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Aug. 18, 2022

How To Acquire Your First 100 Rental Units w/ Ryan Corcoran

How To Acquire Your First 100 Rental Units w/ Ryan Corcoran

Ryan Corcoran is a real estate investor with over 100 rental units in his portfolio! He has reached financial freedom and millionaire status at the ripe old age of 27.

Today, we discuss all the actionable methods Ryan used to build his portfolio from unit 1 to unit 100 - you'll want to take notes! 

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Transcript
brian:

Ryan Corcoran. What's going on, buddy?

ryan:

What's up, man. What's going on? Happy to be here, dude.

brian:

Talk to me about sending an email. How did that go for

ryan:

you? It's funny. Yeah, we were just talking before we jumped on here to do this live. And yeah, so really what I'm trying to do now is try to build some content. Right? And so at six months ago I had started a newsletter just, and I've only got 50 people on it at that time. And I had sent a newsletter out saying, this is what my company does. This is what we do. I'm looking for, potential investors or partners, if they want to jump in, let me know. And the first email I'd ever sent to these people. And they're all my, the friends coworkers and everybo acquaintances that I know. Absolutely. And I, I had thrown a deal out in this email and I had a call in like literally 45 minutes. And within two hours I had 250 grand already that I had just raised in. Literally 45 minutes. And I was mind blown. I'm like, okay, I need to take this. It doesn't necessarily have to be a newsletter per se, but, from a content creation standpoint and putting know, just putting content out and getting the word out of what I'm doing can take my business to a whole nother level that I didn't realize before that. Yep.

brian:

And this is, this has been the weekly reminder to all real estate investors and entrepreneurs listened into this show to produce content because man, like you you wouldn't have thought that you would've thought, oh yeah, let me casually raise 250,000 from this email you just said, eh, I'll give it a shot. And then that's what

ryan:

happened. Yeah. I wasn't expecting that to happen either. It was really the purpose of creating something like that was really just to show. The people in my circle, what I was up to, and I was never expecting any sort of, raising money or partner. Dude, I've gotten partners, money deals, different lenders, you name lawyers, you name it. I've had people come into my world just from. Talking about what I'm doing uh, virtually right. Or through platforms. And I've never been one to do any social media whatsoever. And so I'm starting to ramp that up.

brian:

exactly. Now we are happy to have you on the action academy podcast, brother. So to back up a bit, give everybody an introduction of you and what you're getting into, because right now you are my age, right? 27. Yeah. 27. Yeah. 27. Yeah. We're some old folks.

ryan:

Yeah. Over here. Exactly. Alright. So just in a short nutshell, I am a real estate investor and I've got about a hundred, a little over 150 units right now. And in about a month, I'll have a little over 200. By myself with some partners. But for the most part I started, I bought a duplex when I was 21, fixed it up. I sold it and walked away with this $80,000 check. And at that time I was going to school to be a PA. And so I was gonna come out making like 120 grand as a PA and I had just made 80 grand in a flip from a duplex So I was like light bulb and from there. A duplex, hon noon to a Plex, which I ended up house hacking. So I've done pretty much every piece of real estate. You can imagine from, a single family flip to a live-in flip to a house hack, small mals, large mals, and so really progressing through that has led me to commercial sized multi-family. So you know, that six unit and larger, but really that eight to 10 units and larger. And so over the last two to three years, I've really ramped it up. And yeah. So in the last. See in the last, like four months we've bought, we've not bought, we've purchased about 60 units. So we're ramping it up a little bit. And then alongside that, I started a flipping company. And so we'll probably do about 15 flips this year and anywhere between five and 10 wholesale deals. So

brian:

there we go, man. Now we're coming out the gate coming out the gate right there. So what caused Ryan at 21? To even dabble into a flip even jump into real estate

ryan:

at all. Really I bought it to live in it and as I was going to live in it and my parents were like, oh, why don't you just if why don't you just stay home? So I ended up. Renting that other unit out. So I fully leased up the duplex and then I watched, from doing some rehab on it, the appreciation go up and I saw, okay I could take that capital. That's sitting in there and dump it into something else and keep it moving along. And so that's really what carried me through, but why I wanted to get into it in the first place was. I said, why would I don't wanna rent somewhere because I just, I don't really wanna pay for somebody else. I don't have anything at the end of the day renting. And so I started looking into my options. I had $4,000 in my bank. My parents thought I was crazy. My friends thought I was insane. Everyone thought I was a lunatic for starting that way. And I I borrow, I remember I borrowed 10 grand from my parents. I borrowed a hundred thousand dollars from my uncle and he held the note for me. And so I. All my money into this thing, like all $4,000 of my name into this to start. But it paid off. And so I, I always tell people when they're starting, just don't be afraid. I, you really can't be afraid. Like money is just a, I know we need it to live. And we, we live off of it. We buy food with it. We have, but. It's just an object. It's just like energy. It's just an object. Exactly. So it comes and goes and you can pull it from anywhere. And so yeah, I always tell people when they're starting, just do it just jump in. It doesn't matter how much you have in your bank account. Find a good deal. Everything else will fall into place. So

brian:

The best advice that I've gotten. And I wish I could remember who to attribute it to. But there's a quote that was like, what happens to things when you chase them? What happens to animals if you chase an animal, like the animal runs away. Yeah. So it's if you're chasing money and that's all you're thinking about and consumed by, it's gonna run from you. Yeah. But if you're attracted money, It just comes to you right out of nowhere. And that's you're talking about. Yeah. It's so true. Yeah. And then Brandon Turner talks about you. Have, you have different types of partners in the deal. You have the capital, you have the hustle and you have the expertise and the knowledge . So it's if you don't have money right now, and you're listening to this show, which a, there's a lot of new people that are listening to this show right now. Welcome because we're growing exponentially now it's super fun. But if you don't have money right now, Do what Ryan did and go with the hustle, go with the, and go learn, get, read the books, listen to the podcast, attend the webinars, do the free stuff, listen to this. Yeah. And then you can be able to have the capital later on. So I'm curious, how were you able to find that property? Because there's such a mindset shift that you, you had to go through a couple at the same time, you're looking for a place to live. So you just said, Hey, this place is crappy. I can afford

ryan:

it. . Alright, so that was in 2000 2018 and or no, 2000, 2017. And I was able to find properties on the MLS back then. And so this is a hundred, 125 grand duplex on the MLS in Fitchburg, Massachusetts, that property now is worth probably three 50 or more. And so back then it was relatively easy to find a deal. And it's actually a good segue here because I haven't bought a property on the MLS in the last two years. And so back then it was just strictly MLS. I hadn't, I didn't know anything. I made probably 14 or 15 offers before I actually got that duplex under contract and yeah, it was affordable. It was 125 grand. I could borrow money from, family members that wasn't all that much money. And even if I didn't have family members, then I had friends, I had teachers, like I had people that I could have I could have lent money from. And so yeah, MLS was how I started and I still think it's a good way to start if you're looking for house hacking options, because it's not all that difficult to find a property, say it like a three family property where you live in one and you rent the other two and you really reduce your expenses by, 1500, but you can almost live. You may not be making money when you're living. If it's two, 300 bucks that you're spending or even 500 bucks a month that you're spending for your living expense, it's better than spending $2,000 to rent in a really nice apartment somewhere. You're sacrificing that upfront. For financial freedom later down, down the road.

brian:

Yeah. I got both my house hacks off of the MLS so what I did was I did the luxury house act where I buy five, yeah, five bed, four bath houses, and then just convert 'em to duplexes. So that's what we do. And then the cash flow on those are, is freaking insane. Yeah. It's awesome. Yeah. Yeah. So that it's been a fun ride, but yeah, in the beginning you look at the MLS and you look at all that. And then, so now. Talk, talk to me and walk us through your transition from the MLS to getting that first off market deal and then seeing

ryan:

what was actually possible. Yeah. So off market real estate is a whole nother world. And I say that because you don't have. You don't have structure in off market. It's just you and the seller. There's no agent walking you through everything. There's no one telling you what in the contract keeps you safe. know, There's a lot of risks actually associated with off market real estate that you need to learn as you go. But that's part of the fun. And know, I've been able to creatively put deals together off market that I would've never had a chance to do that on market. And so I'll take you through the spectrum. So I started listening to bigger pockets following Brandon Turner. And everybody else on there. And I saw people doing direct mail marketing. And so I'm like, all I can do that. I can print some letters. I got my printer, I got, whatever. So I spent $200 on a printer, ink and paper, and I bought a list on list source. And I started handwriting every letter. I, every, everything I could do. Yeah. My hand was falling apart. It was brutal,

brian:

Man. But Financial independence, hand cramps.

ryan:

Exactly. But I ended up buying a three family. So I found this three unit guy called me back. I ended up living in it and then selling it six months later and made a hundred thousand dollars in six months from one letter I had sent. And so I'm like, okay, that was one batch letter. So I sent, I probably, I sent 700 and 50 letters. So then I was like, all right, how can I scale? So I started outsourcing the actual sending of the letters. I would still do the lists and I'd, do all that kind of stuff. But so I hired a company in Lawrence, Massachusetts called open letter marketing. They're fantastic. Anybody wants to use them and they're not paying me to say that they really are fantastic. But yeah, they, I, to this point, now I blast out maybe 10,000 letters a month almost to people. And I'm pulling in four to five deals a month, whether it's a flip, a wholesale or a buy and hold and it's strictly multifamily property. And these deals I'm, we're getting these other contract for 60% off MSRP or, market value. Yeah. Yeah, it's unbelievable. Off market. Real estate has changed my. And my real estate investing game big time.

brian:

So what would you say the cost is of those monthly marketing verses? So 10,000 letters? Probably what like five, 10 grand or,

ryan:

yeah. So it depends on what you choose. You can do professional letters, handwritten with a pen, like autopen letters, or you can do post postcards. The postcards are probably the cheaper end. You can get those for 30 to 40 cents. Yeah. But yeah, about six to seven.

brian:

Yeah, because and for people listening at this point, everyone's been so bombarded by postcards. That it's almost, you need to go the, that handwritten kind of way now. Yeah. Yeah. Is that what you seem to

ryan:

that's? Yeah, I've done a little bit of handwritten and professional, so it depends on what I'm really who I'm targeting. If I'm targeting, a property where somebody has owned it for, let's say putting the criteria like 15 or so years or 15 or longer years with a lot of equity. That person's gonna get a handwritten letter because I'm trying to touch them personally. I'm real. I'm trying to reach them in a personal way. So they pick up the phone and call me back. But on somebody like me, if I got a personal letter from somebody I on a, for 20 unit multifamily property, I'd be like, all yeah. That's cool. But if I got a professional letter with a logo and it was like, listen, we buy properties like this. We have the ability to close in this amount of time. I've called people back like that for properties. So if I'm sending it to commercial size real estate, it's much more of a professional looking letter. Okay,

brian:

cool. That makes sense. Yeah. So you walk us through the timeline here. So you buy, and I'm curious about this because here's what I've noticed over and over again. So you've got guys that are young that are killing. And so me and you are the same age, 27 years old people say, oh, look at this 27 year old dude killing it. Wow. They're young. What are they doing? Different? Are they buying faster? Are they doing what. But then I see this and then I'll walk it backwards. I say, no, this guy's got six years of experience. , you've got six years of experience. You've been buying since you were 21. My buddy Cody Caswell, who you'll meet in GoBundance because my man Ryan here just joined GoBundance you'll meet Cody. Cody's 25 years old and he's worth like two, 2.2 right now because he started when he was 18. Yeah. So it's just time horizon. Yeah. So walk us through the the schedule here so that we could go into the different shifts that you had to make mentally to be able to go from the single families to the duplex Plex, to the small multi, so

ryan:

on, so forth. Yeah. Yeah. So that's a good question. And I would say the biggest thing that took me from that smaller two family, three family to the larger properties. Really partners. Like I got sure involved. I, I started meeting people as everybody does, as you start putting yourself around other people, you meet agents, you meet, it's just everybody, you meet other investors as you're investing. And really sending letters. I met the, my largest partner right now. I met through a direct mail letter. I had sent a letter. His property manager called me back and said, Hey, no, it's not for sale, but you should contact this guy. He's got 75 units. And at the time I was like 75 units, like, all right. So I called him. Wow. Yes. Yeah. That was three years ago. And I called him back and I was. Mike what's going on, man. Like my name's Ryan, we were from the same town and he is like, what's going on? So we met up and the next thing, we ended up buying hundred units together and so all from a direct mail letter. And so I'm a huge proponent on direct mail, if you can't tell or just like really trying to promote off market real estate. And okay. Yeah. So the progression, I, I started meeting people. Doing bigger things. And, he was like, why are you doing two families? Like you, okay. You make two, maybe three, $400 a month on a two family. That's awesome. How about two, three, $4,000 a month in a 10 unit or it's 12 unit and it really just opened my eyes and it really just made me realized that there's really no reason for me to stick. Something when something else is doing that much better. And it there's no difference. It's the same amount of work to buy a duplex. It's a 12 unit. In fact, you can get more creative to buy a 12 unit than you can to buy a two unit. And once I realized that I was able to start putting together deals left and right on properties, I had no business buying at 20.

brian:

Say more on that. Why is it able to be more creative?

ryan:

Yeah. Okay. So number one, it's commercial lending. So it's totally different residential. They're looking at you as the buyer, okay. What's your W2 job? How much money do you make? What's your debt service, coverage ratio. Everything has to fit into this box. And if it does, they say here's what you can qualify for in commercial. They do look at that stuff, but the majority of it is okay, what's the asset you're buying. Doesn't make enough money to cover. Our debt from the loan. And then, is there enough cash flow left over where we can say, yeah this satisfies our criteria. And so if you can find really good off market deals, you can have not that great of a resume and still buy a property. And then on top of that, you can start bringing in private money, hard money equity partners, and you can start taking down deals left and right recycling the same capital versus in residential. If I were to say. Hey, I'm gonna bring in a hundred thousand dollars of private money to buy this residential property. The lender's gonna be like no, like I'm not gonna qualify. I'm not gonna qualify you now because now you have another hundred debt. Yeah, exactly. Have a gift. Yeah, exactly. Or a gift. Exactly. And yeah I've just used a really mastered creative financing and combining them with off market, real off market deals. And. Built basically built my business around that.

brian:

And I love that because it's a one, two punch because you're beginning with your owner, occupant, like house hacks, stuff like that, your MLS stuff. And you're taking advantage of low interest rates because you were, you probably got what, like a three, 4% back in 2016. Yeah, of course. Yeah. Yep. Yeah. So I got 3, 3 75 and 20 18, 20 19. And I just got a two five right before I finished. Up on my last house act. So it's no matter how much it annoys me, I can't sell it because that thing is a 2.5% interest

ryan:

rate. I'm like, come on, man. Why are gonna sell it go a six, right then commercial. Yeah. Yeah,

brian:

exactly. So then as soon as you go from there the commercial, the rates are a little bit higher, right? So you're pro what are you looking at for commercial rates right now? Cause I know everything

ryan:

Jumped up, to be honest, I just got a 4.75, which I oh yeah. I still can't complain. But I wanna, I want to tell this story real quick. We'll circle this back to the 250 grand that I raised from that one newsletter email. Let's go. So I had sent letters in store, Rhode Island to apartment owners, and this guy had called me back. It took me about four months to get him to agree on a price. I ended up walking the property. It's worth 2.2 million. I did not have the down payment at that time. And I'm like, what am I gonna do? Like I have this really good deal locked up. And so at that point I had just started sending out this newsletter. And so I sent the first newsletter out. I merged that deal that I didn't know what I was gonna do with and money that I had no idea where I was gonna come up with. And I basically merged the two together using content and finding a deal. And like I said, within an hour, I had money raised for that 13 unit $2.2 million. In one hour and I'm like, oh my goodness, like I've cracked the code. Like I know exactly what I'm gonna do now. And so from there, I've been able to continue to send those newsletters, continue to raise more money and buy these properties. And you I'm owning a good amount of them outright by myself. Or I'm bringing in equity partners from that newsletter. And it's unbelievable. It really is unbelievable how I'm just an average guy and anybody else can do the exact same. Send a couple letters out, learn how to analyze deals, lock up a deal, and then bring in partners. And that's a really good way to scale if you don't have any capital or it's really good way to stop. If you don't have capital. This show is sponsored by the United States postal service.

brian:

dude, this is freaking awesome. This is freaking awesome, man. So that was your first big property. And then what was, what were the stats on that

ryan:

one again? So it was that, wasn't my first big one. That was just an example, but the stats on that one were we bought it for 1.5, nine two, and we put 150 grand into it and they refied it 2.2. So we, I pulled out. Put out. Yeah. And I, so I pulled out it's 250 grand paid back the equity partner, and then I, it actually pulled out another a hundred grand. It basically, poof came outta nowhere because we increased the value so much. And and it's essentially an advanced bur is the way I like to call it. So instead of using my own capital to buy it, I use. Somebody else's capital. I burned the property and then pulled back out money and pulled money out. And then there was another, a hundred thousand dollars that was pulled out just for, just because we had increased the value so much. Yeah, exactly. And I, I don't say this to put anybody down, but. Dude, like that's a hundred thousand dollars of tax free money that let's double the average American salary on just one real estate deal that I didn't infuse any capital into. And

brian:

so that was a rounding error. Exactly. That was inflation. Phantom money.

ryan:

Exactly. Exactly.

brian:

Perfect. So let's talk about you alluded to the point that you got your first couple of deals and you got all this because of mentors people that you were connecting with, and yeah. You were getting in the rooms with appraisers. Yeah. And realtors and all these people. Let's talk a little bit about network and networking. And some of the best practices and tips that you've used because myself included, like I've got a podcast now where I talk to five multimillionaires every single week. And so that's a pretty good networking tool. Absolutely. If you and I are good at it. So I'd love to hear what you're doing to be able to advance your network because I have the opinion that money is. But time is even cooler and more valuable and a step above that relationships are the most valuable resource of all of them all. Yeah,

ryan:

I completely agree. And I guess I'll start this answer with a with an example. I had moved to Rhode Island within the last year and a half, because my wife was like, oh, Rhode, Island's the best place in the world. Let's go live in Rhode Island. And I can't lie. It's pretty awesome down here. But, so I moved down here and I'm like, I don't know anybody here. I don't have any connections, no age. I don't know anybody down here. How the heck am I gonna continue my business that I was running in New Hampshire, Massachusetts down in Rhode Island. And I just networking to me is. Every single person. I meet, I write down their contact info and I have it on a Google. I have it on a Google Excel. I don't mean everybody in market basket and stuff like that. Everybody that I meet, where I feel like I can bring value to that person at some point. I write down an Excel spreadsheet. And so I, when we bought our single family house, the agent that helped us buy it, I have his contact. And what I did was I reached out to him and I said, Hey man, do you know anybody who owns apartments? Do you know any, who are the big time agents around here? Who's the best attorney around here. And so he'd kick me some people that owned apartments. He kicked me people that, that were attorneys. Right? And so I took, for example, I took that attorney. I wrote his name down. I reached out to him, I set up a meeting with him and I was. Mike, what, who, who are the biggest agents that you see closing deals around here? And, so he started kicking me people, right? So it, you see how you build this system. And actually he sent me to an agent down here. He is the largest agent in Rhode Island in Massachusetts. And I ended up bringing a deal to him. I couldn't get in the door with him. He just wouldn't answer my call. Because I didn't bring any value initially, but I ended up finding this ridiculously good deal and. It's listen, Kyle, I've got a six unit property. It's a fantastic hill. And he's you know what? You're right. And then since then I've been, I've been buddies with him and I've got seven flips going with him right now, just because I had met him through an attorney who I met through an agent. So it's all about building that. It's hard. It's building a wheel, essentially. You're trying to pick up the speed on that wheel so you can start touching as many people as possible. Yeah, but that one be a separation. Yeah, exactly. But to get back to your question I ended up joining a mastermind down here in Rhode Island and I'll never forget this. I walked into the room and I'm 27. I'm the youngest one there. I've got the lowest net worth of anybody in there. And I knew that going into this and the first thing we did was all right, what are your goals for 2022? And I said, all right, I wanna get to, I wanna get to over 200 units. And and everyone's that's a good goal. And I'm thinking to myself, it's a pretty damn good goal. The next person goes, I wanna make a million dollars a month. The guy after that goes, yeah, I'm trying to make $2.5 million this month. And I'm like it's January 15th. I'm looking around like a million, two, $2.5 million this month. And I'll never forget I felt like such an ant. , but it's been, almost a year that I've been in that group with these guys. And I have personally seen not only my income, but my freedom, my, my time, my business, everything has just gone to levels in such a short period of time that I would have never, ever imagined. And just, I just joined GoBundance so it, the point is just getting in the room with people who are doing things. Wildly bigger than you can ever imagine just immediately elevates you without even realizing it. And then you turn back and you look behind you and it's okay, like a year and a half ago, I wasn't doing any of this stuff. I was still working in an ICU as a physician assistant at that time. Like I, there was how the hell did I get here? And it's really amazing. It really is amazing. Getting in the room with people is likely the most important or largely the most important thing you can do if you're trying to grow a business. And

brian:

it pisses you off when you realize that they're just normal people

ryan:

too. It's crazy. but they really

brian:

are. Yeah, no, I'd say 20% are you meet 'em and you're like, wow, this person is certifiably a genius, like I'd say about 20%, but then the rest of 'em are you are just like normal dudes. Yeah. Hey, just the millionaire next door. That just has gone through the school of hard knocks for 20, 30 years and have figured it out. Yeah. And it's crazy.

ryan:

It really is crazy. And it's crazy to be able to. Now not only associate yourself with them, but to be partners with them. And so every one of those guys, there's six of us in that group. I have partnered with every one of those guys on either one or two deals in already in a year's time. It's really it really is remarkable what it can do, just getting around people. And, but you gotta remember, you can get in the room, but like you really to get value, you have to bring massive value, like massive value to these people. Otherwise you just get brushed off.

brian:

Talk more on this. That's important. That's where a lot of people, that's where a lot of people miss the mark, because I'm in the same situation as you, because even in go buns, I'm on the low side of the totem pole, but for some reason, people keep hanging out with me. It's the Venmos that I'm sending them for

ryan:

friendship all. Let me give you, I'm gonna give you an example where monetary value. For somebody was massive value. I ended up sending letters and I came across this land deal where it was 225 grand for a three acre. In T in Massachusetts. And one of the guys in my group lived in T and mass and he was, he is developing real estate. And so I was like, mark I've got this three acre lot. The guy wants 225 grand for it. I guarantee we could probably put four or five triplexes on there and we could probably make some decent money on it. So anyways, I brought that deal to him when I could have just taken it down myself, or I could have passed it up or I could have whole sailed it, whatever. We ended up going to meet the engineer who engineered for us. So initially when we thought we could put four to five on there, dude, they approved us for eight plexes on a lot for 225 grand. And if you want to dig into numbers, we can, but like at the end of 18 months, when these are all built and sold, we're talking like netting 5 million from one deal from off market, from an off market letter. And so that is the type of value. Yeah. And so that's the type of value that I'm trying to bring these guys that. wouldn't be able to do it myself. I've never developed before. But because I was able to find a really good deal and bring this ridiculously large value deal to somebody who I know could take down the deal. We're splitting it 50 50, and now moving forward, if I ever come across a land deal, or I know anybody who has land, guess who's gonna get that deal. And who guess who's gonna get 50% of it. yeah. And that's yeah, so it's really, it really is. You gotta bring value to these people for them to bring value back to you. And I'll just, I'll circle back to, that largest. Those seven flips I have going on right now with him. I didn't find any of, one of those deals. He started kicking me deals now. And so now I don't even have to find my own flips anymore for at least for him. Just, and it doesn't take all that much, one really good value for bringing value to somebody can leave a long impression on people. I think

brian:

people need to shift more to asking that question. I think people are so caught up in asking. How can I get in touch with this person? How can I get mentorship from this person? Yeah. How can I get coaching from this person instead of asking the question, how can I be the most valuable version of me

ryan:

yeah. To attract these people?

brian:

Yeah. Because to your point, like you're doing it with real estate and your deals and everything. And there was a time period where I thought that was me too. Cuz I was. Oh, okay. I'm doing some real estate and I'm still doing real estate. I'm gonna do bigger deals here shortly going, jumping into the commercial space. But it's just like for me, I thought I was gonna do what you're doing. And I thought that was my path. And then I found out that there was just so much friction associated with it. I was just like, that's just not my thing. And it's

ryan:

okay. Yep. Yeah. I think it's a, it should be a universal law. It doesn't have to do with just real estate. It could be with podcasting. It could be in another business or it even just as a W2 job. I, I think bringing a huge amount of value to somebody in any. Does, unlimited amounts of benefits for you and that other person and yeah, exactly. It doesn't have to be just real estate. Just, it's just what I do. If it doesn't and that's,

brian:

what's so cool. That's, what's so cool about it is we can take these principles and we can apply them, like everything that you're saying. I'm pulling out things that people that are listening to this can apply no matter what they're freaking doing. Yeah. Because everything you're saying is a freaking gold mind of information and actionable stuff that people can do. And I'm over here telling 'em I'm like, Hey. Like Ryan's freaking killing it. Ryan's over here. And I'm like, Hey, I didn't want to go that route. So I know I've created a podcast. I can have people on, and this is massively valuable to people. So there are an infinite amount of ways to provide value. Yeah. You just have to ask yourself. And another thing of that, you did that from your. Story. That was super interesting is you knew specifically who needed what specific value didn't just say, Hey, who wants the land deal? You said no, that guy wants the land deal. Talk a little bit more about that because the more specific you get with the value that you provide, the more impact it has. Talk a little bit more

ryan:

about that. Yeah. Yeah. I think. I think that's very important. And I think, there's a guy down here who's a big time wholesaler. And so he's got this massive buyers list. And he just, so he kicks these properties out to 5,000 people and I'm not even joking. It's 5,000 people and he's moving like a hundred plus properties a year. And I think it's fantastic. I'm just, I'm not like I'm not a wholesaler at heart. And so I, I don't wanna be building this massive buyer's list to kick, but so what I do is, like I said, I, everybody, I meet who I think. I can bring value to, at some point I put them in a sheet and I have the number, their email, and then I read a little blurb next to it okay, like what likes land real estate or is a large agent in this specific area or deal is an attorney who deals with probate. And so when I come across that specific deal, because I'm continuously bombarded people with off market real estate every day, I come across something new that I haven't seen before. I've built this list where have somebody that I can bring that to. And it's huge because you, as one person, you can't be a profession at everything. You cannot be, perfectionist at everything, you can't master everything. Like you can't be a master developer, a flipper, a single family rental, a short term. You can't do it all. You just, you'll never be that good. You'll never be like elite at that one thing, but you can get really good at. Elite players who do that specific thing and partner with them or bring deals to those people. And now all of a sudden you're leveraging this elite person and you are now the elite one in it, or you don't have to know everything you're doing, but you're leveraging somebody who does. And yeah it's it's dude. It's powerful. It's amazing, man. I like my life has completely changed when I realized. I don't have to be good at everything. Like I don't have to be good at almost anything. I have to be good at one thing. And for me, it's just finding deals. Mic drop moment.

brian:

mic drop moment. Did you hear that? People like it, subscribe to the show. Mic drop moment for Mr. Corcoran. Oh my God. Yes, you have to be elite at one thing, dude, I just had The pleasure of having a billionaire guests, right? Jeff Hoffman I've watched. Yeah. Signed yeah. Founder our price line. Yep. He said it's called serial entrepreneur. Not parallel entrepreneur. Yeah. He goes, everybody sees these millionaires and you go on Twitter and people saying, oh, millionaires have seven figures, seven streams income. That's the status quo. But. Did they build all of those together? Like one Friday night? Nope. No.

ryan:

Nope. In fact, what was I just, I was watching something from ed Mylet he posted it was like a little clip and it was like he said something like, a lot of people think millionaires have, all these streams of income coming in and I'm, they do at some point. But none of them. Became a millionaire doing seven at once. They became a millionaire for mastering one thing. And once they mastered that one thing, then they can start branching out and increasing their streams of income. And for me, I realized you earn the right. Yeah. You earn the right. And also how can you put your energy in seven different things and make a million dollars in seven or it's not even just making a million dollars? How can you become a millionaire, separate different things at once? I, dude, it's hard enough to, it was hard enough to become a millionaire in real estate. In the short period of time that I did never mind doing seven of them at one. Different fields is it possible? I don't know how somebody could possibly start that way. And I

brian:

think I saw the clip that you were talking about and isn't that the same clip where ed goes, if I'm competing in business, I will love the guy. That's doing seven things at one time. Cuz I would just amazing.

ryan:

I could blow him away. I will. Exactly. Yeah. This is cause if you

brian:

try to dabble in Airbnb, like over here, when you're doing multifamily and all this other stuff, you just try to dabble in Airbnb. I'm gonna take the deal from. Yeah, because that's

ryan:

my thing, you know what it's so funny. You said that, cuz lemme just real quick, I won't go on a tangent here, but I had this deal in, in. That I had a long story came from a letter and I wasn't even sending letters to people in Maui to steal whatever, through a bunch of hoops. I ended up with this condo in Maui for 450 grand and there are all the other ones are like 600 grand. And so I remember I like messaged David Green. I messaged a few people who I knew would be interested in it. And I'm thinking to myself, like, why don't I just take this down? I've never done short term rentals before. And so I'm doing the work to do this. And I. I hate this. I hate it okay, first of all, my time, zone's different. Like I gotta find a manager out there. I hate this. And so I brought the deal to his name's Mike, new Bowery. He lives in Maui. I'm like, dude, you own a bunch of short term rentals here. Can you just take this deal? It's a really good deal. Just take it. And since then we've been such good buddies that like, he's dude, I'm so thankful you brought me this deal. Like it's. But the point here is that if I were to go do that, I would really be overextending. I would not necessarily comfort, not even comfort. That's not my thing. Like my thing is multifamily. Like I would've failed that I probably would've failed at that, or I would've been stuck with this condo that I wouldn't be paying attention to. And at the summary of the story is that you really need to, before you stop building all these other bridges, you have to continue to master that one until it's. Running on autopilot and you're not even around then, if you want to go dabble in a short term rental in Maui and you live in Massachusetts or Rhode Island, go for it.

brian:

Yeah. Cause then you're just playing with fun money, correct? It's like brain and turn talks about where you you got success island out there and you have the main landing. You have to build that bridge. But a lot of the times people keep. Going backwards, putting the car in, reverse, driving back and create another bridge. Yeah. Then another bridge. So they don't actually have something that connects to the end destination.

ryan:

Exactly. Yeah. They have a bunch of unbuilt bridges. Yeah, exactly.

brian:

So your bridge is multifamily. So what is next for you? So you're talking about these triplex units that are gonna be going up. Yeah. When's the timeframe for that? Cause that's gonna be

ryan:

ju. Yeah, so those should be done by the end of 2023. But so for me, it was build this bridge of long term rentals. So I, I bought 150 long term rental rental units with some by myself, some with partners, but then I realized okay, I'm not making a lot of money from them, but it like, okay, rentals are awesome. Don't get me wrong. They make money. It's unrealistic to say I'm gonna buy a hundred units and live off the a hundred units. In my opinion, it's just it's unrealistic. And maybe some, maybe you can, if you can I'm jealous to figure out how you can actually do that. Not

brian:

leverage you can't leverage if you're leveraged, like it's peanuts. And like I'm in it too, to where you're yeah. Your cash flow. Like my. My house is cash flow like crazy, but then you have the roof go out, you have the water heater, go out, you have a tree fall in the

ryan:

backyard and it kills your year in income, just one roof, like a 25, 20 $5,000 roof, or it kills your entire cash flow. So I looked at my portfolio and I said, all right this is awesome. Like my net worth went from like negative to skyrocketing really quickly, for me. And I was like, that's awesome, but I'm not making. Money. It's not all about money, but for me, once you start seeing a little bit of money coming in, I'm just not SA I'm dude. I'm crazy. I'm just not satisfied. I want more, like I said, I get around these people making a million dollars a month, make it two, two and a half million dollars a month. Like I gotta set my game up. And so then the once that bridge was built and I, I have that on autopilot. I got a manager I've got, and if I find a deal, I just throw it into that autopilot thing. And then we buy the property and it's all. The next thing I was do I've been doing is flipping multifamily property. So I'll buy these five or six unit properties that are below rents. I'll go in there and I'll increase all the rents up. I'll do a little TLC and then I'll post it right back on the market and I'll flip it and do the things I'm making a hundred, hundred 50 grand a flip. And so that, that's like the next bridge that I've been building. So instead of keeping every single one of them, I've been either wholesaling them or flipping them. And

brian:

what's your criteria to keep it as opposed to.

ryan:

So if it's a deal where I say, I like, I cannot pass this up and I don't really have a, it's not necessarily a number. You don't have a buy box. Yeah. Yeah. The buy box would be, if I can bur completely all my money out of this, I'm just gonna keep it. Cuz what's the, at that point I have $0 the deal and it's making me money every, yeah, it doesn't matter. But if it's not quite, I'll give you an example. I just, I found a 10 unit deal in Woodstock, Rhode Island. And I, I typically would've bought this deal, but I wasn't gonna be able to pull out all of my money. And so I and I don't really know what's going on with the market. It was a really good deal. And so I brought it to a guy who I knew would buy this property for 800 grand. And I had locked it up for 7 75. And I said, listen, man I'll sign the contract to you for 800. He's still getting 80 K per unit, which is a killer deal. It should be 110, And he's dude, this is awesome. Thank you so much for ringing me the sale. I'm like, absolutely man, he makes money. I make money and I move on. And so yeah, that's just an example of a flip that I would do. Yeah,

brian:

sure. So what I've got one more question, but before I get into that, I'm curious just personally. So have you, because you're surrounding yourself with people that are so substantially further than you and I do that. So everyone that I hang out with and I talk to is just oh yeah, I'm making a million dollars passive for making, $600,000 a month or something like that. I'm just like, oh, cool. Casual. That's normal more now for me. Yeah. Dude. Do you like, is it hard for you to sometimes remember that we are actually doing pretty good too?

ryan:

It's it's tough. It's. When I, you feel like we're doing nothing. So I look at myself as like this, like medium, right? And so I'm floating in this medium and I have people that are. At least income wise are, are below. And then I have people that are above me and I keep floating in this medium where I would meet these people, making a certain amount of money and having, living the life I wanted to live. And then once I reached that point, I now am associated with people who are even higher. And then there's those people who are, still people lower than me. So I floating in this like medium and it's, I never I do sometimes sit back and say, Okay. Like I'm at, I'm doing pretty well. I'm proud of myself where I'm at, but I've never sat down and said, I'm satisfied. Like I'm satisfied where I'm at. I've never, I have never done that. And I probably will, at some point I just, I'm still in, I'm always in growth mode and I'm always just trying to like move on to the next, how can I build this business? Who can I hire to do this? And, it's, I'm always trying to better myself and. I enjoy that. I genuinely do it. Doesn't really bring me down to say that I'm never satisfied. I am. I love, you know what, man, not many people can say that, like they love their life, right? Like how many people do you know this walk around and be like, I actually love my life. But I do. I genuinely love my life. I love my love, my life dogs, dude. I love my family. I've been blessed to be like super healthy in my life. Yeah, I love every single day, dude. I get up at four o'clock in the morning, every single day, Monday, Tuesday, Wednesday, Thursday, Friday, Saturday, Sunday. I work out, I read, I do my thing. I go through my day. I have a smile on my face. I just love my life and I wouldn't change anything. And part of that for me is growth. If I'm not growing, I feel like I'm stuck in like a rut. And I thank you. I don't like that. So I'm always trying. I'm always trying to grow. Thank

brian:

you. Thank you. Thank you. Thank you. I keep trying to tell people this. And I think people are starting to listen to me because now I'm also proving the point. All right. So for those of you that maybe are brand new, listen, and this is your first show first off, welcome. This is a freaking awesome show, but I'm literally filming this. This is the first international episode of the action academy podcast. We were filming this. And HAA Creek, which is an island in the

ryan:

Mediterranean. I was gonna say, dude, south, I don't even know where that is. South of

brian:

Greece. It is the largest island in Greece. And I am down here. Like I, I went and walked down to the ocean. I grabbed a Euro right before this interview. I walked back up to my apartment and now we're doing this show and I'm. I would, I can't imagine not doing this show. Yeah. Like people are heading to the beach and they're laying on the beach and they're drinking beer and I'm like, it's Monday, it's time to work. Yeah, I'm out here because this is my best life and it's my best environment. But. I get fired up from progress and goals and success and moving towards an end destination and like doing this is what freaking fires me up, dude. And I ask a question I'm like, yeah, go for it. Go for it. Oh

ryan:

no, go

brian:

ahead. Go ahead. Sorry. I made to cut you off. Go ahead, dude. I tell people if you have the economic prowess to hit financial freedom, and if you are that person, you're that guy or that girl that has the ability to hit that and you have the discipline to hit that. You're not the type of person that's satisfied. Just laying on a beach. Nope.

ryan:

Nope. So what, what would you say no, if you get to that point, I don't know. One single person that has reached financial freedom and has just sat down and I'm done Alex, throw the towel in. I'll just chill. Absolutely not. If you get there, first of all, take a certain type of person to get there. And that type of person is typically somebody who's trying to. Some sort of business or some sort of investment strategy that they have going on, and that never stops. You get hooked and you get addicted to it's not the money you get hooked, addicted. You get addicted to the feeling of the, the dopamine rush and the high of locking a new deal up meeting new people, getting around people that are doing crazy things like that's the high, it has nothing to do with how much money you make. That's a small part of it. But really the freedom that it allows you to live, I was, listen, I listened to three of your podcasts this morning while I I was going for a run and I had 'em on two X back. Oh. And all the intros through the intro. Do what you want, where you want with who you want. And I'm like with who you want. Yeah. I'm like, this is, I know people say it all the time, but once you actually hit that, you don't actually realize what, the power and the freedom that it actually does to, and it makes you feel. And once, but once you get there, you don't wanna stop. And if you do, if you stop, it goes away. And so yeah, people think I'm crazy for, why don't you just like, when are you gonna just chill? Like I never get chill, man. I don't chill. Like I, I'm not a chill person. So

brian:

no. And what was the question you were gonna

ryan:

ask? Oh, yeah. Deep question. Have you noticed that as you've been growing that your circle of close, like your close friends or have you lost friends from doing what you're doing? Have you lost people you thought were good friends or close to you because of your growth? Yeah. Yeah,

brian:

absolutely. So a great analogy that I've heard about this is this is something that I struggled with man before a lot, like people don't talk about it. Podcasts don't really talk about it too much. But my friend has an analogy that I thought was the best analogy for this. And he goes it's you're picture your life. And you're driving like a minivan down the road. He goes, and you got six seater mini. He goes, you don't just toss your people out your minivan. So don't just toss your people out the van onto the side of the road while you're driving. Yeah. He goes, cause they've been around. They've been with you since the ride. Like they've been with you since you bought the van, but that doesn't mean they need to sit front seat.

ryan:

right? Yeah. Like they can, yeah. That's a good analogy.

brian:

Yeah. Yeah. So it's like just, it doesn't mean that we love 'em any less. It doesn't mean that we don't value the friendship, but when you're allocating, it's just a matter of allocation of time. And when you're allocating your time your time has to be around people. That are either where you're at right now, that are from an accountability. Cuz after this I'm hopping off at six minutes, I'm going to my accountability, my go PODD call. Yeah. If you're about to experience here shortly. Yeah. And then after that, yeah, you're talking to people that are above you where you're where you want to be. Yeah. And if you're not on that level and you're not. That language or matching that energy. You're just not gonna get the time. Yeah.

ryan:

Yeah. I agree. And I only ask that question because I've noticed that quite frequently every level up, I go people, people come and go, they just, people come and then they, I just, I just keep leveling up and not everybody levels up with. And if you get stuck in a level where you do not wanna be, it's hard to get outta that. Yeah, I just it's hard. It's try not to be selfish, but at the same time, if you are not happy where you are, everybody around you is not gonna be happy. No. So you need to prioritize your happiness be and once you get to that point, everybody else is around, around you is happy because you're happy, you're the life of the party. You're smiling. You're but if you're not. Because you're bringing other people down. Yeah, exactly.

brian:

Yeah. When I first in, in the beginning, so you're in the stage, like I'm, you're ahead of me, but I'm in the stage where it's like couple years deep, like four years deep you're seven years deep. So it's just like in the beginning, everyone shit talks you so much. And like in the beginning, which is when you need the most support. Yeah. Everyone. Oh, everyone. Dude. My family told me that buying a house hack was the worst idea that I was gonna go bankrupt. I was living in an apartment, a high-rise apartment by the brave stadium in Atlanta, Smyrna, Georgia, and my roommate at the time, he was my best friend since college. He said that I, he hopes I go bankrupt for leaving him in that apartment. Now he has to figure out what he has to do now. So I was just like, wow, really? And my mom said, no, everyone said no. And I was like, I'm still gonna do it. So you have to get that first deal. And then what happens is a year goes by two years, go by and you keep plugging away. And then all of a sudden you come out on the other side, you're like maybe year three or four or five people. Like they start talking, maybe they'll still be like, oh yeah, the audacity of that guy. But now they're like, okay, what they're what Ryan and Brian are doing is working. So then they start coming. They say, Hey, I'm interested. What are you doing? Yeah. Has that been your

ryan:

experience? Yeah, I I very similar story. My, my family was like, why don't you just dude, I was making 125 grand a year as a PA at 26 years old. And my wife, my family, where they were like, what are you doing? Oh, what don't even get

brian:

started on that? The corporate thing when I left the corporate job. Oh my gosh. My family was like,

ryan:

Yeah. Yeah, it's, and you know what I said, I don't care if I fall flat on my face, I will succeed at this. It may take me 150 tries, a thousand tries. I don't care. I'm gonna make it work. And you just have to, you have to have a lot of internal motivation to be an entrepreneur. You have to have. Such an extreme amount of internal motivation that the external factors don't even affect you. Like you really, they can't affect you. And if they do start to affect you, you're gonna get bogged down. And that's that's something that I, when people tell me why you doing that? That's stupid. I don't, I literally don't care. Like I don't care what you have to say. Have you done it before? No. Okay. I'm not trying to be rude, but have you done it before? No, then all right, then let me figure it out. And if I succeed. And you wanna ask the questions after dude I'll help you, but

brian:

imagine how I feel about traveling around the world where not many people I've done it before. and I had imagine all of your systems and routines, like right now, it is going on four o'clock in the afternoon right now. So I'm doing podcast interviews at 11 midnight 1:00 AM. Oh my God. Like seven hour time difference. But here's my thing, right? I'm traveling around the world right now to like to enjoy it for sure. Best life ever. But it's higher than that because I'm also trying to prove a point and I'm trying to say, okay, like proof a concept. Here's how to make this work. If you wanna do this. Yeah. Like here's how it doesn't work, but anyways brother, where can people find you? Where can people get in touch with you so that they too can get one of these screaming deals and get on your Excel sheet? Yeah.

ryan:

Dude, I Instagram, I just started a TikTok. I've gotta be on YouTube. I, so for, oh man, I'm just starting to blast out content wherever I can. And I, I hope people can learn from it. That's it's really what I really, what it's all about.

brian:

Cool. What are the handles?

ryan:

Oh boy. I think it's RJ Coran is zero eight for Instagram and TikTok. And then YouTube is just my name. I'll send you the links. You can stick 'em in the show notes.

brian:

Spoken truly like a man. That's just now getting into the world of social media. But remember the ladies and gentlemen, this man sent out an email raised 250,000 with this level of social media knowledge you can do exactly.

ryan:

I love this has been awesome, man. I really appreciate it.

brian:

Appreciate it, buddy. This has been Brian and Ryan signing off with the action academy podcast and.