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HOT TOPIC The Undercover Billionaire: Building a $1m business in 90 days

ChrisV

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Guess what I found with a simple google search: Underdog BBQ-Erie, PA | Scrappy in the Streets and Saucy on the Meats

Seems like Glenn really took action and took it pretty quick as well. Also, nice to see RJ still hanging around. Can't wait to see all the process that went behind it and if he was actually able to clock the $1m mark.
You ruined the ending for me. Joking.

Can't believe I didn't think to google that. It didn't click in me that the show was actually filmed over a year ago.

I'm glad to see them doing the sauces. Alot of potential for scale with those.
I f---in love this guy.

Screw your MBA, watch this show.

But we don't know if it's a million dollar business. So keep watching.
 

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ChrisV

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The tattoo'd guy: "you either win or you learn.. you don't lose"

I love that so much. Stealing.

But Holy crap @ the YouTube comments on the interview I posted

These people are really sad.

26861

26863
 

Rawseed

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"you either win or you learn.. you don't lose"
Great quote. Great book too.

My initial thought on the "American Dream is Dead" mindset was yay! Because, ideally it means more wealth for those of us who know it's alive and well.

But, the more people who believe this, the more people there are looking for ways to violently steal the wealth from the people who have earned it.

We need more shows like this one and Shark Tank, along with books like Unscripted, to show people that they can do it.

We currently have more and more people feeling entitled. Coupled with more and more people blaming others for their perceived hardships. Coupled with fewer people taking responsibility for their outcomes.

More entitlement + more blame + less responsibility = Anger and Violence.
 
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Kak

Kak

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My initial thought on the "American Dream is Dead" mindset was yay! Because, ideally it means more wealth for those of us who know it's alive and well.
The difference is that wealth isn't finite. It is not capped. It is created.

If everyone does better, everyone does better.

This is NOT an argument for redistribution... More like: If everyone knew that they could make something out of themselves, and tried, everyone would be better off, including the people that already did.
 

ChrisV

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My initial thought on the "American Dream is Dead" mindset was yay! Because, ideally it means more wealth for those of us who know it's alive and well.
The difference is that wealth isn't finite. It is not capped. It is created.

If everyone does better, everyone does better.

This is NOT an argument for redistribution... More like: If everyone knew that they could make something out of themselves, and tried, everyone would be better off, including the people that already did.
Yep. Wealth isn't a 0 sum game. Someone else getting rich often benefits you.

For example, we've all benefitted from Steve Jobs of Bill Gates getting rich.

Uber benefits you, Amazon benefits you. Toyota, Mercedes, Home Depot, Google.

Entrepreneurship and innovation makes life objectively better (if we measure 'better' by the reduction of unnecessary suffering in the world.)

The beauty of Capitalism is that it creates a win/win situation where both parties are left better off than they would have been without. all those win/win situations just makes the world better for humans (measured in terms of wealth and life satisfaction)

26865

 

Rawseed

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@Kak and @ChrisV, I agree with you both.

Wealth is definitely not finite.

On top of that, most Americans are wealthy.

They just don't realize it because of hedonic adaptation, social media, comparisonitis, and advertisers.
 

ChrisV

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@Kak and @ChrisV, I agree with you both.

Wealth is definitely not finite.

On top of that, most Americans are wealthy.

They just don't realize it because of hedonic adaptation, social media, comparisonitis, and advertisers.
Yep. Throughout almost of human history, people lived on the equivalent of ~$1/day (in constant 1991 dollars)

There was actually a documentary (now on YouTube) about this where some College kids went to Guatemala and lived on the average wage there... $1/day

Full Playlist: https://www.youtube.com/watch?v=RCT5HsUi7VE&list=PL74av1RRDrl-IYw6spYn5W3yaI_vQD4kz&index=2&t=0s

The stuff they went through was insane and enlightening. One of them got sick and had to spend the majority of their weekly budget on medication.

And that's what most of human history was like.

Capitalism changed that. The system may not be perfect, but it's literally hundreds of thousands of times better than anything we've ever had.
 
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Kak

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I want a big dinner at Underdogs in September...

Anyone in?

I am going to try to reach out to Glen and see if he will come.
 
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ChrisJHarrington

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I'm just starting episode 3, but I do want to share something that could be useful for you all with flipping and taking strategies from this guy's playbook with less risk:

With real estate investing, you can get a property under agreement (if you find a good deal) and then sell it to someone who has money and take a cut as a 'finder's fee'

Rather than buying and securing a mortgage and remodeling and all of that nonsense.

Something to think about/research.
 

ZF Lee

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I'm just starting episode 3, but I do want to share something that could be useful for you all with flipping and taking strategies from this guy's playbook with less risk:

With real estate investing, you can get a property under agreement (if you find a good deal) and then sell it to someone who has money and take a cut as a 'finder's fee'

Rather than buying and securing a mortgage and remodeling and all of that nonsense.

Something to think about/research.
Damn! Actually common around where I am.
A real estate agent of sorts, you mean?

I was wondering whether a 'services route' could be explored in the series.

And it may be possible to hit the million-dollar mark (taxes and equity aside), if the property value is priced high enough, and the percentage cut for the fee fits in.

Here's an article to illustrate it.
 

ChrisJHarrington

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Damn! Actually common around where I am.
A real estate agent of sorts, you mean?

I was wondering whether a 'services route' could be explored in the series.

And it may be possible to hit the million-dollar mark (taxes and equity aside), if the property value is priced high enough, and the percentage cut for the fee fits in.

Here's an article to illustrate it.
I believe it's called Wholesaling in the real estate world.
 
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Kak

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ZF Lee

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Has anyone used an option contract in RE?
The closest to that I've ever heard of was lease options for property, did by Vincent Wong (now he's a guru alongside John Lee, they've showed up in Malaysia in the last few years, and I believe Brian Rose's London Real featured John Lee once).

Last word I heard of it is that they've patched up loopholes to that technique?
 
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Kak

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Episode 4!

So far it was actually cool to see him off of his game. We have all had days like that where we just can't get our point out. He is mortal.

Pretty much any of us could have done a better job pitching a deal with the brewer.

"We would like to feature your beer and potentially private label something as a house beer. We want to be your customer. What will it take to get you excited?"

I also like what he said about spotting talent. When out and about... at the bank, a restaurant, a store, whatever. If someone impresses me, I usually ask their name, introduce myself and compliment them. I make a mental note and know of several people I could offer jobs to.

Most recently... I really liked the guy that sold me my car.
 
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Bertram

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Damn! Actually common around where I am.
A real estate agent of sorts, you mean?

I was wondering whether a 'services route' could be explored in the series.

And it may be possible to hit the million-dollar mark (taxes and equity aside), if the property value is priced high enough, and the percentage cut for the fee fits in.

Here's an article to illustrate it.
Wait, what? I thought that only real estate agents can get buyers and sellers under contract and that's the law of the land.
If you can do this without a real estate license what is the job title you're using?
 

SamRussell

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Yeah but can you not handle money/diet/relationships because you suck or because there is something you don't know or understand that others aren't letting you in on? That is going to vary with individual of course but financial intelligence and knowledge takes care of that on the money part. Some people have all the merit and just haven't pieced together the puzzle yet, others have the solution alongside starting resources by previous generations.

There are lot of reasons people want things to be fair. I'm not talking about fair, I'm talking about a level playing field. There is a mathematician named John Nash. John Nash discovered a concept of group dynamics and a movie about him expressed the concept in a simple way. He and friends at a bar looked at a group of girls coming in. John explained that they could all go after the 9 and maybe one person gets laid which is your typical capitalist mindset. But if instead they all work together to impress the whole group without going after any particular girl they increase the probability not only that everyone gets laid but that any individual in their group gets laid at all, in fact the difference is so significant that going the first route the probability of nobody getting laid is quite high and in the second group strategy the probability that none of them get laid is extremely low.

Our "group" is the united states and a level playing field increases the chance that we can all move up to the investment class... there is a whole world full of girls we can lay and if we collaborate in a group strategy there is a much better chance for all of us of getting laid... err wealthy. You actually lower your chance of getting wealthy by purely being out for yourself. That is just math... quite advanced statistics actually and the guy won a nobel for it but as definitive as 2+2.
What you really mean by "level the playing field", is to punish or inhibit those who have an ability or an advantage.

Is it "equal" that one man was born with a rich father and another poor? No, it is not.

Is it "fair"? The word doesn't apply to this situation.

Should one man be punished because his father was rich? Hell no.

If someone takes an advantage they had, and work hard to further their advantage, should they be punished for it? Hell no.

Since when did a mathematical concept, which is what "equality" is, become a virtue?
 

biophase

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With real estate investing, you can get a property under agreement (if you find a good deal) and then sell it to someone who has money and take a cut as a 'finder's fee'
Has anyone used an option contract in RE?
Yes, all you do is basically get a property under contract and in the contract instead of your name or in addition to your name you add language like "and/or assigns".

This gives you the ability to assign the contract over to someone else. So if you get a house for a great deal, let's say the home is worth $200k and you get it under contract for $150k. You can sell or assign the contract to someone who pays you $10k for the contract.

I've added that language to my contracts a long time ago when I was buying real estate, but never actually sold a contract. A competent realtor or seller would never allow it on the buyer's line as they have no idea who they're going to end up dealing with.

I've done a lease option contract, where I was the landlord and the option was eventually exercised after 2 years.
 

Rawseed

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I enjoyed episode 4.

Here are my takeaways:
  • Time is your most valuable asset.
  • Don't waste time trying to learn what a professional can already do faster and better.
  • If you have a big dream, be prepared for setbacks.
  • It's how you recover that counts.
  • Look for ways to get PR or public acclaim for your business.
  • Look for ways to position yourself against your competitors.
  • Get as many well connected people in your corner as possible.
  • Know your timeline, your benchmarks, and your constraints.
  • Know when you need to light a fire under your team.
  • Turn rivals into revenue.
  • Don't compete when you can compliment.
  • Be collaborative instead of competitive.
  • Eliminate conflicts by striking mutually beneficial deals early.
  • Look for the linchpins in your market or industry.
  • Get the linchpins on board early.
  • Get influencers and leaders onboard before trying to get their followers on board.
  • When pitching, less is more. Stick to the essentials.
  • When pitching be laser-focused and pitch one thing.
  • Don't confuse people with your message.
  • Focus on what you need for the next step.
  • When you find talent, create a space for it on your team.
  • Look for employees with a growth mindset.
  • Look for people who welcome constructive criticism.
  • When it comes to branding, less is more.
  • Logos should represent your company.
  • Figure out a way to overcome obstacles.
  • Don't give up. Figure out a way to make it work.
  • Don't tell yourself that what you want is impossible.
  • Tell people exactly what you want. That's the only way you'll get it.
  • When you're negotiating both sides should feel a little pain.
  • Don't be afraid to hear no.
  • The negotiation doesn't start until you hear no.
  • Always look for a way to turn your trash into money.
  • Work with people who stick to their commitments.
  • Thank your people.
 

MJ DeMarco

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I have one episode left to catch up on this... then I can read the first 9 pages of this thread. I will probably create my own thread with my own thoughts as I have a lot. It probably won't be what people expect either, although maybe I'm not alone in my thinking (haven't read the 9 pages here yet, but will!).
 

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MakeItHappen

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I have one episode left to catch up on this... then I can read the first 9 pages of this thread. I will probably create my own thread with my own thoughts as I have a lot. It probably won't be what people expect either, although maybe I'm not alone in my thinking (haven't read the 9 pages here yet, but will!).
Awesome! Now I am excited. :)
 

MJ DeMarco

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No new comments on the latest episode? And the miraculous investor appearance who wants to pay cash and close in 3 days? All while solidifying Glenn's meaty profit? :rofl:
 
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Kak

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No new comments on the latest episode? And the miraculous investor appearance who wants to pay cash and close in 3 days? :rofl:
Labor day had me off track. I will watch it tonight. I look forward to seeing the miraculous investor first hand.
 

Timmy C

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No new comments on the latest episode? And the miraculous investor appearance who wants to pay cash and close in 3 days? :rofl:
Lol eyyyy I have been enjoying the show haha.

Bit busy at the moment but I should watch it by the end of the week!
 

GPM

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I have only watched the first episode so far, but watching people's reactions on here compared to what I see in the show has been priceless.

My favorite observation at this point is from whoever (I am not going back to look) was saying it was all staged because Glenn knew he was going to Pennsylvania based on there being snow on the ground. Meanwhile it literally zooms in on the GPS in the plane and shows them landing in Pennsylvania... it is like some people are instantly wired to just hate everything.

A close second is getting mad about him selling goods in a bar. Maybe it is different in Canada, but I don't see the police banging down the doors up here to shut that down. Tattoo face with Glenn also clearly was a regular at that bar as he seemed to know most everyone by name. So if stranger Glenn shows up with a regular and wants to sell merch at a bar with a regular, I don't see that being an issue.

This is also not shot chronologically. The voice-overs and monologue shots are not shot sequentially. So anything with that, or even footage from the show itself, is not necessarily all shot in order. It has all been edited together for maximum effect. So that needs to be taken in to consideration as well.

Overall, I had a HUGE takeaway from that whole "find your buyer" first. I am in a current situation where I know exactly what a customer wants, and they are even going to bid on something in 2020. So we have our buyer and know what they want, and are going to be part of that bid. Now time to get everything in order to make that work.

My wife and I have very different tastes when it comes to what we watch, and we both had a ton of fun watching this, and we had a great discussion during and after the show. So that alone is a MASSIVE win from this. Well worth the time spent watching it. It is hard to sometimes get my wife involved with how I think when it comes to business, so this show has been a great catalyst for driving this. To say I am excited to watch the rest of it with her is an understatement.
 
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Bertram

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No new comments on the latest episode? And the miraculous investor appearance who wants to pay cash and close in 3 days? All while solidifying Glenn's meaty profit? :rofl:
Again, I missed this setup and the fake miracle!
This process is pretty humbling.
First I watch the show and grab what I can. Like the social media marketing checklist at about 28:30.
Then I get over here where Dad offers some great good gossip.
The perpetual wake-up call from you MJ is think defensively.
You have to know how to read what's really happening in the game and keep your doubt, distrust and skepticism about people always handy. The humble lesson for me is that my skills there are limited. How do I improve in this area? Really rapidly?

The best moment in Ep 5 for me was Glenn's motto for not waiting for help and not just accepting the circumstances.
"Set your own table."

@MJ DeMarco
 
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Kak

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"Set your own table." Be a self starter. I love what he said to the web dev guy. Interesting. I think he almost blew his cover in that convo.

That goes along with @biophase new thread about growing businesses for sure.

Play offense!
 
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Kak

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No new comments on the latest episode? And the miraculous investor appearance who wants to pay cash and close in 3 days? All while solidifying Glenn's meaty profit? :rofl:
Actually after watching this...

Have you ever been on any RE wholesale lists? Generally they are super fast close cash or hard money transactions. They liquidate for enough under market that someone grabs it fast.

I subscribe to one called New Western. Deals are placed in no time. I have tried to put deals on a few multi family properties, there are usually 5-6 people interested in every deal.

They leave the door open and just let you walk in and look at properties sans realtors. It is way different than the dog and pony show we go through to buy and sell personal properties.

This is definitely plausible for someone willing to wait out some additional profit.
 
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