80% Mindset + 20% Skillset with Martin Perdomo

Recorder 3 43

Podcast Transcription

Dave Dubeau [00:00:09] Everyone Dave Dubeau here with another episode of the property Profits Real Estate podcast today, zooming in with us all the way from beautiful Stroudsburg, Pennsylvania, via Aruba recently, back from vacation to Aruba, we’ve got Martin Perdomo, Martin, how are you doing today?

Martin Perdomo [00:00:29] I’m doing Fantastic Brother, thank you so much for having me, Dave. It is my pleasure and honor being here. Thank you for inviting me after being on my show.

Dave Dubeau [00:00:37] Yeah, I know it’s great that I was had the pleasure being on your show a couple of weeks ago and before he went on vacation, I think and you guys, you’re doing great things in Pennsylvania and you’re running a different meetup groups. You’ve been doing real estate investing since 2007. You’re a busy, busy guy. And one of the things that really stood out for me here is you’re saying here that success in real estate investing is 80 percent mindset and 20 percent skill set, and that equals 100 percent success. So and why don’t you tell me, first of all, what kind of deals are you focusing on primarily these days? And second of all, how did you come to realize this equation? 80 percent mindset, 20 percent skill set equals 100 percent success.

Martin Perdomo [00:01:26] Well, thank you. That’s a great question. So that’s a loaded question. But the first thing I’m working on, I’m doing two things, and I work on two different strategies in real estate investing. Number one is bought and hold, so I believe that wealth is created in cash flow, right? And in this beautiful, amazing market, in this beautiful business that I’m in, that we’re in, it’s the market is rising. So it’s rising tides. And so I do also. I also flip as an on the active side and I’m also a buy and hold investor. Currently, we have about hundred and we have 100, about one hundred and fourteen doors that I currently don’t buy and hold. But you know, that goes up and down because we’re working on four different projects right now at the same time. And a lot of times what happens is a lot of times to answer the second part of the question. The 80 20 mindset formula is that I’m really big on personal development, right? I believe in modeling excellence, Dave. I believe in modeling successful people. And when I first started in 2007, I realized that I was playing Mr. Landlord, so I was doing everything myself. I bought my first duplex, two thousand seven. I was in the mortgage industry, bought my first duplex and I picture this right, Dave. I bought a property and because I was a mortgage guy, I got the property, purchased it, cashed one property and I got $15000 at the closing paid to me. Here was the challenge. Two years later, I was $100000 in the water. About six five years later, the house burned down, has students in there and they burned down the house. And that saved me, right? That’s kind of what saved me. But I was cash in and I didn’t know what I know. And the biggest challenge that I was finding was I was fixing the I was renting and I was fixing it. I was painting and it was. And that becomes really old. And it’s a really crappy paying job, really fast. It just burns you out, really. But dealing with the cost, dealing with all of that crap. And I had a friend, his name was Jay, and Jay was he was a full time horizon guy and he was buying real estate and he was just killing it, Dave. I mean, the guy was just killing it. Here I was Mr. quote unquote entrepreneur. What I had was a glorified job. I didn’t have a business glorified, low paying job. Now it’s a quote unquote mature entrepreneur, and I’m struggling with a couple of little properties, right? Kim manages. I’m burning on it. And Jay is just buying, buying, buying, buying, and he’s got a full time job and he’s got three kids, small kids, just like me. And one day I just got sick and tired and said, Hey, how you doing this? And he says, Well, you got to have systems, all right. So I realized I needed a system I needed, needed something to model because successful people, you can’t scale doing it all yourself. So I had I suffered from, I’m controlling this. I like to call it wanting to control everything. I came to the realization that it was all in my perspective, right? I’m a certified coach and speaker trainer, and I do all those things and I coach people. And the biggest thing I find is I find some students that come to me and they’ll spend, they’ll have spent fifty sixty thousand dollars in education. I’ll give you an example of a student couple right now. They spent three years ago. Fifty thousand fifty five. That’s not an education real estate investing education, one of those big companies. I’m not to mention their names. You’re very familiar with them, I’m sure. Yeah, but they keep coming to my meetups and they hadn’t done any deals. And the biggest hurdle for them was I don’t have any money. And that’s a story, right? That’s the story you tell yours. They were telling themselves to

Dave Dubeau [00:04:56] get 50 grand on the coaching.

Martin Perdomo [00:04:58] Yeah, yeah. Yeah, they don’t have any money. And then when they are, somebody said, Well, who says, you need your money? Yeah. And that kind of kind of blew them away, right? And I gave them a few strategies which we talked about. You know, you specialize in raising capital, give them a few strategies, friends and this and that. And they all of a sudden two months later, two minutes later, they’re like Martin. We have $200000 now. We don’t have any deals. That was the new record.

Dave Dubeau [00:05:27] Better place to be better. That’s a better.

Martin Perdomo [00:05:29] Yes, sir. No, we don’t have any deals. So anyway, so they decided to join my coaching program, so one day that they said here they sit in my office and I’m walking, going through some mindset stuff with them and. And I realize that their biggest challenge this is most people’s biggest challenge and winning and succeeding is the fear of the unknown. Right. Most people really don’t understand fear. And what is fear? Fear is the anticipation of pain. We, as human beings, we’re built to self-preserve, not to thrive. Our brains are not just built to protect us. So they bought a deal to me. They bought nothing more than we’re doing all the things. I give them these strategies. As for things are real estate you need to be doing, and I’m going to share this with your listeners. There’s top of the funnel, which is what I had to call the top of the funnel bottom of the funnel, which is what are your lead indicators in your log indicators in our business? Once you understand that, you know where to put your time. Right? So they came to my office, I said, You need to be doing these four things, and those things are putting offers right? Closing on deals, executing on the deals that you close, executing on your business plan and raising capital. Those four things, if you’re doing those four things as an investor, you’re putting offers, you’re working with wholesalers, you you’re out there looking at deals and closing deals, executing and raising capital. Those four things you’re going to, you’re going to make progress. They came to my office. They were like, Oh, we saw 10 deals, but we have these deals and none of them were a deal. And here’s what was happening with that. They’ve unconsciously they were making. They were making the decision on consciously not to take action, not to jump off the cliff, as I like to say. Right. Because unconsciously, they were making excuses. They were like, No, these numbers don’t make sense. Now, I know that if you look at so much, so many deals and you make so many offers and you’re talking to so many wholesalers, you know, I know the ratio, right? I know how many, how many deals are going to be in there. So we looked at one deal and I said, Hey, guys, there’s a deal here. I know for a fact or look at this one deal. And sure enough, there was like seventy eighty thousand dollars in profit for them on a flip. And I said, Guys, you’ve got to take this one down and they did. And boom, they closed their first deal, but the biggest challenge was their fear. It was them being held back the story line in their head, the storyline we tell ourselves, you know, Dave, I was like, You mentioned I was in Aruba, and there’s a book written by Mr. Napoleon Hill, which you probably aware of. But most people don’t know this book. Not thinking grow rich but outwitting the devil. I don’t know if you’ve read that one. What you the devil by Napoleon about everything. Yeah. Very good book. And Napoleon Hill talks about in this book. He talks about hypnotic rhythm right now. He says rich people, wealthy people are in a hypnotic rhythm and poor people are in a hypnotic rhythm. Well, what does that mean? What that means to me is that rich people see things in a certain way. They talk to themselves in a certain way, and that’s the hypnotic rhythm there. And they look at things as opportunities. They look for the opportunity within every obstacle, perceived obstacle. They look for the opportunity to gain. How can they learn? How can they get better while maybe a poor person only is looking at, Oh my gosh, I’m poor or they’re making excuses, or there is just a different mindset, different mindset? And so I’m sitting there in a room one day and I’m meditating. This is about three or four days ago and I meditate in the morning. I have my ritual every morning. I meditate, meditating this morning, and I’m thinking I just had a great time when family we did this. We did this week and I talked from it and I said, You know what? I have this great big vision board in my bedroom that I read every day and every year. I set intentions and I have goals, and every year I take two family vacations. I go on to two getaways with my wife alone. I work on my marriage, I work on my where my family are working on myself, and one or two seminars or two to four seminars for myself a year so I can get better. And I’m sitting there after I finished 19 and they said, You know what? I created this like, I literally created this. I literally saw this last November when I was setting up my vision for when I was setting up my goals. I literally created this. So that’s what I mean by 80 percent mindset. 80 percent of winning in our business is what you say to yourself. How you’re talking your grit, whether you’re going to let things are going to happen. They’ve, you know, right things happen right in life. There’s going to be things that are going to go, they’re not going to go the way you expect. The question is, how are you going to deal with that thing when it shows up? Are you going to look for the opportunity or are you going to look for or are you going to look for the obstacle? So what you need to create is

Dave Dubeau [00:10:00] just the people that are kind of by nature. Negative nellies. Right, so they have a hard time they might intellectually understand this concept, but they have a hard time getting themselves there mentally, any suggestions for people on how to do that?

Martin Perdomo [00:10:17] Absolutely, absolutely. The first thing I tell people is, look at your circle. Who is in your circle, right? Who is in your circle? Who are you talking to? Who are you listening to? What are you watching? And who is around you? Who are you intentionally being around? Are you around people that want to talk about other people and gossip and all that stuff? Or are you on other people that want to talk about ideas and ways to improve yourself, right? And I had that problem. So I’m going to sit here, Dave, and tell you that had this figured out I had, I read a lot. I mean, a lot of seminars constantly growing and getting better and listening to guys like you, listening to podcasts like yours and listening to smarter people than myself. But the first thing is, look at who your who. Your environment. Who are you? What are you putting in your eyes? What are you putting letting in your ears? Right? The next thing is, what’s the storyline that you’re saying to yourself? What’s the last thing you see before you go to bed and what’s the first thing you’ve seen you’ve got before you go to bed? One thing I would highly recommend is create a vision board. Right? And I know that this is kind of woo. And it’s not for everyone. I get it, but I like to believe that I’m a practical Buddhist, right? I tried to practical woods as if it works. I do it. If it doesn’t work, I scratch it right or practical. Who is OK, look at your circle? You know, if you look at your circle, the top, the five people that you surround yourself with, you average your income. You’re not going to make a dollar over what the average because they’re just not talking about higher level ideas. It’s just it just is what it is. It’s just a fact, right? And when I realize this and I started putting myself intentionally going to seminars and putting myself around other people, and that’s the next question. People ask me, Well, more, how do I put myself around higher thinking people?

Dave Dubeau [00:12:01] Wow. That’s another fantastic idea. Hold on to that thought for. We’ll be right back. Now, are you a real estate investor? Was run out of cash or credit to grow your portfolio? Are you looking to grow your portfolio using other people’s money and raising capital? Well, I want to show you how to raise six figures or more in six weeks or less at my upcoming Investor Attraction workshop. You can get your ticket and find out all about it at Investor Attraction Workshop dot com. We’re going to spend a full day taking a deep dove into this roadmap that I’ve used to raise millions for my deals, and I helped other people just like you cumulatively raise hundreds and hundreds of millions of dollars for their deals as well. So again, you can check that out at Investor Attraction Workshop dot com. And as a loyal listener to the podcast, you’ll get 50 percent off your ticket when you use the Discount Code podcast. That’s right, discount code podcast at Investor Attraction Workshop dot com. See you at the next workshop. Why would they want to have you in the group? I guess that’s a question.

Martin Perdomo [00:13:00] That’s a good question, and that’s a good question. And my first statement to them is you. First thing is, if they’re listening and watching this podcast is this is a first step, right? Watching or listening to a podcast like this, because in podcasts like this, guys like you and I, we’re involved in different groups were involved. We go or we host ourselves, different events right where we’re giving value and we’re helping and we’re helping people. And so the first thing is I would say, Hey, guys, put yourself, put yourself in an environment where the winners are and where are the winners, Dave? Where are the winners right? You talked to really successful people that belong to an elite group, a real estate, elite investors group and pay a lot of money to be part of this group. Great group. The leader is buying a bank, right? The leader of the group is buying a bank. And when you think about the guys, those are vast numbers. I consider myself on the smallest guys in the group and I’m in the group for that reason because I want to level up, right? Right. My mentor has a jet. What do you think’s going to happen to my mindset if these guys are talking about developing multi multimillion dollar deals? And they talk about my interest on my carrying cost for my interest on these developments, all I’m doing is $100000 a month. What do you think is happening to my mindset? Oh, that’s even possible, right? How do you do that? Right. So. So just putting yourself around those people. But I didn’t start that way. I started by attending a seminar personal development. I worked on myself personal development event. And that’s where the achievers are. You know, with the achievers are the achievers are out there learning and growing. The achievers know that they don’t know everything and that they need to continue to grow. It’s continuing to accelerate. And if you look around at those that are not achieving, they’re not investing in themselves, they’re not investing in them. A lot of people ask me, Well, what is when I hosted my meetup and I’m doing two mindsets strategies where people like, but what does this have to do with real estate? You know, just investing. And I’m like everything, because once you get your head right, once you understand that this is just once you change your perspective and you reframe your mind around taking action on a deal and taking it down and getting resourceful and figuring it out. Then the rest is history. Then you’re going to start winning, right? Once you get out of your way thinking that, Oh my gosh, if this deal goes bad, oh my god. If you know your numbers right, it’s all numbers, real estate is just numbers. Simple math. The simple math is RV time 70 percent, 75 percent, whatever the value is, at that percentage. It’s just simple math. If I want to execute, I want to refinance. How much am I going to get out? Simple math? That’s easy. You can learn that in an hour. The next question is what are you going to do with the information when the deal shows up? Yeah. Are you going to get in your head and say, Oh my gosh, economy, no deal is not this? Not that. What are you do if you work on the story line? If you work on the story line or you work on yourself and what you’re saying to yourself, you know the rest will follow. Earl Nightingale, I don’t know if you know Earl Nightingale is when he says in the strangest secret in the world. He’s if you call him the godfather in personal development, Earl Nightingale, he says in the strangest people in the world, he says a man is exactly where he is. A man is exactly where he wanted to be, whether he admits it or not. That’s hard. Pill to swallow, my friend. That’s a hard pill to swallow. Now someone, maybe you’re really a young person listening in and they may have been born. Poor souls are born poor into and they don’t have a choice, but you get to a point. If you live in your country or my country, where if you educate yourself, if you self-educate yourself and you surround yourself with the right people, opportunities will follow. But a man is where he is because that’s exactly where he wanted to be, whether he admits it or not, because that’s what he sees in his head. That’s what he believes for himself, because that’s the story he tells himself. Talking about the hypnotic rhythms, right? Like what Napoleon Hill talks about in his book, What hypnotic rhythm are you in? All right. What are the stories you’re telling yourself, what’s the conversation you’re having with yourself? Do you believe you’re a winner, do you? I’m gonna share this quick story then and then up, and then I’ll slow down a little bit here. My first flip did my first flip. I was fighting all of the same stories that everyone else fights all, my gosh, if I lose this money. Same deal. First flip, right, bought this house, I got it for, I don’t remember fifteen thousand dollars. I negotiated an amazing view, borrowed the money, private money. Got a contractor in there. Hired mistake number one contractor was a friend, right? Hired this friend middle of the winter here in the Poconos. It was one of the coldest winters we’ve had in a long, long time, probably the coldest winter. It was November. He was supposed to finish it in two months. Pipes froze. Pipes froze, one hole half pipe froze. I didn’t know what the first time pipe froze, the second time, he told me, might replace the pipes. One day I go into the house in December, I go to the house on a Sunday and I catch my friends smoking weed with the guy putting the tiles down. It smells like weed in the house. And I just wanted to get the job done, I was like, OK, whatever, I ignored it, right? And they put the floor down. I have bought this stuff, the self-leveling floor, the stuff that you put down and it levels the floor. And what these guys did because they were high, they were putting the self. They were gluing the tile with the self-leveling stuff. So when the stuff put down and you stepped on it, mortar in the middle of the tiles was coming up. They kept coming up, coming up, coming up. And I remember that happened. The pipes froze. The pipes froze again, Dave. Then the roofer came and he said we got to change all of the draft, all of all of the wood and part that hold the two-by-fours, everything the whole entire thing had to be changed, right? Wasn’t expecting that in the middle of it was like 10 below. It was like 10 degrees below zero freezing pipes, freezing pay for proposals four times. And I remember this, Dave, I remember coming home, right? Most people. Most people after that experience would say, I’m done with this, this is crazy, right? But I remember coming home and pacing around my room and saying to my wife. I’m resourceful, I’m not the first person that’s gone through this. I’m resourceful and I’m going to figure this out. I’m resourceful and I’m going to figure that that was my rhythm. That was my mindset. What I kept saying to myself is, I’m resourceful. I’m going to figure this out. What’s my next move? I’m sort, I’m going to figure this out. And guess what? They’ve that first. My very, very first rep has still, to this day, been one of my. It was a very solid one of my most profitable flips. I’ve mean, like 70 grand on that flip. It was a good flip, but a lot of people were given up going through what I went. You know, I wind up firing my friend wine. The fireman friend wound up losing a friendship wine to putting a claim on his insurance. It was a crapshoot. But the question was, I look at that now, and I think back all of the lessons I learned, all of the lessons I learned and what was my attitude towards it, even when I was going through it. I remember because I’m a mason, I was going to a large meeting one night and we had a little break in the weather and I was in my black and white and black suit, white shirt, bow tie, and we had a little break in the weather and it was like sixty degrees. One day they one day we had like sixty degrees. You know, the crazy weather, right? And I said, You know what, guys, we’re going to paint this thing. We’re going to paint the exterior. Everyone do it now, but it needs to be fifty five degrees and we rush. We got everything. And in my black and white, I remember holding the lights like so the guys can spray it. But it was getting it gets dark early right in the winter so the guys can spray. We’re getting

Dave Dubeau [00:20:58] really better preserved

Martin Perdomo [00:21:00] and my shoes got ruined. My suit got ruined. But I was I was in this mindset of being resourceful and I was going to do this and I was going to figure it out at whatever cost. That’s what I’m talking about.

Dave Dubeau [00:21:10] That’s beautiful. Barton time flies when we’re having fun and people want to find out more about. You cannot figure out how to keep in touch. You got an amazing podcast. How else can people?

Martin Perdomo [00:21:22] Yeah, they can just check out my podcast Latinos in Real Estate Investing podcast. Why? Just for lots of not just for Latinos, there’s an increase. That’s correct. It’s an English, so you can look me up there. You can look at the elite strategists I have. I have a DVD where I teach at no investors and investors on Amazon. I have a bunch of content out there, but the probably the best place to find me is Facebook. I have a group, a Facebook group. I also have a Stroudsburg Aria dot com. I have all of my stuff there, which is minus C are all udc’s b u r d r e ICOM. That’s my real estate investors group. All my stuff. They’re all of my real estate investing content. A lot of my stuff is there. You could go there. I’m on Instagram in the show notes for sure. Yes. And that’s how we can get a hold of me.

Dave Dubeau [00:22:07] Martin, it’s been a lot of fun. Always ask Thank you, brother. Thanks for the inspiration, the motivation. The practical woo-woo

Martin Perdomo [00:22:14] gets right to go away. That’s right. All right.

Dave Dubeau [00:22:18] OK, everybody. Hope you enjoyed it. Take care and we will see you on the next episode. Bye. Well, hey there. Thanks for tuning into the property Profits podcast if you like this episode. That’s great. Please go ahead and subscribe on iTunes. Give us a good review. That’d be awesome. I appreciate that. And if you’re looking to attract investors and raise capital for your deals, mean we invite you to get a complimentary copy of my newest book right back there. There it is the money partner formula. You got a PDF version, an investor attraction book dot com again. Investor attraction, book dot com. Take care.

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