for me. Uh, miracle morning was a book that changed my life by Hal Elrod. And I read the miracle morning for millionaires. There’s probably like 20 different ones out there for real estate agents for anything else.

[40:38] But, um, for me it was, yeah, doing the miracle morning. So getting up, getting in the gym, getting my exercise in, doing my visualization and affirmations and just really every day, you know, resetting my, my mind and my overall being to just know where I’m headed. And, uh, and then, you know, putting the fuel in my body to, to get me there with good energy. Yeah, that’s great. I mean, gym is so key for me too. It’s just such a, my, I don’t think as well. And I just de-stresses me. Uh, it’s, it’s so key. Uh, and the miracle morning is great too. I, I honestly have a hard time, uh, doing everything. I, I, I’ll get into, I’m like, okay, I’m gonna do this now. And I do it for like a month and then I fall off.

[41:20] Cause it’s, it is a little bit heavy, a little bit hard, but it, it, it works so well. My wife notices a big difference in me. Like it really, you prime your brain with your visualizations and everything to like really go, uh, after what you’re wanting to go after. It’s just living intentionally. Yeah. And I, I, I do too. So like, I’m not perfect right on it. Like I don’t, if anyone is, I’d, I’d call them out on it, but, um, but it does help me. So like I get in the gym most mornings and the other big thing for me is I read something most mornings and usually that’s a quiet time with Bible. Um, and then the last thing I do is I set my intentions for the day with, with writing out what are my goals.

[42:00] Right. And I write out like, what are the six, my top six things to do today. And I write a time limit to each one. Right. So I know realistically if I’m over committing to things or not, like if my time limit is 13 hours, it’s not going to happen. Um, like if it’s everything I wrote down, it’s going to take me 13 hours. It’s not going to happen. But if I can write down, it should be around six hours because stuff will happen throughout the day. That’s going to take you apart from it. Um, but that has really helped me stay organized. And then if you want to take it as a level deeper, if you’ve never done this activity before, um, write down what is your hourly rate of your return for those activities, because you really want to be focusing on your highest leverage activities for what you’re making.

[42:43] Um, and if you don’t know, if you’re listening to this and you don’t know your hourly rate, start there, what is your hourly rate? And then eliminate the tasks that are underneath of it. And this activity of doing this consistently will help you level up in those, um, actions. So that, that clearly gives you, uh, feedback as to what you can delegate more. Right. I mean, that’s part of it. Exactly. Yep. Uh, that’s awesome. And also I think what you’re talking about also, it kind of plays into the one thing, that book and just kind of like, what is the one thing that I could do? So I’m here, you have more than one thing, but I’m sure that there, there probably becomes a priority in, in that list of six things that it’s like, okay, this is the most important thing I should get done today.

[43:23] Yeah. A hundred percent. And I do every single week, you know, every, every single, I put it this way. Um, yeah, every, I have my yearly goals. I have my quarterly goals. I have my monthly goals and I have my weekly goals. And then my day is looking at my weekly goals and then my weekly goals are looking at my monthly goals and my monthly goals are looking at my quarterly goals. And so I do this every day, every morning. And that helps, uh, keep me on, on track for what I want to accomplish. And like, um, I’m just going to throw this out there and be blunt. Like if you’re not doing this, you’re, you’re living someone else’s goals because someone is going to be planning. And if you’re not doing this, then you’re working on someone else’s plan.

[44:08] And so it’s really important that you proactively plan what you want to accomplish. Guys, that is powerful right there. That is so true. Um, I mean, we are bombarded every day with, uh, like things sucking our attention, pulling us to different directions, social media ads. Um, and, uh, yeah, I mean, that is the way to, to achieve what you want to live the dream life is to live intentionally. And that is the system to do that. So kudos for you. That is, that is so powerful. Take that advice guys. Thanks brother. Um, yeah. So we talked about a couple of books. Uh, did you, do you have a fundamental book that you think everybody should read? Did we ever talk about it or is there anything else that comes to mind?

[44:52] Yeah, the, my, my fundamental book, I mean, favorite book besides the book, the Bible is Stephen Covey’s seven habits of highly effective people. And that book I read every single year. I’ve taught multiple book studies on it and it is truly changed my life. Okay. And I’ll say the, the biggest reason it has changed my life is because of the planning method that I just mentioned is really in that book. And so, uh, habit number two is begin with the end in mind. And it has you go through an activity and I, I won’t even tell you the activity. I want you to do the activity in it. Cause if I tell you, you’re going to hear it and then you’re not going to do it. Um, but do the activity in there and it’ll force you to really begin with the end in mind.

[45:36] Like what, what do you want other people to say at your funeral? And when you get very clear about how you want other people to perceive you and have you, how you want to become and live your life, then that helps you shape your goals, which then help you refocus your goals quarterly, monthly, and weekly to truly be living out the vision that you want. Yeah, that’s awesome. It is a great book. Um, I actually worked in the school system for a little bit and, uh, bought the, the, the version for teens, uh, to kind of teach. And there’s like a workbook that came with it. And, you know, I read through the, the teen version after having already read the adult version, um, you know, one or two times.

[46:15] I was like, wait, I like the teen version. Am I, am I immature? Am I not smart? It’s dense. It is dense. Yeah. So yeah. So I recommend that too. If you have kids or if you have teenagers, that’s a, that’s a great resource. The teen version is really good. Yeah. I, yeah, I, I totally agree. I remember sitting there at 20, I think I was 22 years old when I read it for the first time. And I’m just like, I’m not even at chapter one. I’m like, what am I reading? Like this is, uh, yeah, exactly. The paradigms. Yeah. You’re exactly right. Um, but it’s good, man. And it’s, yeah, it’s worth the read and it’s worth the, it’s just one of those books for me. That is a foundational every year kind of refresher.

[46:59] You, so you read it almost every year then, or every year? Yeah. Every year since I was 22, I have read it. Wow. And I learned something every single year. It’s something new. And I’m like, Oh, I forgot about that. Or like, Oh my gosh, I didn’t even understand that. And now it’s like, wow, this really applies. Wyatt. I have to read that book again. It’s a good one, dude. Oh, that’s awesome. Um, so where’s a good place for people to reach out to you, uh, and, and, and, or, or to follow you to get information and content from you. Do you have a podcast as well? So I don’t have a podcast, but I do have a website. So Wyatt Simon.com W Y a T T S I M O N.com. If you go down there, you can actually get a ton of free resources that I’ve put together in my real estate, uh, investing experience, um, just like a free analyzer calculators for how to do deals and, um, just like what to look for, for insurance and vendors.

[47:57] And just, there’s a lot of free stuff that I’ve put on there that you can have for free. If you go to Wyatt Simon.com. And, uh, if you do want to, um, talk further and see if we want to work together as a coach and a student relationship to build a portfolio. Um, I’ve now helped over 20 people by a total of $3 million worth of real estate in the last years. Um, and so I love helping other people start to build their portfolios. My mission is create a hundred millionaires. We’ve got two so far. Um, and so I’ve got 98 more to go. Um, and yeah, if you want to, if you’re interested in that, you can schedule a free call with me, um, through the website. Yeah. Okay. And are you on Instagram, LinkedIn, those kinds of things as well?

[48:38] Yep. On Instagram, Wyatt buys buildings. So pretty easy and simple there. Um, and then honestly on Facebook is where I’m most active Facebook and Instagram. Um, I post a lot of content on there. So Wyatt Simon on Facebook, you’ll see me. I’ve got the blue check. So there you go. Okay, cool. Awesome. This has been a great conversation. Uh, I, yeah, I feel like we could, we could hang out and, and talk for hours. Um, but yeah, I appreciate your time and guys check him out on the website. We’ll have it linked in the description. Yeah. Thanks so much for having me. Thanks for listening to the wealthy investor podcast, where we talk about wealth and holistic health. If you enjoy our content, subscribe wherever you get your podcasts and hear new episodes every Thursday.

[49:22] If you really like our content, you can follow us on social media at the wealthy investor wealthy spell. W E L L L T H Y.