Larry Murray is a distinguished Senior Captain with Montgomery County Fire and Rescue Services in Maryland, bringing a wealth of experience from his decorated military background as a former Marine and Air National Guard member. With additional expertise as a licensed home inspector and years of hands-on construction work, Larry combines his diverse skills to deliver exceptional service and leadership in both his professional and community roles.
Here’s some of the topics we covered:
- Assembling Your Dream Team
- Securing the Perfect Sponsor
- Mastering the Art of Re-Trading
- Crafting a Winning Letter of Intent
- Navigating the Purchase and Sale Agreement
- GPs, KPs, and Strategic Leverage
- Positioning Your Funds for the Imminent Market Reset
- Defining the Qualities of a True Leader
If you’d like to apply to the warrior program and do deals with other rockstars in this business: Text crush to 72345 and we’ll be speaking soon.
Full Transcript Below:
00:00:28:24 – 00:00:48:22
Rod
Welcome back to Multifamily Rockstars. So as you know, this is where we interview people that are crushing it in this business. And this is the show where we show you the inside scoop into how multifamily investors are creating massive success in their businesses and in their lives. And as always, I’ve got my co-host, Mark Nagy, who’s the director of our massive action team for the Warrior Mentorship Group.
00:00:48:24 – 00:01:13:13
Rod
Mark what’s happening brother, what’s got you excited? Hey, rod. hi. Everything’s good. Nice. Well, we’ve got an awesome guy on the show today. His name is Larry Murray. And what’s awesome about him? he’s a founder of Ivory Wolf Properties. So that’s how he branded himself. He’s a warrior. But what I love about Larry is he’s a decorated captain with the Montgomery County Fire Department in Maryland, where he’s at, he’s a licensed home inspector.
00:01:13:13 – 00:01:32:18
Rod
But, really, the big thing is he’s a former marine, former member of the Air National Guard. And, you know, which to me is just about as good as you can get in my book. he’s an he’s a general partner and limited partner in over 250 doors. he’s got two. He’s general partner and two, two assets, two properties.
00:01:32:20 – 00:01:36:12
Rod
and, I’m just excited to have him on the show. Larry. Welcome, brother.
00:01:36:14 – 00:01:41:22
Larry
Thank you. Ron. Thank you. Mark, it’s, it’s a pleasure to be here. So, Very exciting.
00:01:41:24 – 00:02:02:08
Rod
Thank you. Yeah. No, I know, you know, I know you joined the warrior program about a year ago, and, and so it’s really kind of kind of full circle in a way, to have you on. And why don’t you take a minute and talk a little bit about your journey? And, you know, obviously the focus would be on the real estate side of your journey, but but just talk a little bit about who you are and how you got here.
00:02:02:08 – 00:02:05:12
Rod
And, and let’s just take it from there and then we’ll ask questions.
00:02:05:14 – 00:02:25:09
Larry
Right. So, obviously been, with Fire Rescue for, many, many years now. 3031 is a career 39 total between military and volunteer. And it’s like, need to do something else. So what can we do? We’re looking around and, four years ago, 2018, my wife and I decided we want to look into something.
00:02:25:09 – 00:02:46:03
Larry
And we found, a real estate might be the thing to do. So we started looking at, single family houses. we, long story short, we went, flew to, Alabama, checked out some property, we found a line and ran into a war zone. Literally. It was, boarded up and burned out and crushed windows. And it’s like, wow, this is kind of crazy.
00:02:46:09 – 00:03:04:03
Larry
So change their plans slightly. ended up putting in some offers. cash buyers beat us. Just like we need to do something different. while we were down there on that journey, we ended up meeting up with, some people and, ended up getting into what they call the insurance banking concept. And, through that was able to save some money.
00:03:04:03 – 00:03:21:10
Larry
So fast forward to here. Four years later, it’s like, okay, time to do it again. So we had a single family we were looking at and and it through the, the company we did that, that insurance came with. We actually heard some podcast. I’ve been listening to a lot of podcasts from that point on, and that’s where I came across.
00:03:21:10 – 00:03:35:01
Larry
You heard rod, and I’m like, this look kind of interesting. So listen, some more, starts, check some things out. And then I had a decision to make. Do we get into the, warrior program? well, first of all, I went to the boot camp, and then which one?
00:03:35:04 – 00:03:36:02
Rod
We did. We went to the.
00:03:36:03 – 00:03:38:10
Larry
It was it was the online boot camp in October.
00:03:38:12 – 00:03:40:20
Rod
Gotcha, gotcha.
00:03:40:22 – 00:03:54:04
Larry
And then it was, and then we had this other property we had been working on right before that. So it was like, do we buy the single family and make some cash flow there or do we scale up? Well, we decided to invest in ourself after boot camp. Incredibly motivated us. Like, man, we can make this work.
00:03:54:04 – 00:04:15:23
Larry
I know we can make it work. Let’s see what we can do. Well, I had no idea how much value the warrior program was going to going to add and how it was going to take off like it has. It has just been an incredible journey from, like you say, once we did that boot camp, we started making calls, start taking action, just like, like you said, that was, I guess it was in November.
00:04:16:02 – 00:04:30:23
Larry
It was November 10th, the Marine Corps birthday. As a matter of fact, I joined the warrior program here. so, from that point, it was, looking at a loop net, trying to figure everything out and, and moving forward. So that’s where we are, like, fast forward. And we had saved up that money is like, here we are.
00:04:30:23 – 00:04:50:12
Larry
We joined the camp. We we got into this thing and then now, we started learning how to underwrite, started trying to figure everything out. finally I ran into a property that just penciled everything, wasn’t penciling, wasn’t passed, and all of a sudden, somewhat, we clicked. This is off a loop. Next round, like, you got to be kidding me.
00:04:50:14 – 00:05:11:22
Larry
So I ran in numbers and I’m like, man, this might work. So I called another warrior and, he ran the numbers like this might work. So it’s like, what are we going to do here? Okay, let’s, let’s try and get it sponsored. So we went, made a phone call, and the first, was actually warrior called, and they looked at it, said, not bad, but not too keen on the area.
00:05:11:22 – 00:05:26:23
Larry
And it’s a little thin. Apparently they brought in several warriors when they came in as the, as a sponsor. So it’s like, okay, well, we appreciate the opportunity. So, we were kind of a little deflated, but then I was like, wait a minute, I’m not giving up. I’m going to move forward. Picked up the phone, called another sponsor.
00:05:26:23 – 00:05:34:24
Larry
So we ended up getting somebody else who said, hey, yeah, once again, another warrior. So, ended up getting that sponsor. And it’s like, okay, well, let me interrupt you.
00:05:35:04 – 00:05:53:16
Rod
Let me interrupt you one second, I apologize. There may be some people listening who don’t know what a sponsor is. So let me describe what that means. So what that means is, you know, to get, Fannie Mae and Freddie Mac debt, very often they require experience. Now, Freddie Mac, you could use a third party property management company and some sometimes satisfy that requirement.
00:05:53:16 – 00:06:18:10
Rod
But otherwise you need what you call the Fannie card. You know, you need to you need to have some experience. And so and you also need to satisfy the net worth requirement which is net worth equals the loan amount and liquidity requirement which is liquidity equal to 10% of the loan amount. Post-Closing. And so you know what almost everybody does is they find a sponsor or usually in the warrior program, it’s another warrior to help them take down that deal.
00:06:18:10 – 00:06:40:00
Rod
And then the other thing with the sponsor, the beautiful thing about that process is, you know, if you’re going to a broker or a seller and you’ve not done anything, you don’t have any credibility. But if you find someone that’s done something already, like a warrior that sponsored it, you can say, we have 300 doors or we have 500 or whatever, and you can use their resume for credibility.
00:06:40:01 – 00:06:50:24
Rod
So anyway, I just want to interject that. So you found another. And I’m sorry to interrupt, but I just wanted to in case people were wondering. So you found another warrior to that that took another look at it. Please continue from there.
00:06:51:01 – 00:07:03:09
Larry
Yeah. So, then I was trying to put an like, well, I had no idea what another one was, so I had to ask them what it was. I got a, they sent me some stuff. I actually called somebody else. the first one to say, hey, can you send me a copy of Vanilla Wine? Ended up.
00:07:03:10 – 00:07:04:05
Larry
We made our house.
00:07:04:06 – 00:07:20:12
Rod
Right now I can now I got gotta interrupt you again because you’re going to throw stuff out there. People have no idea what you’re talking about. So I got to interrupt again. So, guys, an alloy is a letter of intent. And let me tell you why it’s important. So we’re in you know, maybe you’ve done single family. You’ve flipped houses, you wholesaling houses, you’ve written your own contracts.
00:07:20:12 – 00:07:41:08
Rod
Well, you will never do that in commercial real estate. Okay, I could I could write a contract. I’ve done it so many times, I’ve written thousands, literally thousands. But I would never do it on a commercial, multifamily, larger multifamily. You always use an attorney. Now our attorneys free. No, they cost money. So you start with a letter of intent and that’s the abbreviation is Loi.
00:07:41:08 – 00:07:59:21
Rod
And what that does is it starts the conversation with a seller. You lay out all the main points in a deal, the purchase price when you’re going to close the due diligence time, you know, all those things financing, who’s going to pay for what. And and then then that goes to the attorney to negotiate the PSA, the purchase and sale agreement.
00:07:59:21 – 00:08:02:21
Rod
Okay. So that’s the yellow. Why sorry buddy. Please continue.
00:08:02:23 – 00:08:19:20
Larry
Now. Oh that’s great. That’s great. I had to look back in your in your training material. Fine. I wouldn’t lie, I was like seven and a half and I got copies built it. So I put this yellow in there was, 14 different people, or I’m sorry, 12 different people there, but been for the same property. and backing up just slightly.
00:08:19:20 – 00:08:35:13
Larry
When I found the property, I called the broker, the version I was on looking at every single day, looking at everything, I could tell you anything in our market areas. It hit the net. within 24 hours. I mean, anything, it hit this particular property. Hit. I called the broker that day. I had a call that night, actually.
00:08:35:13 – 00:08:53:11
Larry
I had to walk out of, of a room and, where I was working and, take the phone call real quick. Got that, relationship going with the broker. So that was incredibly important right there, because that carried us once I got the yellow eye and, we were able to get a little bit of price guidance from him and, and help us move forward with this.
00:08:53:11 – 00:09:07:02
Larry
I told me I knew I’m still trying to learn this fun stuff. I said, we’ve got a big network that we joined here, and they’re incredible people. And, you know, we hope to do business. This next thing you know, we move forward. We got the yellow light. Well, except well, let me back up. There is 12.
00:09:07:03 – 00:09:23:14
Rod
I need to interrupt you again. I need to interrupt you again. I I’m, price guidance. So. So what he means by that is very often, a broker will give you a deal, and they’re going to tell you what they want for it. Okay? And so you need to communicate with them and get a feel. And that’s called price gains.
00:09:23:14 – 00:09:37:22
Rod
And you know, you can back into it and make an offer obviously. But in this hot market what will happen is the broker will say, okay, we’ll make the offers, everybody submits their offers, and then they’ll do what’s called best and final okay, where they pick like the top 3 to 5 and say give us your best price.
00:09:37:22 – 00:09:57:13
Rod
It’s really like an auction process. It’s not a lot of fun because it’s it is there’s, you know, the brokers do it to try to obviously raise as much money as they can for their sellers. And it’s, it’s not it’s not always done this way. Guys, I’m just going to tell you in a, in a normal environment that’s not as hot as it is now, you are not going to find it, being treated this way.
00:09:57:13 – 00:10:13:10
Rod
All the time. you know, you typically you’ll you’ll it’s not done that way. in a normal, marketplace. But right now, this is how it’s being done. So that’s the price guide. Sorry, but I just I just don’t want people to. I used to cross and, as they’re listening to you. So please continue.
00:10:13:10 – 00:10:30:07
Larry
That’s great, because when they go forward, they’ll know what and why is no price guidance is all about right now. You’ve already mentioned Best and Final, which is where I was going back because it went on. I had no idea what that even meant. So there were six of us. Then, for best and final way to sharpen our pencils a little bit, we talked to them again for additional price guidance.
00:10:30:10 – 00:10:50:17
Larry
once again, that relationship with the broker was incredible because he really helped guide us in their in the right direction there. and in the end, they have, except in our letter of intent. So, we were able to move forward and there was time to write the, the purchase and sales agreement, the PSA. in that case, the seller actually wanted to write it himself, ended up not getting done.
00:10:50:18 – 00:11:09:15
Larry
We already had an attorney on board. We actually, ended up using him in the end because the PSA didn’t get written. So, then our the, basically the broker called back and said, hey, can you go and do this because this guy can’t seem to get it done. So we had to do our own PSA.
00:11:09:17 – 00:11:24:11
Larry
so we got that taken care of. And went through and then the, the whole due diligence process occurred, we, you know, flew down to the property, looked at some things, found some stuff that we didn’t initially see. So, we don’t like to retrain. That’s not one thing we like to do, but this was a retaining wall.
00:11:24:11 – 00:11:46:07
Larry
And we had to do do something with it. And they were able to work with us as a seller credit at the end. and then, took there was a lot of lot that went on as far as the financing, ended up going with the Freddie Mac loan. they gave us some terms initially when we went for our, when we went to the best and final, we actually contacted them and got an idea of what kind of terms we could get.
00:11:46:09 – 00:12:00:22
Larry
Well, long story short there. They ended up changing the terms on us at the end. So this has been a lot of ups and downs with this, but in the end, we ended up finally closing this 54 unit. And that was the first deal that, that I’d ever done. this was a team. This was not me.
00:12:00:24 – 00:12:17:01
Larry
This was this was a team of, like you said, another warrior out of, Nashville. And then we had a couple of other wars out of, California and, but that that team coming together, that’s what has allowed us to, to make this happen. So, no way I could have physically done this alone. I mean, that’s single family.
00:12:17:01 – 00:12:31:00
Larry
I’m so glad I didn’t mess with that. And, you know, this warrior program gave me the opportunity to literally reach out and ask the questions to people of what is in L.A. What? What is the best and final four? Where do I get this information? Well, what do I have to do to close here? How do we do this Fannie Mae thing?
00:12:31:00 – 00:12:44:17
Larry
And they actually gave us references. because the one warrior was actually in our, is in the same market and was able to give us some guidance as to who we can contact as far as a mortgage broker. so the, it’s been incredible. With that.
00:12:44:19 – 00:12:49:01
Rod
Can you share the approximate price on that thing, or do you need to keep that on the deal?
00:12:49:03 – 00:12:59:24
Larry
That’s like, 1.8 million 1.824 million. Good deal price. Yeah, I think yeah, that kind of money laying around, I was like, and we’re going to write it, right? Yeah.
00:13:00:00 – 00:13:17:12
Rod
That’s a good deal though. I mean, that’s, that’s that’s a great price. I thought you were going to be in the in several million. So that’s that’s a great deal. Okay. Well all right. Awesome people. Some contacts contacts there as well Larry literally went from zero doors to 54 doors on your first deal. That’s always one of the biggest things, right?
00:13:17:12 – 00:13:36:04
Rod
People think, oh, I got to start with five units, ten units, 20 units. Obviously, your team helped you build the confidence to get in there and go bigger on your first deal. What were some of those qualities or things that you were you were looking for in your team here? How did you go about putting that that team together for this deal?
00:13:36:06 – 00:14:01:03
Larry
So, the gentleman that actually spoke with is, Nick Langford. He’s out of Nashville and he’s incredible at underwriting. and that’s why I took the numbers to him, and he helped underwrite him as well. And, in that process, we actually I was looking at moving you talked about the different markets. You were looking at this this particular properties in little Rock was a firefighter in little Rock for, 11 years for came here.
00:14:01:07 – 00:14:16:00
Larry
I was in the military in little Rock. I was in the Air National Guard. I sold fire equipment. I taught for the state academy. So I know a little. I know Arkansas very well. my parents still live down there, so that was the one area. And then, we’re looking, you know, another area would be a place you’re looking to move.
00:14:16:01 – 00:14:32:00
Larry
We’re looking to move to, Nashville. So that’s how I ended up meeting Nick in the war program. He got in a week before I did. And in that process, we actually got on a call and we went through Rod’s questions about partnering, and that was that was great. We’re very aligned, very in tune with each other.
00:14:32:02 – 00:14:46:15
Larry
And, our goals are very similar in nature. So it just worked out good. So we tend to team up, you know, if we find things, he’s doing his thing. I’m doing my thing. But if we find stuff that’s in common areas, you know, we’re we’re trying to work together. so we’re the two common ones.
00:14:46:15 – 00:15:04:08
Larry
And then from there, you know, different sponsors and the different deals that we’ve, we’ve actually, entailed. So, I guess to answer your question, Mark, is, is, using Rod’s questions, to be honest with you, but you also need to do that with everybody. You got to do with the sponsors, you got to do it with each other, you know, and this isn’t just a 1 or 2 person thing.
00:15:04:08 – 00:15:21:13
Larry
This is, you know, when you’re doing something like that, that was a syndication for that particular, deal versus another one that we’ve done, that we just closed in September, another 17 unit, and that one was a joint venture where he and I also, teamed up. And then we have a different person that, partnered up with us on that one.
00:15:21:15 – 00:15:39:21
Rod
Beautiful. Listen, guys, what? He’s talking about is something I actually give away for free. It’s, questions to ask when forming a partnership. And, gosh, I hope I don’t screw this up. I believe what you do is you text the word partnership to 72345, and we’ll get that you. If that’s not it, just DM me on social any social channel.
00:15:39:21 – 00:15:53:23
Rod
I’ll make sure you get it. But, the one thing I wanted to mention circle back to is something you said you talked about, you know, buying little Rock where you spent a lot of time, you sold stuff there. You were in the, military or something there. I’m paraphrasing here, but you you you spent some time there.
00:15:54:03 – 00:16:12:06
Rod
So one of the things that I teach is, the four markets to consider first before buying a property. And you, I mean, you you you you said it. I mean, you basically follow it, but you just basically followed what I told you, and it worked. And that’s exactly I love it when somebody actually does what I suggest.
00:16:12:10 – 00:16:33:01
Rod
And so the four markets to consider first or one your backyard, okay. That’s a two hour drive anywhere in any direction because you can manage. But the second is somewhere you spent some time, grew up, worked in your case it’s little Rock, right. So that’s option two. Option three is somewhere you’ve got boots on the ground, which is what you or your other warrior was using you for because you were boots on the ground there.
00:16:33:01 – 00:16:55:21
Rod
You knew it. You knew the area, whatnot. and then the fourth area somewhere you might want to retire or would end up living in for you. Now it’s Nashville, so, you know, you it’s it’s just so awesome to hear you, you know, doing what I suggested because, you know, it’s it’s a proven formula. And then by the way, guys, if you have any interest in the warrior program, text the word crush to seven, two three, four five again.
00:16:55:21 – 00:17:20:07
Rod
So we can help you question. In this business, there’s an application process. We don’t take everybody. But if you’re interested, text crush to 72345. And let’s see if it’s a fit. like it absolutely was for, for, Larry here. So, yeah. So, now I want to ask a question instead of just pontificate. So. Did you have any setbacks on this journey?
00:17:20:08 – 00:17:29:04
Rod
Did you have any any hiccups? You talked about the financing. So. So the financing changed right before closing. What was the impact of that and how did you deal with it?
00:17:29:06 – 00:17:47:02
Larry
pretty significant. First, I was, trying to actually do this without, the first deal because, like I said, we’d save some money up, so we knew we had some. But, you know, they say you can go ahead and do this without putting money in. the bank actually said, if you’re gonna be part of the GPT team, we need you to have some skin in the game.
00:17:47:02 – 00:18:07:00
Larry
So we actually had to put some money in and that was the bank that required that. So that was not anticipated. as far as doing that, I actually pull that out of my, Infiniti bank. that’s where I pulled the money. Adam was able to, you know, put that in. And, so that was a little bit of a setback for me, because I kind of get my some of my capital deployed now that I want to use for a couple of other deals I’m looking at.
00:18:07:00 – 00:18:24:09
Larry
But, but that’s where I am. as far as what they did is as, initially, we’re supposed to be able to 80% leverage, and they ended up bumping that down to 70%. We finally got that back to 75. But then we also had two years of interest. Only they took both those two years of interest only apart because we didn’t physically live in the state.
00:18:24:15 – 00:18:41:23
Larry
And we were kind of new to their market as far as they were concerned, to that market, since we didn’t have somebody physically living in the state. So that was those are pretty significant. as far as what to do with our returns, however, because the underwriting, how well it was done, actually, we weathered that storm, so and that’s, that’s that’s huge.
00:18:42:00 – 00:19:06:12
Rod
That’s huge because a lot of deals would have died with what you just said. especially, you know, because that, you know, guys, interest only absolutely increases your returns. and so, you know, that coupled with, what was the other thing you said? Oh, the, the loan to value, of course, that’s going to that’s going to require you to put more money in, which, again, negatively impacts the return because there’s more cash that needs that requires a return on it.
00:19:06:12 – 00:19:37:05
Rod
And so, you know, both those things, can can derail a deal. And yeah, that’s a fairly recent thing where some banks will require a GPS and a deal to, to to show their own personal money in from their bank account. Now, you know, the way we do deals, and have done, you know, millions and millions and millions is you bring people into the general partnership that have money and you give them a piece of the general partnership to be a KP key principle sign on the debt and, and put some of their own money in so that the GP, as it were, has a portion of the deal and a portion of the
00:19:37:05 – 00:19:52:04
Rod
money in the deal, the cash in the deal. But yeah, that that’s a recent thing that’s, that’s happened, on the, you know, require, you know, because things are tightening up. I mean, you know, guys, you’ve heard me talk about this, the market, you know, at some point this thing’s going to going to contract. And is it something to fear?
00:19:52:04 – 00:20:12:03
Rod
No, it’s something to get excited about, frankly, because there will be exponential opportunities. But, you know, that’s why I teach my students to be very, very conservative right now, not be aggressive. And really, you know, take their time and and not push the envelope because, you know, at some point this thing’s going to contract and, and they’ll be like I said, that’ll be incredible opportunity.
00:20:12:03 – 00:20:28:24
Rod
And when that happens, cash is king. And so, you know, for me personally, I’m getting a lot of cash, but not just your own cash. You know, pre frame your investors so that, you know, they’re not fearful when that happens. And talk to them and say, listen, you know when that happens. And the media saying real estate it’s going to be terrible for ten years.
00:20:28:24 – 00:20:50:17
Rod
Of course I hope you’re not listening to anything they say anyway. But but definitely don’t be listening then, you know, because when that happens and things are really ugly is when you want to buy. And so, you know, very important there. But, Mark, go ahead and ask a question. Yeah. Well, I know you touched on a couple things there, Larry, in terms of what you do, making phone calls, checking loop net.
00:20:50:17 – 00:21:03:11
Rod
But how do you decide what to do each day, each week for your business? And what’s what’s your thought process? for those action steps that you take.
00:21:03:13 – 00:21:20:13
Larry
So I guess the big thing is, you know, what do I have on my radar? If for some reason there’s some property on a radar, it gets into a lot of area analyzing and calling the police department. we’ve had a few deals dropped in our, in our doorstep. That was. There’s, I think at Houston, we had 1075 doors.
00:21:20:13 – 00:21:40:12
Larry
They ended up being over five properties, over, two different areas. But we had to figure all that out. But when we called the police department, they weren’t in a real good area. So, when we looked online, it was like, yeah, maybe this’ll work. But then when you actually get down and do it. So I guess when, when I have something on my radar, you know, it’s more toward the due diligence, it’s more focusing on that deal.
00:21:40:12 – 00:21:57:15
Larry
If I don’t have something, you know, in the hopper, then I’m, I’m looking at trying to find something to put in the hopper. always trying to educate myself so I don’t listen to radio anymore. I listen to podcasts going to and from work. That’s all I do is listen to and back and forth. there’s a few that I, that I try and listen to it.
00:21:57:15 – 00:22:14:05
Larry
It’s almost overwhelming, just the amount. But, just continuing trying to educate myself, and move forward, you know, what’s the next step? we got to start learn how to raise money. That is not my superpower by any means. but I can definitely put a team together anywhere in the United States if I find the right deal.
00:22:14:07 – 00:22:28:24
Larry
that is one thing that I can do is I can pick up the phone, make some calls, call some warriors. Be honest with you. When you call the warriors, you know, they can, especially find out the ones that are in those areas. You can use them to help put the team together. Meanwhile, you got the brokers, you can call, call some banks.
00:22:28:24 – 00:22:46:10
Larry
You can actually get, references from the banks or certain, mortgage brokers, which is, in little Rock as we end up doing our mortgage broker there had really, really good contacts. he was able to put us in touch with, so, and then when you start dealing with the different contractors, they’ll give you different references, and it just snowballs.
00:22:46:10 – 00:23:01:18
Larry
So you can, I’m not. I will invest anywhere if there’s a deal. It doesn’t matter. I mean, I know we got the four areas that we focus, but, if I’m not hitting and, and I see something that just happens, like I said, when I’m looking at things and also hitting the net, I’m like, this pencil’s, I’ll put a team together wherever.
00:23:01:18 – 00:23:02:21
Larry
It doesn’t matter.
00:23:02:23 – 00:23:19:12
Rod
And the beautiful thing is there’s there are warriors pretty much everywhere at this point. I want to point something out. For those of you listening on iTunes, they can’t see this. Now, those on YouTube are going to see this. But behind Larry, he’s got his vision board on the wall. He’s got his hats from from his military and other service that he’s doing.
00:23:19:12 – 00:23:37:12
Rod
And picture, military picture. He’s also got our sword right there leaning against the wall. So we have when you get your first deal as a warrior, we have what’s called the warrior of the sword. And you get this awesome freaking sword in the mail from us, and he’s got it right there behind him. And so he’s got his workspace set up for freaking success.
00:23:37:18 – 00:23:50:23
Rod
And that. And that is such an important piece of this. And you’re obviously a leader. I’m going to ask you a question. What are some characteristics that you believe every leadership possess? Larry.
00:23:51:00 – 00:24:06:06
Larry
You have to believe in your people. when I’m at the firehouse, those are my the guys who work for me and my most valuable resource. And you have to treat them right. If you treat people right, the people are going to treat you right. And if you want to really lead them, then you have to understand that, you’re leading people.
00:24:06:08 – 00:24:18:03
Larry
And and in doing that, take the time to listen to them, take the time to meet them. truly.
00:24:18:05 – 00:24:35:03
Larry
Truly be engaged. I mean, because, like I said, I can I can have a, you know, $200,000 rig that I’m riding down the road, but it’s not worth anything if I don’t have the people. This this in this business. I think that’s one of the things that really draws me to it is, is that there’s just so many people, and, you know, there’s a time to lead and there’s a time to follow.
00:24:35:03 – 00:24:51:13
Larry
So when I get out on the fireground, I may be leading to burning down building. I may be following the chief, you know, whatever the case may be. But, as a leader, you got to remember your place. Remember your people, remember where you came from. And, don’t be afraid to step up. If you’re a leader and you see that the the time is necessary.
00:24:51:13 – 00:25:08:15
Larry
Step up, make it happen. you know, you see a deal that’s sitting there, maybe. Or, you know, some may need some help. Step up and help them. I had a warrior called me today and was asking me about an area that, some where I had actually been. I was able to give them some guidance and, and, and, it’s just a matter of, you know, help each other out.
00:25:08:17 – 00:25:27:07
Rod
Yeah, yeah. I want to interject one thing here, and that is, you know, that’s one of the things we look for when we evaluate a potential warrior. You know, if I get any hint of ego or narcissism, they they’re not getting in and you know, and that’s we’ve created this this this group that all wants to help each other as evidenced by what Larry just said.
00:25:27:13 – 00:25:44:14
Rod
You know, I mean, they’re all givers, and, and and it’s just an extraordinary thing, which is why I at this point, I feel like almost a steward of the group to protect it as much as help help it grow and help the people in it grow. So, you know, I’m really glad you said that. Well, there are you talked about team.
00:25:44:14 – 00:25:55:09
Rod
You mentioned super power there for a second. Firstly, would it be safe to say that you’re taking on a little bit of the role of deal finder or on a team? Is that is that what you think your main role might be right.
00:25:55:09 – 00:26:13:04
Larry
Now, or do you think that’s where? Yeah, I tend to focus on trying to find the deals. because if I can find it, then it’s a matter, like I said, putting together a team. I can do some basic underwriting. actually joined, Lauren Jacobson’s, underwriting group and help learn some stuff, in that process. once again, another warrior.
00:26:13:08 – 00:26:13:22
Larry
Yeah.
00:26:13:24 – 00:26:26:18
Rod
That’s. By the way, let me interject. So, so we have lots of little subgroups in the warrior group. There’s underwriting groups, there’s little mini masterminds, there’s accountability groups. There’s all these there’s subgroups. And so that’s what he was talking about. Sorry, Larry, I interrupted sorry.
00:26:26:20 – 00:26:47:11
Larry
No, no. That’s right. So, So yeah, that would be probably more where I, where I tend to focus, you know, if you can find the deals. That’s one of the hardest things right now, to be honest with you. Trying to trying to find the deal. you just literally have to keep staying after it because it’s, it’s it’s tough at the moment, but, you know, they’re out there, like, like the deal that was found this morning, you know, he he’s been looking, looking and finally found something.
00:26:47:11 – 00:26:59:15
Larry
It’s like, we talked, didn’t discuss the area and discussed what to do next. I told him a couple of steps to do, and, he’s working on that right now, and I wish him luck. And hopefully he’s going to get that. So if he needs any help, give me a call. But, Yes.
00:26:59:17 – 00:27:16:05
Rod
Nice. Awesome. Well, I get that question a lot from potential students is how how can I add value to a team? I have no experience. What’s my superpower? I don’t know how. How did you figure out that your superpower was was finding deals? And how did you figure out that that was going to be your role?
00:27:16:07 – 00:27:32:07
Larry
I just started doing I just started doing everything and rods, rods class. I mean, I was going through his material, but I was already looking at it. And, like I said, when I got to the Louis, I, I had no idea what it was, let alone how to do it. So you have to do it while you’re while you’re doing the class.
00:27:32:07 – 00:27:47:09
Larry
I mean, the analysis paralysis here, people talking about all that, you just got to get after it. And as I’m getting after it, like I said, I started analyzing deal after deal after deal, and and all of a sudden, this one just it was something different. It it made sense all of a sudden. So. And then I did that.
00:27:47:09 – 00:27:53:24
Larry
And then I just kept doing the same process as far as trying to find different things. And, you know, all right.
00:27:54:01 – 00:28:12:04
Rod
Massive, massive freaking action, brother. That’s it. Well, listen. Well, thank you for coming on the show, buddy. I really appreciate you having me. Really, really appreciate you. This is a real treat. And, and, you know, you you you absolutely just took it and ran with it, and it just it’s so rewarding to see that for me.
00:28:12:04 – 00:28:22:15
Rod
I mean, this is what I. This is what I live for, to see this with you. And so, I’m grateful for you and grateful for that. So anyway, it’s great to see you, brother. Guys, take care and we’ll talk.
