Building a $10M Real Estate Portfolio at 25 Using The “Wealth Formula”
Summary
TLDRIn this episode of Multi-Family Mentor, Terence Doyle interviews Gabe Bowling, who shares his inspiring journey from dropping out of college to working for free in commercial brokerage, then at Cardone Capital where he raised over $100 million. Gabe's transition to establishing Bowling Capital, owning over $10 million in real estate, and his approach to goal setting and wealth building through disciplined income generation, saving, and investing in income-producing real estate are highlighted. His emphasis on taking responsibility for one's actions and the importance of a long-term, strategic approach to success resonate throughout the discussion.
Takeaways
- 😀 Terence Doyle introduces Gabe Bowling, emphasizing his impressive background and journey from working for free to owning over 10 million in real estate.
- 🎓 Gabe Bowling dropped out of college and chose to work for free to gain experience in commercial brokerage, which he leveraged to work for Cardone Capital.
- 💼 Gabe's experience at Cardone Capital involved making numerous calls to accredited investors, where he honed his skills in raising capital and fell in love with multi-family real estate.
- 💡 The importance of taking responsibility for one's life and goals is highlighted, as Gabe shares his mindset shift from life happening 'to' him, to him making things happen.
- 🏆 Gabe's success at Cardone Capital is attributed to his disciplined approach to wealth accumulation, focusing on income generation, expense management, and investing in income-producing real estate.
- 🚀 Gabe's decision to leave Cardone Capital to start Bowling Capital was influenced by his clear five-year goals and the belief in his ability to replicate the success he had as part of larger deals.
- 🔍 The process of finding his first deal involved building a solid foundation of investor relationships and partnering with an experienced sponsor to overcome his initial limitations.
- 📈 Gabe's first deal with his new company exceeded five-year projections in the first quarter, demonstrating the effectiveness of his strategies and the value of his experience.
- 🎯 Gabe's five-year goal is to manage a billion dollars in assets, which he has broken down into quarterly targets, emphasizing the importance of setting and working towards measurable objectives.
- 📚 He emphasizes the value of continuous learning and education in real estate, especially for those starting out, and offers free content on his website and YouTube channel.
- 🌐 Gabe encourages building relationships and networking, as he did with investors and sponsors, which was crucial for his transition from employee to business owner.
Q & A
What was the reason behind Gabe Bowling working for free initially?
-Gabe Bowling worked for free to gain experience and leverage it into a better position. He didn't have a degree or experience, so he chose to work for free to quickly gain the necessary experience and leverage it for future opportunities.
How did Gabe Bowling's experience working for free benefit him in his career?
-Working for free allowed Gabe to gain foundational knowledge in underwriting and real estate, which later helped him to confidently transition to working at Cardone Capital, one of the largest real estate companies, and eventually to start his own venture, Bowling Capital.
What is the wealth formula that Gabe Bowling adopted and how does it work?
-The wealth formula Gabe adopted involves three steps: 1) Focus on producing income, 2) Store all earned money in sacred accounts that you can't touch, and 3) Invest the stored money into income-producing real estate that appreciates over time. This formula emphasizes growing income, living below your means, and investing wisely for long-term wealth creation.
How did Gabe Bowling's mindset shift from working for free to working at Cardone Capital?
-Gabe's mindset shifted from being a victim to taking full responsibility for everything that happens in his life. This change in mindset allowed him to be proactive and make decisions that aligned with his goals, leading him to work at Cardone Capital and later to start his own business.
What was the process Gabe Bowling went through to leave Cardone Capital and start Bowling Capital?
-Gabe went through a decision-making process where he weighed his options and goals for the next five years. He considered the quality of life, work hours, and financial prospects. After a clear vision of what he wanted, he decided to take the risk and start Bowling Capital, leveraging the skills and experience he gained from his previous roles.
How did Gabe Bowling approach his first deal after leaving Cardone Capital?
-Gabe first built a foundation by creating a list of investors and potential partners before even looking for deals. Once he had a network in place, he identified a deal that fit his criteria, partnered with a sponsor who could provide the necessary equity, and successfully closed the deal.
What is Gabe Bowling's five-year goal and how does he break it down into actionable steps?
-Gabe's five-year goal is to have a billion dollars of Assets Under Management (AUM). He breaks this down into quarterly targets, calculating the amount of equity he needs to raise and the number of investors he needs to engage with on a monthly basis to achieve his quarterly and ultimately his five-year goal.
How does Gabe Bowling define success in the context of his career journey?
-Gabe defines success as achieving small wins compounded over a long period of time. He believes in the power of consistent effort and having a clear path to achieve his goals, rather than seeking quick riches.
What advice does Gabe Bowling give to people who are stuck in their current jobs and want to transition into real estate?
-Gabe advises people to take action, create a clear path to their goals, and not be afraid of taking risks. He emphasizes the importance of having a game plan, being proactive, and taking responsibility for one's own life and career.
How can people get in touch with Gabe Bowling and learn from his experiences?
-People can reach out to Gabe Bowling through his website gaybowling.com and follow him on Instagram at @multifamily. He offers free educational content and insights on multi-family real estate investment.
Outlines
🎥 Introduction to Gabe Bowling's Journey
The video introduces Gabe Bowling, a successful real estate entrepreneur from Tampa, Florida, who shares his inspiring journey. After dropping out of college, Gabe worked for free at a commercial brokerage and later at Cardone Capital, where he raised over 100 million dollars. Now, he is the founder of Bowling Capital, with over 10 million dollars in real estate. The episode focuses on his background, his decision to work for free to gain experience, and his subsequent rise in the real estate industry.
💼 From Free Labor to Multi-Million Dollar Operator
This paragraph delves into Gabe's decision to work for free to quickly gain experience in commercial brokerage. He explains his mindset of providing value and leveraging information to reach a position of influence. Gabe's experience led him to Cardone Capital, where he honed his skills in underwriting and raising capital, eventually becoming a top performer. His story emphasizes the importance of taking responsibility for one's life and career trajectory.
🏦 The Wealth Formula and Mindset Shift
Gabe discusses the key takeaways from his time at Cardone Capital, which include adopting a wealth formula and a shift in mindset. The wealth formula consists of focusing on income generation, storing money in sacred accounts, and investing in income-producing real estate. He also talks about the importance of taking full responsibility for one's life, avoiding the victim mentality, and the discipline required to achieve financial success.
🚀 Transitioning from Cardone Capital to Bowling Capital
The paragraph describes Gabe's thought process and decision-making when leaving Cardone Capital to start his own venture, Bowling Capital. He reflects on the risks and rewards, considering both the potential for financial success and the value of independence. Gabe's approach to decision-making involves envisioning his five-year future self and making choices that align with his long-term goals.
🏘️ Securing the First Deal for Bowling Capital
Gabe shares the story of his first deal after leaving Cardone Capital. He emphasizes the importance of building a foundation, which includes cultivating a list of investors and establishing relationships with potential partners. His first deal was identified through a broker and involved partnering with a sponsor who provided the necessary equity. The deal was successfully closed and has already exceeded its five-year projections.
🎯 Setting and Achieving Long-Term Goals
In this paragraph, Gabe outlines his ambitious five-year goal of reaching a billion dollars in assets under management (AUM) and breaks it down into actionable quarterly targets. He explains his strategy for deal flow, equity raising, and investor relations, demonstrating a clear path to achieving his goals. Gabe's approach to goal setting is methodical and emphasizes the importance of having a concrete plan.
🌐 Conclusion and Call to Action
The final paragraph wraps up the interview by highlighting Gabe's journey and the key lessons learned. It encourages viewers to engage with Gabe through his website and social media, offering free educational content on multi-family real estate. The call to action invites viewers to share the video, subscribe, and support Gabe's journey, emphasizing the value of community and shared growth.
Mindmap
Keywords
💡Multi-family Mentor
💡Gabe Bowling
💡Commercial Brokerage
💡Cardone Capital
💡Raising Capital
💡Accountability
💡Wealth Formula
💡Passive Income
💡Syndication
💡Asset Management
💡Goal Setting
Highlights
Terence Doyle introduces multi-family real estate investor Gabe Bowling, emphasizing his impressive background and journey.
Gabe Bowling shares his experience of working for free to gain valuable experience in commercial brokerage.
Gabe's transition from working for free to raising over 100 million dollars at Cardone Capital.
The importance of taking responsibility for one's life and career, as highlighted by Gabe's mindset shift.
Gabe's strategy for raising capital over the phone, emphasizing the need for a proactive rather than reactive approach.
The 'Wealth Formula' Gabe adopted for financial discipline, focusing on income, savings, and investment.
Gabe's decision-making process, focusing on long-term goals and the impact of each choice on those goals.
The process of leaving a secure job to start Bowling Capital, including the risks and rewards.
Gabe's first deal after leaving Cardone Capital and the strategy behind finding and securing it.
The importance of building a foundation of investors and partners before seeking deals.
Gabe's five-year goal of managing a billion dollars in assets and the detailed plan to achieve it.
Breaking down Gabe's ambitious goal into quarterly targets and the strategy to reach them.
The concept of 'small wins compounded over time' as a path to achieving big goals.
Gabe's advice on taking action and having a clear game plan to hit one's goals.
Resources available on gaybowling.com for those interested in multi-family real estate education.
Encouragement for the audience to share Gabe's story and insights with others.
Transcripts
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[Music]
what's going on everybody Terence Doyle
here multi-family Mentor season three
I'm super excited we've got gay bowling
in the building Gabe bowling from
Florida Tampa Florida hasn't seen snow
in 10 years he lands A dia and what do
we have snow for our boy Gabe so super
excited to have him here Gabe's got a
super impressive background if you are
out there and you're stuck in your
current job and you are struggling with
how to reach your goals how do I
accomplish my goals I have all these
dreams all this ambition how do I get
there this episode is for you gay
bowling right drop that of college as a
freshman
flunked out goes and works for a
commercial brokerage for free for 10
months then goes and works for Grant
Cardone Cardone capital for three years
raises over 100 million dollars now he
is on his own bowling Capital raising
capital and owns over 10 million in real
estate and this kid's gonna crush it so
if that resonates at all with you this
episode's for you so Gabe welcome to
multi-family mentors us man thank you
thank you thank you for having me out
anything I can do to help I know there's
a lot of people out there that I can't
help so let's help them yeah so let's
start out with why did you go work so
you drop out of college why do you go
work for for a commercial brokerage
Marcus and Mill chap in Florida why did
you go work for them for free well the
simple answer is I knew that you know
from a position of value what can I
provide to a company well I don't have a
degree I'm not going to hand a piece of
paper over and earn 50 Grand a year I
don't have that experience I don't have
the degree and so my situation there was
how can I go out and gain experience
because I can leverage the experience
and I can leverage the information that
I get there how can I get to that
position and get the leverage and get
the experience the quickest
work for free if you have the ability to
work for free do it
yeah so you were so you work for free
for 10 10 11 months just as a grunt
inputting data inputting t12s into a
spreadsheet so that people could
underwrite right and so but that led you
to Cardone Capital so talk a little bit
about like how that working for free for
10 11 months gave you the confidence the
experience needed to then go work for
you know one of the largest indicators
in the entire world if you don't know if
you're not confident about what you're
studying or what you're doing in this
case it was underwriting at the time I
had never seen a profit and loss
statement so you know if I'm trying to
go and interview for a big company like
Cardinal capital and I don't know any of
that well my chances are that I'm not
going to get hired because they're
looking for somebody that has a little
bit of experience and come in and can
work really hard but has the
foundational setup where they don't have
to waste six or 12 months on you getting
you spooled up and so I knew I didn't
know it was going to be Cardone Capital
but I knew that if I just put my head
down for whether it was the next six
months or 12 months I would be able to
get enough experience and information to
let leverage that into enough experience
for some the ideal Prospect for a card
on Capital to hire I knew that I could
be that ideal Prospect if I put my head
down and sacrifice
um you know a paycheck for 10 months and
so that's what I did so you essentially
just for everyone at home just so they
understand they're going to quantify
this you were living at your parents
basement on a couch useless I mean I
don't know about you but like you were
not making any money right and you had
the girl that you really loved he's not
your wife and she's amazing and I wish
she could be here and to working for
free 10 11 months she sends you a job
posting the next thing you know you are
working at Cardone Capital making
multiple six figures a year right but
you wouldn't have been able to do it
without working for free and learning
skills experience and watching people do
real estate yeah right 100 because 100
that's that's value like how again it
goes back to why why are you valuable to
somebody or an organization if you're
going to go the traditional route where
you're going to get your degree handed
over and then start entry level you're
gonna get 50 Grand a year or 60 Grand a
year or whatever it is I wanted to do
something different I wanted to be
unique well I can't do that doing the
traditional route and so that was my
route that I took just working for free
so while you're at Cardone Capital right
walk through the experience of what that
was like and what your day-to-day was
yeah you know raising Capital there for
these you know massive institutional
projects that we all see you know on
Instagram and Linkedin every day a ton
of phone calls like literally phone
calls every single day at least 75 phone
calls a day talking to qualified
accredited investors that have money
liquid liquid money ready to invest and
I'm spending 15 to 20 minutes every call
uh getting an investment out of them
that was my day-to-day and honestly on
the side like that's how I fell in love
with multi-family like the deal aspect
of it and the operational aspect of it
is as an employee you have access to all
of the programs that he has which is
thousands and thousands of hours of
content and there's hundreds of hours of
multi-family real estate education I
literally just went went home on the
weekend and studied it here's here's
access to it again it's free I didn't
pay for it and you don't have to do it
you don't like you're not ordered to
learn real estate it's just something
that I picked up on I was like wow this
is really cool I understand it and
through just looking at enough of those
resources I was like okay there like
this right here operating multi-family
real estate uh is where you can create
unlimited like you can create any type
of lifestyle that you want whether it's
100 a month in passive income or a 100
billion dollar company like you can go
like the vertical is so large you can go
as high as you want to fit your desired
life and that was so much it was it was
eye-opening because I saw opportunity I
was like okay this is what I wanted to
vote like the next 40 50 60 years to
because I know I'll last it's amazing so
what is the so for everyone out there
that's you know the question I get a lot
is how do you raise Capital right how do
you raise Capital so what were the two
takeaways that you would say you had in
terms of raising capital from people you
don't know not friends and family just
over the phone you know I thought you
know the times that you and I have
discussed this your perspective on it is
really interesting and I think valuable
for people so talk about your
perspective and what are the you know
one or two takeaways you have that made
you successful one of the top guys at
Cardone Capital when you were there for
raising Capital well number one is just
the the shift in how you operate I guess
you could call it mindset is instead of
allowing the the world and the universe
to happen to you and things happen to
you you get in the wreck and it's it's
not your fault uh having the having the
mindset of taking responsibility for
everything that happens to you in your
life like I'll give you a prime example
if I'm driving on the highway and I get
a wreck somebody runs into me you could
say you could simply say well that
person wasn't paying attention it's not
my fault you know it's their fault they
could have looked up I could have you
know gone a little a little bit faster
you know that's cool that is that's life
happening to you but in reality what
happens if you just properly prepared
your breakfast 20 minutes earlier and
you could have left earlier you would
have been in a wreck and so that's that
shift in how how much uh commitment do
you have to your goals and how important
is that to you and if it's important
enough you will literally make sure that
everything in your ecosystem is taken
care of versus things happening to you
if that makes sense I love that and I
think you know in the current system we
live in in the country I think one of
the things that concerns me the most one
of the most concerning things I see with
the younger generation is just that lack
of accountability that lack of
responsibility like I'm gonna take full
responsibility for every single good or
bad thing that happens to me and ask
myself what could I have done
differently are better yeah right what
could I have done better so I didn't get
in that wreck so I didn't lose my job so
I didn't lose that money I didn't lose
my car keys whatever whatever happens to
you right taking full responsibility and
not playing the victim right all over
the world right we see people just
playing the victim card and I think that
is probably one of the biggest signs of
a loser yeah right of like you want to
you want to see someone that's not going
to reach their goals and accomplish
their dreams that's that's the person
the person that always is saying well
this person did this to me this Banker
did this this investor didn't fund this
seller didn't do this this broker
whatever the things are this resident
lit this on fire yeah all those things
right I hear it every day every victim
mentality right take you want to reach
your goals accomplish your dreams and do
amazing things take full responsibility
yeah and I love that that's what they're
teaching you over there that's amazing
okay what's the so that so that's number
one take full responsibility what's
number two it'd definitely be the wealth
formula uh which is it is something that
I've adopted it's a discipline that you
use with your money personally
personally professionally and
financially uh the wealth for me is very
simple to understand it's 3 steps the
first step is you find a vehicle or a
vertical where you can put all of your
attention into producing income a lot of
times this is owning a business this is
being sales this is something what you
can even do it as an entrepreneur within
your company if you just put all of your
eggs into how can I produce my how can I
produce more income because you can only
reduce your expenses so low but if you
it's like multi-family you can reduce
your expenses but what happens if you
increase your income your noi goes up
right and so
focusing on income is very important
because a lot of people like to start
things and they like to spend a lot of
time on operations they like to spend a
lot of times on systems and back-end
stuff just focus on producing more
income and you'll find that developing
skill sets to produce more income will
ultimately help you over the long term
because the second set is or the second
step of the wealth formula is to store
all of the money that you're earning
into sacred accounts that you can't
touch so this is for the 25 year old
that is going out and buying Gucci and
stupid stuff like if you I have a rule
if you can't pay for it with passive
income twice don't buy it passive income
meaning invested cash that is producing
income not hey I just earned 50 Grand
now I'm gonna go blow it on a car a lot
so walk me through that again I think
that's really interesting so your your
motto is if I can't pay for it twice so
let's just take a car yeah you buy a car
for twenty thousand yeah so that means
if you don't if you don't have forty
thousand a year of passive income don't
buy the 20 000 car is that the equation
if the the twenty thousand dollar car is
gonna have 300 a month of payments yeah
whatever that liability is rather it's
305 so make sure that you have at least
600 a month coming to pass it yeah
exactly in that in that example like
like a thousand dollar bill I can't
justify like because you'd have to have
two thousand dollars yeah yeah okay yeah
if it's something with like uh you know
recurring payments yeah I'd always
double got it interesting okay and so
the first one is grow your income yep
the second one is live store away cash
below your means it doesn't have to
happen and I'm talking to the I'm
talking to the 25 to 35 year old that is
in the position where if you can live on
40 Grand you're making 100 Grand live on
40 Grand don't go out and don't make a
don't make 100 Grand and live on 100
grand
make 100 Grand and live on 40 Grand if
you can do that and store the 60 Grand
away and invest it into which goes into
the third one which is investing it into
income producing real estate that goes
up in value over time so you can call it
um you know multi-family I'm biased I
like multi-family
um and the idea of it is you know you
make 100 Grand you store uh 40 Grand
away and you can repeat this over a 10
or a 20-year period you invest 40 Grand
a year every single year in the
multi-family that money starts working
for you and then guess what it starts to
hit the double how many times can you
hit the double and over a long period of
time
your principle that you invest will
become large enough where it produces
enough passive income where you no
longer have to actually actively work
have a day job yeah so that's the wealth
formula that is right that's what they
teach you at Cardinal Capital the world
formula yeah and I just want to make
sure I'm summarizing this right so we're
on Savage so grow your income yes find
something you're good at and and sell it
grow it yeah grow your income right your
expense is gonna go so low and I totally
agree right yeah going back to
multi-family you can only get taxes and
insurance so low right yeah they have a
they have a floor yeah and it's pretty
high these days right and so what can
you do though you can grow rents you can
look for other income you know pet rent
all these other things we talk about to
grow noi so grow your income number two
find ways to stash cash right put it
away you're not touching it yeah and
your equation is if you can't pay for it
twice with passive income don't buy it
don't do it I love it right and number
three is take that passive cash take
that cash that you saved and invest it
into Cash flowing real estate yeah great
yeah right three things for the wealth
formula 100 I think that's amazing the
biggest thing to take away from that is
it will not like you focus on getting
rich for sure not quick wow that is huge
like get rich for sure because you live
how old are you 30 I just turned 39
Perfect You're Not Gonna Die hopefully
praying you're not gonna die for another
50 years right ish right so why do you
have to get rich tomorrow you don't you
have one life get rich play the long
game there's a for sure like I don't
want to move fast I want to move
correctly right it doesn't matter in the
right direction yes because you can move
fast and wrong and then you can fall
quick but if I move slow and correctly
that you get big enough where you're too
big to fail it's amazing so that's
incredible I hope everyone rewinds that
multiple times memorizes it writes it
down and really takes action you know
one of the things that I love about you
from the first time I met you is just
your desire and your motivation to take
action right so taking action on this I
think is going to be life-changing for a
lot of people out there so talk about
you're learning all these things you're
making a bunch of money multiple six
figures you're seeing hundreds of
millions of dollars get acquired in
multi-family real estate
what was the process what was the
thought process you went through to
leave that amazing opportunity to go and
start to start your you know bowling
capital I mean I had to imagine that was
very difficult yeah you know because
you're making a lot of money yeah uh
it's very people call me crazy too like
today even my parents called me crazy I
was like hey I quit uh walking away from
you know 200 plus Grand a year and uh it
kind of took some time for them to
understand it but
um you know the process I'll break it
down into two things the first process
is
through working there for three years I
probably saw I don't know 15 maybe 18
different transactions go from start to
finish how did we identify it how did we
raise the money what was the legal
process what uh like how did the debt
like everything all the entire process
start to finish 18 different times and
so when you can do that on a large scale
and be a you know an integral part of
the team you start to believe in
yourself a lot more just through
repetitions and actually doing stuff
there and so it was a mix of being a
part of the deals and asking myself can
I actually do this because you have so
many things that go through in your head
I can't do this people are going to tell
you you're 24 you can't raise money you
can't find a deal no Brokers are going
to respect you but it goes back to you
know taking full responsibility how can
I do this and so that was the first part
the second part is
how I weigh decision or how I yeah how I
weigh decisions is I look at the five
years the five year version of myself
and I know because I'm so clear on what
I want out of my life in the next five
years every decision that I make is very
simple
if it gets me closer to my goals then I
do it if it takes me further away from
my goals then I don't do it and so I had
to make a decision what's my goal and so
I really long talk with my wife really
just sat down peeled back the entire
curtain no emotions attached what do you
want out of the next five years and we
agreed we're like hey this is what we
want this is how many hours like it got
that nitty-gritty how many hours a day
do you want to spend together
what type of quality of life do you want
and so that was us creating the image
creating the goal and then for me it's
like okay I'm in this golden I call it
the golden opportunity because in that
position because the timing that I
entered and I was considered you know a
top guy there part of the their team I
was good like I could have stayed there
for another 10 years and then a c-level
executive making probably a million
dollars a year in the next 10 years and
so I look at that I'm like okay well
that's going to be really tough to beat
a million dollars guaranteed a year of
income well if I invest it correctly I
should come out with about 50 maybe 100
million dollars in net worth by the time
of 50. but at the cost of what at the
current position 12 to 14 hours a day
current quality of life with my wife and
so I look at it and that's one option
the second option is what happens if I
do break off and try to go out and
create Boeing capital and create this
big ship and I just weighed the
opportunity I was like okay well
I'm 24. if I go out and I suck I can't
find a deal let's say I don't buy a deal
for two to three years and I can't make
any money and I'm broke you're back on
your parents couch uh yeah I'm back on
my parents couch I have a resume that
says I raised a hundred million dollars
I'm effective I can talk to accredited
investors get money out of them I I have
a skill set I have a valuable skill set
I know worst case scenario everything
fails I find another operator another
syndicator they hire me I'm back at my
200 300 Grand a year that was my worst
case scenario best case scenario is I go
to 100 billion create the live get like
donate uh like hundreds of millions of
dollars we're big dog people uh we want
to do big very large uh charities for
dogs that's our thing that's that's like
a lot of people love their kids we love
dogs that's just us my wife and I and so
we're like all right well let's just
take the shot and then once we committed
that's the biggest thing once we
committed we were like okay we're all in
let's make this happen let's actually do
it because a lot of people talk about it
they dream about quitting all this stuff
they never do it because they're too
scared right Having the courage to do it
was the hardest thing to do but it was
also the best thing that I ever did I
think that's amazing and I hope everyone
really like lets that sink in of that
process you went through because I hear
so many people around the country every
single month talk about I'm in this
really good job but I want more I want
to be in real estate I want to be able
to Syndicate I want to I want to own
multi-family I want to own whatever it
is and they're stuck and not willing to
take that risk and go through that
process you just made and there is risk
right I mean it's painful obviously you
know the the probably the amount of time
you're putting in right now is probably
the same as it was more Cardone or more
right more risk but you're being able to
do it for yourself right so talk about
your very first deal right your first
deal you leave Cardone capital and
you're doing your first deal tell us
about how that got done and what it was
like yeah so before I even found the
deal I built the foundation of it so
what I see what I mean by that
quantifying it is I was building a list
of investors that knew who I was not for
not you know not gay bowling with Grant
Cardone but a bowling like it was a
relationship between me and them and I
was building a pipeline of investors so
I knew that I would have some ability to
raise money because friends and family
for me I don't have any Rich uh friends
or family like I don't and a lot of
people don't either and so I was like
okay well how can I do it I'm building a
pipeline of investors and then I'm also
building a pipeline of different
sponsors that could help me get a 10
million dollar deal over the Finish Line
because at the time I don't I can't sign
on the debt I don't have the ability to
sign on it I don't have four million
dollars to invest of equity and so
I built the foundation of the
Necessities to close a deal before I
even started looking at deals and then
once I've identified okay I have Equity
that I can raise and I have partners
that I can partner with now it's time to
go out and look for deals what's my deal
criteria I filter it out 48 to 100 units
uh 1980 to 2000 like I have all this
criteria and I quit on February 1st it
was my last day February 4th I get an
email from the same broker that I
interviewed with four years ago when I
first started at Marcus milchap saying
55 units just listed Daytona Beach
Florida I underwrite the deal uh I walk
the deal I talk to Ned I get like the
deal going and then I find the sponsor
it's a perfect plug-in because that
sponsor raised money but he didn't have
any deal uh good deal flow and so
because I had the relationship with him
prior I built it I'm building this
before I'm going out doing the deal hey
Ken how you doing I found this deal you
have Equity your targeted returns are
you know 15 to 20 I think this is a
perfect home run deal I need help
getting getting it across the Finish
Line it's too small for you to pay
attention to for Asset Management I'll
take point on asset management and I'll
raise a million bucks for it and I found
the deal will you partner with me and so
it was a really easy decision to partner
with me because it solved his problem
and he gets to be a passive General
partner and still get the general
partner returns with me doing the work
and him kind of being the back seat on
it and so we found the deal identified
it put the or closed on it in June and
that deal we are we've already
outperformed our five-year projections
in the first quarter of owning it
amazing so it's almost like going back
to Marcus and milchap right you're kind
of like being an understanding
Apprentice again yeah except now you own
10 million dollars in real estate and
you're getting paid to do it but you're
back learning from someone that has
experience and knowledge that you don't
have and getting to perfect that so I
mean I think it's an incredible story I
think there's so much to unpack there
and I love your journey I think the last
thing I want to leave people with is you
know talk about your five-year goal and
how you're attacking that all the way
down to like on a quarterly basis what
you need to do yeah you shared this the
first time we met I thought it was
amazing it really impacted me yeah
because I mean I have big goals but I
have not distilled them all the way down
to okay what does that mean I need to be
doing the next 90 days right the next
quarter what does it look like so share
share a little bit about that yeah so
I'm 25 today my goal over the next five
years by the age of of 30 is to have a
billion dollars of AUM and right now I'm
at 10 million so I'm 990 million dollars
away right at least seems like a really
big daunting dad or daunting task and
but it's really not because success is
really just small wins comp or
compounded over a long period of time
that's really like I've studied a lot of
people it is small wins over a long
period of time and so all I have to do
to get to a billion dollars is well if I
have six full years to do it that's six
years that's how many quarters that's 24
quarters over the next six years a
billion dollars divided by 24 comes out
to 43 million dollars a quarter 43
million dollars of uh volume is about 15
million dollars of equity roughly now
what do I need to do to one have the
deal flow to look at and acquire 43
million dollars of deals because every
deal that I buy I probably look at 50 to
100 deals to actually look at it right
so now I have a target of deal flow
you have to find the deal to buy it and
then okay how do you buy the deal you
have debt and you have Equity well I
have the relationships with the lenders
they'll show up what's the one piece
that I can control more is equity where
am I going am I going the institutions
am I going to retail I'm going to retail
investors what's the average investor
invest with me 50 to 100 Grand let's
just say it's 100 Grand my goal is to
buy a billion dollars over the next five
years but in reality it's 40 million
dollars every quarter which is 15
million dollars of equity from investors
which is only 150 people at 100 Grand
each so now my target my daily action is
okay well 150 people a quarter and
here's the tricky part because those 150
people will reinvest every single deal
that's how I know I'm wrong but I'm
wrong in a good way I find these 150
people over a quarter that's four months
that's 25 people a month now I have a
monthly Target what do I what do I need
to do every month I need to find 25
people that will invest with me well not
all 25 people are all going to invest at
one time that means I'm going to build a
pipeline of 75 people a month that can
invest 100 Grand and then when I call
them on a deal if I can get 30 of my
entire pipeline to invest I'll hit my
target yeah it's amazing so I think
that's incredible so you've distilled it
down to like every quarter you need to
buy around 40 million dollars that means
you need 15 million of equity 15 million
of equity is how many phone calls how
many investors how many pieces of
content how many networking events and
you know the goal you know the point of
that exercise for everyone out there is
not are you going to get to a billion
yeah whether you get to a billion or not
is really irrelevant because you're
probably going to surpass it you know
what I mean but even if you don't the
fact is you went through an exercise and
force yourself to actually have a game
plan and a path to hitting your goal
which is what I think is really lacking
right is most people's plans and and
most of their goals is they don't they
haven't even created a path of how do I
actually accomplish that yeah just to
give myself a chance so I think that's
incredible
um you know I'm super thankful you came
out here I love that we had snow for you
you know for you know 10 years you were
thinking 80 degree weather yesterday
yeah talk to people about how they can
get a hold of you how can they find you
you know how can they get involved and
build a relationship with you yeah so
the first place is gaybowling.com I'm
doing a lot I do a lot of multi-family
stuff a lot of it is free free education
YouTube like dig into it especially if
you're just starting out there's a ton
out there it's literally just you
putting in the effort and commitment to
actually retain it uh gaybowling.com a
ton of free content there and then at
multi-family on Instagram is where I'm
most active at
um those are the two places yeah at
multi-family it's quite the hashtag you
got there that's quite the uh I mean
that's quite this Market yeah you have
yeah there's good marketing by you so at
multifamily gaybowling.com reach out to
them this kid's a rock star yeah I can't
wait to watch your journey and be a part
of it so thank you so much for coming
out man it was amazing so if you enjoyed
this and got any value out of it if you
enjoyed hearing about how gay bowling
dropped out was an apprentice for free
went on to make six figures now is doing
his own deals if you enjoyed how he
reverse engineered his goals send it to
people you care about like subscribe
share it with the world I want this kid
to blow up share it foreign
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