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The Amazing Authorities Podcast
Goodwill Is the New Currency — How Smart Entrepreneurs Turn Trust Into Revenue
00:39:51
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- [00:02]
A
Welcome to the Amazing Authorities podcast where game changers, visionaries and category leaders share how they built their brands, platforms and global influence. Your host is Mitch Carson, international speaker, media strategist and creator of the Instant Authority system. If you're ready to learn from those who've done it and want to become the go to expert in your space, you're in the right place.
- [00:31]
B
Abia Asiha is our guest today. You're going to want to lean in. I've interviewed over 180 people for this podcast and today's guest has impressed me in a big way. He went from a non native English speaker immigrant, came to America and within five years through following a step by step system is now completely free financially and became a millionaire in five years. Came here in his early 20s. Abhi, welcome to the show.
- [01:06]
C
Mitch. Thank you, thank you for having me and so much wisdom in the pre show. You know, people didn't see it but oh my God. You sir are you know, true, true giving value with expecting nothing in return. I really appreciate it.
- [01:20]
B
Well, I'll send you the bill when we hang up, but that's invoices coming, there's this amazing email, you know, but
- [01:29]
C
it'll be worth it. I mention it'll be worth it.
- [01:31]
B
It'll be worth it and it'll be worth it for all the listeners to listen and follow what you've done. Because I have learned over my years in business and I've taken two companies public and they're and sold them done very well in my life and I'm in the relaxed sunset stage. I've seen patterns, I've observed the common denominator if you will, let's make it mathematical. Everybody's got a different numerator but the common denominator, you've ticked the boxes properly. Let's start with why people should listen to you because you literally wrote the book on a niched topic. Show us your book abhi.
- [02:13]
C
So I wrote this book, the land business and I so the reason I wrote this book first out of jealousy because my wife wrote one, okay competitiveness few years back and she wrote a book on land due diligence. And you know, it's like 500 plus pages like packed full of value and I was like I need something, I need to beat her. So when we reached like 700 sales, you know, on bought and sold over 700 vacant land properties in the United States, I was like okay, so I need to come up with a book but, but I need to try to beat my wife's book because I want it to be timeless, just like hers. She's like, due diligence on land. It's not gonna change. Tools might change, but you still need to look at these things. Things like wetlands, environment, contamination, access, legal access. All those things you have to still check no matter where you are in your journey. So I wanted to write something more business focused and timeless principles. So that's what the book is about. How do you scale a company? Because anyone can buy and sell land, like, just like four or five parcels. But how do you do 700 plus? Right. How? Because you can't just do it yourself. You need a team. You need systems, you need sales department. You have. You need marketing department. Right? So you need all these things, and you need some core principles guiding you along the way. Right? So that was my focus in the book. So I came up with 34 core principles that you need to build a scalable company. And the whole book is standing on, like, one core principle, which is. And Mitch, you're going to like this. The amount of money a business makes is equal to the amount of goodwill you have in the marketplace, multiplied by the number of offers you make to your customers. And let me explain what that means.
- [04:07]
B
Oh, I love that. I'm a formula guy, so that sounds formulaic.
- [04:12]
C
Perfect. So what is number of offers? Let's start with that. So, Mitch, you're drinking coffee. Let's say we live in the same community, same small town. Mitch opens a coffee shop. Mitch's cafe. I open a coffee shop. Abhi's cafe. Right. Now, a customer goes to Mitch's coffee shop, and they say, oh, I would like a medium cappuccino. Right? And Mitch will be like, huh. Well, you know, we have a special going on. Would you like to upgrade to a large? You know, it has all these benefits, by the way. Would you like a croissant with it? Would you like a pastry with it? Oh, I just have these coffee beans just delivered from Costa Rica. Would you like to take them home? Right. So you're conversing with the customers, and as part of the conversation, you make them like 5, 6, 7 offers instead of just the coffee offer. Right. So that's how you're running your business, your coffee shop. And my coffee shop people come, they say, oh, I would like to buy coffee. I give them coffee, and they go home. Right. So you're making like seven offers. I'm making one offer per customer. Right. So you can imagine if there are a hundred people coming to Mitch's coffee shop. And Abhi's coffee shop. the end of the year our revenue numbers will be dramatically different. Right. Because you, you have made seven offers per customer in. Obviously not everyone's going to take all seven offers, but even assuming they take like three offers out of seven on average, right. You can see the, at the end of the year you might have made like a million and I might be at 300k. Right. So the number of offers you made make customers directly impact the revenue or the money you're gonna make at the end of the year.
- [05:59]
B
Let's talk about that for one second. I wanna jump in here. What you're talking about is the classic cross sell or upsell when someone comes in and you're talking about creating the goodwill there you mentioned as part of the formula is creating a client versus a customer. You were talking about customers. People come in, buy the coffee and leave. There's no lead capture, nothing. Whereas first scenario, what I would imagine involves a CRM and some, some deeper connection to the cloud.
- [06:28]
C
Yeah, well, yeah, it's more advanced topic. We'll get to it. Okay. I just want you to keep it simple.
- [06:33]
B
Sure.
- [06:33]
C
I know Mitch, you are, you're super advanced and you, you directly saw where I'm going with this. But you know, I just, I just wanted to keep it high level.
- [06:42]
B
Surface level.
- [06:43]
C
Yeah. Surface level. Yes. So, so that's the number of offers you can, intuitively, anyone listening to this can, can imagine the, the more offers you're making to your customers, the more money you're going to make at the end of the end of the year. Now the second component is goodwill, right. So you also need goodwill in the marketplace. And so what does goodwill mean? And because some people or most people will think goodwill is more or less same as trust, but there are two different concepts. Like for example, I trust my accountant, but he doesn't have a lot of goodwill with me. And the reason for that, he's been doing taxes, like land based tax taxes for like 40 plus years. So I trust him 100%. He'll get it, get it done right. Every single time. The problem is he doesn't respond to my emails. I have to like follow up four times. If I leave voicemail, he is not going to respond. I have to like follow up like four or five voicemails, then maybe I'll hear back, right. So I don't recommend anyone to, to go to him because I know they're not gonna have a good experience. But I still 100% trust him if, or when and if he Gets to my taxes, it's going to be done 100% correctly because he's been doing it for so long, right. So you don't just need trust in the marketplace. You also need goodwill. As in the positive feeling the customer has towards you. Like you talk to Mitch, right? Mitch has been doing, you know, so much history, so much work, so much media that you know, you can look into and you see Mitch has been like consistently showing up. He's done so many things, right. So you have inbuilt goodwill in the marketplace. So if you don't have that, it doesn't matter how many offers you are making because people will be like, oh yeah, I don't really, you know, I don't feel good towards you. And they're not gonna take the those offers. So that's the reason why just number of offers is not enough. You need goodwill in the marketplace as well as you were, you know, pointing out. So how, what does that have to do with land? Right? So a lot of people, when, you know, when I even us, when we started this land business, you know, we would like participate in county tax auctions. We would like send direct mail to people who, who own land, say if they want to sell it to us and we'll buy land and then we'll just sell it to the customer. Just like the coffee analogy. They'll come to us, we'll just sell them and then that's it. That'll be the end of the transaction and end of our relationship. But once we realize it's actually you have to make more offers, you need to build more goodwill. And that's when our whole business changed. That's like the start of the scaling. Because it's easy to sell one or two pieces of land, but when you're talking about hundreds, like we sell like 130, 140 last year, right. So 100 plus parcels we're selling every year. That's a lot of customers. And we're selling a lot of these parcels are repeat customers. Right.
- [09:44]
B
And you can't because you have a relationship.
- [09:46]
C
Exactly.
- [09:47]
B
Transaction. Just a one time trends. So you stay in touch with these people or what happens, somebody, okay, you've been doing this five years, I think is what you said.
- [09:55]
C
Eight years.
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B
Eight years. Oh, eight years, okay. But it took you five years to become a millionaire at it. So you had to really skin your knees and learn, I guess from the ground up. And then now you've installed the systems. But what, what clicked in you early on? Oh gosh, there's More than one sale to be had here.
- [10:16]
C
Well, so it was a lot of training, you know, a lot of reading books. And you know, you, you read some, you read the books. You, you know, you watch the training. And sometimes it doesn't click the first time. Maybe because you're not, not at the right stage in the journey, right? Like, say I'm dealing with like sales issues. I'm not really thinking about, oh, how to scale my business. I'm just like, I have an immediate problem. My salesperson resigned. I need to solve that problem. So you're not even thinking in terms of scaling, right? You're just thinking in terms of putting out that fire. Like, how do we solve this immediate problem? I had a virtual assistant. He was like sleeping, like it's remote, you can't see him, right? So he's like sleeping half a shift. I can't like, I have to solve this problem. I have to fire him. I have to find a replacement, right? So you always like in the weeds fixing like the immediate problem that needs fixing, right? So you have, I was not in the right stage. Even though I have, like read this, I've read this quote, I've read books, you know, Frank Kern, Alex Hermosi, Russell, Russell Brunson. Like all these people talk about it, but I never really, it never really clicked. And you know, so after I like saw this over and over again, I was like, huh, let me think through this. And there was like an example about, I think whatever book I was reading, they used the example of the car rental, right? If you go to rent a car, right? It's not just about renting that car. It's about, oh, you know, oh, would you like to upgrade to a bigger car? Would you like premium insurance? Would you like a baby seat? Would you like a ski rack? Would you like a gps? Right? All those efforts and like, wait a second, isn't that, isn't this company doing what, you know what I read there, like, you make a lot of offers and you make more money, so why are we not doing it? Right? And it clicked and when it, when it clicked or like, okay, so how do we implement in our business, right? So goodwill side, we started doing daily lives. We go live every day. You know, we're like, we do our property reviews, we'll do a virtual tour. Will like have potential customers, leads, join the live stream, ask live questions, we answer them. You know, we give shout outs, right? And we offer like free strategy call, free 15 minute strategy calls, free consultations, right? So that's and My wife wrote a book. You know, all those things kind of like snowball. And then you start building goodwill in the marketplace. So that's on the goodwill side what we did. And then on the number of offer side, instead of just selling them one piece of land, we would be like upselling down, selling. We're like, oh, you just bought this 5 acre parcel in Nevada. Would you like a 10 acre parcel? It's in the same area, you know, it has more road frontage, this and that. Right. They might say no. And they say, oh, okay, what about this one acre parcel that's nearby? You know, you have any friends and family? Right. But once again, when you're making these offers, it's not just like offer after offer after offering. It's more like a value add. And then you make an offer. Right. So it's more of a give before you ask kind of mentality.
- [13:22]
B
So you give first, Give, give, give before you ask.
- [13:25]
C
Okay, right.
- [13:26]
B
And you've learned that through, I guess, skinning your knees, hard knocks and by reading.
- [13:34]
C
Yeah.
- [13:35]
B
And I understand that you teach others today how to do what you do. Tell us a little bit about that because as I said, I've worked in the speaking education business for decades and I have met all of the big real estate guys, or property as they're, they're referred to in Asia around the world, and I have not met one that specialized in land and that. Yeah, that's a beautiful niche you're in.
- [14:00]
C
Beautiful, yes. So I mean, land is, is, is a niche. And the reason for that is there's a lot of misconception in the real estate world where people think, oh, you cannot cash flow land. Like, how do you, how do you generate income? Because a lot of times people are coming from an angle of like, oh, I want to generate passive income. So the way you generate passive income in land is essentially through owner financing. So most of the people, like, a lot of the land we're selling is recreational. Like this is in like Nevada, Arizona, California, like rural recreational property. And a lot of people, they don't have the money to pay upfront, or maybe they do have money, they just don't want to commit. Like if it's, if you're selling for $15,000 or $20,000, they don't want to pay. It's like a car. You don't want to pay the whole amount. You just want to, oh, I'll just do like payments, 5%, 10% down and then $500 per month. Right. So payments. And the reason for that is a lot of people are at least our buyer pool. A lot of them are like on some kind of like fixed income, right? Like Social Security, military benefits, disability benefits, you know, pension plans. So they have this monthly fixed income coming in and they don't want to outlay a huge chunk of cash. So they. 80% of the land we sell is sold on owner financing, right? So we'll buy the land, we'll sell it on owner financing, and then the note payments continue for like three years, four year, five years, depending on how long the the loan is for. So that's how we're able to generate like it's not passive, passive, It's. We call it semi passive, right, because it has an end date attached to it, unlike a dividend fund, which pays forever, but you make a lot more money by having it semi passive. So that's how you can create cash flow and lend as a seller.
- [15:56]
B
As a seller.
- [15:57]
C
Right, right, right.
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B
Okay, how about so somebody were to buy it. So somebody buys land. So is it the. Is the goal to turn around and then sell it and make income just the way you described? I'm just trying to understand the scenario, right?
- [16:11]
C
So. So for us, right, we are making these monthly payments by selling the land to someone. If you are a buyer, like our buyers are retail buyers, right? These are people who have RVs, you know, they're using it mostly for recreational purposes. They want to run ATV, like go ATVing on this land. They want to camp on it, they want to keep it for legacy purposes. They want to give it to their kids, you know, that kind of thing. So, yeah, so we're selling these to retail buyers. Now there are, as a retail buyer, there are ways to make money from land. Like you could do like hip camp, you know, like where you set up
- [16:52]
B
a camping or circuses or things like that.
- [16:56]
C
Yeah, yeah, Carnivals, Yeah, you can do like whatever. You know, there is no essentially limit, right? You can come up with creative ideas to rent your land however you want for camping or for any kind of service, or you want to sell something, farm to table stuff, right? You know, a little bit of a hobby farming, you know, see all sorts of things people do. But what I teach and what I do is primarily selling it on owner financing. So you can collect terms. And then the good thing is like, it's, it's, as you correctly, very intelligently pointed out in the beginning of the show, it's all about relationships because people, a lot of people who like buying these parcels, they do it. It's like coin collecting, right? They don't. They don't just want one, they want like 10, they want 20. Right? So if you treat them well, right,
- [17:47]
B
A lot of times they'll buy more from you.
- [17:49]
C
Exactly. A lot of time, you know, if you treat them well, you know, if you work with them, sometimes they're late on payments. You could try to, like, you know, hardball and say, well, I'm going to charge you this, I'm going to start, initiate the foreclosure process, this and that. Or you could treat them like humans and be nice to them and be understanding and have empathy and work with them. Maybe give them a break for that month or cut their payments in half for like a couple of months. Sometimes people lose jobs, you know, so we work with them. We, like, extend payments or tack it at the end of the loan. Right? So as long as you work with them and make them feel like humans and partners, because you are in a partnership with them, you are in a relationship with them, they'll come back and they'll remember you. They'll be like, all right, ABHI did right by me. Next time I'm buying land, I'm going to buy from him. Right. Even though our land might be 20% more expensive. Right. They know they're getting that quality service that they're not going to find in other companies. Right? So that's the whole angle and that's the whole idea behind this book. Because a lot of, as you already know, you have so much experience in real estate. A lot of them promise, like, you know, oh, overnight millionaire, this and that. Right?
- [19:05]
B
It's all B.S.
- [19:06]
C
yeah. All BS. You need. You need. You need to put in the work. And that's the reason why I wrote a principles book as opposed to writing, oh, how to become a millionaire in like few years. Because if you implement those principles, the money is like. It comes like it's a byproduct of you doing the right thing.
- [19:24]
B
It's also a roadmap for living. It sounds like it's a roadmap for success regardless of the niche that you're in, is what you've described. These are principles of being a successful business person. And.
- [19:35]
C
Right.
- [19:36]
B
That is because when you fix your head, I think the money flows regardless of the niche. Abby. I mean, you're. Yeah, yeah, you. You followed this. And when did you realize that this is where you wanted to hang your hat?
- [19:54]
C
As in, this is. This is why.
- [19:55]
B
I mean, you came to America at.
- [19:58]
C
Yeah, at.
- [19:59]
B
At in your 20s to come for grad School, as you mentioned. And then what did you study? What was your graduate degree in?
- [20:06]
C
Computer science.
- [20:07]
B
Computer science. Okay. That has nothing to do with land.
- [20:10]
C
Yeah, exactly.
- [20:11]
B
When did you have this wake up call or epiphany, if you will, or, you know, a light bulb moment to then say, hey, land is it. This is where I'm going to hang my hat. You're going to live in a beautiful area. You and your wife decided this is it for us.
- [20:26]
C
Yeah. So a couple of things happened. So first, I mean, I was kind of burnt out after working, you know, for a while. After graduating, you know, I started doing the nine to five. So kind of burnt out. And. And I was like dealing with some health issues. You know, I was like dealing with some migraines and stuff. And it was, it was like a wake up call for me because I was like, oh, if I can't go to work, like, if I can physically cannot go to work because I'm dealing with these migraine issues, I could lose my job. Right. Literally, just like, if the company says, oh, well, if you can come into the office for like two weeks, we can, you know, we'll have to let you go. Right. So that was the wake up call. It was like a fear that I could lose my job anytime. And also I. And the reason I picked land because I was like, all right. My wife worked for affordable housing for, you know, in. In for the government, city of New York. And so we had a little bit of an inclement inclination towards real estate because she had some experience. I had, you know, Robert Kiyosaki and all these books that I've read. I wanted to go in real estate. So the one hang up was that we didn't really. And we were also Dave Ramsey fans. So we didn't want to take a lot of debt. We just didn't like debt. So we wanted to use our savings, you know, to invest in real estate. But we also did not want to go in debt. So we looked at house flipping, apartment flipping, you know, and like commercial and all those things. And they required like, going in debt because, you know, the properties start from like 200,000.
- [22:04]
B
And that's stressful.
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C
It is stressful.
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B
That's stressful.
- [22:08]
C
In addition to. I'm dealing with these migraine issues. I don't want to, like, add to my stress. I want to reduce stress. So then I stumbled upon this land strategy. I was, you know, there was a blog article about, like, investing in land, rural vacant land. And I was like, okay, I can give it a Try. So, you know, I sent a bunch of letters. You know, I bought a couple of properties at that time. I didn't have a website or anything, so I just listed it on eBay. EBay at the time was big. They had a real estate section. So I listed it there and I sold it in a few months. And I was like, okay. So I bought it for $5,000. I was able to sell it for 11. Like, or whatever, like 2.5x my money. That's pretty good. Yeah. Yeah. So I was like, okay, so it works. But how do I do enough of these so I can replace my salary? Because, you know, just doing two deals, that's just 10k, 15k. It's not going to replace my salary. So that's when we actually started to like, all right, we need to learn how to run a business. We, it's not just about deals. It's about how do we run a business where it's like scalable, we're selling more and more and we have repeat customers and people are leaving reviews and we're building goodwill and we're making multiple offers. Right? So that's where it all got started. And then we started incorporating these lessons. And as you said, you know, it's not just these principles don't just apply to land, you know, they apply to any business. It's just that I only have experience in land. So I wrote it from the lens of the land investing world.
- [23:45]
B
No, I love it. I love it. And. All right, let me paint a scenario for you. Okay? Abhi, I'm 65 years old, okay. I've got a certain amount of cash that I can't touch. I have Social Security that comes in. How do I become a client of yours?
- [24:03]
C
Hmm. So usually the customer. Yeah, the customer journey. I'll tell you the customer journey. Usually people start by either coming across our ad on one of the land websites like landwatch, land.com, landflip.com, so these are the big land websites where retail buyers usually go to. So if you are looking for land, you would go to these. Usually go to these websites or you'll just search on Google. I want to buy land. And one of these websites will come up. So that's how people find us initially. But the reason we distinguish or the way we distinguish ourselves on those website is we always have a long form video, like a property virtual property tour attached to every listing. So that's our secret sauce. Right? And then my wife does these videos every day. So essentially you, you know, we do a live stream and we embed it there. So if you watch this video, it's, like, super detailed. I mean, she wrote a book on due diligence, so she covers, like, every possible thing. And we disclose this upfront. Like, you know, most sellers, they won't disclose it. They're like, oh, I don't want the buyer to find out that the electricity is like, needs to be extended or this doesn't have sewer. You will have to install a septic system. Let buyer do their own due diligence. Right. That's the frame most land sellers come with. And then we kind of, like, flipped it because we want to build goodwill in the marketplace. We flipped it. We're like, we're going to go super deep in every possible positive, but also every possible negative with this land. So we just disclose everything so that people instantly trust us when they see the video, because they're like, oh, she already disclosed that this doesn't have this, but.
- [25:54]
B
Well, you cover your butts with that, too.
- [25:56]
C
Exactly.
- [25:56]
B
It's called litigation minimum mitigation.
- [26:00]
C
Yeah, I mean, yeah. I mean, I'm sure it. It is. I mean, it's.
- [26:04]
B
That's not litigation mitigation.
- [26:06]
C
That's not the frame that we're coming from, but, yeah, it is. It is.
- [26:09]
B
Well, but that's the hidden value for you, right, is you cover your behinds, and that's because lawyers are sitting there chomping at the bit, waiting to get involved, and it's like, you don't feed them, don't give them the fuel for them to come after you.
- [26:28]
C
Yeah, yeah. I mean, that's definitely a benefit. But we. We just try to do the right thing. You know, we want. We want to build that trust because we know once the buyer takes the first step and they come into our ecosystem, they talk to our salespeople, they talk to, you know, the owners. My wife, right? They will. We will, like, charm them. We will, like, show them how we are different. Just like Apple, right? Once you buy one product, you're like, all right, I bought the iPhone, now I want to buy the earbuds. Now I want to buy the headphones. Now I want to buy this, right? They kind of like charm you with their. With their, like, oh, this is. This feature. That feature like Tesla. You buy Tesla, once, you're like, oh, I want, you know, another one, or, I'm never going to another car again. So you create an delightful. We call it. I mean, this is one of the principles in the book as well. Customer delight. You know, Delighting your customers is like the best advertising because then they refer, refer you to other people, they buy more properties. So we like to delight our customers and it is a lot of work. You know, you have to go above and beyond. Sometimes you have to do refunds, which sucks. Right. But it's just, we're just like long term value. We're building the goodwill in the marketplace. So those are the things that we do. So if you are in the market for land, that's how you'll find us. And that's how we'll, you know, like court you into like buying more properties and, and having a good relationship with us.
- [28:00]
B
I love it. So how does so somebody with no money, like there are a lot of pitches out there in the real estate, no money down borrow, you know, other OPM other people OPM other people's money. Can someone be a broker of this and not have cash of his or her own and come in and buy land and then have somebody set up and run it through escrow? Or what are some of the scenarios where there's a no cash person or do you have to have a certain
- [28:29]
C
amount of cash so there's a way to do it without having cash? Like you could essentially flip the contract as opposed to flip.
- [28:40]
B
That's what I meant. Yes, exactly. Right.
- [28:42]
C
Through assignments and all those sort of things. Things. It's just harder. And the reason it's hard, harder is because then you cannot sell on owner financing because you're not the owner. Right.
- [28:54]
B
Unless you negotiate something with the owner and you get a piece of that.
- [28:58]
C
Yeah, I mean, but once again, we're like building meta skills now. You need to learn how to build goodwill with the customer and also build goodwill with the, with the other side. Right. And then it's just, it's just complicated. And then you're not truly building like a traditional business where you're selling a product. You're in a different business. Right. So more of a B2B kind of business actually. B2B and B2C. Right. You're tackling both sides. So it's a different skill set. And also it's a good way to get started if you're low on cash. But ideally you want to move to the owner model. Because once you're the owner. Right, because think about this. Say you, you have, you are like really good at communication. You, you have this property under contract, you sell it through owner financing, you have a deal where all the payments coming in, you keep 10%. Right. But what happens if the person is late or they skip a payment. Now you know you're getting squeezed, but you don't have the authority to have a good relationship with them because you have to check in with the original owner. Right. So you're adding complexity. Now your hands are tied. You can't do anything if the owner is not a good person and they say, I don't care, default them. Right. Start the foreclosure. And you don't want to. Now you're getting squeezed. Right. So it's not an ideal situation to be in. So what most people do is they stick to just cash sale. And that makes it even harder because now you only have 20%. You're literally saying no to 80% of the customer base, which means the property stays on the market longer, which means people get frustrated. Right. So it's, it's. You can do it. It's just harder. All right. Yeah. And these properties are not that expensive. Like, even if you have a regular job, I'm sure you can say, well, what is.
- [30:51]
B
All right, so. All right, so that's, so that's first level that, that clarifies. It's possible, but it's a pain in the rump is what you're describing. Yes. So what does someone typically have to have? I mean, your, your funds may not have been as large or your, your, your piggy bank might not have been as large five or eight years ago when you started, but now probably, you know, handle larger deals. But for someone getting started, how much should they have away or tucked away to be able to access to become a land?
- [31:20]
C
Yeah. So we Recommend at least $30,000. Okay. To. If, if your goal. So now I have to clarify, if your goal is to actually have a livable salary. Right. Because depending on what your salary is, the goal is to replace it. Right. So you will know. Proposed.
- [31:39]
B
Let's say 100K. Let's say 100K, they're making 8,000amonth. 8,500.
- [31:44]
C
Right. So, yeah. So you will need. Yeah. If you, if you, that's what you're trying to replace, you'll need at least like 50k to get started because you know, you have to have certain level of inventory at given time. And then as you sell the properties, you need to redeploy the capital. Right. So it needs to go into the snowball effect. So, so that's, that's, that would be an ideal number at the very least to get started. Because the idea is it's not a get rich thing. Right. Because you're selling on owner Financing your. Your sales are tied up for the next couple of years. So then you have to employ more strategies. You have to win money. You have to do win money back campaigns, which is like another advanced strategy where we try to incentivize our existing buyers to pay cash back early so you can redeploy the capital. If you don't want to take debt. Other people are comfortable with debt, so they will have, like, lines of credit and outside funding and all that stuff. But we personally don't like debt, so we do more like win money back campaigns. Also a concept I cover in my book. But, yeah, so multiple ways to skin a cat. But the idea is, you know, if you want to get into the business, you really have to think about thinking long term, building goodwill. And also, like, always think of this as a traditional business as opposed to a more real estate, like, oh, how many deals can I do? Or, like, more of a transactional business.
- [33:22]
B
Give me one of your greatest success stories of a student. Now, we've already talked about you. You've made it. But talk about Maggie, who came in and met abhi, and you're very proud of what she's done.
- [33:35]
C
Yeah, I mean, I would say that it is. I recently started this, so I only have, like, four students right now. And one of. One of the four students was able to replace his salary, and the other one is, you know, on his way, and the other two are relatively new, so I don't have, like, a massive success story as of now. You will still relatively new. You will. Yeah, I will for sure. But, yeah, but I'm confident because the skills that I'm teaching, as I said, like, it's. And I laid it out in very detail in my book and broke it down into, like, 34 core principles. So those are, like, 34 chapters in the book. It's really learning what entrepreneurship is like, the world of entrepreneur, right? It's more about, like, breaking those beliefs, right? Because a lot of people coming from nine to five, the first thing, like, they think about is like, oh, so how can I achieve your success in, like, 10 hours per week? Right. Kind of thing? And I was like, okay, so there are people who are doing this for, like, 50, 60 hours, and you're gonna come in with no experience and you're gonna beat them at their game with only putting in 10 hours. Like, it's kind of like delusional thinking. Right? So it's a lot of the. The initial consultations that I have. It's. It's more about breaking beliefs, breaking the nine to five bad habits. Because they hear all these gurus and all the sales trainers and, you know, on these podcasts were like, oh, yeah, you just have to do work. Just. Just an extra Saturday. Just put in eight hours, you know, or the weekends, 10 hours. And then, you know, you'll be able to make all this money. But, you know, you. You have to realize you're competing with people who are working full time, so you have to put in more hours. You know, you'll be doing kind of like two jobs until you can transition you and then you can take it easy a little bit. So I think those are the things that I deal with when. When people first start, because it's. It's just a massive misconception. Of what? Entrepreneurship.
- [35:48]
B
No, I get that. So let's go back to your success story. Tell me about him. Tell me his name. What was he doing before he met you?
- [35:56]
C
So these are all. All the students that I have came from my personal network. Like, they. They were like Facebook friends. They, you know, see my posts. And so they. There was like an inbuilt trust and goodwill built in because they know I'm not gonna, like, take their money and run away kind of thing. So they came through, like, in my, you know, my. My own personal network. And then, you know, like one. The student that has been with me for the longest, he. He had a job, you know, just like it, because I'm also in technology, so it was like very similar thing. And he was able to, like, pretty much replicate, you know, buy from county tax auctions and resell them. And he was like, all right. I gave him like, step, step by step plan, and he was able to do it in like, seven months.
- [36:44]
B
So is he full time now doing this?
- [36:47]
C
Yeah, he's full time. He quit.
- [36:49]
B
Where is he? What state?
- [36:51]
C
North Carolina.
- [36:52]
B
North. Okay. He's on the other side of the country. I know you're in Vegas, so.
- [36:56]
C
Yeah.
- [36:57]
B
So he fought. So in seven months, he was able to replace his income. And how much money did he have set aside to start?
- [37:03]
C
He. So he started with 50k. Around 50k. And then he got like, lines of credit to kind of like fund the, you know, the buying, because you have to keep certain level of inventory. So if you need certain working capital while you build those inventory. So he would, like, takes lines of credit, and then as soon as he get paid, he'll pay it back. Then he will run the win money back campaigns to like, pull cash forward, pay it off, and then, you know, as and when needed Right. So you take the money out. So that's the strategy he used. So he used savings plus lines of credit to get there.
- [37:39]
B
And what's he making now? Income wise?
- [37:43]
C
I believe he's making around $7,500 per month in terms of, in just terms income like on the owner financing notes. And obviously there are cash sales as well. So 20% are cash sales and 80% are owner financing, more or less.
- [38:00]
B
So passive income essentially.
- [38:02]
C
Right, Semi passive income. So our goal like as part of the mentorship is to replace this, their salaries with the their note revenue that's coming in. That's the metric we use.
- [38:15]
B
That's fantastic. Abhi, where do people get in touch with you?
- [38:19]
C
So I have a website, honestwealthbuilders.com people can go there and book a free consultation call. I try to give value. It's not a sales call. I will give value irrespective of whether you end up joining or not joining. So that's where I would like to send people. And then I also have the book the land business that I just released a few weeks back. It's on Amazon.com so if you search for the land business, you'll find it.
- [38:50]
B
Great. Well abhi, you've been a great guest today. Thank you so much. And we'll have you back in the future when you've got more people with success stories. I mean this is awesome. I mean from an immigrant, not English, your first language and then you became a millionaire within five years. That is a true American success story and I wish you all the best.
- [39:11]
C
Thank you Mitch. I really appreciate you having having me on the show and also like all the wisdom. I mean I wish people could have seen that like the pre show. I really appreciate it.
- [39:22]
A
Thanks for tuning in to the amazing authorities podcast. If today's episode inspired you, take a moment to subscribe rate and leave a review. It helps more experts than like you rise to the top. For behind the scenes access and free resources to boost your authority. Head to mitchcarson. Com until next time, stay amazing.