Video Closed Captioning:
all right so we are here with
michael zuber how are you michael i’m
doing good man this topic’s gonna be fun
because i think about this all the time
so why don’t you set it up for us yeah
so
my question to michael we were getting
on to do the financial news the friday
financial news and i got on and i said
hey i’m a little frustrated and
not
am i missing something is really kind of
the thing am i missing out oh do i have
some of that uh what do they call it
fomo fear of missing out yep right and
so what it is it’s interesting that i’m
seeing a lot of my friends
a lot of my associates
and i’m seeing them buying properties in
places like they live in california but
they’re buying in
south carolina or they’re buying in
florida and then they’re buying another
one in texas and then they’re buying one
in
maybe um
oklahoma or then they’re buying up in
pennsylvania
which i’ve never even been to
pennsylvania so it’s a wonderful state
how to get there
it’s over there
yeah it’s over there somewhere so and
i’m just wondering there there seems
like you know in the facebook groups and
some of the masterminds and some of the
meetup groups
i see a lot of what i would almost call
like wildcatting where people are just
buying buying stuff up
and i just wanted to get your take on
maybe some of the pros and cons of that
and am i missing something because
i want to focus
yeah
more regionally
yeah
in more of a regional space and am i
missing something yeah so there’s
there’s a couple of things that i want
to say here first and foremost i see
this all the time i’ve been actually
seeing it for the last couple of years
there’s a lot of people who live in
california like us that just assume you
can’t invest in california i mean one of
the crazy and one of the thing i hear
most frequently is
why would you ever invest in california
i mean it’s it’s it’s like not even a
thought for lots of people which is fine
less competition for me it’s all good
um but so there’s a couple of things
first and foremost there is absolutely a
right way to invest out of state
i believe it’s pretty much just like i
invested in fresno right fresno for me
is two and a half hours away you can get
a lot of places in two and a half hours
on an airplane but here’s the deal
you’ve got to go there you’ve got to
meet the team you’ve got to look at the
market you got to have a buy box you’ve
got to do the work you’ve you got to be
extra disciplined you got to do surprise
inspections because money is involved
people will disappoint you and it’s all
fun and games when things go up you
really learn about people’s character
when we have a slow down or the market
goes down and i say this as someone who
saw people blow up in o6
right the the difference between so you
and i have been in the bay area i knew
two different flippers that were
flipping multi-million dollar homes in
the bay in o6
one of them
was arrogant and thought anything they
touched turned to gold and that people
didn’t understand what they were doing
they didn’t want to take a small loss
and they kept buying
which eventually meant their hard money
costs ate them alive and they lost
everything
the other one
who actually was less time
realized that you know what i used to
have a hundred people on an open house
last week and i had two
i’m gonna do another one and oh by the
way the same deal i only had two
so they changed their business they sold
what they had they got out early they
took some small losses
they retreated then they watched the
market unfold and they just started
flipping starter homes
they stayed local
why do i bring this up
one of the things that i can guarantee
you is the market we are in will change
and what feels good today a la i’m in
seven states with seven units feels good
today
that won’t feel good tomorrow what you
will have by wildcatting to use your
phrase and not building a team and not
systems and not god forbid not going to
look at them
oh talk about the kiss of death
these people are going to be that
flipper
in the first scenario because they
didn’t do the work anytime in real
estate you get cocky and don’t do the
work
it will feel good for a moment and then
you are going to get gone if you’re in
seven markets maybe three of them turn
out
but four won’t maybe four will turn out
but three won’t but those three that
don’t turn out will be
bad
so what i would tell you is the same
thing i tell myself
focus daily discipline keep building
where you’re at don’t don’t get
distracted because in a changing
environment
your focus will benefit you because you
will strike and more importantly you
won’t be distracted by the alligators in
pennsylvania in texas and oklahoma
because believe me those things start
not performing and not paying and the
property manager steals from you and
this that’s going to take brain cycles
and pretty soon you’re not going to be
able to focus here so what i would tell
you is just like last time
at the peak
you almost want to change you want to go
do development you want to go do this
and that
remember how that felt you didn’t feel
very good you’re in that same
environment so stay focused stay
disciplined again wish your friends well
hey i hope it works out for you
i i believe out-of-state investing could
be amazing
if you do the work if you go see the
properties if you double check your team
if you audit if you’re just gonna sit
here and pick randomly
you are walking into a casino and the
house always wins
not my cup of tea
very good insight uh very good insight
and so and i just want to be really
clear
what michael said isn’t out of state is
a bad idea not at all
know your buy box know your market go
see it touch it do the work god damn it
do the work wait hold on you got to
point at your hat there you go
that’s the hat so there it is do the
work i love it i love it you also said
something before
that you’ve said this before in past
conversations where
also like as an example i used to own
rentals in vegas
and i did very well with them i had a
good friend and i have several friends
that live there boots on the ground so
to speak people that like know my kid
like family you know friends that are
like family
and so just maybe elaborate on your
thoughts there too about picking a
market yeah out of state one of the
things that i’m very big on if you’re
going to do out-of-state investing i
call it the funeral effect
if you’re going to be if you’re going to
be in a market
and you’re going to put your heart in
capital and you just can’t get there a
lot you better have somebody there that
is going to fly out to your funeral
it is that simple because you need
somebody to tell you bad news if you are
relying on people who you pay
they’re going to tell you half truths
they’re going to be slow
they’re going to bend they’re going they
may be not all out live but they’re
going to
shave the edges because they’re getting
paid by you
you have somebody that comes to your
funeral they’re going to take a picture
as they drive by your house and go dude
your freaking tenant’s parking on the
grass
dude there’s a freaking
trash can upside down in the yard what
the hell are you doing
so again the biggest thing i would tell
you
if you can’t invest in your market
because you live in beverly hills and it
doesn’t work i get it
pick a market where you have somebody
that you don’t pay that is going to fly
out to your funeral that’s that’s kind
of my rule of thumb
very good very good well michael thank
you for all that you do as always i want
to show the book real quick if you don’t
have it
buy yourself a copy if you have it give
the man a five star review on amazon
also take a selfie send it to him tag
him on instagram social media facebook
and so he can repost it and just share
the good vibe so michael show people
tell us about your hat there i love that
yeah one of the things i’m trying to do
is is really
really get behind what how to get
started one rental at a time is right
the course that’s now helping thousands
of people that you’re a part of
and
really what it comes down to is i’m
coaching more and more people it’s like
guys stop fighting the system do the
work right
so yeah that’s that’s that’s my thing so
do the work
i love it i love it and where can people
get information on the course
uh just go to onerentalatedtime.com it’s
all there uh the hats clothing all that
stuff and just so you know if you don’t
like black hats i do have it in white
too
i think the purple pops more on white
but you know
there we go looking good feeling good
ought to be in hollywood i love it have
a great day thank you so much michael
for all that you do take care bye thanks