p #401 – Pat Hiban – Build Your Tribe of Millionaires
Here is some of what you will learn:
- The importance of mastermind
- Understanding the power of abundance
- The power of the 5 people you hang around most
- Understanding the Multiplier Effect
- The world’s most powerful force
- Trust breads authenticity
- How to discover your superpower
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Full Transcript Below:
Ep #401 – Pat Hiban
Welcome to another edition of How to Build a Lifetime Cashflow through Real Estate Investing. I’m Rod Khleif and I’m thrilled you’re here. And I’m really psyched that I’ve got my friend Pat Hiban today. Now if you don’t know Pat, if you’re in the real estate space as an agent or a broker, then you definitely know Pat. He’s got one of the top podcasts on the planet for people in the real estate business called Real Estate Rockstars and he’s a best-selling author. He’s wrote the book Six steps to Seven Figures We’re gonna talk about his new book today which is Tribe of Millionaires which I’m super excited to talk about because it’s really about who you surround yourself with. Now if you’ve listened to me enough you know how big a deal I believe that is. He’s also the co-founder of a mastermind called GoBundance which they’ve I’ve been trying to make time to join for literally four years because I know some really cool people that are in there with him but anyway enough about enough about that Pat. Welcome to the show my friend
Pat: Thanks Rod. Good to be here buddy
Rod: Yeah it’s long overdue. So anyway, you know for those that don’t know you take just a minute and talk a little bit about your story and I mean I know you,I forgot to mention he’s also been in a thousand multifamily doors plenty of other asset classes as well but you’re selling some apartments right now I believe yes?
Pat: Yeah we’ve bought several complexes and have sold several and so yeah good times
Rod: Right, well we’re not going to talk about that today because I’m really excited about your new book and I’m psyched about talking about associations and but just tell a little bit of your story and then we’ll dig right into that stuff
Pat: Yeah absolutely. So I’m from Maryland. I grew up in Maryland and basically straight out of college became a real estate agent went on selling houses for probably 25 years. Along that time of course I did what most real estate agents don’t do and that’s bought houses as well so you know I collected some rental properties and then played Monopoly with him which means I took the little green houses and turn them into red hotels and bought a shopping center, bought a you know tons of multifamily, that sort of thing and eventually did some venture capital type of stuff and now I’m probably invested in about 40 different lines of what I call horizontal income which is income that comes in sideways, horizontally rather than having a trade time for money and do vertical income and obviously that pays the bills plus andthen along with some other investors and business partners and friends, I created Go Abundance which is the tribe for healthy, wealthy, generous men and it’s basically a business men’s fraternity and that’s kind of where I am today
Rod: Where you are yeah well listen let me just say this. I know a couple of other people that in GoBundance, incredible organization and let me back off from that to say guys if you are not in a mastermind, create your own for God’s sakes because you know like Napoleon Hill says in his book, Think and Grow Rich, when two like minds get together with what he says a definiteness of purpose meaning they know what they want,they’ve gotten clarity to crystallize whether what is they want when those two lines get together they create this third almost intangible third mind that’s greater than the sum of the parts. And you know I’ve got a mastermind that I host. I’m blessed to say them, my Multifamily Boardroom’s now over five billion in assets just blows me away what’s in there I joined masterminds all the time. I just joined another one recently because it’sthe largest wholesalers and flippers on the planet called Collective Genius and they’ve done such a nice job with theirs that I wanted to see how they do it and and meet some of those people that are you know because a lot of people migrate from single-family to multi-family and these are the big single family players but anyway the point in all of this is if you need to be in masterminds, Pat’s GoBundance is extraordinary because you guys have like a getting back component to it as well don’t you? I mean talk about that for a second
Pat: So one of our one of our pillars as we to say is a genuine contribution which is giving back and we have you know charities that we support and we have we do things like building houses for people in certain cities. We’re getting ready to go to to Patagonia region and Chile and and we’re building a house there for a family you know we have a couples trip with our wives coming up with members and their wives to Cuba and we’re going to be doing some charity work in Cuba. So we, you know that we’re always thinking you know how can we give back
Rod: You know you’ve heard it a million times, you are the five people you hang around with. You want to be around people that are playing at a higher freakin level because if you play you know if you want to learn tennis if you play somebody that’s better than you what are you going to become better or worse? Certainly better. If you play somebody that’s not as good as you, what are you going to become? Worse. And the same thing goes for anything that you want to excel at. Be it real estate, be it you know in your case I believe and I don’t want to put words in your mouth but the framework of GoBundance it’s kind of ties into the name right it’s coming from an abundant place holding on to that mentality or correct me if I’m wrong
Pat: Yeah it’s all about abundance and pushing forward with Gobundance and it’s kind of like you can have it all Rod I mean it’s like you can have it all and you can have abundance but if you want abundance, you got to work for it right. You got to find out best practices from others that are already there that have proven track records and the way to do that is through a mastermind and through meeting real people like I had a guy reached out to me a couple of days ago. I met him for breakfast this morning because hey I’m in your town. I read Tribe of Millionaires which has only been out on market about a month and he said, guy read Tribe of Millionaires. I read your bio it says have been Folly Beach, South Carolina. He’s like, I’m in Charleston can I take you to breakfast? I said absolutely and he said you know the real reason I wanted to meet you for breakfast I wanted to make sure you were real and make sure that this mastermind was real and it was like real people and I said okay well I hope I convinced you
Rod: Nice nice. Well guys again if you can’t afford masterminds in their twenty to thirty thousand dollar range there are some that are higher. Hell I joined Tony Robbins with travel and everything else like a hundred and thirty grand now is his platinum partnership which really you know really got me going on masterminds. They’ve added so much value to my life. I’ve been in tons of them, digital marketers, war room. I mean there’s so many good ones out there but the key is if you can’t afford to do that, create your own, create an accountability group, get some people together that want what you want because of rising tide lifts all ships. So checkout GoBundance you know it’s business owners and at some point I’ll probably be in there as soon as my life opens up and I’ve got more free time but you know let’s shift into your book brother. I mean I know you wrote a best-seller “Six steps to Seven Figures” but let’s talk about Tribe of Millionaires I’m talking about you’re starting to talk before when we’re recording cuz I wanted to get some some thoughts on where we could really take this conversation. I’ve been looking forward to but talk about the book and then let’s dig in on some piece
Pat: Yeah absolutely. So Rod, you know this probably because you probably have a lot of authors on your on your show and that sort of thing but the majority of non-fiction books now or business books I should say are really not written by the guy on the front cover. They’re written by ghost writers so we knew we wanted to write a book because we thought we had something special and so we sought out the best business writer. We found a guy, his name’s Dan Clemency. He writes for Darren Hardy from Success Magazine. He’s written all his books. He writes all Hal Elrod’s books, The Miracle Mornings. He writes yeah he’s written David Osborne’s books
Rod: Forgive me. I forgot to mention Dave Dave Osborne’s been on the show guys he’s somebody you want to check out Awesome awesome guy. Wrote the book Wealth Can’t Wait super super human being and I forgot forgive me I just yeah
Pat: Yeah absolutely so you know what we did is we have 27 members. We have 225 members so we had 27 members go to Japan last year and so I invited Dan. I said Dan the best way for you to understand how this mastermind works and for you to get a grasp on thing is it just to hang out with us. So he flew to Japan and he hung out and he interviewed 27 members as we did epic things in Japan together and then he says to us he says I think we should write a fable I think I think it’s gonna be based on real people but it’s gonna be fictional characters based upon these 27 people that I just met in Japan. I said great and so he wrote this book. It’s really awesome it’s basically the story of a guy named Ethan Martinez and Ethan has lost touch with his father for 20 years. He never reconciles with his dad and his dad dies and then his mind, his dad’s a deadbeat and was good for nothing and never wanted to see him again but when he goes to the funeral and he realizes that the six pallbearers first father’s coffin are all billionaires and multimillionaires and he’s like how could this be? Right and these guys are fit they got great relationships or very put together and he’s like how could, this is really weird and then they come to him and they’re like hey you know your dad wants us to go over your estate, the estate because you’re an only child and he said that part of the deal was you had to spend a week with us and we’re gonna take you on on you know Otis’s private jet and we’re gonna fly to this island and you’re gonna be immersed with us for a week. So he said well if I have to do it I have to do it and kind of the book goes on and as he discovers certain things that happen to him and certain goals that he sets and certain changes that he sees in how he views his relationship with his wife, his children, his business, is in you know his horizontal income, his weight, everything about him, he begins to question and the book is all about that process and it’s simply you know what actually happens you know what are the effects that happen that Rod is talking about when you surround yourself with other people that are doing it at a high level and succeeding
Rod: Now correct me if I’m wrong. The book has six kind of topic areas they have illuminating topic areas well let’s talk about some of those what’s one of the first ones?
Pat: So I’m gonna just read the effects and then we can jump in them. The first is the influence effect, the multiplier effect okay and then there’s the accountability effect the authenticity effect,the purpose effect and the connection effect
Rod: Connection Wow those are fantastic topics. So let’s talk about influence first. If you don’t mind can you expand on that one a little bit you know what people can expect is just to see in the book as it relates to the effect of influence in your life
Pat: Well it’s really a destiny thing you know the influence effect is really a destiny thing like it’s literally impossible, it would be literally impossible for you to hang around like it would be impossible for Ethan to hang around these, to hang around these six billionaires and multimillionaires and not be influenced. You know same as the way people are negatively influenced right You could live in a house with four roommates and out of all four they’re doing drugs and eventually you’re gonna come there like you know try drugs of some sort if they’re gonna continue to do it and you live there five years. I mean it’s just inevitable. So you know, so it’s the influence effect that’s huge and it’s kind of a cliche goes to Jim Rohn cliche which is you know, “You’re the average of the five people you hang around most” But it’s true right. It’s very true it just it is and that’s why it’s a cliche is because it’s a truth
Rod: Yes its a truth yeah and guys it’s not just financial either okay. It’s your health, your relationships, and it’s everything, it’s not just financial. So who you hang out with is who you become. Choose freakin wisely. All right well how aboutthe multiplier? Can we speak to that for a moment?
Pat: Absolutely. So basically the multiplier effect works like this. If you have the right group of people it compounds your efforts and by that I mean it goes right to what Rod was saying earlier which is you know two, one plus one equals you know an exponential number right. A third mind is created, that third mind is greater than three it’s exponential and there’s a quote in a book, “The wrong tribe confounds. The right tribe compounds”
Rod: I love it I love it love it love it what an awesome quote. So it ties right into that dynamic that Napoleon Hill discovered and yeah love it okay. So accountability, I mean
Pat: So, accountability I mean, accountability is the world’s most powerful force and so here’s the thing what you know Oprah Winfrey brought Weight Watchers right. It’s the most successful longest-running weight-loss program ever right and it’s like a billion nothing she paid like a billion dollars there’s a reason right for it and there’s a reason why it works and there’s a reason why it has stuck around for so long and that is one reason and one reason only and it’s accountability
Rod: No kidding. I didn’t know that
Pat: Yeah you have to go to the clinic and stand on a scale every week right like that’s accountability. Are you losing weight or are you gaining weight? And then in addition to that, you have to log in every single thing that you eat So if you eat up peanut, M&M, there’s certain points you get it might only be one point but you have to log that in as a point right. So it cannot work with that sort of accountability you know and
Rod: Yeah and see guys that’s the thing. When you’re around people that are operating at a higher level, they’re gonna ask you what are you up to? What are you doing? What have you done recently? They’re not going to accept your excuses. They’re not going to allow you to push them aside if you’re in that right group Now the wrong group will hold you down and they’ll hold you down because they love you and but because they’re fearful of your growth they don’t want to lose you and I will tell you, it’s a painful thing when you outgrow your friends and you need to elevate your peer group but it’s a must if you want a better life. So I love it so accountability. So often I’m really interested to hear this one, authenticity what is it? how does that come into play?
Pat: Well you know I think that with authenticity it’s like if you trust people, you become authentic and we are inauthentic when you don’t know people. We tell everybody
Rod: You mask up. You’re trying to ego involved there’s a need to impress involved as a need to need to be to belong and to into the fear of rejection and all of that so so that’s what you’re speaking to that
Pat: Yeah and so what happens is we cut right to the chase with authenticity meaning so it’s an interesting thing that happens like at GoBundance, we have something called a one sheet and we could describe it in the book because it was so powerful we have a whole chapter of it that Ethan has to fill out in the book but every member of the Tribe of Millionaires which is essentially GoBundance,has to fill out a one sheet and basically what it is it’s a baseball card. So on the baseball card you got the front, you got the players picture we’re holding the bat or whatever but then you flip the sucker over and has RBIs and has you know batting average and all that stuff is TRUE it’s true stats that are impervious to bullshit right there just like the stats are there whether you’re a good player or not, your stats are there and that’s what the one sheet is we have how much do you
Rod: Sorry is it financial? Sorry you were,
Pat: So it’s a weight body fat net worth, horizontal income, vertical income, credit score, how much money are you actually giving back that you’re earning that you’re bringing in you know how you rate your marriage, how you rate your relationship with your kids, with your mother, your father, your siblings, everything is rated and scored on the back of this baseball card of this one sheet and what happens is as a member, once you go through your one sheet, the often there’s no all the bullshit taken out and nothing left to do but be authentic at that point like you’re you’re like hey you guys know me who I am and and then all of a sudden this huge bond happens right and it’s just like you’re so authentic from that point forward you’re like hey, no I appreciate it you know this is who I am and I want your advice and I eat feedback for breakfast and let’s talk about this and I’ll try to help you and yeah it just works
Rod: Love it love it yeah guys that would work for any any you know even informal mastermind that you put together. In my coaching program, I’ve got students that bond together do this accountability mastermind group inside of the program and what a great way to cut through all the BS love it and love it so talk about purpose for a second
Pat: So the purpose is basically like the right people will help you find your superpower, like most people don’t know what their superpower is you know what it mean but the right people and if you’ve mastermind with them enough are gonna tell you and you know Pat you know you’re struggling so hard at that thing you know that’s really not your superpower. Your superpower is here would make sense for me for you to spend more time doing this than that and it’s true so that’s kind of the you know the purpose effect is you really find when you surround yourself with people purposeful people, it helps you become more purposeful
Rod: Like like to find your own purpose?
Pat: Yes to find your own purpose yeah what’s your best at what you should be doing with your life you know there’s a lot of us do stuff myself included than we’re really not out to do or should be doing or want to do and when you get five or six guys sitting around the fire talking about it and seeing how your voice inflection changes when you talk about this rather than that, they’re like why you do that? You seem a lot more excited about that why don’t you just do that?
Rod: Yeah okay Wow. I love it yeah absolutely love it you know and I tell people my live events to get up and tell other people with their superpowers but you just giving me some insight they may not know people you know a lot of people don’t so that’s really insightful for me moving forward as well. So the last one of the six effects in your book is connection. Can you, I mean I don’t want to assume anything but
Pat: Yeah well it’s basically your life is measured by the quality of your relationship like when you die right at the end of the day, you think if you’re laying in your deathbed you’re you know it’s all about at that point in time it’s all about you know how good were your past relationships you know did you have good solid relationships and so what happens the effect that a mastermind does is it creates bonds and it creates, the point we did the pallbearers on purpose because it really does create bonds like that we have and GoBundance we have something called GoPods which is basically four to five members meet weekly or bi-weekly on the phone that the company organizes and goes through their one sheets and goes through their goals and stuff and that there’s literally GoPods that have been going on five or six years that have that will be pallbearers at each other’s funeral and they’ve never physically met they’ve only met on zoom. And so it can it’s it’s a really weird effect that happens like a few and the one thing that’s important in what we do at our event is during the day we’ll do epic stuff we do shared experiences together So we’ll do you know mobiling and we’ll do broomball, we’ll do skiing we do you know we’re going to Cuba we just got back from Japan and we just do wild things together fun guy stuff together and the shared experiences are like the stock trade of bonding if you think about these guys like there have been a Vietnam right and then they’re together in Vietnam and they’re having shared experiences and then they come back and and they’ve been through four wives I think it married and divorced four times but they’re still 40 years later is so so tight with their brothers in arms you know what I mean it’s the point that once you have shared experiences and you do like adrenaline based activities which we do at all our events together, it creates a bond and
Rod: Yeah no question that’s connection. So I hope you guys get some tips here you know because I know you know one it’s probably not right for you know a fraction of the people that are listening but you can create that in your own life you bet you get some people together you do something that’s you know fun and exciting to bond and then you stop and then you dig deep and you do all these other things that will lift everybody and you know I tell yousome of the best masterminds I’ve been in are cross-pollinated where you you have you’ve got you know somebody that’s in real estate with somebody that’s an entrepreneur with someone that’s in healthcare with someone that’s you know I got runs a charity or whatever they’re all just all these different verticals they come together and they share ideas and something that works great in one thing gets shared with another you know in a different vertical that had never been thought of to try in that particular like marketing for example is a great example and a great person that’s you know a brilliant at this is Jay Abraham because he’s he uses like ideas from one business type to another business type. The same thing happens in a mastermind where you get you know these different different people from different backgrounds with different skill sets and different frankly interests and you pull them together like that it’s just the dynamic is just extraordinary. Well listen, Tribe of Millionaires guys, the website is tribeofmillionaires.com he’s got this free plus shipping offer there that’s kind of a no-brainer to check that out and you know certainly check out Real Estate Rockstars Podcast if you’re an agent or a broker because he brings in the best on the planet for that but I’m just so glad we finally got you on a show brother. It’s been we’ve known each other for like I don’t know, three years I think now
Pat: Yeah I think you’re on my show I was on your show way back in the day when when nobody was doing podcast. Me and Rod, trading episode yeah absolutely
Rod: Yeah that’s how you do it trade episode so you know and I know people I can say like Rock
Pat: Yeah Rock Thomas, David Osborne all the bigger pockets guys are you know members, Hal Elrod is a member
Rod: Yeah Hal, he and Dave just wrote the book in there
Pat: Yeah the Miracle Morning for Millionaires
Rod: Right right right right you know guys Hal Elrod on the Miracle Morning guy and I’ve gifted gifted hundreds of copies of that book Well listen, for all that thanks for being on the show I’m really grateful for your time and you know it’s still on my radar to join that to join your GoBundance at some point
Pat: Yeah please come by and please if you’re listening it you know check us out TribeofMillionaires.com we’re giving away the book for free all you got to do is pay shipping seven bucks and you get a free copy or you can go to Amazon and pay 20 but go to TribeofMillionaires.com Get it for free
Rod: Alright buddy thanks for being on the show man
Pat: Right always fun buddy. I want to come out there and swim in your water back behind you someday
Rod: See you soon my friend. Take care
