Going Long Podcast_SOLO Episode 429_Billy Keels

Thu, Jun 13, 2024 7:28AM • 11:43

SUMMARY KEYWORDS

realised, mistake, podcast, people, happened, billy, keels, year, react, doors, grow, build, et cetera, real estate, home inspection report, money, learn, eventually, triple digit growth, continue

SPEAKERS

Billy Keels

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Billy Keels  00:00

Today's conversation is sponsored by the Billy keels advisory programme. If you want to learn more about how to make your nine to five optional, just go to Billy keels.com forward slash advising. Once again, that's Billy keels.com, forward slash advising.

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00:10

You're listening to the going long podcast, the number one podcast for the strategies, tactics and actions high wage earners need for living an intentionally designed life of wealth and resilience.

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Billy Keels  00:24

Welcome to the go along podcast, we're back once again to continue to help to educate you so you feel much more comfortable as well as confident in attaining the wealthy and resilient lifestyle that you're looking to lead and be able to do that much faster. I'm your host, Billy keels, and I'm super excited about what can we back to another one of our solo episodes. And before I do that, as you know, the podcast continues to be in the top 1.5% of podcasts globally, largely, largely largely thanks to you continuing to download the podcast continuing to share the podcast and really appreciate that. So I want to say thank you so much for that want to say thank you to each and every one of you, that continues to, to also tag us on social media, on some of the different channels specifically on LinkedIn and on Instagram means the world to us. Thank you so much for that. And also to if you want to leave your honest written review, as well as rating, we always love getting the feedback, it's one of the things we're going to somewhat talk about today is really, really want to say thank you. And you can check out a very brief video that's here and tell you exactly what you need to do on the Apple podcast platform. And also to if you want to check out any of the more than 425 Plus episodes at this point in time, just go to Billy keels.com forward slash podcast once again, that's Billy keels that comm forward slash podcast. So one of the things that high performers, if you are a perfectionist or recovering perfectionist like me, and you tend to have followed a pattern and most of your life, you went out you studied or you You worked really, really hard. And then you got the good grade or you got the job, you got the promotion and things continue to go from the bottom left up into the right up into the right, it's always moving in a positive direction. And so you're just used to things working all the time. And so your whole point, and when you're listening thing is alright, well, if something ever goes wrong, this is what I would do. And that sounds very theoretical. And so let me just tell you, every time that you work on moving outside of your comfort zone, you look to grow, you look to expand, it's not a matter of if it's a matter of when something goes wrong. And so having well lived a number of years on this earth, I realised like not every single thing goes to according to plan. And one of the things that I wanted to make sure that I do is share with you, what is it that you can do and how you should react when not if when something goes wrong, especially when you are leading a team of people, especially when you are working with others helping them to grow. The idea is, well, what are you going to do? How are you going to react? Right, people are going to be watching you. And so I thought I would share just a little bit of a well, something that happened to me that I think would be interesting in a way that I can help you to be prepared for when something goes wrong. And this is one of the things probably back in 20 rule 1415 Something like that I'm probably just over 40 years old, I had, you know, at the day job, absolutely crushing it, you know, going to Hawaii every other year sales, sales leadership, I've managed a really large business across Europe, Middle East and Africa had massive triple digit growth in terms of sales teams, and a lot of the from the bottom lower left to the upper right. So just used to that and even in college and before that, just always overperforming. And so I tell you that only to say that that was kind of what I had gotten used to. And even though I started this new thing that I had been listening to a lot of podcasts and taking the theoretical knowledge because I was like a theoretical Ninja is what I like to say, I knew all this stuff about real estate, and eventually real estate and all the formulas and all the things that you should do, theoretically. But I had never actually made any purchases. And so people I got tired of answering the question like, what's your portfolio look like? And I started telling people all the formula is like revenue minus expenses. Got you to your net operating income minus your debt service got you to your cash after debt service. But yeah, people were like, but yeah, how many doors do you have? Anyway? What I will tell you is what that did is eventually once I stopped doing the theory and actually went into practical application of the knowledge, I realised that the stuff that I was learning, although I couldn't apply that in Spain, where I was living, I actually started doing that back in the US. And so I started using a lot of the skills that I'd built during my corporate in terms of building teams in terms of understanding, clearly process and being able to locate when things were not functioning well. inefficiently, I was able to bring that right perspective and help things move in the right direction. And so I start thinking about you know, I had this plan I wanted to get 10 doors we'd already gone to 10 doors, it didn't take the five years that I thought it was actually took 18 months or a year and a half. And all along like the thing that I that kept motivating me that kept pushing me is like I wanted to make more money because I thought if I make more money that's going to solve all my problems because not during the day job. I was making a lot of money. And at the same time, I still had to ask my boss for a day off, it was kind of like, Alright, I'm making a lot of money, but I don't control any of my time. So I have to still have to ask if I can, like kind of like when if you're a kid, and you're in school, you have to put your hand up to go to the bathroom. That's kind of what I felt like, although I had a lot of money in my bank account. And so I wanted to make more money. And at the same time, I was thinking, Well, you know, I want to keep, like, on this really good. You say in Spanish, you say, when I went to Russia, it's like you, you're like on this really good streak. And so this good streak, this positive streak, I was buying more, I was making more money, the profitability was high, and I wasn't making any mistakes in this real estate stuff. Well, lo and behold, whenever you think things are going really, really, really well. It's a moment in time. And when you think things are going really, really bad. It's also a moment in time. But this time, I really didn't, like realise that I wanted to be the exception to the rule, I wanted to be the person who got to 10,000 doors and made absolutely every single right decision perfectly. Well, that was, I guess, kind of cool. Because I realised if I could keep doing this, then I wouldn't have to just keep working my day job. Because the day job, I realised that there's only 24 hours a day, there was only so many deals, I was only going to be able to make so much money, even if I did like 300 and some odd percent of my quota. But there was like, unlimited upside, when I was able to build my own business and do that on the side. And so when I realised that real estate could be the way for me to do that, at the time, like those real assets, I was like, wow, this is what I also want to continue to do. And the plan, like I talked about, got to these 10 doors didn't take me nearly as long as I thought I would you know, you come up with a five year plan, you do it in a year and a half, and you're like, wow, okay, this is kind of cool. Well, the thing that happened was along the way, kind of rested on our laurels a little bit. One of the things that happened, and early on, I learned that you have to get a an it's a home inspection. And so because these are duplexes and quad plexes, and stuff like that, that's what I would do every single time. That was the process. So I followed the process, I follow my checklist. Well, the thing is, is I followed the checklist, and I got the home inspection report for this, like third property, which is for additional doors. The thing is, is when I got the home inspection report, I didn't actually read it. Like I didn't read it thoroughly I read it, but I didn't really thoroughly. And what do I mean by that? Well, in one of the pages, it clearly stated that there was some issues with the, with the roofing and part of the roofing and the underlying. And so this excess of confidence that I had, and not actually going through and missing a part of the home inspection report. Well, eventually, about a year later, that would come back to bite me in the butt. Right? Because what happened was, I get we get a notification from the city that there is like rotting on the on the on the roof and that things have to be replaced. Well, the problem with that was, it wasn't a matter of if something was going to go wrong, it did go wrong in that issue between having to fix the roof, displace tenants that had to stay in hotels and all of that stuff for for a number of days, meals, et cetera, et cetera, et cetera, cost me about $25,000. Right. And so that's no fun, especially when you have this plan, because I had the plan of being able to do everything perfectly, never make a mistake, et cetera, et cetera, et cetera. Well, this was a pretty big mistake. And it was one that was a five digit mistake. And so when I think back about what could have happened now, there's this whole thing that I wanted to be able to get to this goal of 10 doors be able to do it in five years. And so yeah, absolutely accomplish that goal. But the thing is, is I had to realise that I made a mistake. And so I could have chosen to hide my head in the sand, gotten upset about it say that, you know, it shouldn't have been that way. But it was on me. And so I realised that I had to figure out how do I not make this same mistake again. And so one of the things that I did was, first and foremost, make sure that I actually read through every single thing. But more importantly, it wasn't about me anymore. This was about not how do I build out a team? How do I build out a team of advisers? How can I have other people who are experts in certain areas? Contracts, inspection, construction? How do I bring those people on board? How would I cover my blind spots? And that's what I want to do. And I started realising that, you know, not only was it okay, if there was a mistake that was made, but it can't make the same mistake over and over. So had to adapt. And so realising like, how do you react? when mistakes happen? It's a matter of being able to say, Okay, well, what's happened, take an assessment of what went wrong, and also use that as an opportunity to grow to get stronger to get better to surround yourself with the right people with the right skill set. Because eventually, you're going to need that and the more and more that you want to build your side hustle into something that is robust, something that gives you control something that allows you to not have to ask and put your hand up and say, Hey, Teacher, can I go to the bathroom or Hey, can I have this day of work off? It's going to put you in a much better position. Mistakes are part of the game. Don't let them and this is coming from someone who is a recovering perfectionist. Don't let the mistakes completely destroy Draw your dream allows destroy the your ability to go out and positively impact other people take it as a learning opportunity, how you can make things better how you can react and how you can also bring others along and be able to improve what you're doing, be able to become much leaner more efficient. And also to that having that efficiency is going to give you even better clarity, it's going to give you stronger sense of purpose gonna give you more of an opportunity to progress and to build positive momentum. So it's going to happen and when it does, be ready to react and let it let yourself know that one of the ways that you want to react is take it as an opportunity to learn to grow to get better, to become much more efficient and effective in the things that you do. So if this has happened to you, or you feel like it's just happened to somebody else, and that you know that they need to hear perspective, we'll share today's episode, talk about it. They're not alone. I've been there, I've done that. Use the mistakes to grow, to become better at what you're doing, and also help others to avoid the same type of mistake. So with that stated, while you're sharing, I'm going to be here preparing for the next episode. And so until then go out and make it a great day. And thank you very much. Today's conversation was sponsored by the Billy keels advisory programme. If you're looking to make your nine to five optional and need some help, just go to Billy keels.com forward slash advising once again, that's Billy keels.com forward slash advising

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