I Work 4 Days a Week and Make a Million Dollars a Year

Summary

Radical Wealth Plan: "I Work 4 Days a Week and Make a Million Dollars a Year"

Podcast: Radical Wealth Plan (Entrepreneur Media)
Host: Paul Morris
Guest: Doug Pitts
Date: March 10, 2025

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Episode Overview

In this inspiring and practical episode, host Paul Morris interviews Doug Pitts—a powerhouse Realtor and investor who built immense wealth and freedom through consistency, discipline, and radical clarity. Doug shares how he’s worked only four days a week for years while earning $1M+ annually via real estate sales, investment properties, and successful flips. The episode is a goldmine for real estate professionals, budding investors, or anyone seeking a purposeful, lucrative life.

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Key Discussion Points and Insights

Doug's Origin Story & Real Estate Journey

• Early Path: Entered real estate at age 20 after leaving college, guided by a career class test (03:43).
• Motivation: Left college to avoid working for someone else; drawn by real estate’s meritocracy (04:03).
• Catalyst Incident: Parents bought a house through another agent early in his career—fueling Doug’s drive ("No one’s going to give you an easy ride" – 06:42).
• Work Ethic Roots: Lessons in discipline and hard work from growing up in the restaurant business (07:39).

Prospecting, Discipline, and Building Success

• Old-School Lead Gen: Door knocking, cold calling, and rejecting “floor time” in favor of active prospecting (09:31–11:03).
• Scorecard Habit: Created a daily prospecting scorecard for door knocks, calls, and mailings—reviewed weekly by his manager (18:24–19:41).
• Results: Became top producer within a year by focusing on volume and consistency over immediate payoffs (19:41).
• Systemization Over Sophistication:
  • “If you work eight hours a day truly prospecting, if you have a semi-good personality, you’re going to make it.” (19:50)
  • "Everything works with consistency." (16:29, Interviewer)

Attitude Toward Clients & Motivation

• Client Mindset: Seeks highly motivated clients; quickly lets go of “maybe someday” prospects (14:34).
• Managing Listings: Will accept overpriced listings if there's motivation, but is quick to fire toxic or time-wasting clients: “If you show them five houses and they're the best houses out there and they go, not even close, then you got a problem.” (28:18)
• On Rejection: Early rejection and disappointment fuel rather than deflate drive (06:28).

Practical Sales and Listing Strategies

• Listing Approach: Uses a 21-point checklist with clients, always asks "How much do you think your house is worth?" and seeks to clarify motivation immediately (21:32–22:56).
• Dealing With Price Conflicts:
  • Open to taking listings at inflated prices as long as there’s motivation or an agreement on timeline for price adjustment (23:20–24:31).
  • “I tell people...if we don’t get an offer in two weeks, then it’s overpriced.” (24:22)
• Buyer Management: Demands loyalty up front, will “fire” 60% of buyers who aren't committed (29:22).
• Marketing Properties: Varies outreach by property type—targets renters for lower-priced homes and affluent neighborhoods for luxury properties (34:01).

Investing and Portfolio Growth

• Investing Early: Bought first house at age 20, inspired by family (41:58).
• Scale of Holdings: Now owns around 70 doors, including single families, fourplexes, and units in multiple states (42:43).
• Biggest Regret: Not “going big” with more leverage or larger acquisitions when younger (44:12, 79:23).
  • “Not going big when I was younger. I regret it severely.” (44:12)
• How He Buys: No partners except for select deals; prefers full ownership for control and simplicity (44:49).

Flipping as a Systematic Business

• Deal Sourcing:
  • Spends heavily on advertising, leverages franchise ownership, plus local networking, and wholesalers (50:43).
  • Offers low, closes only when margins are right; now averages 10% profit targets (53:01–54:32).
• Process & Systems:
  • Standardizes every aspect—from kitchen choices to flooring and paint. “Same sink, same faucet...not reinventing.” (60:46)
  • Manages projects and property himself, using checklists and tech for efficiency.

Work/Life Design, Boundaries, and High Output

• Work Schedule: Fervently protects weekends, works four days per week, and never hesitates to set boundaries (62:18–62:37).
• Balance: “At my age I want to have fun or make money—one of the two. Period... Making money is fun.” (68:28–69:11)
• Purpose & Energy:
  • Motivation comes from client happiness and a job well done, not just commissions (32:31).
  • Recognition, fulfillment, and freedom are priorities.

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Notable Quotes & Memorable Moments

• On Rejection as Motivation
  • “The biggest part of my story...my mom and dad bought a house through someone else. From that point on, I knew...no one's going to give you an easy ride.” (06:42 - Doug Pitts)
• Success Formula
  • “If you have a semi good personality, you’re going to make it... If you don’t like people, don’t get in sales.” (19:50 - Doug Pitts)
  • “Everything works with consistency. If it’s not sustainable, it’s not effective.” (16:29 - Interviewer)
• On Investing
  • “Not going big when I was younger. I regret it severely.” (44:12 - Doug Pitts)
  • “You can’t save your way to wealth.” (73:10 - Paul Morris)
• Mindset and Boundaries
  • “I work four days for sure. I take the weekends off forever. I will not work a weekend in my life.” (62:18 - Doug Pitts)
• On Money as Positive Force
  • “People always made money into evil...But working hard and making money, that's a good thing.” (69:46–70:16 - Doug Pitts)
  • “Money provides opportunity. Money is a function of value creation.” (70:45–70:48 - Interviewer/Co-host)
• Focus and Purpose
  • “At my age, I want to have fun or make money. One of the two. Period.” (69:11 - Doug Pitts)
  • “Most realtors get ready to get ready. That's all they do. Walk out the door and hit a door!” (74:44 - Doug Pitts)

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Timestamps for Key Segments

• Doug’s Start & Parents’ Rejection: 03:43–07:06
• Hard Work and Early Prospecting: 07:39–11:03
• Scorecard System: 18:24–19:41
• First-Year Breakthrough: 19:41–20:17
• Listing & Presentation Strategies: 21:32–22:56
• Managing Difficult Clients & Firing Buyers: 27:21–29:22
• Mailing & Client Management: 29:45–31:21
• Investment Portfolio & Philosophy: 41:58–49:28
• Flipping Systems and Profit Math: 50:39–57:29
• Work/Life Balance & 4-Day Workweek: 61:15–62:37
• Mindset on Money, Value, and Legacy: 68:28–73:10
• Lightning Round/Q&A: 77:08–81:30

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Key Takeaways

• Consistent, Disciplined Action Beats Flash: Doug’s results come from daily prospecting, a strict scorecard, and rejecting distractions (“get ready to get ready”).
• Old School Works, If You Work It: Direct outreach, genuine client interactions, and diligent follow-up beat expensive leads or “magic bullets.”
• Know and Play to Your Strengths: Doug designs a business model that fits his personality, energy, and preferences—whether that’s door knocking or setting boundaries with clients.
• Systemization = Freedom: Standardizing everything (from flips to prospecting) allows scale, efficiency, and the 4-day workweek.
• Invest Early, Take Calculated Risks, and Go Big When You Can: Doug’s biggest regret is not leveraging bigger in his 20s and 30s.
• Balance and Boundaries: Fiercely guards personal time, showing you can still dominate in real estate (or business) without burning out.
• Money Is a Tool For Impact & Options: Making money is about freedom, family, philanthropy, and creating value, not hustling for its own sake.

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Final Thought

Doug’s career exemplifies that radical wealth—and life satisfaction—come from a relentless focus on simple, repeatable actions, authentic relationships, and living with intention. Whether you’re new to sales, aspiring to invest, or looking to design your own 4-day workweek, this episode overflows with real-world tactics and wisdom.

Connect with Paul Morris, learn more about Doug Pitts, and dive deeper into Radical Wealth Plan through the show notes and links below.

Transcript

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This is Radical Wealth Plan presented by Entrepreneur Media. If you have the drive, we'll give you the plan. I'm Paul Morris, New York Times bestselling author, prolific investor and award winning entrepreneur. Join our real estate revol.

Foreign.

Welcome to the podcast. We had an absolutely amazing conversation with Doug Pitts. I don't know what to say other than when I grow up I want to Be Doug Pitts someday. He is so purpose driven. He has a real estate sales career. He has a real estate investment portfolio and has developed great wealth over time. This man is so disciplined that he is working four days a week doing what would take most of us 12 days. We can learn so much about how he does it, the way he does it. I am absolutely delighted to share this episode with you. It's impossible not to learn great things from Doug. Pittsburgh. Doug, thanks so much for coming over. One of my favorite realtors and also amazing real estate investor. So welcome to Radical Wealth.

[Doug Pitts]

Plan. Right on. Thanks for having.

[Interviewer/Co-host]

Me. Excited to have you.

[Doug Pitts]

Here. Thank.

[Paul Morris]

You. So, you know what, tell me something about your past. Like, how did you originally get into. You're doing real estate, you're doing real estate sales, you're doing real estate investing, and you live a very cool life. But we'll get into that later. How, what's the.

[Interviewer/Co-host]

Journey?

[Doug Pitts]

Journey. 36 years in the.

[Interviewer/Co-host]

Business. Started when I was 20 as an.

[Doug Pitts]

Agent. As in, I've been a real estate agent since I've been 20 years old. Wow.

[Paul Morris]

Wow. So you know.

[Doug Pitts]

Something? I went straight from two year college straight into real.

[Interviewer/Co-host]

Estate. And what was the inspiration for that?

[Doug Pitts]

Why? Because I did not want to be in college and I did not want to work for.

[Paul Morris]

Somebody. Okay, you didn't want to.

[Doug Pitts]

Work?

[Paul Morris]

Yeah. And was it also because you couldn't sit.

[Doug Pitts]

Still? I have a big problem with that.

[Paul Morris]

Yes.

[Doug Pitts]

Okay. So it matches my attitude and how I feel like I like to keep moving. And they're like, the harder you work, the more you.

[Paul Morris]

Make. Right. I like.

[Interviewer/Co-host]

It.

[Paul Morris]

Yeah. So entrepreneurial spirit. You're like, all right, well, I'll do two year college because somebody told me I had to or whatever. But then what led you to real.

[Doug Pitts]

Estate? I honestly took a career class in mor college and I took a couple tests and they said you either need to be in hotel sales or real estate or stock broker. And I go, wow, which one's the easiest? I go, real estate. Two weeks. My class was in Calabasas. There's a century 21 class that lasts two weeks right across from our office. We're Baja Freshes now. And I took a two week class and I passed. And that was.

[Paul Morris]

It. I love.

[Interviewer/Co-host]

It. So definitely a sales mentality. Very.

[Doug Pitts]

Social. Well, two week part was the best part I liked. I mean, if you said stockbroker is a week, real estate's two weeks. Being in hotels three weeks, I would have picked.

[Interviewer/Co-host]

Stockbroker.

[Doug Pitts]

Interesting. I'm going with the quickest way to make money.

[Paul Morris]

Okay. And the interesting thing is that decision then leads to a 36 year phenomenal career. It's. It's interesting. I mean. Yeah, you know, who knows? Maybe you would have pivoted. I just think.

[Doug Pitts]

You'Re. No, I don't think so. I don't think I would have. I mean, it would have been great to be maybe in money some way, you know, financial planning of some sort. Because if you work hard, those are kind of businesses that make.

[Interviewer/Co-host]

Money. A meritocracy for sure. You know, which is what sales generally.

[Doug Pitts]

Is.

[Interviewer/Co-host]

Right. You get paid on.

[Doug Pitts]

Commission. You get paid based on other people's.

[Paul Morris]

Money. Yep, that's right. Okay, so you're 20 years old.

[Interviewer/Co-host]

And did you join that Century 21.

[Doug Pitts]

Office? Yes, I did. No, actually, what happened was you went through century 21, and then I thought you had to apply for a job. So a couple people called me and I went, and only one person showed up. And that's where I started working back then. You know how it is. Anyone will hire you. You just don't.

[Paul Morris]

Know. Right. And you didn't know.

[Doug Pitts]

That. Yeah, I didn't know that. I dressed up and I was ready for the.

[Paul Morris]

Appointment. Right. You're going to close the.

[Doug Pitts]

Appointment. I was going to close the.

[Interviewer/Co-host]

Deal.

[Doug Pitts]

Yeah. And then no one showed up. So I went to the next office. They go, yeah, well, hire you. Like, I got a job first.

[Interviewer/Co-host]

Time. Were you living at home.

[Doug Pitts]

Then? I was living with my parents for about six.

[Interviewer/Co-host]

Months.

[Paul Morris]

Okay. I.

[Interviewer/Co-host]

Remember. What was their impression? I'm.

[Doug Pitts]

Curious. They thought, you're never going to make it. You're going to fail.

[Interviewer/Co-host]

Crazy. Was that a.

[Doug Pitts]

Motivation? Biggest part of my story for me was I was in real estate six months. My mom and dad bought a house through someone else.

[Paul Morris]

Wow.

[Doug Pitts]

Wow. And from that point on, I knew.

[Interviewer/Co-host]

That. That really motivated.

[Doug Pitts]

You. No, it really solved a lot of things for me. I just really found out that no one's going to give you an easy ride that you had. That's really true. And still to this day, I was like, I never forgave him for it. And I'll never forgive any client for doing that to me. I always have a little bitterness. Right. Like when I walk into that house, they still have that house to this day. I walk in.

[Paul Morris]

Wow. Yeah. Could have done better for.

[Interviewer/Co-host]

You. That obviously was an.

[Doug Pitts]

Invaluable.

[Interviewer/Co-host]

Yeah. Motivator in many.

[Doug Pitts]

Ways. Yeah. And it's something that you never get over. And if you do get it over, you're probably never gonna make it in.

[Paul Morris]

Sales.

[Interviewer/Co-host]

Yeah. There you go. That says a lot right.

[Paul Morris]

There. Well, Doug is. This is why we talked to Doug, you know, and they bought a house through somebody else. You were mad at.

[Doug Pitts]

Them. I didn't move into that house because I bought a house that year by myself. When my first commissions. I bought a house because back then, you know, it was easy to buy a house back.

[Paul Morris]

Then.

[Doug Pitts]

Yes. Back in 88, you could buy a house with a smile and a.

[Paul Morris]

Signature. I love.

[Doug Pitts]

It.

[Paul Morris]

Yeah. So how did you move from no sales.

[Interviewer/Co-host]

To. Yeah, give us the first.

[Doug Pitts]

Year. So it was really simple. So one thing that I did learn because I came from the restaurant background, so I was a cook, I was a bartender, I said, so I knew what work was about. So I saw.

[Interviewer/Co-host]

You. So let me just stop you for a second. Cook different than bartender.

[Doug Pitts]

Were. So my dad owned a.

[Interviewer/Co-host]

Restaurant.

[Doug Pitts]

Okay. So I started as a hospitality. I started a dishwasher. Then I went, moved up the busboy, then I got the waiter. Then I started being a breakfast cook. Then I was a dinner cook. And then I started catering weddings.

[Paul Morris]

You know, and arrest the restaurant business is.

[Doug Pitts]

Tough. Yeah. Catering weddings was the biggest thing that I ever learned. Was the best thing you could ever. Because it was 12 hour days, but 12 hours days there. And then you got the food right in the beginning and then you had to break it down to the end. So when I got to real estate, man, that was the easiest thing.

[Paul Morris]

Ever.

[Doug Pitts]

Right. You know, because anyone that's in the food business, it's a lot of.

[Paul Morris]

Work. But also people don't know what to do with their time because now it's better. There are curriculums. At least there are people that will tell you what to do. Obviously a lot of them don't.

[Doug Pitts]

Do it in real.

[Paul Morris]

Estate.

[Interviewer/Co-host]

Yeah.

[Doug Pitts]

Yes.

[Interviewer/Co-host]

Yeah. So you had structure is I think Paul's.

[Paul Morris]

Point. No, but.

[Doug Pitts]

Not. I had structure from background, but not structure. When you got in the business, it was like, okay, Doug, you want floor time? You know floor time back in the day where you answered the phone because there's no computers and people used to go in the phone book and say, I want to sell my house. So no one did any of your signs, didn't have your phone number on it. Had the office number, some people called on the sign. So floor time was it. So you had bunch of people that did not want to work and sit on their.

[Interviewer/Co-host]

Point. Was the restaurant world, correct me if I'm wrong, taught you.

[Paul Morris]

Structure. Yeah, taught him hard work. But it's the same thing. It's a different lesson. Like, I should at least have a few gimmes, you know? And then his parents buy a house from somebody else. And Doug's lesson from that is, there are no.

[Doug Pitts]

Gimmes. There's no.

[Paul Morris]

Gimmick. I know hard work from being in the restaurants. My parents buy from somebody else. There's no.

[Interviewer/Co-host]

Gimme. So I gotta earn.

[Paul Morris]

Everything. How do you get your.

[Doug Pitts]

Deals? So in the very beginning, 20 years old, can't throw no bar. I bought my first car with a credit card because I didn't have money. So I bought a Ford Tempo. So you're like, no money. Completely broke. And I go, you know what? I'm just going to start prospecting older people because older people can really figure out if I was 20 or 30. So I just told people that I was two years in the business from day one. And I kept that facade going probably for 20 years. I always added two years to.

[Paul Morris]

My. Oh, you added two.

[Doug Pitts]

Years?

[Paul Morris]

Yeah. 18 years in the business. I'm in the business 20.

[Doug Pitts]

Years. Now I'm going backwards. I'll go, I'm 36. Oh, I've been 30. Because I don't want to look that old, you know, because, you know, at a certain point you're just.

[Paul Morris]

Old. You look phenomenal for 36 years in the.

[Doug Pitts]

Business. Yeah. So I decided in the beginning, always told everyone I was two years. And then everyone goes, this is the biggest sell you ever had. I've had a couple, but I love this house, blah, blah, blah. So I always focused on. I door knocked condos. I always door knocked older communities, 55 and older and things like.

[Interviewer/Co-host]

That. So door knocking was.

[Doug Pitts]

Free? Yep, it was free. All you had to do is buy business cards. You buy a thousand business cards, almost nothing, and you hand out the card and you talk to people and it was the easiest thing in the world. And people go, doug, you want floor time? I go, no, I'm going to sit on the floor for five hours or I'm going to work for eight. So it didn't make.

[Paul Morris]

Sense. Right. So the leads that were coming in on the signed calls, they were phenomenal back then. Oh, they were. Oh, they.

[Doug Pitts]

Were. Come list.

[Paul Morris]

Me. So why not one a month? Oh, so because you didn't get that much floor time, but your floor.

[Doug Pitts]

Time was like 8 to 10 or. And the older people in the office got the prime time, so they got the Saturdays and after 5 o', clock, you know, whatever time. So Doug got that 8 to 10 where no one's calling in and then you had to answer the phone every time, hi, Center 21. And they go, yeah. Do you guys sell insurance? You know, with stupid phone calls? Do you rent? You.

[Paul Morris]

Know? Right, right, right.

[Doug Pitts]

Right. So you're a secretary. And then you had to write messages. Everybody else, is Bob in? Because there's no.

[Paul Morris]

Voicemail. Right.

[Interviewer/Co-host]

Right. So your foundation was the door.

[Doug Pitts]

Knocking. My foundation was prospecting. Right. I used to cold call at night and door knock during the day because I had nothing going.

[Interviewer/Co-host]

On.

[Doug Pitts]

Right. Zero going.

[Paul Morris]

On. Did anybody teach you how to cold call? Did anybody teach you how to door.

[Doug Pitts]

Knock? I would say from the very beginning, I started going to Mike.

[Paul Morris]

Ferry.

[Doug Pitts]

Huh. Okay, so Mike.

[Paul Morris]

Ferry. So you went to. Good. Yeah, it's.

[Doug Pitts]

Good. One thing I like about Mike Ferry is, you know, no messing around. He's super honest. You know, he's not a salesman. None of these guys are salesman nobody. You know, Mike Ferry, Tom Ferry. None of these guys. They said they work. They all work maybe 15 minutes in real.

[Paul Morris]

Estate.

[Doug Pitts]

Exactly. But you know what? They know how to tell you about the.

[Paul Morris]

Obvious.

[Doug Pitts]

Yeah. You know, oh, prospect, lead, follow up, take a schedule, and they give you some scripts. Awesome. And their scripts are awesome. If you ask crazy question to somebody and shut up, they're going to answer.

[Paul Morris]

You. Yeah, that's.

[Doug Pitts]

Right. I don't care if you say, do you want to sell a house today? And shut up, they're going to say yes or no. Right. When do you plan on moving? Shut up. That's all they teach you. And. But you need that. And I still love going to seminars. I love hearing them tell me the same thing that I already.

[Paul Morris]

Know. And to this day you're still.

[Doug Pitts]

Prospecting. Yeah. It was.

[Paul Morris]

Funny.

[Doug Pitts]

I. Because I won't work weekends, but I had an open house, but I had someone else do it for me. So I door knocked for the open.

[Paul Morris]

House.

[Doug Pitts]

Wow. And that was Wednesday. And it was awesome. Wow. They got a lot of people. Because I hit everyone in the neighborhood. I just knocked on the door and hey, have an open house this weekend. Please stop.

[Paul Morris]

By. And that's.

[Doug Pitts]

It. Yeah. And I wasn't doing it for me. I was looking for. Because I owned the house. So I wanted more people to.

[Paul Morris]

Come. Ah, interesting. And that's a great strategy to get more people. Sometimes people think that door knocking the neighbors is a waste of.

[Doug Pitts]

Time. And number one thing to do, number one is a neighbor. You always do the.

[Paul Morris]

Neighbors.

[Doug Pitts]

Yeah. Because. And what an easy way. If someone knocked on your door and said, hey, I'm having an Open House Saturday, 1 to 4, please stop by. They did a great remodel. You go, oh, thank.

[Paul Morris]

You. I'm interested.

[Doug Pitts]

Totally. I mean, that's.

[Interviewer/Co-host]

Nothing.

[Doug Pitts]

Yeah. And then if they're nice or if they ask you a question, then you go, oh, yeah, it's for sale for 850. Have you guys ever thought about.

[Paul Morris]

Moving? Yeah. Or do you know the value of your house.

[Doug Pitts]

Or. No, you just ask them if they want to.

[Paul Morris]

Move.

[Doug Pitts]

Interesting. I mean, it's up to you. I mean, you go, value. I always say, like, oh, that one's going for 800, but your house is nicer. Yours probably worth a little bit more. You want me to take a look at it? You just fill out the people.

[Interviewer/Co-host]

You know, they have a strong vested interest to make sure their neighbor is someone they like. So, yeah, great lead gen for.

[Doug Pitts]

You. It's great, Great just talking to people. And then if you hit an offer like, hey, can I send you comps in a month? I know you're not ready to move right now. Then you put them on your database and you mail to them. Then eventually you go, oh, yeah, Doug. And you get a phone call, like in six months. You go, right.

[Paul Morris]

On. What are you doing to manage your.

[Doug Pitts]

Database? You know, I'm old school, so any lead that I get that I like to people, they just get a mail out once a.

[Paul Morris]

Month.

[Interviewer/Co-host]

Uhhuh. When you're door knocking, how are you documenting that? How are you tracking.

[Doug Pitts]

That? Well, I just put in my phone there. Simple. You could be a master at prospecting and you'd make a fortune if you really focused on it. You knocked on the door and the guy goes, hi, Jim. And you remember his name to Jim. And then you write down notes on him and you follow up. I've always, like, I've talked to Paul in the past. I go, I'm not looking for that person. I'm looking for the person that says, doug, want to buy or sell house.

[Paul Morris]

Today?

[Doug Pitts]

Right. I really don't care if they want to sell their house in five years. I truly don't.

[Paul Morris]

Care.

[Doug Pitts]

Right. I mean, literally, when they say five years, I forget the.

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[Paul Morris]

Home. Right. And that is that there are different styles of coaching. Mike Ferry in particular is into the how about this? Get to know super fast. You know, like here and the now. Like, if you can get a no real quick, that means you get to go somewhere else and eventually you're going to get a yes. So keep moving. Don't build a relationship with somebody that says, oh, but that's really good for some people. For some people it.

[Doug Pitts]

Is. Buffini.

[Paul Morris]

Master. That Baffini is the.

[Doug Pitts]

Opposite. Yeah. And I love buffini. I love that idea. I'm just not that dude. Yeah. You know, if I wish I could be, but I'm not. It'll drive me.

[Paul Morris]

Crazy. That's a phenomenal.

[Doug Pitts]

Point.

[Interviewer/Co-host]

Yeah. Know yourself. Self awareness.

[Paul Morris]

Right. And Josh is always saying, you know, people will say, look how fitty is. They'll say, what diet? Or whatever. And he'll say, well, you probably don't want to do my diet. Yeah, the diet. Go ahead, say.

[Interviewer/Co-host]

It. Everything works with consistency. Yeah. Whatever you do, if it's not sustainable, it's not effective. So you got to know yourself to know what you'll do with consistency. Such that sustainable. And that will lead to your success. If you're trying to do something that doesn't fit you and it's not sustainable for you, it's not going to be.

[Doug Pitts]

Effective. All.

[Paul Morris]

Right. The best diet, and I think what you said was the best diet is the one that you'll actually.

[Doug Pitts]

Do. That's real estate schedules. Because people go, what do you do? What I do is not going to work for.

[Paul Morris]

You. But he is willing to do something. And not just something, a lot of work. He goes, hey, you know what? The buffini thing, that's not for me. There's another realtor will.

[Interviewer/Co-host]

Interview. And by the way, let me just stop you for one. With work, what you're willing to do, if you're going to be lazy, that's not going to work, you know, so whoever's listening to this, it all works with consistency. But there's got to be some purposeful action in.

[Doug Pitts]

That. Yeah. You're not going to get an ad on Google Ads and all of a sudden list 10 houses in a month. It's just not going to.

[Paul Morris]

Happen. It doesn't.

[Doug Pitts]

Happen. Yeah, maybe if you do a whole bunch of Google Ads and then call all of them and stay on top of me, you probably get one or two. But people think that if they pay for a lead or do something, that's the easy way. If it's easy, obviously everyone's not.

[Paul Morris]

Happening.

[Interviewer/Co-host]

Yeah. So what was your schedule? I'm curious to know. Like, okay, how many hours, how consistent was the doorknob is the.

[Doug Pitts]

Cold? So back in the day I didn't have a family, didn't have a girlfriend, I didn't have anything. So I just, you know there's 3:24. Right. So you only need eight to sleep and then you got 16 for the rest. So 10 hour days was always my day. And I, back then I was a caterer, so we worked every weekend. So I just worked seven days a week. But I enjoyed it. I truly back then I used to think in my mind I go, if I won the lottery, I'm still doing.

[Interviewer/Co-host]

This. And so come, just let me dig a little.

[Paul Morris]

Deeper. He's doing what he loves to do. And again, Josh and I talk about when work and play become indistinguishable. That's a great.

[Interviewer/Co-host]

Gift. How many hours of those, truly, were you.

[Doug Pitts]

Prospecting? So what I used to do, I had a little scorecard that I carried, so I had those. How many cold calls I'm going to do, how many door knocking I'm going to do a day, how many mail outs I'm going to do a day. And I had to meet them all. And then at the end of the week, I'd have to give that postcard to my.

[Paul Morris]

Manager.

[Doug Pitts]

Wow. And so every day I go like this and meet the guy. He was a Scottish guy, amazing man. He knew it'd be bullshitted. So you just had to do the scorecard. Right. And then on Sundays you'd have to open houses on there and all that stuff on there.

[Paul Morris]

So. But that works so great. And guess what? Give me that scorecard and I'll go run around and I'll give all of our agents the.

[Doug Pitts]

Scorecard. Yeah, they'll decide. I mean, if it's not on a computer, they can't do it.

[Paul Morris]

Right? Yeah, but okay, so wait a minute, tell me again, your.

[Doug Pitts]

Scorecard. So I had a scorecard back then. Basically everything to do with prospecting was on there. Door knocking, cold calling, mail out, open houses, sphere of influence, everything that you would do. And then you go, okay, I hit 30 doors. Okay, I cold call 10 people. And then at the end of the week, he would add it up and you go, boy, you were supposed to do 200 doors this week and you only did this and this. And then the nice part was how many listings I get and how many sales did I get and how many closings I did. So it was all on scorecard. And every week I go in.

[Paul Morris]

There. Well, instead of asking the question, which I should ask it, I just. You were the top of.

[Doug Pitts]

The. I became the top producer within a year. Within a year.

[Paul Morris]

Wow. Well, I was asking about the scorecard. I wasn't asking about the results. Crushing it on the.

[Doug Pitts]

Scorecard. If the scorecard works or if you work eight hours a day, truly prospecting. If you have a semi good personality you're going to make. I mean, if you don't have a personality, you don't. Like people don't get in sales. Totally. You.

[Interviewer/Co-host]

Know. So what did that look like? Year one, year, number of.

[Doug Pitts]

Transactions. Well, year one was for. You know what, I really don't remember the transaction. I was the top lister. Got the plaques in my office. I kept any plaque that had 1980 on it, so all the other ones didn't matter to.

[Interviewer/Co-host]

Me. So any sense of like, how many.

[Doug Pitts]

Transactions? No, like I would say my second year. My first year. My first year I did make Centurion. That was a century 21 thing. So it was $5 million worth of production, but the house, back in the day, But a house was 117,000.

[Interviewer/Co-host]

Wow.

[Doug Pitts]

Okay.

[Interviewer/Co-host]

How. Just do the math on that. 40 deals. Year.

[Doug Pitts]

One. Yeah, I would say it was probably a year and a.

[Interviewer/Co-host]

Half.

[Doug Pitts]

Okay. Yeah, it's. First six months was.

[Paul Morris]

Harder. Yeah. First six months you're doing all this stuff on the scorecard for real, and the results are super iffy. But after six months, you keep doing this stuff on the scorecard. Now results are coming in and.

[Doug Pitts]

Then, you know, you learn how to go into appointments and you learn how to get a listing. You learn. Yeah, a lot of things get easier the longer you're gonna. The first appointments, you didn't get any of them. You know, you walk into the room, you don't know what to.

[Interviewer/Co-host]

Say.

[Doug Pitts]

Yeah. So just getting a lead, that's what the problem with most realtors that begin, they work really hard and they finally get a lead and they can't do anything with it because they're not trained enough. They don't know what to say. That's when it's nice to have a mentor or good.

[Interviewer/Co-host]

Training. How did you prepare for those first listing.

[Doug Pitts]

Appointments? What did that look like? Yeah, I took someone with me in the beginning and it was so I realized how bad they were.

[Paul Morris]

Doing.

[Doug Pitts]

Cringe. Yeah.

[Interviewer/Co-host]

Okay. But it was better than if you had been there.

[Doug Pitts]

On. But you know what? I got what I liked from them and I went to Mike Ferry. I got what I like from him. And then.

[Paul Morris]

I. You got as much as you.

[Doug Pitts]

Could. And then I went down to a 21 point checklist, and that's all my appointment was. Yeah, checklist. Yeah, it was. It's just checklist. I talk, I go. So first I'm going to do this. It was so easy. Just a checklist is the easiest listing appointment to ever. Go on. First you walk in, you ask them the first question, you ready to sign? And they say, yep. You sign, you.

[Paul Morris]

Leave. I love.

[Doug Pitts]

It. Yeah, we.

[Paul Morris]

Could. Don't sell the.

[Doug Pitts]

Sold. If you're my buddy and you're going to sell my house, if you come with a checklist, I'm kicking you out of my house. If you're going to go, Doug, you're going to get this much for your house, and I'm going to sell quick with no problems. Tell me where I sign. Yeah, that's what I want. And that's what my clients usually want. But if I have a client from prospecting, they don't know how good I am until I let them.

[Paul Morris]

Know. And your 21 point checklist, are you asking them questions or are you telling them what you're going to.

[Doug Pitts]

Do? I'm not telling them, but I do ask them. First thing I always ask them, I go, how much do you think your house is worth? Worth? Always ask that because everyone knows what your house is worth. And they always say, nope, I have no idea. That's why I called you. I could put it on card. That's exactly.

[Interviewer/Co-host]

What. That's what happened.

[Doug Pitts]

Okay. Every single time. How much do you think your house is worth.

[Paul Morris]

Paul? I don't know. That's why I called.

[Doug Pitts]

Jill. Yeah. And then I go, but, you know, someone offered you a dollar or a million.

[Paul Morris]

Dollars. Yeah. Not going to take.

[Doug Pitts]

It. But as soon as I say your house is worth 700, I think it's worth 650. The first thing that's going to come out of your mouth? No, it's worth 700. You know what your house is worth.

[Paul Morris]

Right? What you think it's.

[Doug Pitts]

Worth? What you think it's.

[Paul Morris]

Worth.

[Doug Pitts]

Right. And then I have to either agree with you or tell you why. Maybe we have to it a little.

[Interviewer/Co-host]

Bit. And is that how you typically.

[Doug Pitts]

Start? Yes, because I want to get to the end. The end is how much is your house worth and when do you want to put it on the market? I need motivation. Motivation. If you have a motivated person, the house is going to sell. I've never not sold a house in 36 years on someone that's not motivated to.

[Paul Morris]

Sell.

[Doug Pitts]

Okay. It's.

[Paul Morris]

Impossible. And what if you go in and you really think the house is worth 700,000 and they think it's worth.

[Doug Pitts]

850? That's easy. You show the comps, you go, the house isn't going to sell at 850. You never know. Doug. Well, I do know. But you're right. Maybe out of areas fire might come by within six.

[Interviewer/Co-host]

Months. But my house has that swimming.

[Doug Pitts]

Pool and that, the purple carpeting. We love it. I get it. But we'll try it at ebay. You have no problem. I'm going to take a year listing. No problem with the layer of listing. Get my full commission that we negotiated on and then we'll go ahead and sell it and then in 30 days. But you have to remember we're talking about motivation. If someone goes, if I don't get 850, I'm never selling. No problem. I still probably list it and you never know and just have it on there, get.

[Paul Morris]

Leads. So you would take.

[Doug Pitts]

It. People say they won't take it, are mostly liars because things change next week, you don't know, they might get a job transfer or something.

[Paul Morris]

Else.

[Doug Pitts]

Yeah. All of a sudden they find a house, they're going down that street and they see an open house that they like even more. Doug. Okay, it was 850. Sell it now. Okay. It's 725. Okay, Doug. Boom, boom.

[Interviewer/Co-host]

Boom. And again, let me hit on one other point. If you do believe you're taking the listing at a much higher price than it's really worth. You've created an expectation that in days will readjust or at least.

[Doug Pitts]

You'Ve. I tell people that within two weeks if we don't get an offer, that means usually it's a little bit overpriced on my own properties that I flip if I don't get an offer in Two weeks. I go, I.

[Interviewer/Co-host]

Overprice. You overprice, so you feel two weeks is that.

[Doug Pitts]

Barometer. But if all sudden you have 10 showings and you had people threatening to write an offer, that's then you'll extend.

[Sponsor/Ad Voice]

It.

[Doug Pitts]

Okay? Yeah. But if all a sudden you got two weeks and everyone says no, that road's horrendous. We're never offering on it, we're overpriced. And it's usually 10%.

[Interviewer/Co-host]

Overpriced. The 10% I just heard that from someone I know very well that if you're going to reduce the price to 10%, it's so interesting. You double is the magic.

[Doug Pitts]

Number? No, it is the.

[Interviewer/Co-host]

Number.

[Doug Pitts]

Okay. And you don't even know 10% is where you start. It's not the end.

[Interviewer/Co-host]

Number.

[Doug Pitts]

Right. We just know. At least it's 10% over.

[Paul Morris]

Market. @ least.

[Doug Pitts]

For sure. You just know. Because if you got no offers and no one threatened to write an offer, then you're.

[Interviewer/Co-host]

10% over. Okay.

[Paul Morris]

Go ahead. What if you go in and they say they've got a crazy number, let's say it's really 700. They're thinking 11 or something crazy. And you say, look, let me show you all the comps or whatever. And they go, you know what, Joel, the other realtor just came in and he said to me, we'll get a.

[Doug Pitts]

Million one. Well, listen, they come into me and they go, it's worth 1 1. And I like, it's a cookie cutter house and all the houses sold for 700. We're talking no view, no other reason other than it's a cookie cutter house and he has purple carpet and he thinks it's worth more. Then I go, okay, great, we'll take a year listing. This commission. Boom, boom, sign the contracts and we're done. I have no problem with the year listing because he might get motivated that time. I'll get signed calls on it and I'll have opportunity to do open houses. But let's just say they go to me and go, hey, Doug, I want a 30 day listing. I'm willing to give you 1% commission and I want one. One or am I going to sell? You know what? Go fly kite. I will walk away because they don't have motivation and they didn't have.

[Paul Morris]

Enough.

[Doug Pitts]

Time. Right? Right. And I've taken listings where it killed me and I lost other listings because I look like.

[Paul Morris]

An idiot. It okay, so what if they're somewhat reasonable on the price, but they want to give you a 60.

[Doug Pitts]

Day listing I always tell people the same thing. I go, listen, we're going to take a six month listing and if you don't want to sell within that 60 days, I'll go ahead and take it off the market with no fees. I'll pay for the flyers, advertising, anything else. We'll just take it off the market. I'm not going to give an unconditional cancellation, but I'll take it off.

[Paul Morris]

The market. But what if I want to switch? I want to see what you're doing. Like, I'm thinking about going with this other realtor. I was going to go with this other realtor, but now I met you and I think I might want to go with you. I was going to go with them, but let's do it for 60 days. See how I.

[Doug Pitts]

Like it. If we price it right.

[Paul Morris]

No problem. Okay. So there's this thing with the price and.

[Doug Pitts]

The price. If you price.

[Paul Morris]

Something right. Yeah, the price. You do your job, they're.

[Doug Pitts]

Not going to cancel you if you're doing your job. You're busting you about prospecting, sending out flyers to all the neighborhoods, doing open houses, doing caravans, and every time someone shows you, you're there showing the whole house and really representing the house correctly and doing the media and everything else and they want to fire you after 60 days. Better.

[Interviewer/Co-host]

For them. So talk to us because I think it's an important point when you said there's times at which you may have taken a listing that you.

[Paul Morris]

Shouldn'T.

[Doug Pitts]

Have. Yeah. It's.

[Interviewer/Co-host]

Backfired. Yeah. So tell us a little bit.

[Doug Pitts]

About that. It's happened a few times where I got greedy. So you door knock, Right. So I got a listing. I door knocked. I got another listing within a week. Then I went down the street, got.

[Paul Morris]

Another.

[Doug Pitts]

Listing. Right. And then, and then I listed this crazy lady's house. That was completely unreasonable. And with price, with price, and consumed my time. And then she started being really a problem for me. And then the other people saw that her house is overpriced. I couldn't get price reductions on their houses, so I couldn't sell any.

[Paul Morris]

Of.

[Doug Pitts]

Them. Interesting. So if I would have just fired her and told them I fired her because she wanted too much for the house and her house will never sell. Right. And this is what I'm doing for you. I messed up. I was weak. I'll never do.

[Interviewer/Co-host]

That again. Right. So if you're taking multiple listings in a particular area, it's important to recognize that they influence one another.

[Doug Pitts]

And therefore be mindful I lost three sales. Oh, two sales for sure. Except that lady was ever going to sell. So I. By being greedy, you know, you start going, hey, I want another listing. You know we.

[Interviewer/Co-host]

Love.

[Paul Morris]

Listings. Yeah. What.

[Doug Pitts]

About buyers? Buyers are great as long as they're qualified and they're reasonable. If you show them five houses and they almost say maybe on all five, that's a good buyer. You show them five houses and they're the best houses out there, and they go, not even close, then you got a problem. You got.

[Interviewer/Co-host]

A problem. And let me ask you this. So do you have them sign.

[Doug Pitts]

A.

[Interviewer/Co-host]

Buyer? Never. Okay. And what kind of expectation, if any, do you create with them with respect to.

[Doug Pitts]

Your time? I just give them the speech. I give them a stack of car they gave. You ever go, open house, you're being represented. You want to see a house, call me. Don't call the agent. And I go, if you buy a house through someone else, I'll be devastated. I mean, I'm really hurt. And the time I put into it. I want to sell you a house. I want to go through and get you into a house. So if you call another agent, you go through an open house without using my card, it will devastate me. And if you can do all that, then I'll show you property. But as soon as someone goes to me, a buyer, and goes, you're getting their word. No.

[Interviewer/Co-host]

I'm just. Yeah.

[Doug Pitts]

An expectation. I'm just letting you know. I mean, still, you know, you get burned. But if someone goes to me, goes, no, I'm going to want to go through the listing agent if I see that house buy. Thank you. I fire buyers way more than I've ever fired a listing. I fire probably 60% of.

[Interviewer/Co-host]

My buyers because of.

[Doug Pitts]

Those.

[Interviewer/Co-host]

Reasons.

[Doug Pitts]

Yeah. Okay. Because if they don't want to use me exclusively, a hundred percent, and if they call me on a house, I want to get back to them right away and I want to show them the house right away. I'm not going to not do my job. Yeah. And if for some reason I'm not around, they're still going to see the house within 24 hours. I'll get someone to show it to them. So there's no reason for them to go to the listing agent or go through an open house and not give.

[Paul Morris]

My card. What, if anything, are you doing with your past sales? So how do you keep track of your.

[Doug Pitts]

Past sales? Yeah, see, I'm not good. I'm not good at any of that stuff. I just mail to them. I Give them calendars once a year. I could be 98 better.

[Interviewer/Co-host]

At that. But just so you, you mail to them to elaborate on that.

[Doug Pitts]

I just mail a newsletter to them once a month letting them know I'm still around, I'm still in business. Okay. So you are least tracking them every month. Okay. They get something.

[Interviewer/Co-host]

From.

[Paul Morris]

Me. Okay. Once a month. All of your past.

[Doug Pitts]

Sales forever. Forever. Okay. Until, and, but then, you know, unfortunately it has an address change on.

[Paul Morris]

That.

[Doug Pitts]

Letter. Huh. So when they move and they don't use me, I find out that way. So that's the worst time of the month is when they get.

[Paul Morris]

Those back. Oh.

[Interviewer/Co-host]

I see. So let me ask this. Do you know how many, roughly how many deals you've done in.

[Doug Pitts]

Your career? I have no idea. I've never, I'm not one of those guys. Okay. Yeah. I'm just like.

[Paul Morris]

You.

[Doug Pitts]

People. Oh. I've sold, you know, I mean at least 50 times. 30 years plus 1500. Yeah. I don't know. A lot I've done. Two years ago I did $2 million in gross.

[Paul Morris]

Close.

[Doug Pitts]

Commission. Wow. Then or last year or the year before it was 2 million, then I did a million. So it changes quite a bit. It's extraordinary.

[Interviewer/Co-host]

That's gc. I mean.

[Paul Morris]

That'S phenomenal.

[Doug Pitts]

I mean. Yeah. And I used to, back when I was selling small houses, I remember hitting million a couple times and I like. Well, I get paid as much as an athlete, you know, I used to dig that. The million's always been my goal. 700.

[Interviewer/Co-host]

Is nice. And what's that average price point.

[Doug Pitts]

Back then? Like now my average probably like I sell a lot of 10, 108 million dollar houses, but I sell a lot of 5 and 700 thousand dollar houses too. Because I do, I do Calabasas. Yeah. I'll do whatever. I.

[Paul Morris]

Don'T care. Yeah. What about.

[Doug Pitts]

Geographic area? I do the Valley and Canal Valley and.

[Paul Morris]

Simi Valley. So you're keeping a.

[Doug Pitts]

Pretty tight. Not really tight, you know, it's an out. I'm like 45 minute drive around.

[Paul Morris]

The office. Are you mailing into.

[Doug Pitts]

Farms also? I don't.

[Paul Morris]

Mail.

[Doug Pitts]

Farms. Okay. No. If I want to prospect, it's not going to be a.

[Paul Morris]

Cold letter. Okay. If you're door knocking, are you following up.

[Doug Pitts]

With anything? If I'm door knocking, someone's thinking about selling and I get a lead from it, of course I'm following them. That's the only reason.

[Paul Morris]

I don't. But if they're like, we might sell in three or four years or two or three Years, Just probably.

[Interviewer/Co-host]

Not. Yeah. What percentage of your business.

[Doug Pitts]

Is listings? I would say probably 65% right.

[Paul Morris]

Around there. At what point did your parents say, wow, Actually, you know what? Oh, it had to be pretty soon. The guy was in the.

[Doug Pitts]

Centurion Club. And no, they didn't really care because it was a family business. You know, Ops wanted me to be in.

[Paul Morris]

The family.

[Doug Pitts]

I see. Blah, blah, blah. But when the office started putting ads back then, when you did well, they put ads in the newspaper.

[Interviewer/Co-host]

About.

[Paul Morris]

You. Yeah. So you got ads in the newspaper.

[Doug Pitts]

That's cool. So that's how they found.

[Interviewer/Co-host]

It and how quickly.

[Doug Pitts]

That happened. Roughly within the first year and a.

[Paul Morris]

Half. Wow. There.

[Interviewer/Co-host]

You go. I mean, I have some sense, but, like, what.

[Doug Pitts]

Motivates you? You know what? I hate to say it. I like the commitment of people using me. And, like, when they want to buy or sell a house, that motivates me. I like that a lot. I like making people happy. Happy. So when they're happy and they're done and they say, you know, I'm like a little golden retriever. When someone says, good boy, man, I makes me happy. Recognition, I mean, and commission always follows.

[Interviewer/Co-host]

Yeah, yeah. And it's great to real. I know it sounds so basic, but to recognize that.

[Paul Morris]

To know.

[Interviewer/Co-host]

Oh, absolutely. So many people.

[Doug Pitts]

Don'T even. Yeah, I love that. I mean, I used to not cash my checks. I used to just stack them up because I didn't really make. Because when you have little money, you don't care about it. You know, you just thought, like, oh, my God, I need to rush down. Yeah, cash.

[Paul Morris]

That check. And this goes for so many different things. I'm one of the almost only people that every time I go to see my doctor for an annual checkup, I bring him a bottle of wine, and I asked him, does anybody else do? He's basically, if he saves a relative's life, they send him a car or a bottle of wine out of all the people, you know? And it's interesting because when I first did, I was like, well, what do you like? He's like, oh, don't spend a bunch of money. He's like, I love wine, but don't spend a bunch of. Bunch of money. Because my wife and I, we like this type of red, and it's inexpensive. You know, you don't have to. But when you need the guy, who's he calling.

[Interviewer/Co-host]

Back? Yeah. And I also got to double down on the fact that, like, when you create enough value for other people, the money is just a natural Byproduct it.

[Doug Pitts]

Always follows. Yeah, it always follows. And then if you're doing it just for money, it never comes where.

[Paul Morris]

You go. What are you doing to market a house? So you get the listing. You're going to door knock.

[Doug Pitts]

The neighborhood. So every house is different, matters where it's located. You know, if you're in a cookie cutter neighborhood, a cheaper house, then you're going to go to a rental place where apartments are and do flyers there and that's where you're going to get.

[Paul Morris]

The.

[Doug Pitts]

Buy. Interesting. If you're doing a $8 million house in Calabasas, you're definitely going to probably market more in Santa Monica, Brentwood, where the crime is no gated neighborhoods and they want to.

[Interviewer/Co-host]

Move over. And how are you marketing.

[Doug Pitts]

To them in that case, a brochure, flyer, something nice going out to them. And then you're also doing the ads on the Internet so you're focusing on it. But truly price sells houses. That's the number one thing. I don't care what you do. If you price a house wrong, it's not going.

[Paul Morris]

To sell. People just don't.

[Doug Pitts]

Understand that. It's unfortunate but that I would love to say that I'm the best. I want to negotiate it and I will let my clients know I'm going to get you the most money from this.

[Paul Morris]

Particular.

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[Paul Morris]

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[Paul Morris]

More details.

That'S possible to get from.

[Doug Pitts]

This buyer. Yeah on next buyer we might get 100 grand more. We might get 100.

[Interviewer/Co-host]

Grand less. I don't know you need.

[Doug Pitts]

That particular person but I'm going to get the musk. I'm going to talk to the realtor. I'm going to figure it out. These realtors don't even talk to each other. Old school realtors are the best. We call each Other. And we put a game plan together to meet these two people together and get the.

[Paul Morris]

Sale sold. I do it all.

[Doug Pitts]

The time. New realtors, they get in.

[Interviewer/Co-host]

The way. Cooperation with that other realtor.

[Paul Morris]

Is essential. And people don't know when they hire a realtor. One of the. The absolute deal killers is you hire a realtor, it doesn't matter what, oh, maybe they sell a bunch of houses, maybe they don't, whatever. But if they are not nice to the other realtors, it kills the.

[Doug Pitts]

Client'S opportunity. Yeah, it really does. And they don't know why their house is being boycotted or whatever. Or they're just with one of those. Those real estate companies that rhymes with thin. It's a lot of people, it's hard to get a hold.

[Paul Morris]

Of them. Them, yeah, that's not serving the client well at all. You call that's a killer. Josh asked something about motivation, and I appreciate the recognition piece and everything else, but you also told me some interesting things, which was along the way, you bumped into somebody and they had a certain number.

[Doug Pitts]

Of listings. I was pretty young. I was.

[Paul Morris]

Probably 24. Four years in.

[Doug Pitts]

The business. Yeah. And I was doing, well, a couple listings, couple sales a month.

[Paul Morris]

And back then, a month, That's a.

[Doug Pitts]

Big deal. Your number one agent. Yeah, you're the.

[Interviewer/Co-host]

Top dog. You.

[Doug Pitts]

Still are. And then I was having to be with this guy who was in Valencia and he goes, Yeah, I have 17 in escrow. And I just go, yeah, liar. In my mind, you're a liar. I go early and he names off the addresses and he goes, yeah, I always have 17 in there. And I remember I got home that night, did not sleep a wink.

[Paul Morris]

After.

[Doug Pitts]

That. Wow. And I'm like, oh, my gosh. And after that, I'm like, I need to have 17 in escrow at all times. Wow. But it was the best eye opener I've ever had.

[Paul Morris]

It was. That's.

[Doug Pitts]

Some good. It was the best thing that ever happened to me. And you. You know, he's truthful. He was a little bit older than me and he's in canyon country. And they're just killing it out there. I don't. Back in the day, Jim Droz was in Palmdale and he had 30, 40 in escrow at a time. You just don't understand. It's possible until someone does it. You know, the four minute mile. Four minute mile doesn't happen until someone does.

[Paul Morris]

It. Right. And then as soon as.

[Interviewer/Co-host]

Somebody does it, then all of a sudden the.

[Paul Morris]

Floodgates open. They're doing the.

[Doug Pitts]

Leaf.

[Paul Morris]

Mentally. Right. How long did it take you to get 17 in.

[Doug Pitts]

Escrow after. Yeah, you know what? Come on. I'm old as old, so I don't remember, but it was pretty quick. And then after that, I always had that many in escrow for the longest time. And I used to go, okay, oh, let's go make this a 60 day escrow. So I have that one in escrow a.

[Paul Morris]

Little longer. I was never.

[Doug Pitts]

Have that. I.

[Interviewer/Co-host]

Would never. I was never.

[Doug Pitts]

That standard. Yeah. Everyone was like, oh, we need to do this fast, fast, fast. Because they want a commission check. I'm like, no to. I need, need.

[Paul Morris]

More escrows. Are you going to share with us the 21.

[Doug Pitts]

Point checklist? Yeah. It's the same thing as anyone does, you know, you just go through what you're going to do. So nothing special. Everyone has better ones. And right now everyone's looking to just use the Internet and do their fancy video.

Drone video. And they all think that sells houses. Only one thing sells.

[Interviewer/Co-host]

Houses, Price. Let me ask you what a 21 point checklist, though. Do you have it where they.

[Paul Morris]

See.

[Doug Pitts]

It? It. It's in a booklet. It's in a booklet. I go over there and then it's this 21 point checklist. And then each page would be like this about the 21 point checklist. And I.

[Interviewer/Co-host]

Leave them. Do they often. Are you purposeful about showing them that there is a 21 and they can actually see 21.

[Doug Pitts]

Point.

[Interviewer/Co-host]

Checklist? Yeah. Okay. Because I think that in and of itself. So it's.

[Doug Pitts]

In writing. Yeah. So I can have it in my briefcase and if someone says, come over an hour, I'm ready. I do the comps.

[Interviewer/Co-host]

And.

[Paul Morris]

Boom. Yeah. One of the things that I did, which was a little controversial and it sounds like, you know, might disagree, but I did this reel and I said, you know, if I were going into a listing appointment and you're the homeowner and I already know because it's in a nice neighborhood and I already know you're going to see a couple of other great realtors from the area that I would say, hey, Doug, I'm just curious, what are the four or five things that a realtor would have to do in order to get you to sign the list? What do you think of.

[Doug Pitts]

That approach? That's good. What I used to say is like, you're ready to sign. And then they'd say no. And I go, why? And they would say, well, I want to interview two more people. I want this. I go, other than that. Is there any other reason you wouldn't list with me right now? And they go, okay, great, we're going to list it. I'm going to let you talk to Billy and put that as an exclusion.

[Paul Morris]

Sign here. I.

[Interviewer/Co-host]

Like it. Isolate.

[Doug Pitts]

The.

[Paul Morris]

Objection. Yep. If you know that they're going to see three realtors, do you want to be the first one or the.

[Doug Pitts]

Last one? One. So that's a younger.

[Paul Morris]

Man'S question. Somebody asked me that question. I didn't have.

[Doug Pitts]

The answer. It's a younger man's question. Honestly.

[Paul Morris]

Younger.

[Doug Pitts]

Realtor. Uhhuh. Because when we go on an appointment, I'm expecting to get it. And if they're interviewing 10 people, I'm not that excited about it, to.

[Paul Morris]

Be.

[Doug Pitts]

Honest. Uhhuh. I need to be excited about their house. I'm going on the interview, and if I go first or I go last, if I don't get it right, then I'm not going to get it, probably anyways. Because you have to remember, if they're interviewing three people and one of the people sold them the house, you're not.

[Paul Morris]

Getting.

[Doug Pitts]

It. Okay. They're just.

[Paul Morris]

Price shopping. They're price shopping second. No, there's a word.

[Doug Pitts]

For that. They're just looking to see how much your house.

[Paul Morris]

Is.

[Doug Pitts]

Worth. Yeah. Their niece is another agent. They don't trust their niece, but they want to hear from me what I think the house.

[Paul Morris]

Is.

[Doug Pitts]

Worth. Right. So there's a lot of reasons you're not going to get it. Not because you're not the.

[Paul Morris]

Best.

[Doug Pitts]

Realtor. Because. Right, I'm the best realtor. Why wouldn't I get it right? If I was gonna list my house, I'd list.

[Paul Morris]

With.

[Interviewer/Co-host]

Me. Huh. So if you don't believe in yourself, why are they going to believe.

[Doug Pitts]

In you? That's what I'm saying. There's four. You just don't know the truth of four interviews. Someone's going to waste their time interviewing for it. They have too much time on their hands. Anyways. I just told you everything you want to hear. I'm going to get your house sold. This is the price we're going to do. This is what's going to happen. Well, I need to talk to three more people.

[Paul Morris]

Come on. So obviously you're a phenomenal realtor. To me, it makes sense that realtors invest in real estate, but.

[Interviewer/Co-host]

It'S also amazing how few do. It's such a great opportunity and so many don't.

[Paul Morris]

Become investors. When did you.

[Doug Pitts]

First start? I bought my first house at 20, and.

[Paul Morris]

I.

[Doug Pitts]

Still. Okay. I still. Right out of the gate, I still have it. 1483.

[Paul Morris]

Art. Still.

[Interviewer/Co-host]

Okay.

[Paul Morris]

So. Okay. All.

[Doug Pitts]

Right, so. So it's been paid off for a long time. And I remember when I first bought it, I go, I'm gonna pay off this house. I'll never have to work again. You know.

[Paul Morris]

One house. I.

[Doug Pitts]

Love.

[Interviewer/Co-host]

It. Yeah. So how was that seed planted? Just from the.

[Doug Pitts]

Investment standpoint. You know what, I'll give my dad a little credit. He did have a couple rentals, so it's common. So he had some rentals and I looked at it and then I always thought, not. You know, in real estate, there's no way to retire, literally, you.

[Paul Morris]

Know, so. Well, in real.

[Doug Pitts]

Estate.

[Paul Morris]

Sales. Right. In real estate sales, there's no way to retire because every day you start anew and you're unemployed and.

[Doug Pitts]

You don't know you're unemployed for.

[Paul Morris]

Three months.

[Doug Pitts]

That's right. And all of a sudden you go, oh, I haven't paid in three months. I've been unemployed for.

[Paul Morris]

Three months. How many properties do.

[Doug Pitts]

You currently? I think about 70 doors.

[Paul Morris]

Right.

[Doug Pitts]

Now.

[Paul Morris]

Wow. Yeah. And are they mostly single.

[Doug Pitts]

Family or. So I have fourplexes, triplexes. I have single family homes. I have houses in Tennessee, I have stuff in Florida. I have a lot of my stuff in Simi Valley, Oxnard Valley, Sherman Oaks, I have it in la, I have in Santa Monica, triplex out there. So I have a bunch.

[Paul Morris]

Of stuff.

[Doug Pitts]

And how. I probably managed all that myself. You manage all everything rather than.

[Interviewer/Co-host]

Tennessee, right? Okay, Okay. I was gonna ask you.

[Doug Pitts]

That. Okay. Yeah. I don't do Tennessee. I was gonna do it myself because. Hey.

[Interviewer/Co-host]

There'S Venmo. I gotta say one thing which struck me, the fact that your dad planted that seed, it just makes me as a dad too do. And just all the other parents out there, even if you just do it for that reason alone, the example it sets for your kids, it's just a.

[Doug Pitts]

Game changer. Yeah, both my kids already own their own houses, which is really hard nowadays. Yeah, you have to buy a Fixer upper for 1.2 million, you know, and my older son already has a.

[Paul Morris]

Rental, so. Yeah. And your son is down the street from one of my.

[Doug Pitts]

Properties. Yeah. Both my kids live in.

[Paul Morris]

Culver City, but one of them is a few.

[Doug Pitts]

Doors.

[Paul Morris]

Down. Yeah.

[Interviewer/Co-host]

That's amazing. That's.

[Paul Morris]

Pretty cool. So you have the first house that you bought. I get that. How much turnover has there been in your portfolio? Or are you just buying and.

[Doug Pitts]

Holding, flipping? So I've never been that guy. To take money out of the house and buy another one. And I regret now, now I'm older, that I didn't go big, right? I really regret that. I regret.

[Interviewer/Co-host]

It severely. You know what, what does go.

[Doug Pitts]

Big mean? So let's, I like, like I bought my house, I lived in it. And then I did, my next house is owner occupied loan, 3% down. Lived in it, owner occupied loan, next house 3% down. And then I started having equity in these houses and I never go, I want to buy a hundred unit apartment building. I go, I want to buy another hundred thousand dollar house in Simi Valley. And I just regret not going big. And I remember this one, I went to a speaker and he talked to me and he said, you need to go big. And I didn't take advice because I was very scared because I had no fallback back. Like if.

[Paul Morris]

I didn't. Leverage.

[Doug Pitts]

Is scary. Yeah, leverage.

[Paul Morris]

Is scary. And how.

[Doug Pitts]

About investors? I would never go with investors. I own some properties with a realtor friend of mine. We buy like if he has a deal, right? Okay, I've done that.

[Paul Morris]

Lately, huh? So one of the things that I did and I, by the way, I have the same exact regret that you do. And I have 600 doors, but most of them are in Pittsburgh. So it's all totally different analysis, right? You could have 200 doors in LA and you'd be better off off than 600 doors back in Pittsburgh for sure. When I had no money, I used other people's money and the other people were friends and family and we did big deals together and we made a lot of money together. It was a hassle for me because I'm the salesman or CEO brain like you, I'm the kid that can't sit still in class. So. So if you ask me, hey, Paul, we're going to do a deal together. What do you want out of the deal? A great return. Okay, what else do you want out of the deal? I don't know, is there something else? And what happens is when you get the people who are investors or the doctors and lawyers or whatever, and it's weird, but if I give them a 15% return and no paperwork and no reporting, they're pissed. And if I give them a 7% return and they get their reporting and all that kind of stuff, which by the way, they don't even open once in a while, they'll open it to see it's there and then they know it's there and then they quit even opening the reports. But the doctors and lawyers and people that invest want the reporting. They'll take the 7% of the reporting rather than the 15%. And who knows what's.

[Doug Pitts]

Going on? Yeah, I can. I have partner, not partner now. I have investors that lend me hard money on my flips now. And I call it the country club loan. It's out of their checking account, so I give them 8, 9% interest. They have $400,000 sitting in their checking account. That getting one or two back, back in.

[Paul Morris]

The.

[Doug Pitts]

Day. Right. And you give them 9%. I don't give them a piece of the deal or.

[Paul Morris]

Anything else. Do you.

[Doug Pitts]

Get points? No, that's a true hard money. I can get one and a half points. And I go to hard money, and I don't even have to be nice.

[Paul Morris]

To them. Okay, and the country club loan, do they securitize.

[Doug Pitts]

It against. I always put a first trustee. I always get title insurance. I always put their name on fire insurance in case, if the house runs down, they get their money first. I protect them 100 in case I get hit by.

[Paul Morris]

A.

[Doug Pitts]

Bus. Okay. I don't want to screw them. And I give my personal guarantee and I tell them that within 30 days. Like if they go, doug, oh, my God, something come up. I need my money back. I'll just give them their money back and I'll get them out of.

[Paul Morris]

The deal. Do you put that.

[Doug Pitts]

In writing? No, that's.

[Paul Morris]

My.

[Doug Pitts]

Word. Okay. It's all.

[Paul Morris]

My friends. Right, right.

[Doug Pitts]

Right, right. And I've had a couple of people say, I need my money back, and I get it right back to them. Yeah. But the only one thing I do, if it's not a legit reason they want it back, I'll never borrow money from.

[Paul Morris]

Them again. Right. Okay. Well, that's fair. Yeah, that's totally fair. And that's what I did with friends and family. And what ended up happening was, so I started using really, a syndication model when I had no money. And then I was like, you know, I still wasn't good with the paperwork. I had a business partner that was supposed to be doing the paperwork. He was really doing the paperwork. People were frustrated. Everyone that invested with me had to file their taxes late because we weren't getting. We weren't getting them the K1s on time. We put them in great stuff, and everybody's mad. So I'm like, as soon as I have enough money to invest myself, no more partners. And that's the direction I went. And.

[Doug Pitts]

I have. But you're small. That's.

[Paul Morris]

The problem. Well, I Have one friend in particular who you would know the name and we'll get him on the podcast for sure. So maybe I'll say his name then. Rick Selby. And he has thousands of doors and sometimes he builds new and they are marquee properties in Westwood and all this sort of thing. He has the fanciest pension funds invest with him and all that sort of thing. He's got a lot of money, way more money than me. He does invest his own money in every.

[Doug Pitts]

Single.

[Paul Morris]

Deal. Deal. He has a rule. Most investors, actually, they require you to have at least 10% money in the deal. He does 10% or more, but a minimum of 10%. And he never does a deal without all these partners. And so it has enabled him to grow massive. And at some point in time, even knowing that I would do things differently at some point in time when I was like, I've got so much money, like, let's just do them myself. Let's do a family office instead of continuing. But he just.

[Doug Pitts]

Keeps going. I hope.

[Paul Morris]

It works. Yeah, it works. Just keeps going. And so you would have.

[Doug Pitts]

Done differently. I mean, back then, I would have done that. Now, you know.

[Interviewer/Co-host]

You don't. Different stage in.

[Doug Pitts]

Your life. Like now I just do the flips. I try to have four to five flips going at all times, and I always do. Okay, I have five flips going.

[Paul Morris]

Right.

[Interviewer/Co-host]

Now. Okay. For the question you asked about how many you've held, like.

[Doug Pitts]

The 70. So usually I buy, buy and move the next one. So I did that for the first 10, and then after that, then all sudden I show a property back in the day, I go smoking deal. They go, if I could so much. You buy it. So I buy it. You know, people do that. Yeah, I've bought a couple houses doing that. And then back in the REO days, I would buy when the triplex or duplex came up, I buy those. I just bought those and kept those. And then in the last 10 years, if I had a bad flip, I got a rental. I turned into a rental, refinanced it because I used to finance 100% of it. So if I bought it for 700,000, my buddy lend me 700,000. I did first trustee, because that's how I do it. And then if it didn't work out, I refinance $700,000 out. I still have like 60, 70,000 to fix up money into it. It's worth 300 grand more. So I refinance it, get a good loan on it, and that's how I.

[Paul Morris]

Got those. How are you sourcing those deals? The flips. How are you sourcing.

[Doug Pitts]

The flips? There's a whole bunch of different ways do it. So I own a couple franchises I've told.

[Paul Morris]

You.

[Doug Pitts]

About. Right. And I advertise about $10,000 a month in each county. And then I have other wholesalers that call me directly and then network just. I. I probably offer on a house every.

[Paul Morris]

Other.

[Doug Pitts]

Day. Wow. And I only buy one a month, two.

[Paul Morris]

A month. But if you're offering every other day, you're offering at a price where you know, it makes sense. So if they say yes, so I back.

[Doug Pitts]

Into it. I know how much it's going to cost me to fix it up. I know how much the holding cost is going to be. I know how much I can sell it for, and I back into it. So when I give them a number and they say no, I.

[Paul Morris]

Feel good. Yeah, no problem.

[Doug Pitts]

No.

[Paul Morris]

Problem. Yeah. Tell me if this happens to you, because it happens to me, and I've invested in a lot of real estate. You've invested in a lot of real estate? I get packages from commercial realtors, and I'm looking at it, I'm like, I don't understand this. I've been doing this for 30 years. Here's the pamphlet. Like, I don't understand it. What's going on over here. And the way I analyze a property, an investment is like what you're saying, okay, so how much are we buying.

[Doug Pitts]

It for? It's simple math. It's like.

[Paul Morris]

Four lines. How much are we buying for? Tell me the.

[Doug Pitts]

Four lines. Yeah, well, the four lines is, was it worth.

[Paul Morris]

Fixed up? Okay, so that's the last.

[Doug Pitts]

Line, right? No, that's the first.

[Paul Morris]

Line. Right. Well, you're gonna back into it. That's right. Okay, of course. So that's your after renovation value.

[Doug Pitts]

Right? Right. Okay, so that's the first line. Then how much it's going to cost to.

[Paul Morris]

Fix.

[Doug Pitts]

Up? Yes. Right. That's a big number. Yep.

[Paul Morris]

Holding cost. How long is it going.

[Doug Pitts]

To take? Which is.

[Paul Morris]

Holding cost. Yeah.

[Doug Pitts]

That'S correct. Holding cost, closing cost, and purchase price. There's no.

[Interviewer/Co-host]

Purchase price. That.

[Doug Pitts]

Is it. You draw a line and then the bottom gives you the purchase price, but the profit has to be.

[Paul Morris]

In there. It breaks my brain because I'm so, like, linear. And it breaks my brain because we're doing exactly the same thing. But I look at a house, they go, oh, it's a dump. There's a lot of opportunity here. And I go, okay, well, how much Is it for sale for? And they go 700 grand. So I go, okay.

[Doug Pitts]

700 grand. I don't care what they're selling, I don't care about anything. So you have to determine what's it worth to you? No, you have to discern how much property you are. So when you look at a seven hundred thousand dollar house, what type of profit are you looking for? I knew what I looked at three years ago and I know what I look at.

[Paul Morris]

Profit now. Tell me three.

[Doug Pitts]

Years ago. Three years ago was almost 20%. What.

[Paul Morris]

Sales price. Okay, okay, okay. So you want 20%.

[Doug Pitts]

Of costs. So let's just say you think it's worth 700 fixed up. The first line would be 140 right back. Then fix up cost, holding cost, closing cost. Okay, okay, so now it's 10%. So now if it's 700,000, you put 70. Then you put in fix up cost, holding costs, closing costs, draw the line. What's that number? That's what I'm offering. And if the number is like, like 4 93. Yeah, I'll offer 500. If it comes out to be 413, I'm offer 400. You know, I, I'll play with the numbers a.

[Interviewer/Co-host]

Little.

[Paul Morris]

Bit. Interesting. Well, I'm going to say it out loud because this podcast has a huge audience and I'm going to say it out loud because what Doug is saying I 100% agree with. And I actually think he and I are saying the same thing. And it's so funny because my brain just, just works in the opposite direction. So let me say it, okay? Because I just looked at a house, okay, Somebody brought me a house and they're like, well, we think we can get it for 700. I go, oh, okay, 700, that's purchase price. Yeah, it's purchase price. My first line. And I go, okay, well what do you want to do with the house? What do you think you can do and how much? They go, well, you know, if we put in 30,000, you know, it's a really quick flip and da, da, da, da. That's one set of math I could go through that. That. The other set of math that we were doing was let's put in 85,000. Let's do some different things. So now I'm like, oh, okay, 85,000. How long is it going to take you to.

[Doug Pitts]

Do.

[Paul Morris]

That? Right? They go, well, three months. So you look at carrying costs and sale costs or whatever, I guess you can estimate that for me. I don't have.

[Doug Pitts]

Those.

[Paul Morris]

Numbers. Right. You know, right in. My owners say another 20 grand for holding costs. For holding.

[Doug Pitts]

And sale. No, though. Oh, 7%. Now, if you want to do the figuring fast, it's 8% of 700 would be $56,000 would be your.

[Paul Morris]

Holding cost. Okay, all.

[Doug Pitts]

Right, fine. So holding, closing, because you got three and a half percent on sales costs, you got a percent escrow and you got the rest percentage for holding costs for your hard money.

[Paul Morris]

So 8%. He's going to have to go slower because if he's losing me, he's going to.

[Doug Pitts]

Lose people. 8% of the sales price is what.

[Paul Morris]

He'S saying.

[Doug Pitts]

Okay. Okay. So.

[Paul Morris]

It'S.

[Doug Pitts]

$56,000. Okay. So you, out of that 8%, you got two and a half to the selling agent, you got 1% for escrow fees and closing fees. So it's three and a half. Then you got two and a half. Times seven is, you know, 14,000. So you figure out how much holding costs you're going to have. I always figure it's going to cost me 30 to 60 days to fix it up. And back then it was only 30 to 60 days to sell it. So it was four months of holding costs. Okay, so now, now the market's differently. My holding costs and my closing costs are separate now. Now. And when you're making 20% profit, you just go 8. Who cares? You're making money and.

[Interviewer/Co-host]

You'Re 8. I think if I understand.

[Paul Morris]

Your 8 includes your sales price, though, this is why. Because he starts at the.

[Interviewer/Co-host]

End, right? No, on the sales price. But you're also assuming it's a third of the year. It's taking you four months. Yes, because right then, right back. This is borrowing the money at 8% or 9%, which is what you're saying. Then you're dividing that by.

[Paul Morris]

By three. So, and we could do. We.

[Doug Pitts]

Could do. You got a million dollars at 8% is 80,000 divided by 12 and 12 is three months. And you only three months.

[Paul Morris]

At a. A simpler way to do it because actually money is more expensive right now is to go 1%.

[Interviewer/Co-host]

A month. There.

[Doug Pitts]

You go. So, yeah, that's easy. Seven grand.

[Paul Morris]

A.

[Doug Pitts]

Month. Yeah. So seven, that would be the easier way to do it. But right now, since the market's different, you need to break up the closing cost. And the holding costs are totally different now. And see, how we make money on flips is we back into it. After we back into it and we said 80 grand to fix it up, I could fix it up for 60. There's 20 in my pocket. Sure. I put in $47,000 for holding costs and I sold it. And then, oh, I made five grand more. And then all of a sudden, on the closing costs, I sold it myself. Oh, my gosh. I saved two and a half percent. So my number can get bigger. The best flip is to break.

[Paul Morris]

Even.

[Doug Pitts]

Right? Right. You never want to.

[Paul Morris]

Lose money. Oh.

[Doug Pitts]

For sure. So after not losing money, how much can.

[Paul Morris]

We.

[Doug Pitts]

Make? Yeah. And you know what? How I look at flipping houses, I'm offering a service. I'm giving someone convenience of selling their house in a week and getting them out of the problems, all the damage, all the inspections, all the trash, the motions and everything else. If I can help them get out of that and I can make money on it, great. I'm not looking to take advantage of anybody. I'm looking for a certain. If someone's looking top dollar.

[Paul Morris]

They shouldn't sell me a house or you'll list it.

[Doug Pitts]

For them? Absolutely. And I'll give them top dollar then. And I do that all.

[Paul Morris]

The time. And I use the example all the time of my mom's condo in Pittsburgh. And it had a bunch of stuff in it. It was emotional for me to have to deal with it. And if somebody came in and said to me, really, truly, one problem I had was like, what's it actually worth? I have a harder time figuring that out because it's so far away. But, okay, fine, fine, you get the real comps. What's it actually worth fixed up, and then what's it going to take to get there? And all that stuff. And if somebody came to me and said, hey, you know what? This is what it's actually worth cleaned up, fixed up, we're going to give you 20% less cash right now. I'm a real estate professional. I'd be like, okay, let's.

[Doug Pitts]

Do it. No inspection, no.

[Paul Morris]

Nothing. Including. But also, I know there's nothing wrong with it.

[Doug Pitts]

But that's. You don't know that.

[Paul Morris]

That even. That's okay. Well, it was a condo. Most of the stuff was working. But even with the service of we're going to take all your mom's stuff and we're not going to do it for you, we're going to hire a service that we know that's safe, we're going to take all your mom's stuff, we're going to put it all in a truck, we're going to send it to you, and you're going to pay for it, and we're still going to give you 20% less in a week. Where do.

[Doug Pitts]

I sign? Well, the best way, how I do it, I do it a little differently. I break it down for them and I show them my numbers. I go boom, boom, boom. And there's my profit.

[Paul Morris]

Of $50,000. Yeah. Do you want to do this? And by the way, if you do this it's going to cost. There's no way they can.

[Doug Pitts]

Do it. And I'm just letting you know that that 50,000 is going to be eaten up with the fix up cost. Oh, guarantee for sure. So I'm not really making 50. I'm making 50 based on me being the contractor, me being the real estate agent, saving 2%, two and a half percent and me doing this and this and this. So that 50,000 is.

[Paul Morris]

Really.

[Doug Pitts]

Zero. Right. And you're getting the convenience and I'm just going to close in a week. You pick it and you walk away. You throw the keys down and walk out. You're offering a service, so it's really up to people. Hey, Ryan Reynolds here wishing.

[Interviewer/Co-host]

You a very happy half off holiday.

[Doug Pitts]

Because right now Mint Mobile is offering you the gift of 50 off unlimited. To be clear, that's half price, not half the service. Mint is still premium unlimited wireless for a great price. So that means a.

[Paul Morris]

Half.

[Doug Pitts]

Day. Yeah. Give it a try. @mintmobile.com Switch upfront payment of.

[Sponsor/Ad Voice]

$45 for a three month plan equivalent to $15 per month required new customer offer for first three months only. Speed slow. 135 gigabytes of network busy. Taxes and fees extra see.

[Doug Pitts]

Mint mobile.com so you know in the beginning of the day when they call me to buy their house, my hat is 100% of me buying it. As soon as they go, I want fair market value. I take that hat off and I put on my.

[Interviewer/Co-host]

Other.

[Doug Pitts]

Hat. Interesting. But I try to do both hats for a while. You can't do.

[Interviewer/Co-host]

Both hats. And you say you do do now on average how many flips a year going.

[Doug Pitts]

Right now? I, I minimum of 12 a year. My goal is truly 24 in that I can handle that, I can handle the money, I can handle everything, I can handle.

[Paul Morris]

The cruise. And then are you project.

[Doug Pitts]

Managing this? Yeah, but it's super simple. I do the same thing on every house though, the kitchens. If you look at all my flips, the kitchen is same and when I pull permits. Right. And then I do owner builder on.

[Paul Morris]

The permits.

[Doug Pitts]

Right.

[Interviewer/Co-host]

Right. Smart. It's.

[Paul Morris]

A system. He's got a.

[Doug Pitts]

System checklist. Yeah, I'm not going in like, oh, this one looks better with.

[Interviewer/Co-host]

Cherry cabinets. It's the decisions are made.

[Doug Pitts]

In advance. Same sink, same faucet, same door handle, same this, same this. I'm not reinventing. Same baseboards, the same color on every house. Same floors, same everything. And eventually people go, I don't like that floor. Okay, now I'm switching the.

[Paul Morris]

Floor around. He's doing minimum 12 a year. Really wants to do, oh, I can handle 24 a year. The thing that people don't understand is there's two things they don't understand. Okay. This man has a full time real estate practice. He does a great business. And how many days a week do.

[Interviewer/Co-host]

You work? I work.

[Doug Pitts]

Property managing. Yeah, the property management's so simple, you know, it's text messages. Yeah, my toilet's leaking. Call.

[Interviewer/Co-host]

Billy's.

[Doug Pitts]

Plumbing. Right. My electrical. Okay, I'll call Julio, whatever it is. There's like five questions that people have that's wrong with their house. And I just text them and everything. And I go, make the appointment yourself. They go, no, that's your job. I go, I don't know when you're going to be home. You make.

[Interviewer/Co-host]

The appointment. Managing expectations, by the way, is so essential, which.

[Doug Pitts]

You'Re obviously. And then I also let you know on the property management, I always let them know, I'll get it fixed. Hope it's not.

[Paul Morris]

Your.

[Doug Pitts]

Fault. Interesting. Yeah. We find a little stuffed animal in your toilet. You're paying for.

[Paul Morris]

Billy's plumbing. I.

[Doug Pitts]

Love it. But yeah. So property management is the most simplest out of everything. And then real estate's pretty.

[Paul Morris]

Simple too. The hardest part about you're making.

[Doug Pitts]

It simple. This, it's about, you know, following up on appointments is the hardest part. Because when I get calls on the flips, they say no, and I need to call back every two weeks because eventually they called for a reason. They.

[Paul Morris]

Had pain. Right. And the pain, a.

[Doug Pitts]

Potential sale.

[Paul Morris]

Yeah. Yeah. The P is following the lead on the potential sale. How many days a week do.

[Doug Pitts]

You work? I've worked four days for sure. I take the weekends off forever. I will not work a weekend in my life. Don't get me wrong, I'll take a phone call or something. Or if someone wants to see $10 million house. Yeah, I'm definitely showing a $10 million house. But if someone goes, I want to see house on Saturday, I go, how's Friday? Okay, Doug. Hey, Doug, want to see house on Sunday? How was money? Okay, Doug.

[Interviewer/Co-host]

Pretty nice. Expectations, great boundaries and be clear.

[Doug Pitts]

On that. But no, I have no problem. Like, if A client of mine, and I like them anyways, who care and they want to see on Sunday and they go, doug, seriously, I really want to see it. Of course, I'm. I'm not a jerk. Like these people that leave messages. I only return calls from three to seven. You know.

[Paul Morris]

Like really? That's managing expectations. But he's able to manage expectations without.

[Doug Pitts]

Doing that. Agreed. Yeah. I mean, we have a computer in our hand. It's the most amazing thing in the world. We don't have to be at the office anymore. Yeah, we could be anywhere in the world and.

[Paul Morris]

Be productive. But when I call him, he's mountain biking in Denver. Well, you.

[Doug Pitts]

Know, fishing. That's. That's you asking me where.

[Paul Morris]

I'm at. No, no, I'm not saying, doug, where are you? I'm like, hey, Doug, can, you know, can you.

[Interviewer/Co-host]

Come over? He's like, the point is his clients don't.

[Doug Pitts]

Know that. No, I think if I'm on a. If I'm trying to buy a flip and someone goes, what are.

[Interviewer/Co-host]

You doing? I'm.

[Doug Pitts]

Not telling. I'm not having fun. I'm at.

[Paul Morris]

The dump.

[Doug Pitts]

Right. Yeah.

[Interviewer/Co-host]

There.

[Paul Morris]

You. Right. No, I understand that.

So the portfolio. You know what? I'm going to force you guys to listen to me. Okay? So I start with. The guy comes to me and he says, hey, you know what? I've got this house. I think it's a great opportunity. It's 700 grand. It's a three bedroom, two bath. This is a real thing. It's in resita. It's sort of a box. So it's like a modern, it's easy to do. We want to do, let's say $80,000 for the fix up. And here are all the things we're going to do. There was sort of an ADU done already. We're going to get that finished, out and permitted. And we got a plan for that. And so it's $80,000. And then we can do everything in three months. And at the end, you know, I think pretty easily we can sell it for a million one. So now I'm like, purchase price 700, fix up 80, hold time.

[Doug Pitts]

Three months. Let's say you all, obviously, for the podcast, you're saying you're getting permits. Because if you're getting permits, it's not going to be done in.

[Paul Morris]

Three.

[Doug Pitts]

Months. Okay. So that's impossible. In adu, you have to submit plans. Even if it was a.

[Paul Morris]

Brand new ADU build, mostly done, it.

[Doug Pitts]

Doesn'T matter. You have to have plans you have to have it to go, and you have to. To submit. I just built two ADUs this year from start to finish. It's.

[Interviewer/Co-host]

A year. It's.

[Paul Morris]

A year. Now, listen, the one that I did on Helms, I haven't broken ground. I have permits. And it was. There were a lot of hinky things. I didn't rush the guy. It took.

[Doug Pitts]

Two years. So, like, on a flip, if I have an ADU in the backyard, I'm going to make it beautiful to look like an adu. Everything be done, and I'm going to go. It's ready to.

[Paul Morris]

Be permitted.

[Doug Pitts]

Right. Okay. If you have a nice garage in the back, clean it up, make the bathroom nice, paint the floors, put a window in there, put a desk in there, put a gym in there, do whatever you want to make it look like it and let them imagine it being an adu. You don't want to get into permits on an adu, on.

[Paul Morris]

A.

[Doug Pitts]

Flip. Okay. But if you want to permit a couple. Electrical panel. Yeah, go.

[Paul Morris]

For that. Okay. So, like, we're not able to keep Doug here for another six hours, but I think everybody would profit from another six hours. We're doing the best we can. So I think that Doug's reverse math is a better way to do it. I'll just leave it at that. It's a better way to do it. My brain doesn't see in reverse, so I go the other way. So that's why I just wanted to say it for people that might be like me. I agree with you. You do it in reverse. Doug's also doing. He's doing so many and I do so few, that if I see a 10% return.

I don't do it. And the reason why I don't.

[Doug Pitts]

Do it.

[Paul Morris]

You shouldn't.

[Doug Pitts]

That's correct. You shouldn't. For one, your time's too valuable and opportunity cost. But if you can take that 10%, let's say 10%, 70,000 and do 2, and then it's 140, and it's the same amount of work. Oh, then now it's worth my time. But for your time, everyone's time's.

[Paul Morris]

Worth something. Yeah, I'm doing these myself anyway. That's why I said a guy came to me and he's going to do all this.

[Doug Pitts]

Stuff. Stuff. Every time I do that. Like, I do that out of state on some. And it never.

[Paul Morris]

Works.

[Doug Pitts]

Out. Huh. Because.

[Interviewer/Co-host]

You know. And I.

[Doug Pitts]

Think another. Because, you know, they're not getting the cheapest. They're not on the Same timeframe as you. They're looking at, as long as I make something, I'm.

[Interviewer/Co-host]

Making something. You've got all of it set up. You've created the foundation, the system, and then you've done the heavy lifting and then you're able to amortize that over multiple opportunities. Well, I think that's a.

[Doug Pitts]

Huge point. Well, you, where you go? HD Supply. My guys can go in there and buy whatever they want. The receipt is emailed to me within five minutes after the sale. I look at everything. Hey, what's up with the beef jerky on the receipt? You can.

[Paul Morris]

See everything. So you only guy.

[Doug Pitts]

Well fed. Yeah. You see what they're spending money on? Oh my gosh. Why is there two dishwashers? We only put one dishwasher in this house.

[Interviewer/Co-host]

You.

[Doug Pitts]

Know. Yeah. So you can manage that.

[Paul Morris]

And you can buy the appliances you need, but you have to buy.

[Doug Pitts]

It here. Yeah. No. Yeah. So I do everything and you have to check on the house. Anytime I don't check out on the house in like four days, I go, great, we have to redo that wall. We have to do this because I knew what I wanted to look like. They just want to get it.

[Interviewer/Co-host]

Done right. It's inspect what you expect. And that accountability piece.

[Paul Morris]

Is essential. Super.

[Doug Pitts]

Super.

[Paul Morris]

Important. Yeah. So it's just mind boggling the amount of business that he does as a real estate salesperson and does all these flips in the same year and still really maintains like time with his wife, time with his friends, doing the things that he likes to do. Mountain biking or fishing or whatever it is that you're doing. Going. It's an.

[Interviewer/Co-host]

Amazing thing. So with that said, you're very purposeful. That's Paul and I always.

[Doug Pitts]

Look at. Oh.

[Interviewer/Co-host]

For sure. Very intentional. Very purposeful. What's your perspective on, like how you get so much done and working smarter and being purposeful? Like, what are the things that you focus on too? Because you're competitive, you are purposeful. What do you focus on.

[Paul Morris]

To continue? Well, one thing is like it used to be.

[Interviewer/Co-host]

17.

[Doug Pitts]

Escrows.

[Paul Morris]

Right. Right. And now.

[Doug Pitts]

Now we're. For me, honestly, I hate to say it is like, what's going to make me money? Because if I'm not going to make money when I go to work, I might as well not go to work. So if I want to go, I'm going to make money on that flip. I'm going to get a listing, I'm going to do something. I'm not going to do anything that's going to waste my time. Because at my age, I want to have fun or make money. One of the two period before, you know, you go to the office and you talk to people and you eat a donut. Right. I won't do that anymore. I haven't done that in a long time. But I'm not going to waste time on stuff like that because I'd rather be with my dog because I have a grandchild I think I'd rather have time for. So if I'm going to be doing something, making money is fun. You know, I hate to tell you, people put making money as evil, but.

[Paul Morris]

It'S.

[Doug Pitts]

Not. No. You know, me and my wife always had the biggest argument with kids growing up. Don't talk to the kids about money. Absolutely. I'm going to talk to the kids about.

[Paul Morris]

Money. Yeah. I love it, by.

[Interviewer/Co-host]

The way. I mean, money provides opportunity, community finds.

[Doug Pitts]

Come on. But people always made money into evil. Yeah. Because people think that we're greedy or this money's energy. Well, you know what it is? It's energy, but it's kind of like you're interested in it. You know, you're interested in making money. And it's kind of like if someone's talking about their hobbies. My hobby is like, my rich friends, they like making money and they like talking about it. I love hearing.

[Paul Morris]

Their ideas. Oh, me too. And it's a hobby, I think.

[Doug Pitts]

About business. It has nothing to do with like, you think Warren Buffett needs money and he's still working. He.

[Paul Morris]

Enjoys it.

[Doug Pitts]

Right, Right. It's a hobby.

[Paul Morris]

For him. And people look at people that have a lot of money and they're still doing deals and whatever, and they look at him as.

[Doug Pitts]

Greedy. Yep. And you know what? You can donate it. You do whatever you want.

[Paul Morris]

With it.

[Doug Pitts]

That's correct. But you know what?

[Paul Morris]

It's okay.

[Doug Pitts]

That's great. It's not evil. Taking advantage.

[Interviewer/Co-host]

Of people.

[Doug Pitts]

That's.

[Paul Morris]

Bad. Yeah.

[Doug Pitts]

Of course. Cheating.

[Interviewer/Co-host]

People.

[Doug Pitts]

Horrible. Yeah. But working hard and making money, that's a good thing.

[Paul Morris]

Thing. Agreed. I totally agree. That's why I just said it's energy. It's one way to look at it. Money's energy. You can't buy time that's past, but you can buy time in the future in the sense that. Just use a simple example. You're going to take a Greyhound bus across the country because you can't afford to fly commercial. So you fly commercial. You can buy time in the future. You can use money to create shortcuts so that you have more Time with.

[Interviewer/Co-host]

Your family. And money is a function of.

[Paul Morris]

Value creation. Oh.

[Interviewer/Co-host]

For sure. So money is a great sign because that's when you're creating. You don't get paid unless you create value for.

[Doug Pitts]

Other people. So how is that not a.

[Paul Morris]

Good thing? People don't.

[Doug Pitts]

Even understand. And then you can help your family, you can help other people, you can donate, you can do anything you want with it. You don't have to.

[Paul Morris]

Keep it. That's right. Yep, that's right. When I wrote my book Wealth Can't Wait, one of, you know, one of my favorite nephews, I don't have that many. I love them all. But one of my nephews, and he's super smart and cool, and he is a Christian pastor, which is a bit unusual since we're Jewish. And he said money's not everything. Who said it was everything? And also, if someone's going to have money, I would think money in a guy's hands like you would be more valuable then 100. Yeah. So it is what you.

[Doug Pitts]

Can do. My richest friend that I have, he donates so much money and he helps people out all the time, and he enjoys donating his time and money.

[Paul Morris]

To people. I agree with you in terms of I want to make a lot of money, and it's not in my karma to cheat people or to, you know, I was just looking at some of the things that we're doing, and we're going to add a new technology person that's overseas. And I'm like, how much do they make? And when I heard what they make, I'm like, that doesn't even sound fair. You know, can we pay them more? And the answer from our VA person was, well, here's what they were making at their last job, they were making 20% less. And then the person they worked for, they're not allowed to have the vacations they want, and they're not allowed to work from home, even though it's still virtual. They've got to, like, put a suit on and pretend they're, you know, go away from their family and pretend you pay them what I tell you to pay them and they're making 20% more. You'll let them have whatever vacations we give them training for free. They don't have to go away from their family, their house. They're right there. They don't have to dress up weird. It's such a huge step up. Just that alone. And you know what? Here's the thing. She has had people that have worked for her over the Years. And she pays them more and more and more and also creates these opportunities for them to do do more and bigger things, like start where I tell you, let them kill it. And when they kill it, we'll pay them more and give them all these cool things to do and train them, give them education or whatever. We're great. You're never going to make money by saving money or I, you.

[Interviewer/Co-host]

Know, you can't save your way.

[Paul Morris]

To wealth. You can't save your way to wealth. Why it's.

[Doug Pitts]

Amazing here. If you're.

[Interviewer/Co-host]

Rock star. Return on effort is something I talk about. How much return to get on your effort. That's the key.

[Doug Pitts]

To life. People just don't get it right, you know, because you walk into these, you know, Into Falls offices, 80% of the people.

[Interviewer/Co-host]

Aren'T working. I mean, how often we talk, we're talking about even got to be whatever, not.

[Paul Morris]

Say anything. Leaders. Sorry, I wrote down. And you would think that this is not a quote that somebody needs to write down. I talk to a lot of smart people. I read a lot of. Sorry, I don't read any books. I listen.

[Doug Pitts]

A lot. Listen a lot.

[Paul Morris]

Of books.

[Interviewer/Co-host]

I listen.

[Paul Morris]

Yeah, yeah. I learn a lot of stuff. Whatever. You know what I write down, I write down, Doug says, have fun or make money. And like, that should not be a revelation that I'm writing down.

[Doug Pitts]

My age. That's the only thing.

[Paul Morris]

That matters.

[Doug Pitts]

No.

[Paul Morris]

Right? No. But here's the thing. Here's.

[Interviewer/Co-host]

The thing. You can have fun making.

[Doug Pitts]

Money or no, you are having fun making money. But that's why I don't have fun not.

[Paul Morris]

Making money. But what I'm saying is, what I got from what Doug said is, how about this? What if I stood at the door of the office and before the realtor who works in our office, Our Beverly Hills office has 600 realtors. A lot of them don't come in. What if I stood at the door and they wanted to come in? I go, okay, you want to come in? Tell me what you're going to do. Yeah, what are you going.

[Doug Pitts]

To do? It'll be the best thing you could ever.

[Paul Morris]

Do, though. Oh, I'm going to take the list.

[Doug Pitts]

Go ahead. I'm going to make flyers. I'm going to.

[Paul Morris]

Design it.

[Interviewer/Co-host]

Yeah, okay. I'm gonna work on.

[Paul Morris]

My website. Go home.

[Doug Pitts]

Go home. The biggest thing I think about all realtors, this number one thing, all realtors get ready to get ready. Oh, that's all.

[Paul Morris]

They do. We talk about it all.

[Doug Pitts]

The time. That's all they do all they do. Y walk out the door and hit.

[Interviewer/Co-host]

A.

[Paul Morris]

Door. Yeah. Yeah. Okay. So I'm standing at the front door and I go, what are you gonna do when you come in here? The three of us have been in this business a long enough time that we know what's a dollar. Productive activity or not dollar. Go, what are you going to do? And they tell us, I'm going to work on my website. I go, okay, what do you like to do for fun? And unless it's work on your website. Yeah, well, what do I like to do for fun? I like to walk on the beach. Okay, right. Go walk on.

[Doug Pitts]

The beach. Yeah. And maybe talk to someone about buying a house. Right.

[Interviewer/Co-host]

That'S it. Have fun or.

[Paul Morris]

Make.

[Doug Pitts]

Money. Yeah. It's.

[Interviewer/Co-host]

Just.

[Paul Morris]

Crazy. Yeah. We talked a lot about prospecting. How do you.

[Doug Pitts]

Handle friends? I always be friends that.

[Paul Morris]

Are potential. You meet a guy fishing and you're like, wow, he's cool, or you're going fishing thing. Sorry, I thought you.

[Doug Pitts]

Went fishing. I never fished my.

[Paul Morris]

Entire.

[Doug Pitts]

Life. Okay. I was wondering what the. Me too.

[Paul Morris]

I have. Can we put. By the way, nor have I. No, I hate fishing. Can we put it in the show notes? Doug hates fishing. I know that. He loves.

[Interviewer/Co-host]

Mountain biking. Yes, that.

[Doug Pitts]

He does. I love surfing. I love surf bike riding. I like swimming. You know, I.

[Interviewer/Co-host]

Like fish. I don't know if.

[Doug Pitts]

He does. I love eating fish. I don't want to kill.

[Paul Morris]

Him. Exactly. Yeah, I know. I don't want to. I went fishing with my family in Mexico and the granddad. Not on my side of the family. It's my. My brother's father in law and the kids, we had an absolute blast. And, you know, one of the things, he's super sharp. He's in his 80s, he still has a full medical practice. And one of his, like, visions was he wants to go out and fish with his kids. So I'm like, okay, well, you know, all right, I'll ride on the boat. It's supposed to be spectacular. Da, da, da. And we caught nothing. And would I wish that on him? No. But I wasn't sad that we didn't catch.

[Doug Pitts]

A fish. But it doesn't matter. You got to spend time fishing with.

[Paul Morris]

His kids. He wanted to catch a.

[Doug Pitts]

Fish with his kids, but fishing and catching are.

[Paul Morris]

Too different. Yeah. Well, I agree.

Doug, I can't tell you how much I appreciate your thoughtful answers. And what I'm going to do now is I'm going to ask you a series of questions and I barely have to say this To Doug because he's so on it. But we could spend half hour on a lot of these questions but obviously I ask, you get your fire round answer and then we'll go off to.

[Doug Pitts]

The.

[Paul Morris]

Next. Nice. Okay. Awesome. What do most people misunderstand.

[Doug Pitts]

About you? I think the motivation that I have is truly to make people happy and that makes me happy. And people think.

[Paul Morris]

It'S bullshit.

How'd you meet.

[Doug Pitts]

Your wife? Life old fashioned way at.

[Paul Morris]

A bar. What's your biggest failure and what did you learn from.

[Doug Pitts]

That experience? Biggest failure is not going big when I.

[Paul Morris]

Was younger. If you give the 20 year old version of you advice now, what would that.

[Doug Pitts]

Advice be? Your money. Go.

[Paul Morris]

For it. Wow. What's the best compliment you've.

[Doug Pitts]

Ever gotten? You look.

[Paul Morris]

Tall today. What's an insult you received that you're.

[Doug Pitts]

Proud of? Do you ever.

[Interviewer/Co-host]

Calm down? What's your.

[Doug Pitts]

Best attribute? You. I think.

[Paul Morris]

My energy. What does your morning routine.

[Doug Pitts]

Look like? Wake up.

[Paul Morris]

Work out. What time do you.

[Doug Pitts]

Wake.

[Paul Morris]

Up? 5:30. Wow. If you could have coffee with any historical figure, who would.

[Doug Pitts]

You choose? Probably Einstein or this. Be.

[Paul Morris]

Really.

[Interviewer/Co-host]

Interesting. Wow. What's an area that you'd.

[Doug Pitts]

Love to improve upon with me? Yeah, probably how.

[Paul Morris]

I dress. What's a talent that you'd love to have that you.

[Doug Pitts]

Don'T have? Music, play or sing or any of it. I have no musical bone in my.

[Paul Morris]

Body. Likewise. If you won a hundred million dollars tomorrow, what would you spend.

[Doug Pitts]

It on? I'd actually I've thought of this. I would start a first time home buyer program where I lent them the first trustee and then qualify people and get as many first time buyers as possible.

[Paul Morris]

In there. I'm going to show you a project I'm working on because you would be so perfect. What's your biggest.

[Doug Pitts]

Pet peeve? Lazy people. Lazy people that complain about being lazy too. You know they just go. Nothing ever happens for me. Like really you're lazy. Some people own being lazy. People that don't own it and they're lazy. They drive.

[Interviewer/Co-host]

Me crazy. What's the key.

[Doug Pitts]

To success? Three eights in a day. You work two of the eights. It's impossible not to.

[Paul Morris]

Be successful. In your opinion, what's the most most.

[Doug Pitts]

Overvalued trait?

[Paul Morris]

Probably looks. What's one thing you could change.

[Doug Pitts]

About yourself?

Probably shut up more.

[Paul Morris]

And listen. What's your.

[Doug Pitts]

Greatest regret? I think we talked about that. Not going big when I.

[Paul Morris]

Was younger. Is it.

[Doug Pitts]

Too late? It's never too late. There's people, actors and everybody that they started acting at 50. And they just became gigantic stars. I choose not to go big Now I have 10 years left of really mountain biking hard and surfing hard and charging and snowing, snowboarding and doing things I want to do. I don't need that part of my life to be fulfilled. And take away from the other stuff, opportunities. There's two people. You know, you could be the best person in the world, but you have to give up other things. You could be the best guy at gym, but you know what, you're not going to work a lot. You know, you're going to be in gym five hours a day. You have to choose what's the most important thing.

[Interviewer/Co-host]

To.

[Paul Morris]

You? Choice. What do you value most.

[Interviewer/Co-host]

In friends? Loyalty. How is.

[Doug Pitts]

Loyalty earned? Loyalty? I don't know how it's earned. To be honest. Loyalty is something that is gigantic to me. If you're loyal to me, I'm loyal back. People that are loyal are just like, I don't care, they're mess ups or whatever. If they're loyal, they're going to get the benefit of the doubt. They come from a good place and they're loyal. They can do.

[Paul Morris]

No wrong. One of my things now is just doing what you say you're going to do is sort of my new version.

[Doug Pitts]

Of loyalty. Because for how many employees you have, you.

[Paul Morris]

Need that. Yeah. I mean even if somebody says, hey, you know what, I'm gonna do this and I don't like it, at least their words and their actions.

[Doug Pitts]

Line up. But for how many people you talk to and for how many employees you have, if someone says they're gonna do something in your mind, they did it already. And when they don't do it, you can never trust them again. Yeah. Oh, so everything you say is full then. So you can have people around you that aren't going to do what they're going to say they're.

[Interviewer/Co-host]

Going to. Most important thing you have is.

[Paul Morris]

Your credibility. Yeah, that's right. And that goes with clients and it goes.

[Doug Pitts]

With investors. It goes.

[Paul Morris]

With.

[Doug Pitts]

Us. Yeah. If you say you're going to wake up at 5:30 every morning and you wake up at 7, you're full, you.

[Paul Morris]

Know. Yeah. Just say, hey, I'm gonna wake up at seven. That sounds good to.

[Interviewer/Co-host]

Me.

[Doug Pitts]

Yeah. Yeah. You know, whatever you decide, I make goals. And the day I make the goals, the day I start, I never make a goal goal. And started in two weeks, these people go, oh my God, in two weeks I'm gonna start doing that. Nope, as soon as you.

[Interviewer/Co-host]

Decide it started that day Action is.

[Doug Pitts]

The antidote. Right? Immediately. I'm not getting ready to.

[Paul Morris]

Get ready. Make it ready. Yeah, yeah. And I was listening to this podcast where somebody was saying, you know, it takes a little while. And fine, if it takes you a day to analyze the thing, you know, you make a decision. I'm talking about pretty large decisions. Like, we met with a guy today day. He's really made a decision in his mind, but he's just on the fence. He's been on the fence for like two weeks. It's like, hey, my man, if you do the analysis. I'm not saying don't do the analysis. Do the analysis for a day and then make the decision. And here's the thing. You'll get feedback much faster. Was it a good decision or was a bad decision? Maybe I'm not making it because I'm afraid it's a bad decision. Okay, great. Make the decision. And not making a decision is also a.

[Interviewer/Co-host]

Decision. But. And if it's a bad decision, you have an ability to adapt.

[Doug Pitts]

And.

[Interviewer/Co-host]

Evolve. Correct. Make your decision successful. There's not one.

[Doug Pitts]

Right decision. There's infinite right decisions.

[Paul Morris]

So many. And.

[Interviewer/Co-host]

Imagine where. Imagine that's where most people think that's binary. It's either right.

[Paul Morris]

Or wrong. No, imagine if it's a big decision. And our whole process, including analyzing and sleeping on and all that kind of stuff, takes us a week. Okay, fine. And then.

[Doug Pitts]

You.

[Paul Morris]

Decide. Side. Imagine if you take the same thing and it takes somebody a month, you lost that. You're making 52 decisions in the compound effect.

[Doug Pitts]

Of that. But the whole idea is if you take a month, you're losing it. It doesn't matter what decision you make, because the worst decisions you ever made in your life turned out to be the best thing that ever happened.

[Paul Morris]

To you. Even if it turned.

[Interviewer/Co-host]

Out bad. Just go.

[Doug Pitts]

And act. Not.

[Interviewer/Co-host]

Making decisions.

[Paul Morris]

That's.

[Doug Pitts]

It. Yeah. People are just sitting on their ass. Why do you think 90% of all realtors are. That's.

[Interviewer/Co-host]

A successful. They're.

[Doug Pitts]

Not acting. They're not making a decision on.

[Paul Morris]

Being successful. Let's do it. Yep. Thank you very much for joining us today. I hope you got a lot out of today's episode. Our intention is to bring on great guests that tell captivating stories and relatable stories and at the same time give us phenomenal education and things we can act on right away to start building wealth in real estate. Now see below for our show and notes more about the guests where you can find and follow me on social media and also a great way to support the podcast is to go to YouTube and whatever other platforms you listen to the podcast on, and make sure you follow and subscribe. We'd love to have comments. I'll definitely review the comments and add as much as I possibly can to what we've done on the episode today. In addition to that, if you found this podcast useful, we would love to have a great review from you.