E218- Gary Boomershine

Denis O’Brien [0:37]
Welcome to Episode 218 Gary Boomershine. Hey, money clan, a very warm welcome to the Chain of Wealth podcast. I’m your host, Denis O’Brien.

Katie Welsh [0:50]
and I’m Katie Welsh.

Denis O’Brien [0:51]
Wow Kate, what a conversation we had with Gary.

Katie Welsh [0:54]
My brain is just reeling with all the information and like the value nuggets, because a lot of times, I’ll say this even like coming out of, you know, being in the personal finance community and I’ve bought a home before. Real estate is still a little overwhelming and intimidating to me. And the way he laid out being a real estate investor seems so doable to me now.

Denis O’Brien [1:26]
Yeah, it totally does. And Kate like one thing I really like about Gary is he’s a really big name in the industry. Like everyone knows who he is, and he really knows what he’s doing. And he’s been doing it for a long time. So when he speaks, it’s wise to listen. So if you’re thinking about investing in real estate, maybe your first couple properties, this is definitely an episode you want to check out. So before we dive on into today’s show, we would love to hear if you guys do have any properties, DM us on Instagram, it’s @chainofwealth. Alright Kate you ready to dive on in?

Katie Welsh [1:58]
Yeah,

Denis O’Brien [1:59]
Fantastic. Let’s do it.

Voice Over [2:1]
Welcome to Chain of Wealth. Here’s your host, Denis inspiring you to begin your journey of financial freedom.

Denis O’Brien [2:14]
Gary Boomershine founded realestateinvestor.com in 2005 out of the need to scale and grow his own real estate investing and home buying business. Gary currently resides in Northern California with his wife and two daughters, where he is actively involved in real estate investing and private lending. In his free time he enjoys fly fishing, skiing, hiking, mountain biking and traveling with family. Welcome, Gary.

Katie Welsh [2:41]
Hey Gary.

Gary Boomershine [2:42]
Hey, it’s so great to be with the two of you. I know that we did a little prep in advance for this call. And I’ve been so excited. I follow you and I really look forward to sharing some great content with your loyal listeners.

Katie Welsh [3:24]
Yeah, we’re super excited to have you on too. And so like Denis was saying, you are super big into the real estate market and everything and it’s like perfect timing because Denis and I are kind of dabbling with the idea of buying a house. So we have a lot of questions for you. But before I wanted to ask, like how did you get started in real estate because it’s kind of an intimidating topic.

Gary Boomershine [3:24]
Yeah, you know, it’s, I’m I’m actually going to share most most people in our world, we go down and we get educated. And we go to school, and then we go to college, right? Or some go end up in some other trade. And then we take on some debt, and there’s this path and then you get a job and you work from, you know, eight to six or nine to five or what have you. And I think that, that that’s the typical path. And I told my daughters, I’ve got a daughter who jeez It’s amazing when I got into real estate investing 2004 I had a two month old, who she’s now has her permit for driving. She’s 15 and a half. And I have a junior in college who was four, and my wife and I went full time we both quit our jobs. Get a two month old baby, I left a I was a director of sales for a software company with a well paying job and a $700,000 mortgage in California. We went cold turkey by the way. I don’t Lesson number one for all your listeners don’t do that. Don’t don’t do the Napoleon Burn, burn the bridges and burn the boats and do something full time there’s a better process and and I’m actually passionate about sharing everything that I’ve all the mistakes I’ve made there is real estate is incredible. So I told my daughter, we’re talking about this, I’m like, gosh, you know, of all the money that we’ve made. And all the money that slipped through our hands over the years, really the wealth is come from ownership. And actually the long term holds of property ultimately been the real estate that we’ve held. You know, a lot of people they flip properties they wholesale, and they buy fix and flip or they rehab. And I you know, I’ve done I’ve done hundreds and hundreds of properties. I tell people, you know, I don’t like to beat my chest, but I can tell you I’ve done well over 600 properties. So I’ve been around for a long time I’ve done about apartments I do a lot of lending. I mean, you name a type of property. I probably bought it done land deals, I bought a 7400 property that I flipped and made 240 grand in Vermont, like East Amherst in Vermont, that I never even saw. So I’ve done a lot of different things. But I really, I tell people is actually on stage in Biloxi, Mississippi, this last week, and I told everybody, I really regret selling every property I’ve ever purchased. Isn’t that interesting? That really is interesting.

Katie Welsh [6:1]
And why is that?

Gary Boomershine [6:3]
Well and a lot of us so I got into the business full time. Went to a big seminar Actually, I’ll even back up I read Rich Dad Poor Dad. A lot of us read Rich Dad, Poor Dad. And there’s such an important point that was the that was the catalyst for me. I was burnt out working a software job. Gosh, I was traveling I think I had 180,000 miles and you on united alone, traveling and I never never, never saw. I mean, it was great training. It was a great great people. But I was just it was I was a slave to the work, right? trading my hours for money, my time for money. And and so I went to a seminar, actually I take it back, I was reading Rich Dad, Poor Dad. And the AHA of the whole book was what what really is the definition of wealthy. It’s when your passive income is greater than your expenses. I want to repeat that wealthy. There’s there’s the definition of rich, and there’s the definition of wealthy but wealthy is when you’re passive income mailbox money. You can be anywhere in the world, you can be on vacation, you can be sick, a friend of mine who has actually got, he was sick, and he shares his story. And his passive income from his rentals covered his living expenses. And that’s the definition of wealthy That’s what I got excited about. I’m like, gosh, we have product. Like, there’s, this is the only business where there’s product product that we can buy and sell everywhere. Everywhere we look in every city, we have something that we can buy and sell. Right? And also it’s the business with the biggest ROI and the least amount of money. Like usually when you go and you buy a business, you have to borrow money, right? You have to build it, you have to hire employees. You have to have raw materials, you got to like turn into something cool, right? You’re building cars or furniture, you know, you got to source stuff and and then you got to find a retail store. What even if even if a restaurant and real estate it’s like the one business where you can literally almost almost make money out of thin air. And I say almost because a lot of people say you can make money out of thin air and I actually think that’s a lie i think that you know, you do have to have a little money typically in marketing you do have to talk to people and typically you need to have some staff and a lot of people are told like oh, you can just go do these things and make a ton of money I do you think you need a little money and you need to somebody has to do the work because there’s definitely work that has to be done in this business. But anyway, back to back to the story. Sorry to get off on my soap dish. But I told my daughter, I’m like, gosh, you know what, really? The job is great, but really, it’s the passive income, like buying real estate. My wife and I bought a property in Hawaii 2004 we still own to this day. And I knew nothing. I really didn’t know that much about it. I made a lot of mistakes. But we bought this property and it’s a two bedroom condo and we rented on BRBO that for everybody that doesn’t know that’s like an Airbnb and so every we, we rented out for 300 to 350 a night, and we rented probably 90% of the year and takes very little time. We have a property manager over there we never talked to ever. So money comes in, money goes out. We spend a couple hours a month, and we get this passive income. And then with the renters, the people that actually rent it. the only the only thing we know about the renters is actually the little book every time we go and visit and stay in our nice condo in Maui for our vacation, we open the book and people are like oh my gosh, this is the best vacation we ever had. And we love your place and and they mentioned little things that we’ve done to our our unit. And it’s pretty cool, but it is the passive income and the rental income that has just been incredible. Plus you get tax benefits. And so there’s a lot of stuff around real estate.

Denis O’Brien [10:58]
So I know you covered a lot over there in a very short amount of time. But I’d like to actually back pedal a little bit to those early days. So you basically went out on a whim and both you quit your jobs. What was the strategy at that point? You know, were you were you kind of like I need to start acquiring properties as quickly as possible, were you? Because, like, obviously, like quitting your job, you must have been very, I don’t wanna say strapped for cash, but sort of worrying about when that next paycheck would come over that next source of income.

Gary Boomershine [10:58]
Yeah, that’s a really great question. I’m an action taker. And one thing in real estate that I think is important, is there is work to be done in this business. It is not there is no get rich quick scheme. I’ve never seen it and by the way, I’m pretty well connected out there. I know most of the Guru’s any, I mean, very well connected that most of them know me. And I think that a lot of people like to talk about, you know, go to you can make money in your underwear without doing anything, and you just buy this little book or course or whatever, and you make money. And by the way that doesn’t exist. There’s work. And you have to be persistent and tenacious in this business. The hardest part of this whole business you guys even mentioned, it’s the first deal. Your very first deal is the hardest. And the reason is the hardest is more of the mindset. It’s more of like, the issues are between, you know, our left ear and our right ear. It’s within our brain. And so I think, what happened for me, I, the 2004, I went to a seminar, and I wasn’t even if I spent three hours I told you my true backstory, you’d be like, I really have no interest in doing real estate. But I got excited. And I the light bulb came on and I said, I’m going to prove this thing out. And so I basically gave myself a 90 day runway it was kind of like the movie The Pearl Harbor. I’m like Pearl Harbor, they had to, you know, in the movie, they had to take a jet and fly it off an aircraft carrier and not like crash in the water, right? Imagine. And so I’m like, Okay, I got 90 days, I got 30 days to go find some properties 30 days to close the deal, and then 30 days to flip it. And if I can do that, and make money, then we have a business. And so I ended up finding three deals in those days while I had a job. And it was $450,000 in revenue that I found. So when I had that now and I had not closed it, that was probably one mistake. I would actually usually when I coach people, I tell them, Hey, have your income replaced first before you quit what you have. But my wife came to me and she said, Gary, I think your job is costing you too much money and too much unhappiness. And I had enough of a runway and enough of a forecast of what we were going to close. And so we did get those that 450,000 closed. And, and the first deal actually, it took nine months. So the first deal that I closed, we made 181,000. And then I had a deal in Palo Alto, California, and I closed that one and another one in California. And those three deals actually is what really launched us. I haven’t shared I haven’t shared I don’t think I’ve shared that real story with everybody. I tell everybody that I quit my job and you know, yes, I I did have, you know, I was committed to this business. And, and I think, you know, it was, it was the fact that in this business, you you could take all the coaching you can listen to all the podcast, but at the end of the day, you have to talk to sellers, you have to be in front of sellers and make offers. Somebody has to make offers to sellers, you have to buy a prop property to actually make money. And as Warren Buffett says, as a real estate investor, you know, you gotta buy low, you gotta sell high, number one. Number two is you got to not lose investor money. So if you’re borrowing money from somebody else, you don’t want to lose it. Number three is you want to follow the laws. And and so you have to follow those simple principles. And so that was a big a big deal for me. And that’s not hard, by the way, but you will you do want to, you want to find the right property below market. And a lot of times we fix it up, that’s a value add. And then you either flip it and make a profit or you turn it into a rental.

Katie Welsh [15:13]
So I want to go back a little bit to the conversation you had with your wife where she was just like, you know, Gary, it’s, you know, kind of your job is crushing your, your soul, and, you know, go out and do this you know real estate investing thing. And I, I think a lot of people find themselves at that point where they are doing their job and they’re doing well at their job and they’re making good money from it, but it’s not bringing any kind of joy to them. And I forget where I was going with that I had a really good point, but I lost my train of thought. But anyway, I have another question for you because

Gary Boomershine [15:54]
I’m right there with you. By the way, I’m gonna, I’m gonna I’m gonna tell you my reaction to that.

Katie Welsh [16:0]
Okay,

Gary Boomershine [16:0]
Before we even go on, and my wife has such a great saying we’re totally faith based people. And it gives me so much comfort. And one of the things she says is wherever, you know, wherever you go, wherever you go, there you are. And so a lot of people they’ll want to quit their job. And and I know this because when I left the job, I was really burnt out and I was an absolute workaholic. But wherever that wherever you go, there you are. There you are. So I quit my job. But guess what? I re manifested everything that I hated about my job. I re manifested in the real estate business. And guess who now was the boss I hated working for the boss. I hated working for somebody else. And guess what? I even hated this boss even more, and I was the boss. Because wherever you go, there you are. So I do think you have to fix. You have to identify what the bigger issue is first, because when you know, we’re not we’re not to run away from something we’re really to walk away. And that’s something gosh, you know, I just turned 50. And that’s the more as I get a little older each decade, I realized, gosh, I know so little, you know, 10 years ago, 15 years ago. It’s like, I felt like I was going to conquer the world. And it’s like, now I’ve learned it’s like, you know what, there’s a there’s the tortoise and the hare I’m going to say this. There’s the there’s the rabbit. And then there’s the turtle. And the story, right, the turtle goes slow and the rabbit goes fast and who usually wins the turtle? Well, now, as I’ve been doing this business, I was always the tortoise. I’m sorry, I was always the rabbit. I was always the one that went really fast and really fast. And what I do, I cut corners. I love selling stuff. But what I noticed is, you know what, this is a long term business. Real estate is a long term. It is a life changing opportunity for everybody on this podcast, everybody listening that has a job, but it’s not a get rich quick scheme. And this is not a three month or six month thing. This is a, you know, imagine if you went for four or five years, six years and your life has changed. And see the problem. I talked to somebody about a course said, you know, if you if you had a seminar and you said to everybody in the room, hey, you could go and buy five properties, make no money, hold on those properties for 10 years. And in 10 years, you’re retired. Nobody in the room would buy the course. Because everybody wants to like have immediate gratification. But that’s not really the way real estate works. I mean, you can make money fast, but the real business is long term and, and there’s there’s three components of our business. There’s cash now, cash now cash flow and cash later. I want to repeat that cash now. cash flow and cash later and all three of those are absolutely critical. And most people are focused on the cash now cash now is a one time payment. It’s wholesaling and fix and flip and rehabbing. That’s you do work today and then you get instant gratification in a month or two and you make cash now. Well, cash flow is typically rentals, owning rentals, and maybe doing lending, and then cash later as long term ownership of having, you know, your mortgage being paid off and taking all the benefits. And really in this business, you want all three. If you have a job, if you had a job and you have money, I would say, skip cash now and go for cash flow and cash later. knowing what I know, in all these years, I would say keep the job, keep the income flowing in for at least a year, even if you hate it. Go buy some property and do it with the smartest guy in the entire planet. the wealthiest guy in the entire planet says real estate investor is somebody that has money and they buy a property and they hold it forever. That’s what that’s what Warren Buffett says that’s a that’s a real real estate investor. Most of the people who are wholesaling, and fixing and flipping, by the way, I love wholesaling and fix and flip, I do it today, but that’s a business. That’s not a real estate investor, that’s a business that requires a CEO, you know, being, you know, it’s a job at JOB. And, and I always tell everybody, as a CEO, if you’re doing $10 an hour work, you’re going to have a $10 bank account. So you know, as a CEO, you have to truly run a business, doing the thousand to $10,000 an hour work, which we could have a whole podcast just on that, right, because a lot of a lot of people that get into this business and they spend all the time doing the wrong stuff. They work on buying systems and doing postcards and licking stamps and knocking on doors and posting bandit signs and all this stuff. It’s like, Hey, guys, that all has to be done, but not by you. And everybody gets Everybody gets lost on that.

Denis O’Brien [21:27]
So could you tell us a little bit about REI Vault.

Gary Boomershine [21:31]
Yeah, so I, I know for me put me in front of a seller, this is where it all started put me in front of a seller where I could actually have a direct conversation with the seller, I can make them an offer. And the rest is easy. Because I want to be able to make an offer to a seller and buy the property. And there’s a massive amount of work in order to get me in front of a seller. And there’s marketing, right sending out postcards, cold calling, text messaging, right because we’re most of us are bypassing the realtor. Most of us a lot of us are doing what’s called off market we’re trying to find properties that we can buy a little bit under market and and so this is a huge hole in our market that nobody really talks about. It’s it’s all the work we call it lead, it’s marketing, and then what I call lead mining, you know lead processing all the phone work to talking to sellers everything to schedule an appointment. And so I was actually at a mastermind years ago with a bunch of super smart people. These were all seven figure, you know, million dollar earners. And one guy had the postcard, Chris Chico had this magic postcard and just Joe McCall out of St. Louis, he had this great system. And and so all of us came together. And then we’re talking about all the stuff that we’re doing. I said, Guys, aren’t we were real estate investors. Should we just be doing real estate investing not all the podio and postcards and direct mail and all this stuff? And I said, Why don’t we build a team? Because you got to have a system. And then you have to have people to run those systems. And I said, What if we just had one system. And then we had one team that we could all tap into? And so that’s how REI Vault started. So I run the largest, we’re the largest marketer, in the real estate niche. We’ve done almost 40 million pieces of direct mail for a small group of us. There’s a, I don’t know, 250 of us around the country. I have a team of about 110 people that work for me all over the world. And so this team does all the it’s a done for you service. So somebody comes to us and they’re like, we just want to be in front of sellers, what can you do for us and we’re like, okay, I can provide you this system. I can provide you the team. And, and it will be your marketing and that team to get you in front of sellers. So we do all the marketing. And then we process the lead. So we are because when leads come in, not all the leads are good. In fact, most of the leads are terrible. And our team processes them. And then we start a follow up, you know, sending out text messages and follow up letters. And then I have a phone team that actually super super sharp, well trained and managed phone team that then gets on the phone and talks to the sellers and screens them and finds out which ones are ready to sell. And, and then we schedule appointments. So we have agents, and we have real estate investors all over the country. And they’re like, hey, just put us in front of sellers. And so we do this massive amount of work and put them in front of the seller, so they don’t have to do it on their own. So we’re replacing all that hard work that they would normally have to do, and either do themselves and pay themselves nothing. So that’s the $5 to $10 an hour work. Or they have to hire a VA in the Philippines as an example and then train them and manage them and keep them busy, which most people don’t know how to do anyway. Or they can just tap into us for about the same amount of money. And so that’s, that’s what I’ve done. It’s been really cool. We’ve got a really good group of people. I’ve got a guy in Indianapolis young guy, he’s in his 20s and last year, he made 2.3 million in his first year with us. And all in he’s just a whole, he does wholesale flipping in Indianapolis. And so his first year, he did 100 and he just shared his story. I we didn’t even ask him he actually posted. He actually posted a Facebook we have a private Facebook group, where our members are constantly it’s almost like a real estate club where people are sharing what’s working in a nice community and people are actually even, you know, somebody finds a deal in one area, and somebody else says, Hey, I’ll take it and they share the profits. But Clay actually shared his story. He goes, you know, real estate investing actually should be simple, easy and boring. So he said, here’s my first year I made 155,000. Next the second year, I made 850. And then last year, they made 2.3 million just wholesaling. And so we actually powered our direct mail made 1.3 million for him. Now, they did a lot of work and they’re really good at what they do. But that’s what really fires me up is the fact that we can take guys like Clay, who is fairly new and committed to this business, then we can say, Hey, we can apply what we’re really good at. And you guys are really committed, and really good at what you do, and will make this thing like peanut butter and chocolate. And it was really cool.

Katie Welsh [26:57]
Okay, so I’m not gonna lie, you sold me on Clay story. Because I am I am down I can put in the work because let’s be realistic, like we work hard. No matter what job we’re doing. Either way, yeah, but I’m gonna be honest, I’m not making money like that. So how do we get involved with REI Vault? Yeah, and how much does it cost and everything? Tell me more about that.

Gary Boomershine [27:22]
Yeah. So we’re, we’re super selective, which I think all of us should be and So what we do is we just say, hey, go to REIvault.com or you could go to realestateinvestor, we’re ultimately going to change our name to realestateinvestor.com, that’s actually going to happen over the next three months we have a big announcement, we’re we’re actually acquiring, merging with a really killer software capability that’s going to be under our brand, but REIvault, and we basically say, Hey, here’s how it works. And you can click a button that says, see if I qualify. It’ll ask you a few questions. And then we get on a phone. And we just make sure it’s a good fit together, we’ll find out what market you’re in. There’s some markets that are not available. Because we really are semi exclusive. We want to make sure that our members are not we don’t have too many people in any one market. So it’s semi exclusive. And so you just fill it out, we get on the phone, you make sure we’re really relentless on making sure that this is a good fit. The reason I say that is we’re going to be I’m going to be putting a massive amount of horsepower of my desk people around marketing, we want to make sure marketing and the phone team. So we’re going to be putting people in front of sellers. And we just want to make sure that whoever, you know, we’re doing our part of the job, we want to make sure that these people are able to, you know, they’re good people. They are not crooks, they really have a business. And they have the ability of closing the leads that we put them in front of. And so there’s a nice discussion. And then if it’s a great fit, we move forward. We are this service that we have, at least for us doing the work the services side, you know, you should plan it’s a 10 to $12 an hour, like if you are hiring somebody for 10 to $12 an hour. That’s about what we charge, which is you know, works out to about 2000 to 2500 a month is what you’re going to pay us for the team that’s actually going to manage and do all the marketing plus do all the phone work. So, you know, I’ve got a team that will take all of your leads and work them until there’s nothing left, like, we will relentlessly call these sellers think we’ve called like, called over a million and a half sellers. And one, this is a great Aha. And I’ll give a little because a lot of people said, man, Gary, this is just this is I shared this and in Mississippi on stage and people said this one thing was worth the entire event. So a lot of us have people overseas that are talking to sellers just screening the sellers, right, maybe in the Philippines, like a VA. And one of the things that happens is sellers will say, Hey, where are you calling from? And so like having somebody overseas is a negative. And so

Katie Welsh [30:7]
Right.

Gary Boomershine [30:20]
One of the things in the benefit is I got a full time management team of experts every day. we’re interacting with this phone team, this large phone team that I have. We’re finding out the new questions that sellers have. Well, one of the sellers was questions was, you know, Where are you calling from as a negative? So we train our team to say this, this is the nugget. Our team says, you know, I’m calling from the Philippines, about an hour from Manila. And, you know, Denis and Katie hired me from the Philippines, so that they could pay higher prices for houses. And how am I how am I doing could I give them any feedback and we have 100% stick rate the sellers absolutely love it. They look,

Denis O’Brien [31:6]
That’s hilarious.

Katie Welsh [31:8]
That is so crafty.

Gary Boomershine [31:10]
By the way, we have 100 of those things. So every day we’re finding out some new little objections that sellers have. And so we train our people, we call them sales ninjas. And these are people that are good at you know, doing all the work. It’s almost like I we always say it’s like a diamond mind. You know, this is what people forget, is marketing and doing everything to find sellers and get qualified motivated sellers on the phone ready to sell. It’s like a diamond mine. If your if your diamonds are beautiful, right, we go into a jewelry store and you got these beautiful like shiny diamonds on a ring. Well, that’s the retail store that’s like that’s the sale, that’s what we should do is real real estate investors that part. But you gotta go to a diamond mine with a pickaxe right into the mind and go mining for diamonds. And you find these little pebbles with a massive amount of work, right? They come out of Africa or whatever. And then you have to refine them, then you have to cut them to precision. And then you’ve got to weigh them, and then you got to polish them. And there’s this whole amount of work well, somebody has to do that work. That’s the marketing and the lead mining that we do. That’s what our team does, that are so good at it. And then what we’re interested in doing is being able to pass those leads on so that professionals is real estate investors around the country, and then go close them. And so it’s pretty, it’s pretty cool. So hopefully that helps.

Denis O’Brien [32:41]
Yeah, no, definitely. So the type of seller that you typically targeting, is it normally like someone in a single family home? It’s their own home, and they’re just looking to sell or like, Who exactly are you today?

Gary Boomershine [32:53]
Great, great question. So, primarily for us right now. And what we’re really, really good at is single family properties. We have done multifamily. But that’s a whole other game. Because if you’re if you’re targeting apartments, you’re usually going to get stuck sending out direct mail and it goes to the property manager. So they’re going to usually throw away the direct mail. And by the way, there is a secret sauce for that too. But we’re primarily experts for single family because that’s where the market is right now.

Denis O’Brien [33:26]
Right

Gary Boomershine [33:26]
Finding these off market motivated sellers. And then I’m actually right now I’m actually building a an advanced sales training course because what we’re finding is that a lot of people, they’re looking for these motivated sellers. And in reality, sellers are not motivated. Like we tell everybody sellers are not motivated yet. It’s the yet because you have to interact with the seller, you do have to get on the phone. And some sellers are not ready today, but they might be ready in three months or four months or five months. And so there’s a follow up process is the thing that’s making money and and that, that and so, a lot of people, I call it three feet from gold. There’s a great Napoleon Hill book called three feet from gold. And so many people in this business, start doing direct mail or whatever they are with marketing. And then they quit. They go on to the next thing saying, Oh, this didn’t work for me. In reality, they were so close because most of these sellers are just not ready, one out of 110 leads, by the way, is a super, super perfectly motivated seller. One out of 110 is what we’re finding that we’ve done 40 million pieces of direct mail or almost to that, right. So we know the numbers. I know. I got all the response rates. So one out of 110 of these leads are what we call bluebirds. These are easy sellers. On average, one out of 45 should close. And, and so a lot of people, they may get three or four or five leads. And they’re like, Oh, this doesn’t work. It’s like, no, it’s really a numbers game. You get on get on the phone with the seller, talk to them. And then on average, it’s 5 to 12 interactions back and forth before sellers ready. And the people that are actually really good at the follow up and that’s why our system, we’re really good at first generating the leads and then we’ve got team that will continue to follow up and work the leads. And, and you know until they’re ready. So the perfect example. I’m living in a house today in California, where the seller when she called she said that she wanted to be removed from the list. Literally she said she wanted to be removed from the mailing list. I we had a nice conversation with her. We put her on a follow up letter. And three months later, she called back saying, Hey, are you still interested in buying? And then I bought her house.

Katie Welsh [36:0]
And do you live there today?

Gary Boomershine [36:1]
I live there today. Because 2010 another another product another deal. I made $240,000 it was a seller who left me a really nasty message. He got he got a postcard from me and he called screaming and yelling. And I called him back and he had two properties. And he wasn’t mad at me. He was actually his wife was in jail for embezzlement and they had a million dollar lien against two properties and I actually on that particular this is a long time ago, the strategy wouldn’t work today. But I negotiated that lien away and bought both properties and made 240,000 off of a seller that was really angry. And we have people that will call in off the marketing and they hang up, they call in, they’re nervous. Or, you know, they listen the message and they don’t like, oh, I’ll call back tomorrow. And some of those are some of the best leads, somebody has to call those hang ups back and get them on the phone, get that seller back on the phone. So that’s called lead mining. And most investors, you know, they’re not doing it. They don’t know. They don’t, they’re not experts at marketing. And they’re not experts at this function around, you know, following up and so we, we, we do all that work. And then the output of that is an appointment of somebody that says, Okay, I’m finally ready.

Denis O’Brien [37:20]
I love it. Money clan we’re just gonna take a quick break, and then we’ll dive right back into the value link round. Masterworks is our sponsor today, and they help you invest in the art market which was previously only available to the uber wealthy.

Katie Welsh [37:36]
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Denis O’Brien [38:6]
Yeah Kate, I’m on their website right now. And I’m looking at this one piece, and it’s returned over 145 x over the past 46 years, which is a fantastic investment. Yeah, so if you’d like to check it out, head on over to chainofwealth.com/art that’s ART chainofwealth.com/art. You can bypass the waitlist of over 17,000 people and start investing today with Masterworks.

Katie Welsh [38:36]
Okay, Gary, I feel like we could talk about all of this stuff for hours. But sadly, we’re running a little short on time. But I want to know because you have so much good information, what your favorite book has been?

Gary Boomershine [38:49]
Yeah, my favorite book. Gosh, I don’t have one. My favorite book for real estate investing, I would say is Traction. If you’re a full time real estate investor Traction has really been the best book. The best sales book for talking to sellers is called Samurai Selling by Chuck Laughlin, very simple book, been around for a long time. It’s not even real estate book. But it’s just it’s it’s where, you know, it’s basically it’s your come from as a salesperson. And I think that’s so important if you’re talking to sellers are really understanding like most sellers, people think that it’s about price. It’s about relationship more than anything else. It’s about building value and solving problems. And I think Samurai selling is the second one. I’m a big Robert Cialdini guy. I love Robert Cialdini, he had a book called Influence. That’s a kind of a persuasion book. Again, I’m very heavy on sales. And so and then lastly, I’m reading as a 50 year old Julia, who works for me and we worked together for 12 years. She gave me a book called Halftime and how to go from success to significance and that’s just been fantastic called Halftime. It was written by a pastor who just recently passed away but Halftime is amazing.

Katie Welsh [40:19]
I love it. So do you have a favorite quote you try to live by?

Gary Boomershine [40:24]
A favorite quote.

Katie Welsh [40:26]
This one gets everybody. Don’t feel bad.

Gary Boomershine [40:29]
A favorite quote, probably Henry Ford said, If you believe you can, or if you believe you can’t, you’re right. If you believe you can, or you believe you can’t, it’s really a mindset thing. I think most of us our dreams, and our beliefs are based on our beliefs. And if you can, or if you believe you can’t, you’re right. Henry Ford.

Denis O’Brien [40:54]
So true. Gary we have absolutely loved hanging out today,do you have any other last parting piece of advice for our listeners, and then we’ll say goodbye.

Gary Boomershine [41:2]
I would say real estate is an incredible business. It is a business and you want to treat it like a business, and it’s constantly learning. And I would also say, associate yourself, Masterminds has been a huge one for me, and associating yourself with smart like minded people that are actually smarter and better than you. And that’s really been a changer for me. And then Lastly, if you are with a spouse, and you have a spouse in this business or not in the business, I would say more than anything else be in unity with your spouse, you will never go wrong. I think there’s massive blessings that may come with that. I wish I knew that years ago, I said, I always take my decisions, and some of the best the best decisions we’ve made have been when I’ve been in unity with my spouse or my business partner. And I think that sleeping on it, and having Joshua moments just like the Bible, the story of Joshua and Jericho is like, hey, if you don’t know something, a pause and don’t make the decision necessarily quick and on your own. And when I’ve done that, I’ve actually had massive blessings in this business.

Denis O’Brien [42:20]
Absolutely love that. Money clan we been hanging with Gary Boomershine, you can check out his websites, it’s realestateinvestor.com and definitely consider if you do want to invest in real estate. It is a fantastic long term investment.