Jon Potts, a real estate visionary, launched his journey five years ago, partnering with his wife to revitalize communities through house flipping. With a remarkable track record of successfully flipping over 20 houses, Jon transitioned strategically into multifamily investing. As a current partner in an 84-unit apartment building and an overall investment in 150+ units, Jon exemplifies the transformative power of passion and strategic thinking in achieving success within the real estate industry, serving as an inspiration for aspiring professionals.
Here’s some of the topics we covered:
- Jon’s Journey Toward Multifamily
- Flipping Houses & W2 Jobs
- How to form Partnerships & Find Your Superpower
- Why People Will Bring Deals To You
- Standard Rent Bumps In C-Class Assets
- Potential Business Plans For Multifamily Real Estate
- Hurdles To Solve Before Moving Forward With a Deal
- The Importance Of Sacrifice
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
00:00:00:00 – 00:00:20:01
Jon
But then we had that aha moment again. We looked at each other again and we’re like, Man, we just created another job for ourselves. And the income was very inconsistent. So then we’re like, okay, we need to do something else. So that that’s when we kind of started looking into multifamily and came across Rod and the Warrior Program.
00:00:20:01 – 00:00:52:18
Jon
And my goodness, it was incredible that his program. So again, like we, you know, we always do. We jumped in headfirst and you know, started learning. And I joined the Warrior program. And it has been life changing. The amount of people I’ve met in the in the Warrior program are just amazing. I’ve had some great relationships with people, and that’s actually how I found the partners that I am partnered on in my 84 years.
00:00:52:20 – 00:01:19:14
So, you know, that apartment building or complex, you drive by every day, someone owns it, and it’s probably someone on this podcast. Multifamily rock stars join the growing numbers of real estate entrepreneurs who have made the jump to buying multifamily properties for lifetime cash flow. Multifamily rock stars using OPM for an OMG ROI. Now here are your host, Brian Cleave and Mark Nace.
00:01:19:16 – 00:01:37:20
Rod
So this is multifamily rock stars. And if you guys don’t know, this portion of our podcast is people that are just killing it in the business. I’ve got my co-host, Mark Nagy, who’s the director of our massive action team for our Incredible Warrior program as a co-host. And we just have a lot of fun on this show. If you haven’t listened to it, I know you’ll enjoy it.
00:01:37:23 – 00:01:38:23
Rod
Mark What’s up, brother?
00:01:38:24 – 00:01:49:14
Mark
What’s going on right now? I’d say even more importantly than that, this show is where we walk through people’s first deals and people that have gotten into the business from brand new. So if that’s you, this is what you want to listen to.
00:01:49:15 – 00:02:04:21
Rod
Absolutely. So today we’ve got John Potts, and John is a warrior, but he’s also he started in house flipping and he is in over 150 units now. And we’re going to have a lot of fun today. John, welcome to the show, brother.
00:02:04:21 – 00:02:06:24
Jon
Thanks. Thanks for having me, Rod. I appreciate it.
00:02:06:24 – 00:02:25:15
Rod
Absolutely. So why don’t you give us a little background on, you know, why real estate, you know, how long you’ve been at it. If you did anything before that that might have lended to some skillsets related to real estate and and just kind of bring us current give us a little bit of your history.
00:02:25:17 – 00:02:26:24
Jon
Yeah. Yeah. So.
00:02:27:01 – 00:02:27:24
Rod
So I’ll go back to.
00:02:27:24 – 00:02:58:01
Jon
Kind of to the beginning how I got into real estate. So, you know, like a lot of people, I mean, excuse me, I, you know, went to college and then after college got into a W2 job, I met my wife, Pam, who was a nurse at the time. And so we you know, we were both in our W2 jobs and we decided, you know, we looked at each other one day and we’re like, you know, this isn’t really the life for us, you know, having to wake up to alarms and, you know, not see each other.
00:02:58:01 – 00:03:22:04
Jon
And so we wanted more out of life. We wanted more for ourselves. So our first year marriage, we decided, hey, we’re going to start a company flipping houses. So, you know, we go into it, we get educated. We ended up spending all of our wedding money. We cleared our bank accounts to get educated and, you know, we dove all in, right?
00:03:22:06 – 00:03:47:19
Jon
We found our first house to flip. And, you know, we start working on that project. And then my wife’s like, Hey, I want to become a real estate agent. So she goes to classes, becomes a real estate agent, and she’s like, I think I’m going to leave my nursing job and go full time at real estate, right? So now here we are and I, we’re living off of one income and that one income is very small.
00:03:47:21 – 00:04:10:00
Jon
My salary was not big at the time. And so what ends up happening is, you know, we’re flipping this house now. We got this credit card debt because we’re using leveraging credit for the materials of the house that we’re flipping. Well, finally, we flip the house, we get it on the market, it gets sold. And we were able to recoup some of our money back.
00:04:10:02 – 00:04:31:01
Jon
So then my wife started doing a little bit better in her real estate career. And so I was like, I’m going to quit my job now. So we’re back to one salary again, right? Well, so I focused my attention on the house flipping and she focused on her real estate agent business. And we decided, you know, and, you know, one house turned into another and another and another.
00:04:31:01 – 00:04:57:00
Jon
And now, you know, to this day, we’re you know, we’ve flipped over 20 houses. But then we had that aha moment again. We looked at each other again and we’re like, man, we just created another job for ourselves. And the income was very inconsistent. So then we’re like, okay, we need to do something else. So that that’s when we kind of started looking into multifamily and came across Rod and the Warrior program.
00:04:57:00 – 00:05:26:10
Jon
And my goodness, it was incredible that his program. So again, like we, you know, we always do, we jumped in headfirst and, you know, started learning. And I joined the Warrior program and it has been life changing. The amount of people I’ve met in in the Warrior program are just amazing. I’ve had some great relationships with people, and that’s actually how I found the partners that I am partnered on in my 84 unit.
00:05:26:10 – 00:05:38:14
Jon
So, you know, thanks to you, Rod, your program is incredible. The people you attract are just some amazing people that are doing such good things in this world. So that’s kind.
00:05:38:14 – 00:05:50:23
Rod
Of so I really appreciate that, brother. I really appreciate all those kind words. Well, let’s let’s get let’s get micro for a minute and let’s talk about that 84 unit deal. By the way, where were you flipping houses? First question.
00:05:51:00 – 00:05:53:01
Jon
So I’m in the Pittsburgh market, so I’m Pittsburgh.
00:05:53:04 – 00:05:53:23
Rod
Gotcha.
00:05:54:00 – 00:05:54:07
Jon
Yeah.
00:05:54:08 – 00:05:57:08
Rod
So older, older property, I take it that correct?
00:05:57:11 – 00:05:57:19
Jon
Yeah.
00:05:57:19 – 00:06:09:20
Rod
And that’s that’s much more challenging than than the newer stuff. I mean those older you know, you deal with any antebellum houses or around 5060s early twenties, early 1900s.
00:06:09:20 – 00:06:20:16
Jon
What fifties sixties is kind of where we stick to. Okay, okay. There’s anything can go wrong. And you know, they’re older, built. So every house is different, right?
00:06:20:16 – 00:06:36:24
Rod
Yeah. And you don’t know what you’re getting into. In many cases with an older one like that, you start tearing stuff out. You’re like, Holy crap, we didn’t anticipate this. I mean, so okay, so, so let’s talk about that 84 unit. Where is it? How did you find it? Let’s start there. Yeah.
00:06:36:24 – 00:06:45:11
Jon
So it’s outside, like about an hour. An hour outside of Pittsburgh. So, you know, kind of boots on the ground there. But, you know.
00:06:45:11 – 00:06:53:23
Rod
So that’s why did you find it and did you bring it to the team? Is that how it started? And then said, hey, I can be the boots on the ground here. I just want to clear that.
00:06:54:00 – 00:07:12:07
Jon
Yeah. Is crazy. It is. Is No, I did not find it. So another warrior brought it to me, knew I was in the Pittsburgh area and brought it to me. And then a second warrior came to me and brought it to me and I was like, Wait a minute, why are we competing here? Let’s all work together. So they didn’t know each other at the time.
00:07:12:07 – 00:07:21:10
Jon
So I introduced them and said, Hey guys, why don’t we kind of pull a team together and work on this together? So that’s actually kind of how it all started.
00:07:21:12 – 00:07:21:21
Rod
Now, real.
00:07:21:21 – 00:07:32:04
Mark
Quick, why did they bring it to you? What what was the relationship? What was the value that you had that made them say, hey, I’m going to bring this to John because this is important to listeners? Always ask these questions.
00:07:32:07 – 00:07:52:00
Jon
Number one, they knew I was in Pittsburgh, so they knew I could be boots on the ground. But there was a second guy also in Pittsburgh as well. So that was number one. But number two is, you know, I met one of the Warriors at one of Rod’s events, and we just seemed to really click and, you know, we hit it off and we aligned correctly.
00:07:52:02 – 00:08:07:04
Jon
And I think that, you know, his weaknesses were my strengths and my strengths were his, you know, vise versa. Right? So I think that through relationships is kind of why they brought it to me and, you know, how it all kind of started.
00:08:07:08 – 00:08:10:00
Rod
Was it a warrior event that you met him at, or was it a boot camp?
00:08:10:06 – 00:08:11:19
Jon
Yeah, it was a warrior event.
00:08:11:19 – 00:08:28:14
Rod
Warrior event? Yeah. Yeah. We just had one in Phenix. If if you’re not familiar with what that means, we pull, you know, I know three or 400 of my warriors together, and we do deep dives on underwriting, but the main reason we get together is for everyone to meet each other. We even break up the room based on geographic area.
00:08:28:15 – 00:08:54:17
Rod
We put a map on the screen and like, okay, if you’re in California, you’re on the left side of the room and vice, you know, whatever. And and so that’s awesome. That just it feels good to hear that. How effective what we plan to be effective in is is in as it relates to this deal for you. So that’s that’s really kind of gives credibility to you know or validation to the hard work we put in to putting you guys together like that.
00:08:54:17 – 00:09:05:12
Rod
So I appreciate that. So so you found the deal. How how keep going. Who underwrote it? How did you do it together? Was a collective. How did you determine it was a deal?
00:09:05:13 – 00:09:22:18
Jon
Two of the other partners underwrote it and we kind of all looked at it. I mean, it was a little bit of a no brainer when it came when it came to the deal, it was, you know, the 84 units was purchase priced at 1.4 or five. So. Wow.
00:09:22:20 – 00:09:25:10
Rod
Yeah. What is that per unit? What is that?
00:09:25:14 – 00:09:28:05
Jon
That was like 17 or 18,000 per unit. Yeah.
00:09:28:06 – 00:09:29:17
Rod
Oh my God. I’m a.
00:09:29:18 – 00:09:36:01
Jon
No brainer. Right. So you know it now it, it is a low income property.
00:09:36:03 – 00:09:37:20
Rod
It has to be at that price. Yeah.
00:09:37:20 – 00:09:53:11
Jon
Yeah. But the contract ends in 2025. So you know at some point we might go to market rents but you know, so that so two of the other warriors underwrote it and we all just were like, yeah, this is kind of a no brainer. Let’s, you know, put in an LOI, you know.
00:09:53:16 – 00:09:57:00
Rod
Okay, how did you finance it, What sort of debt did you put on it?
00:09:57:02 – 00:10:04:01
Jon
So we got bank debt and then all of us, you know, we all the partners brought brought our own money in as well.
00:10:04:03 – 00:10:06:06
Rod
Okay. So you JV this was a JV deal.
00:10:06:12 – 00:10:08:05
Jon
It was, Yes, it was a deal. Okay.
00:10:08:05 – 00:10:30:12
Rod
So you didn’t syndicate it. So it’s a joint venture. So so just so let me explain to the listeners if all of the partners in a deal are active, you can it’s a joint venture. Okay. But if you have, you can’t you can’t raise money from somebody and not have them be active in a joint venture. So that’s super important.
00:10:30:12 – 00:10:48:21
Rod
But you know, that kind of pricing, yeah, I’d be crazy to syndicated and divide it up. I mean, dilute it even further. So that was a really smart way to buy it. So you got bank debt, which of course has recourse. You know, that does is recourse debt. But what sort of loan to value did you get or a loan to purchase?
00:10:48:21 – 00:10:51:17
Jon
You know what? I do not know that off the top of my head.
00:10:51:21 – 00:10:54:04
Rod
How much money did you guys put into the deal? Let’s it.
00:10:54:05 – 00:11:01:02
Jon
That way. Yeah. So we brought in like 800,000 into the deal and that.
00:11:01:06 – 00:11:15:22
Rod
And that included that included the CapEx, that included the operating some the operating reserves. You know, you always have to want to have some money in the bank that included the closing costs and and the difference between the loan, you know, and the loan to value. Okay. Well, that’s that’s that’s reasonable.
00:11:15:24 – 00:11:26:10
Mark
Okay. What you’re going to do to it was was this just was it distressed? Was it are you going to rehab the units? Was it under rent? What are you going to do to increase the value? And then what do you think that’s going to look like when you’re done? Yeah.
00:11:26:10 – 00:11:48:23
Jon
So the whole goal is to as units become vacant, we are going to renovate units. I believe we’re putting, you know, 8000 or something into each unit. We’re also doing new roofs on three out of the seven buildings. We’re doing all new electrical work in it. So, you know, we’re doing quite a heavy lift on the you know, on the rehabs.
00:11:49:00 – 00:12:08:04
Jon
And then the whole plan is really to increase the rent by at least 50 to $75 right now since we are in a low income contract. And then what we’re going to do is go to market when it’s up and then the rents by that that much more.
00:12:08:04 – 00:12:24:13
Rod
So yeah, it’s probably significantly more honestly, you know, and so it comes due in 25. So you’ve only got a couple of years really 11a little over one year left unless it’s late in 25. But, but regardless that. So who is managing the asset? Are you doing it internally or you have a third party property management company.
00:12:24:13 – 00:12:31:20
Jon
Yeah, we have a third party property management company. It was actually the property management company. We just kept them on. They were, I say.
00:12:31:22 – 00:12:37:11
Rod
Managing the property, doing a decent job. Okay. Yes. Okay. Do you know how active.
00:12:37:11 – 00:12:40:21
Mark
Value is when when you’re done with all those rents? I don’t know if you mentioned that.
00:12:40:23 – 00:12:49:17
Jon
So when we go to market and everything, we’re projecting that it should really be worth 4 million won when we’re done with it after five years.
00:12:49:18 – 00:13:07:03
Mark
Yeah. So more than double. I love here and stuff like that and the questions I get all the time is like how do you make money in multifamily? How does it all work? And just hearing the numbers like from one and a half million to 4 million is what you said, 50 to $75 in rent. But that’s obviously why we love doing this, right?
00:13:07:03 – 00:13:31:11
Rod
Yeah. And honestly, those are not significant rent bumps. I mean, very often you’ll see higher end bumps than that, but they have to limit them because they’re under contract with, you know, low income housing. And there are a lot of restrictions there. But the fact that that expires in 25 is very exciting because, you know, you can probably upgrade the demographic, you can improve the tenant demographics, tenant profile and and really and really push the rents.
00:13:31:13 – 00:13:48:06
Rod
So so who is managing the renovations as units come do is is is that is the management company proficient in that or you know how how are you handling the asset management piece because guys when you buy one of these assets yeah, you may give it to a management company but you’re still managing them. It’s called asset management.
00:13:48:06 – 00:13:51:00
Rod
You still got to manage the managers, so speak to that a little bit.
00:13:51:02 – 00:14:17:20
Jon
The property management company is we’re definitely working very closely with them on all the renovations of the units. We have one of the partners and myself that are close, so we’re kind of in a back and forth helping out with the asset management. But yeah, so we’re kind of working closely. Everybody’s kind of working together with property management and then us with all the renovations happening.
00:14:17:22 – 00:14:22:04
Rod
So what are you best at, John? What are you best at?
00:14:22:06 – 00:14:46:23
Jon
So, so my whole like, you know, strength or anything is definitely asset management just because flipping houses, I’ve, you know, I’ve definitely had a background in managing, you know, projects and different things like that, property management and stuff like that. And then, you know, kind of bringing capital and stuff to deals and helping raise capital. You know, I raise money for all of my flips.
00:14:46:23 – 00:14:54:20
Jon
So that’s something that, that I can definitely be an asset to, to a team in the multifamily space.
00:14:54:20 – 00:15:00:17
Rod
What are the other members do? Sorry before you move, sorry Mark, what are the other team members do on the team?
00:15:00:17 – 00:15:25:11
Jon
Like you said, it’s a joint venture so everybody has to have a role. We all brought money to the deal, but we all are, you know, kind of I mean, we’re jumping on calls every week and every month with property management where every person is kind of, you know, helping out with the renovations and calling contract hours. And, you know, was was it played a role in the financing and, you know, getting all that debt.
00:15:25:11 – 00:15:39:23
Jon
And so like every single person has had a job and continuously has a job in the role because it is a joint venture, you have to make sure that that you all have a role in the property sense.
00:15:39:23 – 00:15:47:22
Mark
It is. Do you plan to sell at that point or do you guys plan on refinancing, hold in forever and just rinse and repeat that?
00:15:47:24 – 00:16:05:23
Jon
Yeah, I mean, I definitely think that, you know, we would like to keep it. We’re going to take a look at it after five years and see what we kind of want to do and see where we’re at with the market. But I definitely think that it’s something we would like to refinance and possibly keep because why not?
00:16:06:00 – 00:16:09:16
Rod
Is it A, C, c area? What is it, C area or area?
00:16:09:18 – 00:16:11:20
Jon
It’s C, it’s a C area.
00:16:11:22 – 00:16:29:18
Mark
Right now coming into this, you mentioned a couple of things that stems from your flipping business. The project management and then the raising money. One thing that I think is really important, did you know that when you jumped into multifamily or were you thinking, Hey, these could be my potential skill sets, or did you not know? And you kind of figured it out as you went?
00:16:29:20 – 00:16:53:14
Jon
I definitely didn’t know, right? I didn’t know where I would play a role. You know, I think just getting tapped into Rod’s program and then kind of figuring it out and doing some self discovering really helped me figure out like where I would fit in and where my place would be in the business. So, yeah, I didn’t know coming in there was something that I had to take a look at and and really figure out.
00:16:53:17 – 00:17:06:03
Rod
What were some of the hurdles. I mean, everybody thinks it’s easy. Okay. Yeah. You’re only paying 17 grand a door. That’s pretty hard to screw that up. But I’m sure you had some hurdles. Talk about talk about one or two of the big ones.
00:17:06:08 – 00:17:35:03
Jon
One of the big ones was really the property has aluminum wiring. And so it was really, really difficult to find an insurance company to insure something with aluminum wiring. So that was something that we really kind of weren’t expecting. And then, you know, we had to, you know, come up with a plan for CapEx to really fix all the aluminum and pigtail.
00:17:35:05 – 00:17:37:07
Rod
Yeah, yeah. The pigtail pigtail, everything.
00:17:37:11 – 00:17:40:22
Jon
Either pigtail it or go complete copper and what.
00:17:40:23 – 00:17:41:24
Rod
Do you do.
00:17:42:01 – 00:18:02:22
Jon
So we’re going to do a full rewire on it. Oh wow. Wow. Yeah. So it’s, it’s quite extensive. But that was a huge hurdle. I mean, we went through so many different companies to try to find this, you know, get insurance on the property. So that that was a major hurdle, especially, you know, towards getting it closed out.
00:18:03:00 – 00:18:14:23
Rod
So, yeah, I’m sure your premium for your premium reflects that hurdle. Now, now that what is just out of curiosity for my own edification, what is a complete rewire on 84 units going to run.
00:18:15:00 – 00:18:35:05
Jon
So we’re at like I want to say, 450,000, which wasn’t too bad. But, you know, the the contractor is, you know, going a little slower than than we expected. So, you know, we might have to re dive into getting some other other people in there as well. So it could go on.
00:18:35:07 – 00:18:45:05
Mark
So what do you feel like is your next plan for the next year? Do you want to continue to JV these deals and stick with this strategy? Do you want to syndicate, raise money? What are you thinking you want to do next?
00:18:45:07 – 00:19:11:05
Jon
I would love the joint venture continuing forward, but you know, in this type of market, I don’t know if that’s feasible. I think that what you know, I definitely want to syndicate. That’s that’s kind of one of the main reasons I joined Rod’s program. It just so happened this this deal was a joint venture. But, you know, I would love to raise money and, you know, kind of jump in on that end of the things and syndicate a deal for sure.
00:19:11:07 – 00:19:34:10
Rod
I mean, obviously when you joint venture at some point, unless you have a bottomless well of money, you’re going to run out of money. And so, you know, that’s why syndication makes sense using other people’s money. By the way, guys, if you’re listening and you have any interest in exploring our Warrior program, text the word crush to seven two, three, four or five and just you’ll find out just how extraordinary it is.
00:19:34:10 – 00:19:46:23
Rod
Again, you text the word crush to seven two, three, four, five to apply. What’s next for you, buddy? Besides syndication? I mean, what are your goals in this business? Talk about talk about your goals in this business and why they’re your goals.
00:19:47:02 – 00:20:09:07
Jon
Yeah, I mean, obviously my goals are to scale. That was one reason why I started going down. The multifamily, you know, avenue is because flipping houses and different things like, you know, single family homes isn’t as scalable. So, you know, obviously I just, you know, got this 84 unit I’m invested passively in and, you know, 66 units as well.
00:20:09:09 – 00:20:24:00
Jon
And, you know, so my goal really is to just kind of scale this up, keep working with other warriors and kind of grow my business, grow my cash flow, you know, and then kind of go from there.
00:20:24:04 – 00:20:42:16
Mark
Now, what are you seeing with the market? Obviously, prices are coming down in multifamily across the country, right? That’s just what’s happening because of interest rates and they’ve kind of stabilized out, but they’re going to continue to come down. Right. That’s what everybody’s talking about right now. How are you viewing that for your own business? Are you does that worry you?
00:20:42:16 – 00:20:48:09
Mark
Are you excited about that? What’s what’s your mindset around what’s going on in the multifamily market at the moment?
00:20:48:11 – 00:21:13:05
Jon
I’m really optimistic about what’s coming in the multifamily space. I think right now I’m not seeing as many, you know, the prices are dropping, but I still think sellers are being a little unrealistic on some of their listings and their prices. I think it’s, you know, the, you know, what’s going to hit the fan at some point and we’re going to see some major decreases in prices.
00:21:13:05 – 00:21:20:11
Jon
And I think really good things are happening in the market. And I’m extremely excited about what’s to come.
00:21:20:13 – 00:21:41:12
Rod
Yeah, we’re I will tell you, I just came from San Antonio yesterday. We’ve got a 200 unit there that was under contract for 26. We’re getting 26 million. We’re getting 420. Okay. And and so yeah, screamin deal, 100, 100 grand a unit and the one right next door recently sold for 137 a unit and then it got nothing on ours.
00:21:41:12 – 00:21:54:15
Rod
And so lakefront just spectacular. By the way, if you’re listening and you’re accredited and you want to check out the deal, text the word partner to seven two, three, four or five and we’ll talk to you about it. But it’s an absolute screaming deal.
00:21:54:17 – 00:22:04:19
Mark
So real quick on that topic, what’s on your deal? If you could speak for the listeners? Was that a deal that got price decreased because there was distress or was it just because cap rates? So, yeah, no.
00:22:04:21 – 00:22:26:01
Rod
No, no. It’s it’s it’s a distressed deal. I mean the seller ran out of money they won’t admit it, but they ran out of money and and we’re just you know the it was under contract twice previously before they fell through. They couldn’t raise the money or they one was something to do with crowdfunding that screwed up or something involving the SEC.
00:22:26:02 – 00:22:42:09
Rod
But the bottom line is it’s a screaming deal. We just we we really I just spent the last two days there and just a further affirmed what a great deal it is. And and it’s it’s a mile away from one of our other assets, the 296 unit asset we have in San Antonio. So we’ve got economies of scale.
00:22:42:12 – 00:23:01:06
Rod
It’s on a lake. The units are huge. They have fireplaces, all of my washer dryer hookups. I mean, I could just go on and on. It’s got so many incredible benefits that that very, very we’re assuming low interest rate debt. They’ve still got interest only period on it. And it’s long term and you know low interest debt it I think 4%.
00:23:01:08 – 00:23:10:14
Rod
So you know it just it checks off all the boxes. It’s just a fantastic deal. But anyway, so so let me ask you, do you have kids, John?
00:23:10:20 – 00:23:12:18
Jon
I do. I have a one year old.
00:23:12:20 – 00:23:31:16
Rod
Oh, congratulations. How how strict and cool is that? Man? That’s a fun age. Well, listen, so that ties into the next question I want to ask you. What have you had to give up to get involved in this business? And in fact, before you answer that question, I want to I want to I forgot to circle back to something you said when you quit your job.
00:23:31:18 – 00:23:47:06
Rod
Your wife went on a commission, only job. Guys, I get asked all the time, should I quit my job to do this? And my answer is always hell no. Why? Because you. You can get caught up in fear, and fear paralyzes you. And I don’t know if that was your experience or you just pushed through in spite of it.
00:23:47:06 – 00:23:57:06
Rod
It sounds like you pushed through in spite of it. But. But you can speak to that. But I also want to find out what you may have had to sacrifice, if anything, to get into this business.
00:23:57:11 – 00:24:19:12
Jon
Yeah, I mean, we’ve definitely had to, you know, sacrifice some finances for sure. But then, you know, time is something I had to sacrifice. I mean, when you’re starting anything, when you’re starting a new business or a new venture, you know, time you got to you got to babysit it, right? You got to when you’re starting a new business, you really have to spend some time on growing it, right?
00:24:19:14 – 00:24:44:20
Jon
So I definitely think that, you know, sacrificing my time to start something new has has, you know, been something. But but yeah, I mean, honestly, like, it’s been amazing. I’ve been enjoying coming to all your different events, you know, flying around the country. It’s it’s really been a fun experience. It’s just been, you know, like I said, a little bit of a sacrifice here and there.
00:24:44:20 – 00:24:45:23
Jon
I mean, like everything, though.
00:24:46:03 – 00:25:03:15
Mark
So, John, if you were a a coach right now teaching somebody who’s just getting started into the business, let’s say they have no experience, they haven’t flipped any houses, they haven’t done any real estate. What do you think you would make sure that they learn in that first 30 days jumping into this business?
00:25:03:15 – 00:25:28:03
Jon
Jeez, that’s a tough question. I mean, yeah, I definitely think you really have to educate. Education is, you know, nobody can take education away from you. And so I really think you can’t just jump in not knowing anything. And I think going back on the education is mentorship, right? You have to find a mentor, somebody that will lead you there.
00:25:28:05 – 00:25:50:24
Jon
You know, I don’t think it’s, you know, the best scenario to just jump into something without really knowing something. So educate and then find somebody that is going where you want to be, Right. I think that’s so, so important. And that’s why, you know, you got people like Rod out there that are teaching you and holding your hand through it, you know?
00:25:51:01 – 00:26:10:14
Rod
Yeah. If not a mentor, ideally a mentor, but if not, at least get in a group that’s doing it so they can mentor you or, you know, and like this joint venture you did, you had multiple people involved that can, you know, basically spellcheck each other. Right. And look to see if for lack of a better way to describe it.
00:26:10:14 – 00:26:35:19
Rod
But, you know, you’re you’re you’re really just you know, when you’ve got that many eyes on something, you know, like like I like to say, you get you get two minds together. They’re greater than the sum of the parts They create. This third, almost intangible third. Mind you get four or five people together, you’ve got you’ve got some serious intellectual prowess to evaluate, you know, situations and like in your case, evaluate a deal.
00:26:35:19 – 00:26:58:01
Rod
So that’s that’s one of the huge benefits of getting into a group that’s doing this. So go to your local meetup groups, whatever. Find multifamily meetup groups. Certainly check out our Warrior program if you’re interested. But but but get around people that want more out of life. They’re not afraid of your dreams. They’re not going to crush your dreams that are going to, you know, get around people that think what you think is hard is easy and success is inevitable.
00:26:58:07 – 00:27:06:04
Rod
So so by the way, if you’re listening and you like to reach out to John, John, what’s your what’s your email for someone to to reach out to if they’ve got a question?
00:27:06:04 – 00:27:11:10
Jon
Yeah. So my email is John Potts at Movement Capital group dot com.
00:27:11:13 – 00:27:28:15
Rod
And that’s Potts right? John Right. John Potts at Movement Capital group dot com. Okay You know I appreciate you offering to do that. Listen I really appreciate you coming on John and all this is the first time you’ve ever been interviewed so you know go big or go home because this is the largest in the world for what we do.
00:27:28:15 – 00:27:42:19
Rod
And you did a great job, man. I wish I knew you would, but it’s great to see you again, brother. And if I don’t see you before the holidays, have a wonderful holiday with that little bundle of joy. A one year old. Oh, my God, How exciting is that? So, thank you. Thanks, brother. It’s great to see you, man.
00:27:42:21 – 00:27:46:18
Jon
Thank you so much. Appreciate it.
00:27:46:20 – 00:27:53:12
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