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Episode 81: Real estate investing with Chris Prefontaine
161 Plays5 years ago
Real estate investments are the cornerstone of many wealth strategies and make up 3 of the 7 sources of residual income we teach. They are solid and dependable investments that can weather almost any fluctuation or challenge in the marketplace when done correctly. That said, making the most out of your real estate investments is about more than just picking the right property. You also have to structure the purchase correctly for the best financial gain.
Chris Prefontaine is a best-selling author and coach with 30 years of experience working in real estate. His team coaches investors on how to scale and automate their real estate investments without using their own personal cash, credit, or bank loans. He has literally trademarked a business model that benefits both buyers and sellers and he’s here to share some insights worth considering if real estate investing is part of your plan.
Beyond just the business of buying homes, Chris shares secrets to thriving in a family-run business, the single biggest thing that holds back investors, and some personal philosophies that can help anyone thrive in whatever they’re trying to accomplish.
what you will learn in this episode:- The Three Pillars of smart real estate investing
- Keys to avoid pitfalls in a family run business
- The importance of transparency in deal making
- How little-to-no money down real estate investment works
- The biggest thing that holds back investors
Recommended
Transcript
Introduction to Uncommon Life Project
00:00:02
Speaker
Everyone dreams about living an uncommon life, but how we define that dream is very different for each of us. And for most, it's a lifelong pursuit. Welcome to the Uncommon Life Project podcast. We're going to introduce you to people who are living that life or enjoying the journey to get there. We're going to also give you some tools, tricks, and tips for starting or accelerating your own efforts to live an uncommon life.
00:00:27
Speaker
A life worth celebrating and savoring.
Meet Chris Prefontaine
00:00:30
Speaker
Please welcome your hosts, Brian Dewhurst and Philip Ramsey. Hello and welcome everybody to another episode of the Uncommon Life Project where I'm your host, Philip Ramsey. And I'm Brian Dewhurst. Thanks for tuning in. I cannot wait to jump into this. I got to let Brian just do the bio and then let's go. I'm going to try to not get too radio voice on this one. I'm kind of excited though.
Chris's Real Estate Journey
00:00:50
Speaker
All right, we have the one and only Chris Prefontaine. He is a three-time bestselling author of Real Estate on Your Terms, the New Rules of Real Estate Investing, and Monika Sawyer's Real Estate Investing for Women. He's also the founder and CEO of SmartRealEstateCoach.com and host of the Smart Real Estate Coach podcast.
00:01:08
Speaker
Spending almost 30 years in the real estate business from running agencies, constructing new homes, and doing turnkey real estate projects, Chris has seen it all. Chris currently runs buying and selling of businesses with his family team, where they purchase about two to five properties monthly still. He's still in the trenches and doing the deal, and we can't wait to get your insight
Lessons from the 2008 Crash
00:01:28
Speaker
today. Chris Prefontaine, welcome to the show. Hey, guys. Good to be chatting again. We got to hang out a little bit more.
00:01:34
Speaker
We do. I agree with that. You can tell, and our listeners right away are like, okay, after reading the bio, we know why he's getting on, but real estate. Has it always been like that for you? Have you always kind of had like, yeah, that's my jam. Let's go after it. Tell us about how you got into it. The short answer is, yeah, I've been at real estate a while. So 91, I'm dating myself, but that's when I started. This fall will be 30 years.
00:01:59
Speaker
Started building homes back when I really never lifted a hammer in my life, but I had a partner who did the fieldwork and then in around 95 bought a realty executives franchise sold at the Coa banker in 2000.
00:02:11
Speaker
started working on my own investments from right about that point and started coaching people in US and Canada and then that led to the lovely what I call debacle in my book 2008 crash. That was a whole bunch of fun but that's what got me to where we are today because it really slapped me hard. I got my teeth kicked in and
00:02:30
Speaker
When i even considered going back in real estate cuz i consider not i said what would be kind of like the new protocol what what what standard do i live by and cut through everything in a box that that i wouldn't deviate from and that was things like.
00:02:45
Speaker
not dealing with banks, not signing personal loans, not borrowing money, so doing everything on terms and not putting myself at risk. And it was built to weather storms, guys, it really was, and it was built for every economy. And then when COVID came around, everyone said, even my wife, so what do you think? What's the terms niche gonna do? And I said, we'll see, but it was built to weather the storm and it just thrived. So couldn't be happier even though if you asked me that, no, wait, I would have said this absolutely sucks.
Family Business Values
00:03:15
Speaker
You know what, like half the time that's really what we are dealing with is just unmet expectations of what people thought it was going to be. And so when people do get kicked in, all right, so this is my newest thing. I'm hyped up on this. It's resilience. It's the definition of resilience. It's the strength and speed of the response of our adversity.
00:03:35
Speaker
and that say it all right there. So tell me in 2008, what your marriage was like, how did she process through that whole thing? And then what were the biggest takeaways to get you back on the horse to then ride this thing to where we're at now?
00:03:51
Speaker
Yeah, good question. So everyone wants to know that, because Kim and I have been married 35 years this summer. So we met at age, man, what were we, 11 or 12 in junior high? So we go way back. So she was super supportive, always has been. It's not the first speed bump, it was the second speed bump. And
00:04:11
Speaker
The the the big thing and i just said this on clubhouse really today when i look back this is scary thought for a lot of people if i look back and i say wait a minute. What were those two speed bumps more importantly what was going on in my life during those two speed bumps to europe to your point. And that was i thought i didn't figure this out until two years ago it was i had no no role model coach mentor kind of board directors nothing during those two times.
00:04:37
Speaker
And those are the two worst times ever. So I think it was get a little cocky, get a little full of myself. I don't need that. I don't need them. And then slam. So other than those two instances, I have never been without a mentor. Kim and I just weathered the storm. It's like when my son Nick had his accident. People go, he was in a coma after a snowboard accident.
00:04:57
Speaker
And the doctor said he wouldn't walk talk or eat and people look back and they go, how'd you guys get through that? We go, I don't know. You kind of just get into the zone. Like you guys just said, you kind of just you just go. Laser vision, tunnel vision. I don't know if that answered your question directly, guys.
00:05:12
Speaker
No, that's good. Brian's got to ask some questions because everyone knows I talk too much. But there are a couple questions I'm going to pull out here that you can really tell a lot about a person. One is like how long you've been married. 35 years says a lot about you. So first, and then also the community that you've surrounded yourself with and understanding and have that realization of like, listen, when I do this alone, bad things happen. Like to me, that's powerful that you already know that.
00:05:39
Speaker
I'm sure Brian has millions of questions. I'll pass it over to him, but I love that. Dude, 35 years, that's a real deal. Going through valleys almost made you stronger. Kudos to you and Cam for weathering that. Well, first thanks, Philip, but the other thing is orient. Success.
00:05:56
Speaker
is a real shitty teacher, right? I think you guys would agree you have a ton of amazing entrepreneurial clients. That's a fact. So it's almost like, I'm not saying go find crap, but don't be bummed when it comes. Ray Dalio's book talked a little bit about this. Almost like it was a mindset, he welcomed speed bumps and challenges. He didn't call him that. He welcomed that because his mindset was, okay, awesome, I'm gonna improve, I'm gonna go forward, lessons learned, boom.
Principles of Real Estate System
00:06:21
Speaker
So that's just a different mindset, how you look at things that come your way.
00:06:25
Speaker
Yeah. So, I mean, obviously, a big part of our podcast is residual income. We talk about the seven sources of residual income. Two on that list or three on that list is real estate, obviously. And so, it's such a broad topic. You guys have, I think, we kind of talked about this on your show, is the importance of systems. And it seems like a lot of the lessons you learned, you've built into systems and what you're teaching today.
00:06:48
Speaker
Can you kind of walk our listeners through some of those tenets or principles you just mentioned in like, you know, another layer or two of detail? Sure, sure, Brian. So, a couple things, not in priority or just as I think of them. Things that went sort of into the box of must-dos and everything else to stay away from were do not go to a bank and sign personally on a loan
00:07:12
Speaker
The only exception that I live by is maybe your personal residence if you can't find one on terms, which is how we buy. If you can't find them, you're dead set on a certain neighborhood, or you're paying cash, of course, then that's an exception. But other than that, don't, because you're putting all your family's assets at risk. And when the OA crash came and values dropped a third, and believe it or not, one of my projects, two thirds. They went down two thirds. The banks don't care who Chris is. They just go, do we have a personal guarantee? Awesome. That's where I'm going.
00:07:42
Speaker
So that's number one. Number two was don't do any more sort of one check deals. In other words, one payday. For years I did the building, as I said, and I've done rehab and I've done raise the roof projects more appropriately than Kim has done those. So those are all great paydays, but you get paid once and you got to go do it again. So every January I'd go, oh man, I got to go recreate this. That was a big year, but I got to go do it again.
00:08:09
Speaker
So so we created a we trademarked it. We just got approved by the U.S. trademark. And that was the three paydays system. So you're getting paid now, you're getting paid over time and you're getting paid long term that you guys are in the business. I mean, that's like the ideal entrepreneurial model. So those were kind of the the tenants that we stuck in the box and said, we're not going to deviate. And then, of course, we have values like the moral and ethical integrity stuff that surrounds all our deals. But that that in a nutshell is the two main things.
00:08:35
Speaker
That's awesome. That's really good. I'm pulling back quick because I didn't ask this question and now it's like burning. How is your son doing now?
00:08:42
Speaker
He's awesome. He's in the business. He does interviews. I'm sure you guys will run into him at some point here. He runs our entire buyer side, buyer special side of the coaching. Yeah, he's doing awesome. That was an O3. Wow. Praise the Lord. Okay, so tell me the family-run business because there are some pitfalls there,
Managing Family Business Dynamics
00:09:00
Speaker
brother, that you could fall into. Tell us how that has gone. Who's in the business? Who's actually contributing on a day-to-day basis? What's their roles and how do you make sure you don't hit a pitfall?
00:09:11
Speaker
Yeah, everyone wants to know how, like what is going on with the family behind the scenes. Okay, a couple things. It didn't, I wish I could tell you I had like this grand plan and it all came together nicely the way I designed it. I didn't, it was very, very organic. So when I started, I started getting busy and I needed some help. And my son was a realtor, sharing an office with me, saw me go through all the crap in a way. And I said, could you help me? You know, I wasn't Mr. Tech. So I said, can you help me just get some of these properties advertised for our avatar, which is a rent owned client.
00:09:41
Speaker
And he said she already started part-time. That was way back in 14. At the end of 15, my son-in-law, Zach, and my daughter, Kayla, were in the, we see it's big tourism here, so they were bartenders, and he was a personal trainer, and good money, but really, really shitty schedules and lifestyle. So they said, hey, do you have anything? I said, you know, this is not about a salary. If you guys want to come on and do deals, I'll teach you. Of course, Kayla grew up around it, but Zach never did. And I said, I'll teach you, but it's all about the deal. You'll get paid when the deal comes, we all will. And so they started in December of 15,
00:10:11
Speaker
Caitlin in the office as sort of the general manager did an amazing job and I have two grandkids now So unfortunately we lost her being day to day but sack has just like Nick has grown into he's actually CEO of the coaching and Has done hundreds and hundreds of deals and he was not in real estate prior You know, he grew up around real estate as far as just the question about how that all operates Here's here's the key thing. I think
00:10:36
Speaker
We have a set of values, we have a mission and a purpose, but we have a set of values. And I didn't design them. We all designed them. We all voted on them. So if a decision comes across the table to hire, to fire, to spend money, to do anything, it's got to fit in the values. And if it does, great. If it doesn't, there's no argument. It's not opinion. We all came up with these guys. It doesn't fit. Okay, next. So that's what gets rid of a lot of the crap and a lot of potential disagreements. And then the last piece would be taking business home, right?
00:11:06
Speaker
So we have a simple rule, if it's negative, don't bring it up. If it's a win or a celebration, sure, talk about it. But don't bring anything negative home. We used to all live within literally two houses of each other at one time several years ago. And we'd come home after the office and my son would yell across the driveway, literally, our driveway's abutted. And he'd say, hey, Dad, how was your day today? Like we never saw each other.
00:11:26
Speaker
Wow. So that was a long answer, but guys, but that the whole family piece is always something that gets asked. If you don't bring the negative home, I'm curious about this. Where do you leave or process the negative? In the meetings, we have one of our values is
00:11:42
Speaker
Claire blunted to the point, no gray area. That's not difficult when you live in New England. So in the meetings, we have straight out candid conversations, and 10 minutes later, we're fine. That's how progress is made. So there's a meeting rhythm that handles that, and they know that. So there's a morning powwow now for 15 minutes on Zoom. There's a weekly, there's a monthly, and there's a tri-meshlet meeting. So you've got stuff you're bringing to the meeting. You don't have to bring it home. Gotcha. Gotcha. Perfect. Good
Engaging with Smart Real Estate Coach
00:12:10
Speaker
point.
00:12:10
Speaker
So, where are you at now and how do investors invest, tell us what their experience is like, how do they get hooked up with you, that kind of thing, and then we'll walk through that. Sure. So, we do a couple things. The majority of our coaching side of our business, because we still buy and sell, we're in the trenches just like we teach, but the majority of our business there comes from people that want to either add on another niche and they're already in the real estate space,
00:12:36
Speaker
More people come from corporate America who COVID has accelerated this, but it's always been there. They just want out. They want their own deal. You guys deal with entrepreneurs, you know the importance of that. They just want a vehicle. So we teach them how to, when I say the word invest, quote, unquote, we're telling people how to buy property with no to little money down. And as I said, no bank loan.
00:12:58
Speaker
We're really teaching them how to ramp up a system I think Brian is want to refer to systems maybe but if we're teaching them our system We're teaching them three pillars the systems the skill sets in the mental game The mental games a lot more than people think but we teach those three things the investors and teach them how to generate three paydays There's a small segment of our business that also has people like you guys may know and like some of our mutual contacts know and
00:13:23
Speaker
that say, you know what? Awesome, Chris. I see what you're doing. I know you've been at this 30 years. I love the types of deals, but I'm not doing that. I'm not getting the trenches. Can I do this passively? And so we do some of that too with some very, very close contacts. Nice. Yeah, you mentioned some circles. We're running kind of in the same circles. We know Adam Carroll, SGU Chris. We know Drew McClellan, Steve Wastner. It's been really cool to be able to bet heads, and all of them really speak highly of what you're doing.
00:13:50
Speaker
I think the transparency is the thing that's probably unique in that space. As investors and we've helped people invest, there's been times where they've invested in REITs and things like that. It just never seems like the financials are transparent and you never can really ask the right questions. So when it goes south later,
00:14:09
Speaker
You just wish like, oh, if I would have just asked that one question, I would have totally exposed that in it. And so I love that it's transparent. And I love that there's people that we know that talk very highly of you. But let's speak about that transparency that you try to give your investors and the people that you interact with. Well, so that open candor, right, is one of the values again. So it bleeds off into every area. We're an open book.
00:14:33
Speaker
Like, you know, whether the deal's challenging, whether it has to get extended a little while, or whether we fell short or had a windfall. We disclose it all so that the investors kind of along for the ride with us. And I don't know if that was the point that the piece you wanted to pull out. And if I didn't hit it, please tell me.
00:14:51
Speaker
No, no, that was exactly it. That's exactly it. It's just being communicated with either the good, the bad, and the ugly. That's been a value of ours as well, is like, hey, when people's accounts are down for whatever reason, let's communicate more than the other people who just put their head in the sand and hope they don't call us. Let's over-communicate in those times. Yeah, see, that's a piece with our deals too. You just hit a huge thing that Steven and I actually talked about when he interviewed me on my own show the other day, and that was
00:15:18
Speaker
Back in 08, there was a gentleman that said to me, and it's in my book. That's how Steven knew about it, and he had just brought it to the surface. I forgot all about it. He said, hey, there was a gentleman in the book that you mentioned in 08 said to you, just be communicative with all your people. Don't go bury your head in the sand. He said that way back in like 08. So Steven said, is that why you're so big on communicating with your buyers and sellers and making that an open book in case there's a challenge? And the answer is yes. Exactly. Just the same thing you just said. Wow.
00:15:45
Speaker
What do you see? Obviously COVID's changed a lot of things, but I got to think in your business, it's probably helped. I think the value of a single family home in America has gone up. You still have really low interest rates. Can you just talk about some of the market forces and what you guys are seeing? Yeah, sure. As you guys know, our income and our net worth, I think, is directly related to what value we provide, right?
00:16:11
Speaker
So the reason we're doing well is not because someone else is doing badly. It's because right now, more than ever, banks are tightening up things for buyers. So they need a guide. Sellers are then going, especially the ones that don't understand the whole inner workings of what's going on. They throw their arms up and go, oh, man, I guess I can't sell for this price. Because a lot of the high-end homes right now, they need jumbo loans. And the banks are squishing those unless you are ultra strong.
00:16:40
Speaker
So we're helping both ends, the buyers and the sellers. It's always been a lucrative niche. It's just that when COVID hit, our volume went up in our students by about two and a half, three times because the banks are tightening so much. And some of the people
00:16:55
Speaker
like these are problem properties is that there's a client in california associate we call it in a student he said he has two houses ones with a doctor. It's debt free this is not a stressful situation the doctor said i don't want people my house during covid. So she just did a transaction with him instead of putting on the open market like those all kinds of reasons why sells are coming our way versus the conventional route of your realtor for sale by owner even.
00:17:22
Speaker
Sure. I love that. I'm nothing against realtors. I just like, if there's any way to do it without the realtors, it could be an ideal.
Techniques for Bank-Free Investments
00:17:29
Speaker
Well, I agree. I want both hats, so I agree. Nothing against them, but it just is what it is. Right. Let me ask you this, and you don't have to answer it. How? How are you doing this little money, no money down? If this is the secret sauce, be like, I ain't going to tell you, Philip, but I'd love to know how. If I said that, it would go totally against the candor.
00:17:48
Speaker
So here is how we do it. We buy either lease purchase, owner financing, or subject to existing financing. And I'll just, if it's okay, I'll give you a high point on each one of those. Yeah, yeah, do it. Okay. So the lease purchase says,
00:18:03
Speaker
Hey, Philip, we're going to buy your home. The agreement we're going to use is a lease purchase. That's the vehicle. The lease purchase has a $10 deposit built into it, pre-written. All our forms are available. And what it says is, hey, Philip, once I find my buyer who needs time, they may need time to save or fix their credit. Once I find my buyer, I'm going to start paying your underlying mortgage. I'm paying it. It's staying in your name, but I'm paying it. I'm also going to take over all your maintenance repairs and upkeep. You worry about nothing.
00:18:32
Speaker
On a before term, let's just use 36 months, I'm going to pay you the equity we agree on. Example, we think it's worth $300 million and you owe $250 million. I'm locking in not a sales price. I'm locking in the 50 grand equity because at the end I'm giving you that plus the balance left. It'll be lower on your mortgage. That's how this purchase works. So I'm not doing anything for a deposit with you.
00:18:56
Speaker
On the owner financing, this is where the six-figure deals come in. The owner financing is such that if that same house for 300 was debt-free, we do a third of the properties of the United States are free and clear, roughly speaking. So I say, okay, Phil, I can pay you your three. In fact, if you'll go longer in your term, I might be able to get you a premium, 305, 308, 310. This depends on how far out you'll go. Why can I do that? Or how? Because I'm not putting any money down
00:19:22
Speaker
I could pay you top price, but I'm going to pay monthly principal only payments. I'm hammering down principal. I'm setting myself up to be as recession resistant as possible with that little technique there. Principal only, every single month. So the longer I go, just think about that. The longer I go out, I'm hammering that down. I don't care if I gave an extra few grand, I'll get rid of that in two or three months with principal payments.
00:19:44
Speaker
So that's the owner financing. And the subject too is a little bit more complex without diving too deep. All it says is, I'm going to buy that same house of Phillips. I'm buying, I'm taking the ownership unlike the lease, but that loan of 250 is staying in his name. There's not one property we have out of the 60 plus right now that we have a loan in our name ever back to my rules. Wow. That's awesome. I love it. I love it. I love it. I love it.
00:20:09
Speaker
Yeah, I'm just now wanting to dive into your course and holy cow. And I think for a lot of people, Philip and I have talked about this a lot and you do wear both hats so I think that's really good. But you just look at the average transaction and if you don't have a real estate agent on the sale of your home and on the buying of the new home, that saves you a ton of money.
00:20:32
Speaker
and doing these contract deals, you're getting to the pure price of the home itself without all this extra tacked in, and especially on top of the mortgage if you're going through a bank. Now, with rates so low, now these closing costs are getting out of control because there's no money to be made on the interest. It's all in the closing costs. Can you talk about that a little bit and just
00:20:56
Speaker
Yep, couple things. The equity that you're saving. Yeah, super, super pointed. Thank you. Okay, so on the first point, I tell sellers, roughly speaking, unless they're stressed out and need relief tomorrow, I've got a structure whenever it works for us too.
00:21:09
Speaker
Generally speaking, our cells are not stressed out. They want the best setup. I tell them they're gonna come out of that with three to 15% better than they would with a realtor. And again, back in the day, I wore that hat, so I understand and I respect them, but just the facts are the facts. So that's one
Post-COVID Market Trends
00:21:24
Speaker
piece. The only people this doesn't work for, by the way, I should insert this for the listener, is anyone that needs their cash now, if they have any equity, like the example with Phillip's house, if they have equity and they need it tomorrow to buy a house for their family, okay, then I'm not the fit, it's okay.
00:21:38
Speaker
As far as interest I was I was moderating in room on clubhouse this morning actually and the whole interesting came up You know if you can avoid I don't get what the rate is if you can avoid that Then you're then you're talking hundreds of thousands as you guys know all too. Well, right? Yeah
00:21:57
Speaker
I went to this one real estate program one time and the speaker made this comment, like everybody's house is for sale. And somebody in the back was like, my house isn't for sale. He's like, sir, I'll give you 500,000 for your house. And the guy's like, sold. He's like, my point being everybody's house is for sale. You just have to now work on terms. And when Brian and I are talking about this and we're working through this, it's interesting to see these
00:22:22
Speaker
I would say even real estate costs, the 3% or 6% each side, 3% each side, it ends up being about seven years of your mortgage that you are ending up paying for the commission of the realtors that just helped you sell your house. It's crazy to me. It's insane. I keep getting telemarketed. I've got a tiny, tiny loan left on my property at like maybe 9, 10% of value.
00:22:48
Speaker
And they keep calling me a refi. And I said, so I play with it each time. OK, how much of the shares they go through the whole thing? And I go, OK, so it's going to cost me six grand more. It's going to save me six grand more per year. But it's going to take me three years to eat that up in the fees you just charged me. I haven't paid off in a year. It doesn't even make any sense. But this is what's going on. So people are disillusioned by the low rates.
00:23:09
Speaker
It's crazy. Yeah. And it seems like we think interest rates are going to stay low for a while because with the debt where it's at, they just can't go up. And the Fed and the central banks are suppressing interest rates. And you're actually seeing negative interest rates in Europe right now. And you can get 20 mortgages in Europe for 0% interest. And so the closing costs will be probably 25 grand, but it's net 0% interest.
00:23:38
Speaker
What are you excited about for 2021 and beyond and just your mission and values, your team in real estate in general? Well, two things, two different fronts. One is because of the chaos that screams buyers and sellers meaning that they're screaming for help, a guide, a guide.
00:24:02
Speaker
So I'm excited
Mission in Real Estate Education
00:24:04
Speaker
for that. Why? Because I think we really, really, really provide true value. There's a win-win-win in our transactions. Even a relative can't say that because it gets a little cutthroat sometimes. There is a true win-win-win when the buyer thinks they lost all hope. People have been in tears. I don't think I could ever buy a home. Thank you. And the sellers say thank you, whether it was COVID or debt relief or whatever it was, we helped them. And of course, we win.
00:24:28
Speaker
That's that's a great thing and as long as we can keep doing that I'll keep going forever on the on these on these types of deals the second tier of what I'm excited about in 21 is we've figured out and it's been I don't know seven or eight years coaching with smart real estate coach around North America and each year and this year came to a head we figured out more and more that it's really the mental game that
00:24:51
Speaker
dictates this whole thing. Because like, we have the three pills, I think I said earlier, the mindset, the skill set in the in the mental game. If I keep piling on the skill sets in the in the systems, but they're not developing mentally, I'm just piling on a bunch of crap. They're not gonna, they their value, their ability to earn is going to be directly related to their growth. Personally, that's why I call the mental game.
00:25:15
Speaker
So we didn't realize that until a few years in and now it's really got it dialed in. Like our courses, our mentors we bring to our community, we fix that or help with that nonstop. And I think a lot of people miss that.
00:25:25
Speaker
You think, you know, like you talk about value, like the mindset when they have that shift is worth the value alone.
Mindset and Personal Growth in Real Estate
00:25:33
Speaker
Like that to me is the most powerful thing that we can teach at Uncommon Wealth Partners and you can teach just the mindset of this whole thing to help weather the storm, have resilience like we talked about before. What do you think the biggest thing that you have to like almost quote unquote retrain your I'd say clientele in this whole field?
00:25:53
Speaker
The whole, I'm assuming you mean the mental piece, right? Correct. Yeah. It's the whole doubt and self belief thing. I hate to keep using Clubhouse, but this morning we were on that room and there was some big investors. Like I'm talking to people who are on $10 million businesses. I was not the biggest one in there. And the question for the room was, what is holding you back? Even these big plays. And you know what, like 9.9 out of 10 said? The mental game. It's the belief in themselves.
00:26:20
Speaker
The day can do it. Yeah, Phillip and Brian can, but I can't because, because, because, because, because. It's that piece that we have to keep working on. You're your worst nightmare. Yep. Ain't that the truth? You keep mentioning Clubhouse. I've just got invited to Clubhouse. It seems like a pretty powerful platform. What's kind of been your experience with it and how are you using it?
Networking with Clubhouse
00:26:47
Speaker
Okay, so it's obviously early, right? Nobody really knows, but I'm blown away by the, well, a couple things of transparency.
00:26:56
Speaker
Most definitely. I'm blown away by the access, the ease of access and the access to people I would have never met. Meeting people for podcasts like this, meeting people for my show that I wouldn't have met. I mean, I have booking agents at Search High and Low, right? Like you guys might, but it's been like a powerhouse of people saying, let's connect. And then, so that's on the upper kind of education tier. On the lower tier, people brand, brand, brand new.
00:27:22
Speaker
having access to all these people like literally in rooms like I was just talking about and be able to get called up on stage and that for those of you that are not familiar with it, that sounds weird but it's all just audio, it's not video and you literally get called up to stage and you can talk. So they're getting access to that for free and then they can connect offline if they want, really cool. That's awesome. Sounds like we need to jump on there. Yeah, I'll follow you, jump on and hit me. For sure. So let's talk about the vision that you have
00:27:52
Speaker
for not only your family but your business and your clientele.
Empowering Through Real Estate and Family
00:27:55
Speaker
Yeah, the mission is we call it the Kingdom Tower mission. It's a five-year mission. It ends in 2022 and it's to dominate the real estate education market and mentoring market by helping our associates, our students complete 500 transactions.
00:28:09
Speaker
So most real estate educators are probably say what's your goal to give you a sales goal or marketing goal or sell 10 product or whatever. Ours is all transactionally based because there's a huge gap in the industry and the gap exists between the time someone takes a course or goes to a seminar and the time they do a first deal and sadly I've had students there with me now luckily we threw the life raft out but
00:28:30
Speaker
They had spent two of them, $100,000 on education before finding us and did not complete a deal, which blows my mind. Wow. Which is kind of the norm, though. That's like kind of the norm. Unfortunately, you dead on. Yeah, that's what I'm saying. So we are on a mission to do that. And our purpose, the company purpose, is to empower individuals and families to live the life of their dreams through that mission. On the family side, Kim and I are all about creating experiences. That's all we talk about. We've got two grandkids now.
00:28:59
Speaker
I mentioned Zach and Kayla, so they're two kids. And so it's about making the money, not to make the money, making the money to go ahead and create the experiences that money can't buy. Right.
Transferring Wealth Beyond Money
00:29:10
Speaker
Have you ever heard of Lee Brower? He's got a really cool book. He says that transferring wealth isn't just about the monetary money. It's about transferring. Basically, he kind of... The four quadrants. Yeah, he kind of puts it in four quadrants. You have your core values.
00:29:25
Speaker
You have your good and your bad experiences. You have your charitably given and charitable time that you put all your stuff to and resources in. And then you have money. If you had three things that you could only pass the next generation, which would those three things be? It's pretty obvious. It's the core values, your good and bad experiences, and the way that you give your time and resources, right? It wouldn't be money. But everybody keeps focusing on the money, and two generations later, poof, it's gone.
00:29:54
Speaker
So the thought is, use your money to transfer the other three that are the most important. And it sounds like you're doing that, you and Kim, the core values, your good and probably bad experiences, your stupid tax you've had to pay along the way. And then just the way that you give charitably, like what are you passionate about? And if you can use your money to unlock all those three, it sounds like you're doing, guess what you're going to have more to give to the next generation? Money. And guess what they're going to know how to do?
00:30:22
Speaker
They know how to use it. They'll just keep doing that and keep doing that and keep doing it. That's the Rockefeller type way to transfer wealth. Kudos to you and Kim for catching that vision and now using your resources to unlock those three. Giddy up. Thank you. I'm going to just call you out. The 500, come on, man. We knew a guy that wanted to buy 500 doors in what, a year? Was that it?
00:30:46
Speaker
And he did it. 500 doors in a year. Yeah. I think you can reach 5,000. Yeah. I think you can do 5,000. Let's go. We'll reset that with your help at the end of 2022.
00:30:56
Speaker
Okay. All right. But I want you to dwarf that 500 number, man. I want you to impact many, many people. I love your vision. I love your values. And I love how you're doing it. And I love how you're helping other people do it because a lot of people will just find this knowledge and they'll invest for just themselves in a very selfish, not selfish, but just self-serving way. And what Brian and I have found is helping and grabbing on and meeting people where they're at and helping them get to where they're going. Now that's fulfillment. And you're doing that every day because you're impacting other people. So good job, man.
00:31:26
Speaker
Thank you, much appreciated. Okay, so how do our listeners hear more about you, get connected
Connect with Chris Prefontaine
00:31:33
Speaker
with you? Sounds like Clubhouse is the new jam. Tell us more about that.
00:31:37
Speaker
Yeah, that's fine if you want to go to Clubhouse. But I haven't figured out the whole tech space yet. I'm like the worst one. The fact that I'm telling people about Clubhouse absolutely kills me. So the best way is I'm going to do a few cool things just because about Mutual Connect. So let's think about this in between shows. So first of all, simple answer, smartrealistakecoach.com. But if they go forward slash action, myself, my son-in-law, Zach, or our strategy expert, Brian, we'll do like a 15 or 20 minute call with him.
00:32:06
Speaker
And don't think it's not a sales call. Is it a mental thing you want to talk about? Is it, hey, what would it look like if I was to go full time? Just, I'll do a call with you. So, smartrealestatecoach.com forward slash action. Something totally custom. We haven't done it since pre-COVID. If your listeners want to email support at smartrealestatecoach.com,
00:32:29
Speaker
We will send out both hard copy, best-selling books for no charge. I'll let support know so they don't kill me when I come back on vacation because I'm leaving this weekend and they'll go, what just happened?
00:32:40
Speaker
That's amazing. Thanks for doing that. That's awesome. Yeah, I want to start doing stuff like that through our podcast. So that's kind of like, I don't know what the word is, I'm blanking. But yeah, an inspiration for us to start doing stuff like that. So maybe maybe let's give them in the subject line, maybe put uncommon, you know, something like that. So V knows how support team.
00:33:00
Speaker
Okay, great. Well, man, I just want to keep encouraging you. You and Kim are building something amazing and your family now, and it's going to impact many, many people. And we're excited that you're on this uncommon path. Thank you for sharing that with not only us, but the listeners. And we want to be your biggest fans
Conclusion and Encouragement
00:33:17
Speaker
moving forward. And so any last words quick? You know what? I'll do what you did to us. If you're going to go on a ship tomorrow and you want to come back.
00:33:27
Speaker
If you weren't gonna come back from that ship, what would you do? What would the two things you do in the next 24 hours if you're leaving tomorrow at 1.30 p.m.?
00:33:36
Speaker
Well, I think it was, Phil, I think it was your answer that I went, man, and it was to record as many videos as you possibly could. I'm absolutely stealing that because I can hit every family member, every student. I can hit the world by doing that. Was it you that gave me that on my show? Yeah. I did. Yeah. I love it. I'm going to steal that and run with it because that's just the most reach and the most value. Love it. That's awesome. Thank you so much, Chris.
00:34:03
Speaker
Thanks, guys. I appreciate it. Well, you've been listening to the Uncommon Life Project. I've been your host, Phillip Ramsey. And I'm Brian Dewhurst. And until next time, until then, go be uncommon. Thanks, everybody. That's all for this episode of the Uncommon Life Project, brought to you by Uncommon Wealth Partners. Be sure to visit uncommonwealth.com to learn more about our services. Don't miss an episode as we introduce you to inspiring people who are actively pursuing an uncommon life.