What I learned from lunch with a millionaire...

[unorthodox]

I met this guy through an one of my lead generating activities regarding a $900K condo in Birmingham, Michigan (high networth, high property tax area). He wasn't really interested after showing the property.

A month later I decided why not pick his brain for some advice.

I sent him a text message offering lunch on me for exchange of his time, he agreed. I chose the place, we set a time.

First thing he suggested and really emphasised was learning to read Financial Statements.

2nd thing was "The Grind". His process consisted going to gatherings of CEO's, executives and other major decision makers in his industry, networking, putting manufacturing contracts in place etc. - working a minimum of 65 hours a week sometimes 80-100 hours. This eventually lead to contracts that netted him millions of dollars.

3rd piece was truly believing in yourself, being able to already see yourself where you want to be.

4th, purchasing SFH's that need work in nice areas and flipping or renting. (He owned 57 homes & apartments at one point).

To boil it down, his main strategy for wealth was buying low and selling high. He also bought troubled businesses, increased sales and resold them.



This individual has now become apart of my network allowing me to leverage his extensive list of connections.

All I invested was $57 including tip!

 

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[eekern]

minimum of 65 hours a week sometimes 80-100 hours ?

Yep that it what the 4 hour week forgot to tell you, that you have to invest 14 hours 7 days a week a couple years first...

Great work closing a lunch with a baller !

 

[MJ DeMarco]

I can't comment on the RE aspect of it, but defintely agree with "the grind" as part of the equation.

Thank you for sharing the experience.

 

[AgainstAllOdds]

He also bought troubled businesses, increased sales and resold them.

This.

I've met a few dozen multimillionaires that made their wealth doing this.

Right now I'm selling a product to small business owners ($500k to $5M in revenue), and you'd be surprised at how inefficient their supply chain is. I'd say 25% of them can double their net income if they sourced raw materials themselves. Meaning that if they're inefficient. Businesses you buy can be equally inefficient.

4th, purchasing SFH's that need work in nice areas and flipping or renting. (He owned 57 homes & apartments at one point).

Single family homes vs multi-family/apartments/condos depends on the area. In Chicago multi-family homes are the best return on smaller investments. Empty lots + development is the best on large investments.

 

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[Imgal]

2nd thing was "The Grind". His process consisted going to gatherings of CEO's, executives and other major decision makers in his industry, networking, putting manufacturing contracts in place etc. - working a minimum of 65 hours a week sometimes 80-100 hours. This eventually lead to contracts that netted him millions of dollars.

3rd piece was truly believing in yourself, being able to already see yourself where you want to be.

Sounds like it was well worth the price of the lunch. Out of them all I really think these are both gold. They are the proof that thinking you can't make it because you don't have money or have all the knowledge possible on an industry are nothing more than limiting beliefs. If you have the faith in yourself that you can get there then you'll quickly find that others will start to believe in you too. If alternatively you're doing the "Can't stand on the hot coals, hopping on and off" dance then it's no surprise people aren't so willing to give you the chance.

As Gary Vaynerchuk said his recent video, the reason he got where others didn't wasn't all down to contacts or money was because "I outworked you".

 

[CommonCents]

Right now I'm selling a product to small business owners ($500k to $5M in revenue), and you'd be surprised at how inefficient their supply chain is. I'd say 25% of them can double their net income if they sourced raw materials themselves. Meaning that if they're inefficient. Businesses you buy can be equally inefficient.

very true. Small growing businesses focus on sales(which is a good thing) but at some point spending time reviewing/sourcing/negotiating, and a few bucks(purchasing/sourcing specialist perhaps) to improve the "buy" side has a nice ROI, dropping right to the bottom line.

 

[iAmAttila]

minimum of 65 hours a week sometimes 80-100 hours ?

Yep that it what the 4 hour week forgot to tell you, that you have to invest 14 hours 7 days a week a couple years first...

Great work closing a lunch with a baller !

The 4hr workweek is for single, immature affiliate boys n girls that travel the world and work from their laptops. Guys running the current shadiest vertical cloaked.

Its def not a real business and one that a serious mature individual with a family and responsibilities to build long term assets follows.

 

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[BlakeIC]

can someone aware me on what FSH means? the results on google were follicle stimulating hormone

 

[MJ DeMarco]

purchasing SFH's

Single-family homes.

 

[Luffy]

Great thread, thanks for sharing your lessons with the rest of us.

The 4hr workweek is for single, immature affiliate boys n girls that travel the world and work from their laptops. Guys running the current shadiest vertical cloaked.

Its def not a real business and one that a serious mature individual with a family and responsibilities to build long term assets follows.

How about building assets and then travelling the world?

 

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[Bigguns50]

Thanks for sharing @unorthodox . Great move !
Are you in MI ? If so, PM me. We're building a group of Fastlaners.

 

[Supercar Ace]

Thanks for sharing!

 

[wrighj03]

Great info. Thank you for sharing.

 

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[DaRK9]

First thing he suggested and really emphasised was learning to read Financial Statements.

If anyone doesn't know how, I found this on Google. http://people.terry.uga.edu/akefalas/courses/mirrors.htm

 

[Roli]

working a minimum of 65 hours a week sometimes 80-100 hours. This eventually lead to contracts that netted him millions of dollars.

Has he stopped working that hard or is he addicted to it? I don't mind the 65-100 hours per week, but the dream is surely not to work that hard.

 

[timmy]

I met this guy through an one of my lead generating activities regarding a $900K condo in Birmingham, Michigan (high networth, high property tax area). He wasn't really interested after showing the property.

A month later I decided why not pick his brain for some advice.

I sent him a text message offering lunch on me for exchange of his time, he agreed. I chose the place, we set a time.

First thing he suggested and really emphasised was learning to read Financial Statements.

2nd thing was "The Grind". His process consisted going to gatherings of CEO's, executives and other major decision makers in his industry, networking, putting manufacturing contracts in place etc. - working a minimum of 65 hours a week sometimes 80-100 hours. This eventually lead to contracts that netted him millions of dollars.

3rd piece was truly believing in yourself, being able to already see yourself where you want to be.

4th, purchasing SFH's that need work in nice areas and flipping or renting. (He owned 57 homes & apartments at one point).

To boil it down, his main strategy for wealth was buying low and selling high. He also bought troubled businesses, increased sales and resold them.



This individual has now become apart of my network allowing me to leverage his extensive list of connections.

All I invested was $57 including tip!

Nice one OP

 

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[Vigilante]

The 4hr workweek is for single, immature affiliate boys n girls that travel the world and work from their laptops. Guys running the current shadiest vertical cloaked.

Its def not a real business and one that a serious mature individual with a family and responsibilities to build long term assets follows.

lol