Wann du wirklich aufgeben solltest

0:00Uh we have two businesses. Um one of them is a real estate wholesaling business and one of them is more her but it's a real estate investing coaching business. Okay. >> Um that one only came up recently because people started asking her, "Hey, can you please coach me?" "Sure." So we said, "Sure, we'll do that." Um >> really the the question is around Yeah. The question is more so around the first one. So the wholesaling business has been around for about a year, a little over a year. We've done about $250,000 in revenue in that year. So pretty poor and overall very net negative. Um, we are

0:29>> the wholesaling business. >> The wholesaling business. Yep. Interesting. So, we're a couple hundred thousand dollars in debt from horrible AOAZ and bad decision- making. Okay. >> Yeah. We can cover that later if you want, but um so we don't do nearly enough revenue there. The coaching business has done great revenue um in the last four months. You know, it's like the thing you you drew, right? Um I'm not asking which one do I pick, whatever. But more so uh you know, we just want to get to the point where we get out of that revenue. How [snorts] do you decide when to give up on something? Right. What do we [laughter]

0:56>> I know it's tough. But I guess the question is you've said like >> what do you think I'm going to say right now? >> People fail at businesses. >> Yeah. >> Those who can't do teach. Those who can't teach teach Jim. >> Yeah. >> Um >> but how do you decide when to give it up? >> Was it >> How do you decide when to give it up? How do you decide when to accept the failure and not just You said earlier it's a personal decision. >> Push and pivot is totally a personal decision. Um, I would say that my my more like reasoned argument for when to push and when to pivot is when I will continue to push until I have a fundamental assumption that's been proven wrong. So, what information did I originally assume was correct about this opportunity that is no longer true? And if no original assumption is proven wrong, then this is just the cost of figuring it out.

1:36>> And as long as the cost of figuring out still exists, push through it. >> Yeah. And I I mean I'll say like in a business like yours, tons of people make money wholesaling. So this isn't an opportunity to like >> Yeah. This isn't like no one makes money wholesaling. Tons of people make money wholesaling. You have a lead genen issue. >> Yeah. Okay. >> Also, I think if you are going to do the coaching from an ethical perspective, it's tough to like lose money in the thing and then tell other people how to do it. >> I'm not coaching on wholesale real estate for 10 years,

2:02>> right? So she has >> got it. Yeah. She does. It >> makes me feel much better. >> Yeah. Rentals, [laughter] syndications, those things. >> Like equipping the enemy. I'm like, please don't don't use these powers for wrong. [laughter] Right. >> That makes me feel good. Well, thank you. I that makes me feel better. Okay. So, all right. So, the the real estate investing side, you have done it successfully for a long time. Well, then why did you So, why do you why did you start is so the how old is the wholesaling business? >> It's just over a year old. >> Okay, got it. So, did you just get into it because you're like, "Oh, this could be interesting."

2:29>> Yeah. Uh, so I was working a different role. Tammy wanted to get me into the family business and so she uh she wanted to have >> is a great place to start. >> Yeah. So, she wanted to have a more active income. She had passive income in real estate. Wanted active income to be able to utilize for other ventures. I think that um so I'll I'll give you what I would actually probably do. I think Tammy, I think you keep doing the real estate investing and the coaching around that because you're good at it and you have the track record to prove it. I think you should absolutely learn and actually figure this out and don't use any money from Tammy in terms of how to make the wholesaling business work because every guy that I know crushed it in wholesaling started with

3:04>> Mhm. >> And you absolutely can make wholesaling work when you have no money. That's the point of wholesaling. Yeah. Yeah. Is that you start with nothing and so I think you skipped a few levels without the skill. So like you had >> jetpack with money but not the skill. Like one of my favorite Magic the Gathering cards is Burning Wish which is she wished for a weapon but not the skill to wield it. >> And so you got money >> but you didn't have the skills in order to use the money. Yeah. Once you have the skills, the money is just a jetack on your existing skill set. And it was a jetpack. It just went down right because the skill set wasn't there.

3:35>> Yeah. We we like you had talked about earlier with authority and just listening to authority figures. we had used a coaching program and we just did exactly what they said and it went horribly [snorts] and so that's you know that plus our ignorance debt and not choosing to be have a longer time horizon >> crushed it really quick. >> I think that I would look at the many free ways of getting leads um with wholesaling. There's so many >> and more outbound methods because I think that'll be really good for you uh to learn and that will then naturally feed into the investment side because when you get the best deals that you find,

4:06>> you keep them for you and then you flip the rest of them which is fine. Mhm. >> And I think that's a great business. Um, but I think you should like you should put it on yourself to learn how to do that with no money. >> Like you can do that. You don't need anyone else's help. >> Yeah. >> So I think that you should do this. >> I think you run the real estate investment coaching business and your real estate arm. And then you need to do this 100% on your own. >> Yeah. >> I think you will also respect you more >> because I think that on some level, I'll tell you what would would happen is that like let's say it did work. I think you will always wonder if you could have done it on your own.

4:38Yeah, that makes sense. >> And I think there's a lot of power in knowing that you can do it with nothing. >> Like I can speak with a tremendous amount of confidence because I have lost it all before and I have gotten it back. >> And so like I don't have a lot of fear around it. >> Yeah. >> And I think that just I think it changes you. >> Having lost it all and gotten it all back. Was that in the same business venture? Like you you lost all in the same venture that you then made it in. Is that what you'd say? >> Sort of. I mean it was gym related. >> Gym rel gym adjacent.

5:04>> Yeah. Gym adjacent. >> Okay. Cool. Well, thanks. We'll do.