Quitting the 9-5 and Building a Real Estate Empire | Austin Fullbright

Summary

Podcast Title: The Science of Flipping
Host: Justin Colby, Bleav
Episode: Quitting the 9-5 and Building a Real Estate Empire | Austin Fulbright
Release Date: September 13, 2024

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Introduction

In this compelling episode of The Science of Flipping, host Justin Colby delves into the transformative journey of Austin Fulbright, a former engineer who successfully transitioned from a 9-5 job to becoming a full-time real estate investor. Austin shares his insights, strategies, and the pivotal moments that enabled him to build a substantial real estate portfolio, inspiring listeners to take actionable steps toward their own investment aspirations.

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Austin Fulbright’s Journey: From Engineer to Real Estate Investor

Early Career and Initial Investments

Austin begins by recounting his professional background as an engineer at a Fortune 300 chemical company, including a two-year overseas stint that provided him with significant savings. Unlike many, Austin didn't splurge on luxuries but instead invested his earnings into real estate:

[01:32] Austin Fulbright: "I bought my first seven units with a partner, 50/50. Over the next year and a half, I built my portfolio to about 14 units, primarily focusing on small multifamily properties."

The Shift from Learning to Doing

Despite his analytical mindset, Austin emphasizes the importance of moving beyond continuous learning into actionable investing:

[01:32] Austin Fulbright: "I wish somebody told me this earlier is, you know, enough. It's time to go. Take action. You gotta get out of the learn loop into the do loop."

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Strategies and Tools for Building a Real Estate Portfolio

Diversifying Exit Strategies

Justin underscores the necessity of having multiple exit strategies in real estate:

[04:44] Justin Colby: "You gotta be a tool belt. You need all three exit models: buy and hold, fix and flip, and wholesale. You shouldn't just do one."

Direct Mail and Relationship Building

Austin shares his initial strategies for sourcing deals, highlighting the effectiveness of direct mail and building genuine relationships with sellers:

[06:47] Austin Fulbright: "I was using all my own money initially, employing the BRRRR method—buy, rehab, rent, refinance, repeat. This created a snowball effect for my investments."

He further elaborates on the importance of patience and relationship in closing significant deals:

[13:25] Austin Fulbright: "I spent nine months building a relationship with this guy before he was ready to sell. It was about understanding his needs and crafting a deal that worked for both parties."

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The Power of Community and Mastermind Groups

Learning and Leveraging Community Insights

Austin highlights how joining Justin's community was instrumental in expanding his strategies beyond the BRRRR method:

[25:19] Austin Fulbright: "When you go outside of your local market and join a community, you get the unabated version of how to do this."

Mindset Shifts Through Community Support

The supportive environment and abundance mindset fostered within the community played a crucial role in Austin's success:

[28:10] Justin Colby: "Being around people that are doing the work, trying to be successful, make it happen is big. It helps you see outside of some of your limiting beliefs."

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Mindset Shifts: From Scarcity to Abundance

Embracing an Abundance Mindset

Austin discusses the critical mindset shift required to transition from a W2 job to entrepreneurship:

[31:07] Austin Fulbright: "Abundance mindset is investing in your future because it's going to pay off later. Scarcity mindset is what holds people back."

Overcoming Fear to Take Action

Justin and Austin delve into overcoming the three major fears—taking action, doing it alone, and staying the same—to catalyze personal growth and investment success.

[33:03] Austin Fulbright: "The fear of staying the same became greater than my fear of jumping in and spending the money."

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Tax Strategies and Financial Leverage in Real Estate

Maximizing Tax Benefits

Austin shares his approach to leveraging tax advantages such as depreciation and bonus depreciation to enhance his investment returns:

[17:29] Austin Fulbright: "I'm using bonus depreciation to offset the income tax event from me pulling the money from my 401k, which gives me more access to capital."

Utilizing HELOC for Investment

The strategic use of Home Equity Lines of Credit (HELOC) is highlighted as a means to access funds without relying solely on personal capital:

[10:01] Austin Fulbright: "You can use your HELOC. It's bank money because they're lending against your home's equity."

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Taking Action: Moving from Learning to Execution

Breaking the Learn-Do Loop

Austin emphasizes the importance of transitioning from perpetual learning to active execution to achieve real results in real estate investing:

[36:42] Austin Fulbright: "Pick something and go do it. You will see success if you do it consistently."

Practical Steps for Aspiring Investors

Both Justin and Austin provide actionable advice for listeners aspiring to enter real estate investing, stressing the importance of taking immediate and consistent action:

[39:14] Austin Fulbright: "Go door knock this weekend, send some direct mail, send some text messages, hire a cold caller and pull a list. Do something."

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Conclusion and Final Advice

Encouragement to Act

Austin concludes with heartfelt encouragement for those feeling stuck in their W2 jobs, urging them to prioritize action over perfection:

[39:05] Austin Fulbright: "You have to go. And that's the thing. Like, I think a lot of people might say, well, I wish you would have told me exactly what to do. It literally does not matter what you do. Pick something and go do it."

Building a Supportive Network

Emphasizing the value of mentorship and community, Austin advocates for surrounding oneself with like-minded individuals to foster growth and opportunity.

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Key Takeaways

1. Diversify Your Investment Strategies: Incorporate buy and hold, fix and flip, and wholesale to maximize opportunities and returns.
2. Build Genuine Relationships: Invest time in nurturing relationships with sellers and agents to secure lucrative deals.
3. Leverage Community and Mastermind Groups: Join supportive communities to gain diverse insights, strategies, and mindset shifts.
4. Embrace an Abundance Mindset: Transition from a scarcity mindset to one of abundance to unlock greater investment potential.
5. Utilize Tax Advantages and Financial Leverage: Maximize returns through strategic use of depreciation and HELOCs.
6. Take Consistent Action: Move beyond learning to active execution to achieve real estate investment success.

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Notable Quotes

• Austin Fulbright [01:32]: "I wish somebody told me this earlier is, you know, enough. It's time to go. Take action."
• Justin Colby [04:44]: "You need all three exit models: buy and hold, fix and flip, and wholesale."
• Austin Fulbright [13:25]: "It was about understanding his needs and crafting a deal that worked for both parties."
• Austin Fulbright [31:07]: "Abundance mindset is investing in your future because it's going to pay off later. Scarcity mindset is what holds people back."
• Austin Fulbright [36:42]: "Pick something and go do it. You will see success if you do it consistently."
• Austin Fulbright [39:05]: "You have to go. And that's the thing. Like, I think a lot of people might say, well, I wish you would have told me exactly what to do. It literally does not matter what you do. Pick something and go do it."

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Final Thoughts

Austin Fulbright's journey exemplifies the power of education, strategic action, and community support in transitioning from a traditional career to building a thriving real estate empire. His insights serve as a valuable blueprint for aspiring investors looking to achieve financial freedom and entrepreneurial success.

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Transcript

[Austin Fulbright]

It had to be you. Dang.

[Unknown]

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[Unknown Host]

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[Unknown Host]

Oh, this is your song.

[Austin Fulbright]

Wish I was singing.

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[Unknown Host]

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[Austin Fulbright]

If you're sitting there at your W2 job and you're wondering, can I do this? What does it take? If you're listening to this podcast, you're investing in your education in some form or fashion, right? And what you need to know, what you need to hear from me, I wish somebody told me this earlier, is, you know, enough. It's time to go. Take action. I read all the books, man. I listened to hundreds of hours of podcasts before I bought a deal. And it's like you learn and then you learn again and then you learn again. You gotta get out of the learn loop into the do loop.

[Unknown Host]

What is up? Science of Flipping Members I am excited to have this guest. My guest is a Science of Flipping community member. He recently just Went full time all into real estate investing. He's an engineer by trade. He's overly analytical, but he has gone all in on real estate with the processes and systems that I teach. And he is already has over 50 doors. Austin Fulbright is in the house. What's up, dude?

[Austin Fulbright]

What's up, man? Glad to be here.

[Unknown Host]

Yeah. For having me excited. This is. I've interviewed a lot of people in these seats and this one is going to be special because you come from homegrown, if you will. Right. You're the W2 employee. You found me and said, hey, I want to get into this and I want to go big and go full time. And I said, I got you. Let's. Let's put a path together, let's put some processes together. And now you just recently quit your job, right?

[Austin Fulbright]

Yeah, two weeks ago, man. Self employed. It's awesome.

[Unknown Host]

So how's that?

[Austin Fulbright]

It's awesome, man. Yeah, it's been a long journey, as you know, for me. Well, actually not even that.

[Unknown Host]

I would say it's pretty short. It took me a lot longer.

[Austin Fulbright]

Yeah, yeah. And so it is a big step, you know, but when I have people around me like you, like others that, you know, have been there and done it, it definitely helps build that confidence to take the step and make it happen. So what.

[Unknown Host]

So let's talk a little bit about your journey. Right, so full time job.

[Unknown]

Yep.

[Unknown Host]

Engineer.

[Unknown]

Yep, yep.

[Unknown Host]

Doing all the kind of analytical things and.

[Unknown]

Yeah, yeah.

[Austin Fulbright]

I was at a Fortune 300 chemical company, engineer by education. Spent I spent about four years in engineering, two years overseas for the company. Came back with what I felt like was a lot of cash. Didn't want to go buy like a really nice car with it. Started reading books, learning a little bit, dabbling in real estate. You know, I bought my first seven units with a partner, 50 50. And then, you know, kind of built up a little bit more of a portfolio and small multifamily over the next year and a half is got to about 14 units and started kind of like looking around and, you know, feeling like I was a one trick pony a little bit. You know, I was hitting the Burr method really hard. It was successful for me, but, you know, I would go walk a house and it didn't fit my buy box and I'd walk away and then I'd see people in my local network that would grab that house and wholesale it for like 10,000 bucks, you know, and I didn't know how to do that because I had learned how to Burr.

[Unknown]

Right.

[Austin Fulbright]

And so that's when it started clicking for me that I needed to change my circle a little bit, learn some new tools so that you know, when I see stuff come across my desk, I can either take it down or I know kind of how to go somewhere else with it and make some money.

[Unknown Host]

Yeah, I mean I pre and you know this but you know, I preach, you gotta be, you know, tool belt. You need all three exit models.

[Austin Fulbright]

Right.

[Unknown Host]

Buy and hold, fix and flip and wholesale. You shouldn't just do one. Right. The way I say it is if you're going to be a hammer, then everything looks like a nail.

[Unknown]

Yep.

[Unknown Host]

To your point, you would miss out on ten thousand dollar wholesale fees because you just weren't.

[Unknown]

Yeah.

[Unknown Host]

Taught that or maybe you knew of it but you didn't really know and it didn't fit your buy box so you just said screw it, I'm going to move on.

[Austin Fulbright]

Right.

[Unknown Host]

But as you can see our business model now, you realize now that like if you wholesale one a month or one every other month, this extra money to go find your next rental.

[Austin Fulbright]

That's. That's exactly right. And the thing is you're already spending the marketing dollars, right? So it's like just taking advantage of the opportunities that come across your desk when you're already putting in the marketing dollars to work it, it just increases your ROI so much more. And that's really what started opening my eyes to hey, you know, that's how I found you, you know, through a mutual friend. And then we got to know each other really connected just as people first.

[Unknown]

Right.

[Austin Fulbright]

More than anything else. And that's how we got started. And since then, you know, I think when I joined your group I was at 14 units total. For me to leave my job, you know, we're cash flow and net. Cash flow, net net.

[Unknown]

Right.

[Austin Fulbright]

That's not like you know, income minus mortgage, that's like minus property taxes, insurance, saving, some for maintenance, capex, you know the these things that sometimes people forget about in cash flow, you know, net net cash flow. We're at six figures a year which was enough for me and my wife to look at what we needed to, you know, support our family's basic needs. And we're like it's time to go, you know, and for us to get to that point, you know, we've got 56 units residential now. We also have 100,000 square feet of industrial space. I love light industrial on triple net leases because you're not paying maintenance and you know you've got really great tenants in there. That are running their businesses out of the spaces. So that's really where I'm really doubling down is multifamily and light industrial in my local area. Like, I don't even buy outside of the 30 minute drive from my house, you know. Yeah.

[Unknown Host]

And that's the question I would tell or ask is, is I want to know how did you go? Where did you find your first 10 or 14 doors that you talk about?

[Unknown]

Yeah.

[Unknown Host]

So because you got a W2 job. I did. Not a full time thing for you.

[Austin Fulbright]

No.

[Unknown Host]

You didn't have me yet as your coach yet. But you still were able to find a way to go find these properties.

[Austin Fulbright]

Yeah, it's, you know, I think success leaves clues.

[Unknown]

Right.

[Austin Fulbright]

And a lot of people that are doing this in a big way are doing the same things that I was doing when I started. I just didn't really know how to do them well. So I was starting with yard signs. You know, we buy houses, any condition, fast closing my phone number.

[Unknown Host]

Yeah.

[Austin Fulbright]

Getting some calls on those. I closed a couple that way. I bought another one from a neighbor that I was working on a multifamily property and next door she realized some of the improvements I was making to the neighborhood. I just caught her on the sidewalk one day. We got to know each other. Had to nurture that lead for a year before I closed on that one. And then, you know, we were doing a little bit of direct mail. I was doing a lot of driving for dollars and, you know, yard signs and stuff like that at the beginning.

[Unknown Host]

Yeah.

[Austin Fulbright]

But really, you know, it was out.

[Unknown Host]

On weekends after work.

[Unknown]

Yeah.

[Unknown Host]

When were you doing that?

[Austin Fulbright]

Yeah, I mean, I was doing it from. I was working 8 to 5 and then I was doing real estate from 5 to 9, you know.

[Unknown Host]

And you weren't really spending too much money in marketing at that point, right?

[Austin Fulbright]

No, at that point I wasn't.

[Unknown Host]

This is where the key takeaway for that is like you can spend time or you can spend money. And at the moment you were. At that moment you were spending time in sacrificing maybe a Saturday and driving for dollars for two or three hours, where you probably would rather have been with your wife or doing something else. But that was what got you to where you needed to go to get going.

[Unknown]

Yeah.

[Austin Fulbright]

And also I think that helps with your credibility when you start talking to sellers later in your journey too.

[Unknown]

Right.

[Austin Fulbright]

Because you've got things to point to that you did before that. And then it's like, hey, you know, the oldest barbershop in my city, we Own the commercial building that that's. That's in. So I'm like, hey, you know, this barber shop, like, that's one of my properties, you know, so you can start to, like, point to these pieces of real estate that you own, and it helps build some credibility, move on to the next thing. So, you know, bootstrapping it and like, doing the boots on the ground stuff I think is really important to help kind of build some of your influence in. In the markets that you're trying to work in.

[Unknown Host]

So now, in those first 14, did you use any of your own money to buy?

[Austin Fulbright]

I was using all my own money, man.

[Unknown]

Yeah.

[Austin Fulbright]

I mean. Cause I was making six figures in my W2 job. When I was overseas working for the company, they were paying me really well. I was single at the time, saving everything. And so, you know, I came back from overseas and, you know, had all that cash, and that's really what I was doing the brrrr with at the beginning. So for those maybe that don't know what that is, it's the buy, rehab, rent, refinance, repeat.

[Unknown]

Right.

[Austin Fulbright]

And the goal is that when you refinance, you get all of your initial capital from the purchase and the repairs back in your pocket so that you can go do it again. And if you do it really well, you actually get more on the refinance than you have in. And so it was kind of like a money snowball for me.

[Unknown]

Right.

[Austin Fulbright]

I started with some money from my W2 that grew over time. And then my home value was going up, so I tapped into home equity line of credit, kind of using those two things together to keep hitting. Getting into bigger and bigger stuff over time. It's kind of the play that I was running.

[Unknown Host]

So. And now I think you know enough to know I wouldn't want you using any your own money.

[Austin Fulbright]

Right.

[Unknown Host]

But that would also include you can use your heloc. That is not technically your own money. That is bank money. That. Because they're lending against your equity of your home.

[Unknown]

Yeah.

[Unknown Host]

Which is the big reason in my world why I want assets is I want the equity so banks will give me a whole bunch of money.

[Austin Fulbright]

100.

[Unknown Host]

That's why I want it.

[Unknown]

Yeah.

[Unknown Host]

I don't want it because I want to sound cool. I want it because I want to go to the bank and say, give me $10 million against, you know, $60 million with equity.

[Unknown]

Yeah.

[Unknown Host]

100.

[Austin Fulbright]

And that's one thing that, you know, your community kind of opened my eyes to is. And if there's people listening to this, that maybe don't really believe it yet. Like, there is so much money out there. It's all about you being able to tell a story and share your business case and like, what you're trying to do. The money comes if you find the deal.

[Unknown]

Right.

[Austin Fulbright]

For sure. And so you don't need the money first.

[Unknown]

Right.

[Austin Fulbright]

Find the deal. The money will find you if you find the deal.

[Unknown]

Right.

[Austin Fulbright]

And so that's not something I really understood at the beginning. And I think if I did understand that there are deals I passed up on because I was trying to use my own money, that if I knew how to, you know, tell that story a little bit better, I could have raised private funds for that and every. They would have made money, I would have made money. It would have benefited everybody, you know.

[Unknown Host]

So now again, I kind of want that journey of like, all right, W2 job to like, all right, now is the moment.

[Unknown]

Yeah.

[Unknown Host]

You then obviously accumulated another 40ish doors, give or take. Where did you find those? Because that you're still kind of going part time.

[Unknown]

Yeah.

[Austin Fulbright]

And what.

[Unknown Host]

Where do you find those 40 doors?

[Unknown]

Yeah.

[Austin Fulbright]

So there's maybe a lot to unpack here. I'll start with maybe kind of how I went about it. I was hitting direct mail really hard.

[Unknown Host]

Okay.

[Austin Fulbright]

I was doing some cold calling. Me, it's a little different because I am so embedded in my local community. Like, if I drew a circle around where I wanted to buy, like, it's not that big of a radius.

[Unknown]

Right.

[Unknown Host]

So who were you targeting with your direct mail? With just literally everybody.

[Austin Fulbright]

That's where I was going next is I'm going after tired landlords that, that own multifamily property for more than 10 years.

[Unknown Host]

Got it.

[Unknown]

Right.

[Austin Fulbright]

And so, you know, and I'm very surgical with my marketing. So, like, I think one of the things that you see a lot in this space is the spray and pray method.

[Unknown]

Right.

[Austin Fulbright]

Like, and you, you can win that way.

[Unknown]

Right.

[Austin Fulbright]

Because if you send enough right time, right place. Yeah. You're going to find a distressed seller.

[Unknown]

Right.

[Austin Fulbright]

For me, it was like I knew exactly who I was going after. And I was writing letters, text calling, like, specific to that group of people.

[Unknown]

Right.

[Austin Fulbright]

And my story is different from everybody else's, but you can still take something from it. It was, hey, I'm born and raised in this community. You know, I care about this place. You've owned this property for a really long time. You might be ready to sell, but you're concerned of, you know, who's going to be able to take care of this and maintain this property after you. And maybe you don't want to sell to somebody that's coming into money grab in the local community. And so that was kind of the story that I was telling. And it was from a place of truth. I mean, that's really how I feel. And so, you know, I was developing relationships with these guys. And so one of the interesting things that's different, too, about multifamily than single family, especially when you're looking at owners that have had something for a really long time. These people prioritize relationships over profits. Right. And so it is a long game with these people. The biggest deal that I closed before I left my W2 job, you know, I spent nine months building a relationship with this guy before he was ready to sell.

[Unknown Host]

You know, there's so much to take away from that. Like, and I know on the surface level, it's nine months, but, like, yeah. What you were able to do with your intention of building the relationship is why you got the biggest deal so far in your career.

[Unknown]

Yeah.

[Unknown Host]

And people overlook that. They, oh, I'll call them in 30 days. I'll just call them, hey, are you ready to sell? They're not actually developing any relationship.

[Unknown]

Yeah.

[Unknown Host]

Right. And I'm not saying you got to go to take people to dinner and lunch every week. I'm just saying, like, be genuine about your intentions with the relationship. And the same is with agents.

[Unknown]

Right.

[Unknown Host]

The reason why I bring this up is right now, calling agents for deals is a big thing.

[Unknown]

Yeah.

[Unknown Host]

And people forget that. The agent needs to know, like, and trust you if they're going to get you in the door. All a lot of people doing right now is saying, hey, I see your listing. Here's my offer. But build the relationship. And that's the big takeaway people need to understand is you were great at doing that, and that's what got you. How big. How many doors Was that deal?

[Austin Fulbright]

36 unit, townhome community.

[Unknown Host]

There you go.

[Unknown]

Yeah, yeah.

[Austin Fulbright]

And he seller, he's doing a seller carry note for me on the deal. So that was helpful for me as well.

[Unknown Host]

Huge and 100% seller carry.

[Austin Fulbright]

No, I put some money down. Yeah, I put some money down. But one of the amazing things about things like seller finance or just once you get to know a seller, it really becomes about the art of the deal at that point.

[Unknown]

Right.

[Austin Fulbright]

Because there's so many variables and knobs that you can turn. And once you know somebody, you figure out what they're trying to achieve. And for this guy it was. He didn't care about the big payday. He wanted the consistent cash flow without having to deal with the maintenance.

[Unknown Host]

There you go.

[Unknown]

Right.

[Austin Fulbright]

So now when you know that you can start to build your offer in a way that solves his problem and a way that you can actually take the deal down.

[Unknown]

Right.

[Austin Fulbright]

And so, and, and once you get in communities like yours, you start figuring out like, all right, what are the different knobs I can turn on a seller finance deal. Okay, well, I can go cash, I can go bank financing, I can go seller financing, and my numbers are going to look different on the offer for all those. How do I pitch that to the seller? You know, and so there's a lot to it. That's the funnest part for me, man. I'm like a engineer by education, so I'm really good at the operations. Like we, we self manage all of our properties because we've built great systems and like, I enjoy that part. But even more than I enjoy the operations, I love making the deal.

[Unknown Host]

Yeah. You, you're a deal architect.

[Unknown]

Yeah.

[Unknown Host]

Create it.

[Unknown]

Yeah.

[Austin Fulbright]

That's the fun part for me is getting with sellers, getting to know the sellers, trying to make a deal work for both parties. That's like what it's all about, you.

[Unknown Host]

Know, Are you doing anything right now? So now that you quit.

[Unknown]

Mm.

[Unknown Host]

Are you going to go more into some transactional while finding the properties you're going to end up buying and holding?

[Unknown]

Yeah.

[Austin Fulbright]

So, I mean, that's one of the things I'm trying to figure out right now is how much time I want to invest in different parts of the system. I mean, for people that are listening to this podcast that maybe have active income, that's important for you to build a passive income stream. For me, the tipping point was my passive income stream got larger than my active income stream. And now I could leave the active income and now I can replace my W2 active income with maybe real estate active income.

[Unknown]

Right, right.

[Austin Fulbright]

So I would love to do a couple flips a year. More than a couple, really.

[Unknown Host]

You know, for you, now that you're a full time real estate investor.

[Unknown]

Yeah.

[Unknown Host]

And you have so much cost seg going on with your rentals.

[Austin Fulbright]

Exactly.

[Unknown Host]

You can go make a hundred grand and not pay any taxes on that.

[Unknown]

Yeah.

[Austin Fulbright]

Well, and I'll tell you something else. I don't know how many people listening to this are in my exact situation when I was in my W2 job, but I was putting a lot of money away into a retirement account at the beginning of that process. And what I've actually been able to do is this large apartment complex. I'm using the bonus depreciation to offset the income tax event from me pulling the money from my 401k.

[Unknown Host]

Sure.

[Unknown]

Right.

[Austin Fulbright]

Which is something that gives me more access to capital to go do stuff with.

[Unknown]

Right.

[Austin Fulbright]

And so yeah, I think there's a lot that you can do on the tax advantage side with real estate that make it beneficial, you know, and making a really high active income on the real estate side with flips, wholesales, offsetting that with, with the long term rental.

[Unknown Host]

That's again another reason I preach. You know, I call it being dynamic. Right. You're doing wholesale fix and flip, buy and hold your, you know, acute way of you're saying you're doing everything right.

[Austin Fulbright]

Right.

[Unknown Host]

But part of the push that I've been making to get people to start buying more and more properties is this is the tax write off part right. Now, whether they're W2 or not. So if they're not considered a full time real estate investor, they can't do the bonus depreciation like you and I can that you're full time. So I can take it all in year one.

[Austin Fulbright]

Right.

[Unknown Host]

But nonetheless, if you're a high income earner, get the deduction, get something each and every year. Yeah, it is super valuable. Right. And then if I now just talk to the people that may have a W2 job and have either a retirement account or have a savings, you should be taking part in deals that I'm doing or Austin is doing so you can get some ownership because then you can actually continue to get more cost seg and deductions. It's a business model. Whether you're doing it full time or part time, everyone should be doing this.

[Austin Fulbright]

Yes, absolutely.

[Unknown]

Yeah.

[Unknown Host]

The brrrr model is so brilliant. Now out of those boroughs, have you ever hit one that you were able to not only just get your money back but you're actually able to cash?

[Austin Fulbright]

Many times, yeah, many times. I think I've bird seven properties. I think I've only left the money in two of the seven and the others I probably made at least ten grand. One of them I made forty grand on the cash out refund.

[Unknown Host]

Isn't that great?

[Unknown]

Yeah.

[Unknown Host]

I mean it's a literal income in and of itself.

[Unknown]

Yeah.

[Unknown Host]

And there's another method to all this is you can wholesale yourself your own rental.

[Unknown]

Yeah.

Right.

[Unknown Host]

So if you buy it, right, entity A wholesales it to entity B, you own both of them, you make 10 grand in the middle and then you keep it as a rental.

[Austin Fulbright]

That's right. So the 10 grand helps you on the active, you know, a little cash in your pocket while you're developing this long term piece.

[Unknown]

Right.

[Austin Fulbright]

And I think maybe that's something we should touch on is how I think a lot of people today are looking for the fast cash all the time, right? And there's ways to make fast cash in real estate for sure. Wholesaling, flipping.

[Unknown]

Right.

[Austin Fulbright]

But for me, when I started looking at the numbers and thinking about this stuff, there's only one way you get paid when you do a wholesale deal, right. When you hold a long term rental, you can get paid five ways, right. And so if you think about what those five ways, the one most people think about first is cash flow.

[Unknown Host]

Sure.

[Unknown]

Right.

[Austin Fulbright]

So that's your income minus your mortgage and all of your expenses.

[Unknown]

Right.

[Austin Fulbright]

And you need to keep some away for that.

[Unknown]

Right.

[Austin Fulbright]

You need to have a 5% maintenance setting aside every month, capex, stuff like that. These are things that you talk about a lot when you're in your community, right. How do you actually run these numbers to figure out what you're actually cash flowing a month? But that's a big one that everybody thinks about is the cash flow. But the other four are the ones that make you seriously wealthy over time, right. One of them is appreciation, right? So just to use really simple numbers, if you buy $100,000 property and you put 20% down, right. That's $20,000 you put in the deal if that property appreciates 3% a year, right? So year one, you bought it, it's 100,000. Year two, it's 103,000. Okay? You just gained $3,000 in equity, right. On your $20,000 investment, right. So you made 3,000 on 20,000 is a 15% return on your money just on the appreciation side.

[Unknown]

That's right, right.

[Austin Fulbright]

So if I'm, I don't buy it, if I don't cash flow, a 12% cash on cash return, that means I want to make 12% on every dollar.

[Unknown]

That's right.

[Austin Fulbright]

That I've gotten the deal right.

[Unknown Host]

On cash flow, not appreciation, but cash.

[Austin Fulbright]

Just on cash flow. So I want to make 12% on the cash flow. Now in that example that I gave, 3% a year is actually low if you look at historically how the United States, you know, real estate market has appreciated over time.

[Unknown]

Right.

[Austin Fulbright]

But let's just use conservative numbers. You're making 15% on appreciation, right. Then the third one, depreciation, we talked about just a second ago.

[Unknown]

Right.

[Austin Fulbright]

You're offsetting your active income because you know the IRS code says that that property is actually losing value over time. And you get to like recoup some of that on your tax dollars. Right. So you got cash flow appreciation, depreciation. Now you've got principal pay down.

[Unknown]

Right.

[Austin Fulbright]

Because you've got renters that are paying you and your mortgage.

[Unknown]

Right.

[Austin Fulbright]

Part of that goes to the interest, but then your mortgage balance is going down every month.

[Unknown Host]

I tell people, what if I could give you a loan that you never had to pay back?

[Unknown]

Yeah.

[Unknown Host]

That's what buying a rental is.

[Austin Fulbright]

Exactly.

[Unknown Host]

You're getting a loan that you never have to pay back.

[Unknown]

Yeah.

[Unknown Host]

Your tenants are.

[Austin Fulbright]

That's right.

[Unknown]

Yeah.

[Unknown Host]

People don't think about it that way.

[Austin Fulbright]

Yeah.

[Unknown Host]

That, that's a real legit point of you got this asset and essentially got a loan that you never will have to go pay back.

[Austin Fulbright]

Yeah, that's right. So we've got cash flow appreciation, depreciation, debt, principal pay down.

[Unknown]

Right.

[Austin Fulbright]

And then the fifth one is one that I get super excited about in the long term hold space. And some people call this inflation harvesting. Some people call it just like inflation in general. Inflation induced debt destruction is another thing people call it. But you're borrowing money at today's dollars.

[Unknown]

Right.

[Austin Fulbright]

That dollar is never going to be worth more later than it is today.

[Unknown]

Right.

[Austin Fulbright]

Because we're printing money all the time.

[Unknown Host]

All the time.

[Unknown]

Right.

[Austin Fulbright]

So you're paying back the debt today with a dollar that's worth less tomorrow.

[Unknown Host]

That's right.

[Unknown]

Right.

[Austin Fulbright]

And because of inflation, your tenants are going to be paying you more in rent 10 years from now than you are today. But if you get long term fixed rate debt, your mortgage doesn't change.

[Unknown]

That's right.

[Austin Fulbright]

So if I've got a mortgage for 1500 bucks on a three unit property and my income right now is 2200.

[Unknown]

Right.

[Austin Fulbright]

In 10 years, my mortgage, if I got fixed rate debt, is still fifteen hundred dollars a month. And now my total rent on that property is.

[Unknown]

What is it?

[Austin Fulbright]

35?

[Unknown]

Yeah.

[Austin Fulbright]

Whatever it is.

[Unknown]

Right.

[Austin Fulbright]

And that's all because you're in the game for a long period of time.

[Unknown]

Right.

[Unknown Host]

Challenge I have as an educator.

[Unknown]

Yeah.

[Unknown Host]

I teach everyone the same thing I taught you.

[Unknown]

Yeah.

[Unknown Host]

People aren't willing to play the long game. That's right. The same point that you just make. Right. They want the fast cash and wholesaling is great. Fix and flipping is great. I still do both of them.

[Unknown]

Yeah.

[Unknown Host]

But I tell people the, the biggest mistake I ever made is I didn't think the way you are thinking early enough.

[Unknown]

Right.

[Unknown Host]

I think that now.

[Austin Fulbright]

Sure.

[Unknown Host]

Now I'm in the game about four apartments this year. I want to buy another six or so. Like.

[Unknown]

Yeah.

[Unknown Host]

But if I could have been thinking the way I think today, the way I educate you and help advise you on why and what. I wish I did this 10 years ago.

[Austin Fulbright]

Right.

[Unknown Host]

Right. It would. I would be way further down this field. Right. And so the, the people that get caught up like I did, by the way, I'm a victim of this. I was the guy.

[Unknown]

Yeah.

[Unknown Host]

I want the $20,000, Pop. 40,000 right now.

[Unknown]

Yeah.

[Unknown Host]

And then I want to go to the club and spend it. Right, Right.

[Unknown]

Yeah.

[Unknown Host]

And I tell everyone that I was, you know, a boy in my 30s, and that's okay. It was my journey. But, man, I wish I could have thought like you in my 30s.

[Unknown]

Yeah.

[Austin Fulbright]

I mean, I think that's why being surrounded by people that can kind of like give you another perspective is helpful.

[Unknown]

Right.

[Austin Fulbright]

But.

[Unknown Host]

And it's objective. Right. Like, I'm super objective. I don't. I'm not emotionally tied to whether you buy a property. So I can give you an objective point of view.

[Austin Fulbright]

Right.

[Unknown Host]

Great opportunity. Do it this way.

[Unknown]

Hey.

[Unknown Host]

Yes. Take the HELOC into your house. Buy it like this. Like, there's no subjectivity for me. I'm not attached to it.

[Unknown]

Right.

[Unknown Host]

And that's why a lot of people need the oversight. Right. Is, is. It is a very emotional, subjective thing when it's your money or you're borrowing it or, you know, whatever it comes.

[Unknown]

Yeah.

[Austin Fulbright]

Well, and I, I would say let's talk a little bit about the value of Mastermind for a second.

[Unknown Host]

Sure.

[Austin Fulbright]

Talking about that. Right. For me, I already mentioned one of the reasons I joined, which is that, like, people were wholesaling deals that I saw and I didn't know. I mean, you remember the first Mastermind I came to, I was like, hey, first thing I need to figure out is how to wholesale session.

[Unknown Host]

Right.

[Austin Fulbright]

Because I just know how to buy an old stuff. And so, like, there's the learning element. It's an important piece. Associated with that learning element is even if you're involved in your local RIA group or something and there's people doing big things, when you really start asking a lot of questions about, hey, what list are you pulling? Hey, what are you doing here? Naturally, because it's their business and they know you're marketing the same market they are, there's going to be some stuff that gets missed or that's not shared.

[Unknown]

Right.

[Austin Fulbright]

When you go outside of your local market and join a community, you get the unabated version of how do you go do this?

[Unknown]

Right.

[Austin Fulbright]

Which has been helpful for me because there's a lot of great people in my local market that I've learned from. But they're not going to give you their secret sauce because it's their secret sauce.

[Unknown]

Right.

[Unknown Host]

And you're localized. Right. I mean, they want those same properties.

[Austin Fulbright]

Exactly. So that's. That's two reasons, right? You got to learn something. You got to kind of get the unabated strategy and truth. And important part of that is being involved in a group where there are experts that are kind of at the leading edge of their field like you are. I mean, I think you're super humble about like what you own and do and things like that. But I mean, you're an owner in real estate, software companies that allow people to do the stuff that we're talking about right now.

[Unknown]

Right?

[Austin Fulbright]

So talk about an expert. I mean, that's one of the big reasons why I gravitated to you, other than the fact that I think there's a lot of people in the space too, that they're coaching, but they're not really doing.

[Unknown]

Right.

[Austin Fulbright]

I mean, you buy deals from people in your community, right? So there's like no greater example of like somebody that's actually doing the work and involved. And that was important to me too. So. And you didn't ask me to say this stuff about you, by the way, but now I'm going to have to.

[Unknown Host]

Pay you or something.

[Austin Fulbright]

Yeah, but I mean, I think if you're watching this or listening to this and you're thinking, maybe I need to get in a group. Those are things that you need to be thinking about, right? Is how accessible is this person? Is this person actually doing the work? Are they doing the deals that I want to be doing? Is it somebody I can really learn from? Because, I mean, there are definitely groups that you would get in that you're not going to get a lot of value from. That's certainly not been the case with the group that I'm in with you. And the other part of being in a mastermind is the mindset, right? I am huge on mindset now and having an abundance mindset. You know, being around people that are doing the work, trying to be successful, make it happen is big. And that's something that communities can give you is, you know, helping you see outside of some of your limiting beliefs and just kind of getting out there and like seeing people making money and it makes you. It gives you energy. It gives me energy, for sure.

[Unknown Host]

Yeah. Well, one of the things that I'll, you know, kind of echo to what you're saying is the people in the group a lot of times will help themselves make more money.

[Unknown]

Yeah.

[Unknown Host]

Because they're all working together for a very similar goal. Not the same goal. And usually deal, flow and all this stuff comes from it because of the people that are actively trying to achieve. And so, you know, when that happens, there's a sense of community that, that goes way beyond. Just like everyone's showing up to the call. It's like real money's being made. Relationships, partnerships, strategic partnerships, Lending is happening. Right. Taking advantage of, with the intentionality of like having a mastermind, having a coaching group, having. But then being intentional while you're in there.

[Austin Fulbright]

Yeah, right, Absolutely.

[Unknown Host]

It's so empowering. Right. We had lunch yesterday with another member. Couples. A couple who are members. Right, yeah. And it's the same thing, like being able to be intentional with the time and hanging out and you know, they just got their first deal from using software and they're super fired up about that. But then there's probably some synergistic stuff that's going to happen with you and them or me and them or you. And like all that stuff plays into the power of the community.

[Austin Fulbright]

Yeah, absolutely. I think the community is a massive part of the whole thing.

[Unknown]

Right.

[Austin Fulbright]

And it's. You can't do it alone.

[Unknown Host]

Right. But that's why you're even starting. You believe so much. You're even having your own RIA meeting now, your own market.

[Unknown]

Yeah.

[Unknown Host]

I've.

[Austin Fulbright]

I've really doubled down in my real estate meetup in my local market now because like I benefited so much from having a community that some of that community came from that group. Some of that community came from your group. And I want to make sure that other people that are earlier, you know, maybe trying to get to where I've gotten have the resources and the community to do it as well.

[Unknown]

Right.

[Austin Fulbright]

That there's a giving back that's going.

[Unknown Host]

To work out for you when you give back and you provide value to others because you're further down the road in the same way I'm further down the road than you are. It comes back to you.

[Austin Fulbright]

Sure.

[Unknown Host]

In deal flow, opportunities.

[Unknown]

Right.

[Unknown Host]

Because they don't really know how to handle this lead or this deal or create this creative financing or.

[Unknown]

Yeah.

[Unknown Host]

You're like, great, let's do this together.

[Austin Fulbright]

Right.

[Unknown Host]

It's because you're offering value and that value comes back in form of like opportunities for yourself.

[Austin Fulbright]

Absolutely.

[Unknown Host]

Happens to me all the time. And people always ask me why, if I'm so successful in real estate, why do I coach? Why did I build the science clipping? And my answer is that I want to develop people to do deals with. I want more business partners, I want to buy the 50 door deal that you're like, hey, Justin, I need some extra capital. You want to come in? Like, the answer is yes, I'm in. Right, right. That's the intentionality. And so you getting your own real meeting going that should be yours too. I'm just going to pour into these people because the opportunity that I will get out of it will be massive.

[Austin Fulbright]

Yeah, that's right.

[Unknown]

Yeah.

[Austin Fulbright]

And, and a lot of what we're talking about right now is abundance mindset. And what abundance mindset means to me is like sometimes you're putting in work that you don't know exactly how it's going to pay off for you.

[Unknown Host]

Totally.

[Unknown]

Right.

[Austin Fulbright]

And that's one of the things that I think a lot of people that are stuck in the Office world, the W2 world, there is kind of like a dollar for dollar transactional mindset that I for sure had and that's what holds people back.

[Unknown]

Right.

[Austin Fulbright]

It's like, well, I don't know if I can spend a thousand dollars a month on, you know, text marketing or a cold caller to call for me.

[Unknown]

Right.

[Austin Fulbright]

Because what if I don't get a deal?

[Unknown]

Right.

[Austin Fulbright]

It's like, you've got to. Abundance mindset is. No, I'm going to invest that because it's going to pay off for me later or I'm going to run, you know, a community because I know it's going to bring people up and it's going to come back to me in some way.

[Unknown]

Right.

[Austin Fulbright]

And that is like a huge switch that had to turn in my mind to make the switch to entrepreneurship. And leaving my W2 job is the scarcity mindset is something I definitely had, you know. And so working out of this, what.

[Unknown Host]

Did you find got you over the hump? Was it my community? Was it you starting to give back? Where, where, what kind of broke through for you?

[Austin Fulbright]

So when my maybe to back up a little bit on the W2 thing I started, I was being told early on in my career that I was on like a high potential list and you know, you're going to be an AP one day and Da, da, da. Yeah, exactly.

[Unknown Host]

Dangling that.

[Unknown]

Yeah.

[Austin Fulbright]

And I, I was believing that stuff. And I, I, I'm sure I could have gotten there because I believe in myself and I' to put in the work.

[Unknown]

Right.

[Austin Fulbright]

But I started looking around at my boss and my boss's boss.

[Unknown]

Right.

[Austin Fulbright]

And I was like, well, he's working 7am to 5pm and then he's jumping on night calls and like, how's his family life? How's his physical health? You know? And I was like, this is not really what I want for myself.

[Unknown]

Right.

[Austin Fulbright]

And so to answer your question, after saying that, is my fear of staying the same, like, being on that trajectory became greater than my fear of jumping in and spending the money and doing the things.

[Unknown]

Right.

[Austin Fulbright]

And then once I took the jump, I started having success after doing it.

[Unknown]

Right.

[Austin Fulbright]

And so it's like taking the jump is the hard part. And you've got to want that. You got to want freedom more than whatever you're sitting in today. And a lot of that comes across as like, you've got, it's scary, right. You've got to fear your current situation more than that to go do it.

[Unknown Host]

There's three major fears. And you give me shivers because you're actually listening to me.

[Unknown]

Yeah.

[Unknown Host]

Because you're saying what I'm saying. I just say it differently. There's three major fears. Doing it, Taking action is fear. Making the jump, doing it alone.

[Unknown]

Yep.

[Unknown Host]

And then staying the same. Those are the three major fears. Your fear of staying the same is what's going to make you take action.

[Unknown]

Yeah.

[Unknown Host]

And that's what you're saying. And for anyone who has any level of entrepreneur, mindset, passion, desire, any level, you have to fear staying the same more than anything else because it'll force you into the next phase, which will be take action, even if it's incorrect. But you just got to get going or you quite literally will stay the same. And in your point, you would have stayed at that job and.

[Unknown]

Yeah.

[Unknown Host]

Climbed the ladder.

[Unknown]

Yeah.

[Unknown Host]

And maybe made a little bit more money. Probably wouldn't have very good of a life because you would be working these crazy hours and making 150 grand a year. You're already doing that in your rentals. Like right now, you could literally not do anything anymore and just make 150 grand a year on rentals the rest of your life.

[Austin Fulbright]

That's right. Yeah, exactly. And you know, some of it's not sexy, right. Like we always, it's maybe sounds sexy to say like, oh, well, I quit my job in three or four years, whatever it was. But you know, part of it is like, hey, live below your means.

[Unknown]

Right.

[Austin Fulbright]

When one of the reasons why some people can't get out is, you know, they get these promotions at work and they're being told they're going to be somebody and then they go buy that bigger house.

[Unknown Host]

No doubt.

[Austin Fulbright]

They go buy that nicer car and it's like, sacrifice a few years now and live like that later.

[Unknown Host]

Listen, you flew allegiant.

[Austin Fulbright]

Yeah, I'm still, I'm still, you know, I've still got some of that in me.

[Unknown]

Right.

[Austin Fulbright]

I haven't made it yet. I don't feel like I like it.

[Unknown Host]

Hey, listen, I wish I had a little bit more in me. I wish I had a little bit more.

[Austin Fulbright]

Well, you're at a different phase of life.

[Unknown]

Right.

[Austin Fulbright]

So I mean, I'll be doing what you're doing, God willing, one day when I'm as successful as you are.

[Unknown]

Right.

[Unknown Host]

So I will tell you though, in terms of travel and you don't travel as much, start flying first class.

[Austin Fulbright]

I've heard you say that before.

[Unknown Host]

And you just, you will be amazed about the people you sit next to and the connections that can have. It really is just amazing.

[Unknown]

Yeah.

[Unknown Host]

And I know it's an investment financially. Nowadays, flying in general is super expensive.

[Unknown]

Yeah.

[Unknown Host]

But if you start flying more, I encourage you to make that investment. It really is an investment.

[Austin Fulbright]

Okay.

[Unknown Host]

It's not just paying for a flight because the people that you sit next to can also afford it. And they usually are very cool people.

[Unknown]

Yeah.

[Unknown Host]

They usually have some level of business acumen. Like the conversations are great. So I would, I would encourage it.

[Unknown]

Yeah.

[Austin Fulbright]

All right, Cool.

[Unknown Host]

Which will be the next phase of your life.

[Unknown]

Yeah.

[Unknown Host]

And then, you know, you got to join the really expensive gyms and.

[Unknown]

Yeah.

[Unknown Host]

The country clubs and all the other things. And it just, if you're really intentional about using your. What I would consider your superpower is who you are. I know you're analytical and engineer by education, but you're really easy going. People like you, people gravitate towards you. If you lean into that more.

[Unknown]

Yeah.

[Unknown Host]

You'll actually create way more opportunity in your local market because that's who you are.

[Unknown]

Yeah.

[Unknown Host]

It's just, it's crazy to think about how much further you can get just with the intention of time.

[Unknown]

Yeah.

[Unknown Host]

You know, and some of that is. Is money. Right? That's what I'm saying is.

[Austin Fulbright]

Yeah, absolutely.

[Unknown Host]

Fast flights are really expensive.

[Unknown]

But yeah.

[Unknown Host]

If you sit next to, for example, I sat next to the speaker of the House and I have a relationship now that I can call them anytime I want.

[Austin Fulbright]

That's all.

[Unknown Host]

And, you know, I can kind of get some favors, right? And I think that's pretty, Pretty cool.

[Austin Fulbright]

It's awesome.

[Unknown]

Yeah.

[Unknown Host]

What would you tell, kind of as we're wrapping up, what would you tell the person that is maybe listening this at the W2 dying inside? God, I want to be Austin. I want to. I want to be able to get these deals done. I haven't done a deal, but I love it. I'm listening to all these podcasts, like, what's your best advice for that person?

[Austin Fulbright]

Yeah, great question. I'm getting shivers because I feel like I listen to so many podcasts where that question was asked and sometimes it was good advice, sometimes it wasn't. But, you know, if you're sitting there at your W2 job and you're wondering, can I do this? What does it take? The first thing, if you're listening to this podcast, you're investing in your education in some form or fashion, right? And what you need to know, what you need to hear from me, I wish somebody told me this earlier is, you know, enough, you know enough. It's time to go take action, right? I read all the books, man. I listened to hundreds of hours of podcasts before I bought a deal. And it's like, you know, you learn and then you learn again, and then you learn again. You gotta get out of the learn loop into the do loop, right? Is what I would tell the person that's listening that's in the job, right? You're working a lot, right? You gotta make time, stop learning or learn while you do, right? But you gotta go take action, right? Go go door knock this weekend, right? Go send some direct mail, go send some text messages, go hire a cold caller and pull a list, like, do something, right? Parkinson's law says, like, the amount of time it takes you to do something shrinks or expands by the time that you give it. Basically. I might have butchered that a little bit, but for me, like, I just started shoving stuff in my day, you know, it's like I was working a W2 job. I was self managing my real estate. I was looking for leads. It's like, create a situation where you've just got to go do right? And then do it. And you will see results if you do it consistently.

[Unknown Host]

The desire has to be big enough or the pain has to be big enough. Yeah, typically is what pushes people over the edge. So, you know, for those that are like, this is cool, they probably won't go do no, no pain, no Big desire.

[Unknown]

Yeah.

[Unknown Host]

But for the person who's, like, dying inside of the job and desperate to have, you know, break out and be an entrepreneur and buy real estate and they're watching all the TV shows, listening to all the podcasts, your advice is the best advice. Do it. Even if it's imperfect, even if you fuck it up, even if you don't do the right thing.

[Unknown]

Right.

[Unknown Host]

Because the only way to actually go achieve any of the results you're trying to get.

[Austin Fulbright]

Yeah, you have to go. And that's the thing. Like, I think a lot of people might say, well, I wish you would have told me exactly what to do. It literally does not matter what you do. Like, pick something and go do it. And you will see success. Like, I believe that wholeheartedly.

[Unknown Host]

Totally. One of the easiest things I would tell anyone, just easy and free, is call realtors. Start having conversations with realtors. You may not have a deal. You may not, you know, get to the number, but let them know you're interested in finding investment properties. Let them know that you know you're looking to buy. Let them know that this may not work. But I'm looking for maybe something that needs more work. Not such a good looking home, but maybe something that looks a lot rougher. Right?

[Unknown]

Yeah.

[Unknown Host]

Have those conversations because it starts to add up over time.

[Austin Fulbright]

Yeah, totally, man.

[Unknown Host]

Well, dude, I appreciate you being on.

[Austin Fulbright]

Yeah, thanks for having me, man. Yeah, you've given me a lot. And so hopefully, you know, this is something. And looking forward to continuing to do what we've been doing, man.

[Unknown Host]

Well, let's go do it. Let's. Let's find a way to go do a big old apartment deal together.

[Austin Fulbright]

Let's go, man.

[Unknown Host]

Let's do that. All right, guys, if this helped you, please share this episode with at least two of your friends. Austin Fulbright is in the house, one of the science flipping community members. If you have any interest in joining the community, just let us know. Let's have a conversation. Share this with two of your friends and we're going to have another guest on the next episode.

[Austin Fulbright]

Peace.

[Unknown]

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[Austin Fulbright]

Days.

[Unknown]

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