Overview
On this episode of Build Your Network, Host Travis Chappell interviews Bob McIntosh, a national speaker and entrepreneur, number one Amazon best-seller.
Topics Discussed:
- About Bob McIntosh:
- One of the founding members of the Forbes Real Estate Council.
- Published on ABC, CBS, FOX, NBC, Yahoo! News, Small Business, Trendsetters, The Money Show and more.
- First business venture was into real estate and it’s still one of his core businesses.
- Flipping houses in Buffalo, New York.
- Just got lucky in terms of getting on stage and finding his calling.
- He started to realize that a lot of entrepreneurs were struggling with things that should not be holding them back.
- Key takeaways from his book “Get Out of Your Own Way.”
- Helps you realize that you are your #1 worst enemy as an entrepreneur.
- The thing that pushes you to become an entrepreneur can sometimes hold you back.
- Sometimes we tell ourselves things that hold us back from reaching our full potential.
- Have you found confirmation bias in terms of seeing people get out of their own way?
- In an average crowd, at least 65% are getting in their own way.
- He sees this all the time, on every stage.
- When you first started, did you have loads of cash to start flipping with or did you have to get creative?
- He was broke, the first real-estate deal he did was with his parents.
- They bombed miserably.
- Lost $40,000+ of his parent’s money.
- The key to recovering from that is to realize that he doesn’t have all the answers and he needs coaching and mentoring.
- In his first deal, he found a local hard-money lender.
- They paid 15% and five points.
- They borrowed around $150,000.
- This means he’s paying around $2,000 a month for the right to use this guy’s money.
- Once the first deal was done, now he has a track-record of success.
- The next time the lender dropped to 12% and 3 points, much more standard.
- Now they have 6 houses actively flipping and the financing is significantly better.
- Once you prove yourself, money will start coming at you.
- Ask to borrow money – start with friends and people you know.
- When he stopped asking for money and started allowing people the opportunity to let him borrow, money started flowing.
- What was the mindset that allowed him to do another deal after losing $40k of his parents’ money?
- He knew that the resources on real estate wouldn’t be around if flipping didn’t work.
- Had to figure out what he was doing wrong and find education.
- He bought some CD’s and discovered that he needed mentors.
- Made a promise to himself that he’d pay his parents back every cent that he lost.
- How can someone overcome not being a risk-taker?
- If you have zero risk tolerance, don’t be an entrepreneur. Being an entrepreneur is a risk.
- If there’s a point in time where you’re not taking a risk, you’re probably not growing a business.
- If you want to feel like you’re a part of something entrepreneurial, go work for a startup.
- The bigger risk to him was to not have control of his financial future.
- Any decision you make has risk to it.
- People with a higher risk-tolerance have a higher belief in themselves.
- Do you believe that what you know or who you know is more important, and why?
- Who you know is more important.
- There was a big factory in his hometown, it employed a good portion of the town.
- In high school, the factory had a work program that selected exceptional students to spent two days a week on the job with management.
- The idea was that this would help students stand out after college.
- He did not get selected for the program.
- When he found out which six people got selected, every one of them had a parent who worked at the factory.
- 4-5 of the six were not as qualified as Bob.
- At that moment it became clear that it’s all about who you know.
- What you know still matters, but who you know gets you in the door.
- Forming relationships with the right people will always pay off in the long-run.
- What you know grows when you’re around the right people.
- Throughout your career, how crucial have mentorships and masterminds been for you?
- They are everything.
- The only reason he’s on this podcast is that he joined a mastermind with Nicholas Bayerle.
- Nicholas Bayerle connected him with Travis.
- When it comes to masterminds and mentorships, you need to have three things:
- Be a part of a mastermind: This is how you meet people who push you and help you get better.
- When he needs help, that group will be for him.
- Have a mentor: You’re not paying this person, they just want to see you do better.
- They provide direction, help and support.
- Have a coach: This is a person you pay to help you with a specific problem.
- Nicholas Bayerle is his health coach.
- Why do you think that a lot of people don’t do masterminds, mentorships, and coaching?
- A lot of new entrepreneurs don’t know what masterminds are.
- Definition of a mastermind:
- A group of people get together with the purpose of helping one another.
- They provide each other with knowledge, advice, and connections.
- People have a scarcity mindset,
- Don’t think, “I can’t afford that.”, think “how am I going to pay for it?”
- You might not get dollars back out of the mastermind, it might be relationship capital.
- What kind of car do you drive?
- A 210 Ford Edge, no frills, base model.
- He spent $25,000 on a mastermind, more than his car.
- Too many people view masterminds as an expense instead of an investment.
- In 2017, Bob spent around $75,000 on masterminds and groups.
- You also don’t need to go crazy spending money on masterminds.
- The first mastermind he joined was $2,000-$3,000, and that was a stretch at the time.
- Don’t think, “I can’t afford that.”, think “how am I going to pay for it?”
- A group of people get together with the purpose of helping one another.
- Be a part of a mastermind: This is how you meet people who push you and help you get better.
- He was broke, the first real-estate deal he did was with his parents.
The Random Round:
- What profession other than your own do you think it would be fun to attempt?
- Teaching
- If you could sit on a park bench for an hour with anyone past or present, who would it be?
- Winston Churchill, wants to know what his mindset was to be a leader in the worst possible time and place, and still come out as a hero.
- How do you like to learn best, books, blogs, podcasts or video?
- Video and audiobooks.
- One of your favorite books?
- Mindset: The New Psychology of Success by Carol Dweck
- Give us a glimpse of your morning routine:
- Wake up whenever he wakes up
- Checks his phone
- Gets up, gets ready, makes tea
- Starts work
- Sometimes gratitude journals.
- What is your go-to pump up song:
- Anything by Ke$ha
- What are you not very good at?
- Saying no
- Find him online on his book site: outofyourwaybook.com
Tweetable Quotes:
- “If you have zero risk tolerance, don’t be an entrepreneur.”
- “Forming relationships with the right people will always pay off in the long-run.”
Resources Mentioned:
Buildyournetwork.com – Podcast website
BYN.media/fb – Facebook Group
outofyourwaybook.com – Bob’s book site
4 Hour Work Week – Book by Tim Ferriss
Mindset: The New Psychology of Success – Book by Carol Dweck
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