Define Your Why and Break Free: Rick Abbiati’s Path from W-2 to Real Estate Investor and Coach
Episode Details
Transcript
In this episode of From Adversity to Abundance, host Jamie Bateman sits down with real estate investor Rick Abbiati, who reveals how mindset, persistence, and integrity shaped his transition from a defense contractor to a successful real estate investor. Rick shares how his first four deals brought in over $400K, starting with a $90K paycheck from his very first deal. He discusses overcoming challenges, working with sellers, and staying true to his values in a competitive industry. Rick also emphasizes the importance of coaching, accountability, and mindset shifts in achieving financial freedom.
Guest Introduction:
Rick Abbiati is a seasoned real estate investor and coach who overcame personal and professional challenges to achieve financial freedom. With over $400K earned from his first four deals, Rick now helps others navigate the complexities of real estate investing, focusing on mindset, persistence, and maintaining high ethical standards.
Episode Highlights:
- First 4 Deals and $400K Earnings: Rick’s journey started with his first deal, which earned him a $90K payday, and led to over $400K from his first four deals.
- Mindset Shift for Financial Freedom: How a shift in mindset led Rick to take control of his career and create long-term financial freedom.
- Integrity and Persistence in Real Estate: Rick shares why honesty, transparency, and persistence were key in making lasting progress in a competitive, sometimes cutthroat industry.
Key Takeaways:
- $400K from 4 Deals: Rick’s first four deals generated over $400K, proving that persistence and patience pay off.
- Mindset Shift is Key to Success: A change in mindset can be the game-changer for real estate investors looking for financial freedom.
- Integrity Wins in the Long Run: Staying true to your values, even in tough markets, leads to lasting success in real estate.
Resources:
Instagram: https://www.instagram.com/smartrealestatecoach
Facebook: https://www.facebook.com/smartrealestatecoach
Youtube: https://www.youtube.com/@wickedsmartinc
LinkedIn: https://www.linkedin.com/company/wickedsmartinc/
Get a copy of their best selling books by filling out this form:
Learn More by Checking out their master class offer:
smartrealestatecoach.com/rickmastersclass
Integrity Income Fund:
https://labradorlending.com/investors/passive-investors/
Labrador Mentorship:
labradorlending.com/investors/active-investors/
—
Haven Financial Services:
Learn more: jamie.myfinancialhaven.com/
—
Purchase Jamie’s Book: www.amazon.com/dp/B0CGTWJY1D?ref_=pe_3052080_397514860
—
Leave us a REVIEW: podcasts.apple.com/us/podcast/from-adversity-to-abundance/id1618672867?mt=2&ls=1
www.adversity2abundance.com/reviews/new/
Connect with us
Website: www.adversity2abundance.com
Facebook: https://www.facebook.com/labradorlending/
Instagram: https://www.instagram.com/labradorlendingllc/
LinkedIn: https://www.linkedin.com/company/labrador-lending/?viewAsMember=true
Youtube: https://www.youtube.com/channel/UChYrpCUlqFYLy4HngRrmU9Q
Connect with Jamie
LinkedIn: www.linkedin.com/in/jamie-bateman-5359a811/
Twitter: twitter.com/batemanjames
Speaker 0
If you've ever felt stuck in your w two job, felt uncertain about the future of your w from your w two job or uncertain about your retirement plan, this episode is for you. This is, Rick Abiadi joins us. We really go in-depth on how he was able to transition out of his thirty year plus thirty plus year career, as a defense contractor and move into real estate investing. Rick, is now, a real estate coach and an active investor, and, it was not always easy. We focus on the struggle quite a bit and his persistence and how he kept going when others would have given up and then how his very first payday was a ninety thousand dollar deal, actually over a hundred thousand dollars, but that first check of ninety thousand dollars and just a lot about in this episode about defining your your why and maybe redefining your why. And after you make mindset shifts and get rid of limiting beliefs, how to build confidence. This this episode is very relatable for anyone who is maybe an engineer and you're not that hustler sales type. You're a hard worker, but you're not out there, you know, taking action, making things happen. Well, Rick really speaks to the importance of coaching and accountability, and there's some some real key nuggets at the very end of the episode you're gonna wanna stick around for. One thing to point out is we at Labrador Lending, we have our mentorship program very much like the coaching program that Rick talks about. We've got one on one mentorship. If you wanna take the next step as a mortgage note investor or if you just wanna understand what mortgage note investing is and how that might fit into a real estate investing, broader strategy or approach, I highly recommend you check out labrador lending dot com and go to our mentorship page, or email me at bateman james at labrador lending dot com. Enjoy the episode. Speaker 1
From adversity to abundance, hosted by entrepreneur and seasoned real estate investor, Jamie Bateman, is the ultimate guide for active and passive investors seeking clarity, mental fitness, and the confidence to make inspired decisions in the world of real estate. With a decade plus of investing experience across various niches and a background as a combat veteran, former army officer, and multimillion dollar mortgage note company owner, Jamie brings a wealth of knowledge and inspiring stories to each episode. Through weekly episodes featuring insightful interviews with industry leaders and solo explorations of mindset and strategy, listeners will uncover actionable advice and tips to overcome challenges and build lasting financial success. Whether you're a seasoned investor or just starting, from adversity to abundance is your road map to turning obstacles into opportunities and achieving financial freedom. Speaker 0
Welcome everybody to another episode of the from adversity to abundance podcast. I am your host, Jamie Bateman, and I'm thrilled today to have with us Rick Abiatti. Rick, how are you doing today? Speaker 2
Fantastic, Jamie. Thanks for having me. Speaker 0
Absolutely. I think this is gonna be a very relatable episode, especially for people who may be working at w two and may not, want to work that w two for for too much longer or may not really see a retirement, in sight. And, I know you have a a a relatable story where you were able to leave your w two. And now as a real estate investor and a coach, a real estate coach, you've got a lot more time, freedom, and abundance that you're you're living in. Rick, for the listener who may not be, familiar with you, who are you, and what are you up to today? Speaker 2
So right now, currently, since I left my w two, I'm a full time coach with Smart Real Estate Coach, otherwise known as Wicked Smart. And so I coach other investors across the country how to, invest in real estate and, help them through their get achieve their goals and help them define their why and why they're doing it, and work with them on mindset, skill set, and systems. And then I'll also, invest myself. Speaker 0
Love that. And that you're we're gonna hit on those those key points a little bit more, for those are critical, mindset and understanding your why and, you know, really giving thought to your experience and your goals and where where you've been and where you wanna go, is critical before you just jump in as a real estate investor because there's so many niches in this space, so many different ways to make money in real estate investing. And, so I'm excited to dive in and and focus on how we can help the listener reach their goals. Before we get there, let's get a little inspiration from your story, Rick. Take us back. You are a US Navy veteran, and then I think you worked in the defense industry for I know you did for over thirty years. Let's talk about that. How did that go for you? Speaker 2
So it was, you know, as you just mentioned, former Navy. I was a submariner, for six years. I got out and went to work for a major defense contractor as a systems or field engineer, traveling a lot. And over time, I progressed through different positions. And the thing with the defense industry is if there are defense cuts, your job was at risk. Now, fortunately, I came close to losing my job once, in being laid off, but I never did. That and that was very fortunate for me, and I was much younger. Gotcha. Our contracts generally were three to five years in length. Mhmm. And every time a contract was renewed, you were subject to either losing your job or going over to another defense contractor. Speaker 0
Mhmm. Yep. Gotcha. Yeah. I worked as a civilian with the Department of Defense for fourteen years, and so I've worked with a lot of different contractors. And, you know, relatively speaking, I'll say it seemed as though the good ones at least had a pretty pretty decent job security, compared to some of the other industries out there in the private sector. Right? But but compared to the civilians, not so much. And there's there's always that element of, yeah, you could be you could be let go any any any month or any year, or just having to reset and scramble. So there's some uncertainty there as far as the stability of your your paycheck and and the consistency in the future of of your income. So, you know, walk us through. We're not gonna go through, every day of your your long career and, you know, the ups and downs of all that. But what were some of the adversity or maybe from the mindset standpoint, what were you facing when you're back as a defense contractor but looking forward? Speaker 2
Well, as I mentioned, I started as a field or systems engineer, and I was did software engineering for a while. And I was a hardware worked with hardwares and systems as a whole. Speaker 0
Mhmm. Speaker 2
So I was very marketable anyway. I had Gotcha. A lot of knowledge in a lot of different areas of engineering. Speaker 0
Sure. Speaker 2
In the late nineties, I transitioned more towards more towards management. Speaker 0
Mhmm. Speaker 2
Yeah. So I became a lead and then a project manager, up until the, I'd say, two thousand sixteen, two thousand seventeen, up to director of engineering for a company. So I had about a hundred and eighty people that reported to me Wow. In in my project leads. And and then what happened was we ended up losing a major contract because the the time was up. So when it was recompeted, the way the government competes these things, a lot of times, It's lowest price technically acceptable. Yeah. Lowest Yeah. And another company won the contract, and therefore, there went my director of engineering position. Speaker 0
Wow. Speaker 2
So I however, I was brought on as a lead, basically, a project manager Speaker 0
Okay. Speaker 2
Which was which was fine. You know? Mhmm. I was okay with that. Speaker 0
So you know? And and, sometimes we get fairly specific on the show depending on how vulnerable you wanna be. Was that a pay cut for you, or how did that work from a personal standpoint? Speaker 2
No. It wasn't a pay cut, because as a, a director of engineering, I was director of engineering for a subcontractor. So Okay. Obviously, being a subcontractor, the pay wasn't as much as being with a prime contractor. Speaker 0
Mhmm. Speaker 2
Gotcha. It was, actually, I think it was a pay increase. Speaker 0
Okay. Speaker 2
Like like pay increase. Speaker 0
Okay. So you got paid a little bit more and had less responsibility. That sounds pretty good. Okay. So, you know, overall, it sounds like you had a a lengthy career as a you know, with your w two. Walk us through your like I said, looking when you're looking forward into retirement, what were you thinking about as you were in your later years as a w two employee with the contractor? Speaker 2
Working at a grocery store. Speaker 0
Oh, yeah? That's what you thought your retirement would look like? Speaker 2
I that's you know, when I get in when you get into this year seventies I'm in my mid sixties now. Mhmm. You know, getting into your seventies, you don't know if you're going to be around for another, you know, as far as being employed. Speaker 0
Yeah. Speaker 2
And, you know, today, a lot of seniors end up working at a grocery store, and that's all I can visualize, is bagging groceries. And the re retirement, I was not wise in my retirement savings. So it was a really book a question. That was that was my why, which ultimately I learned wasn't my true why, as you we both know. Yeah. On the surface, it's leave my w two and have retirement. Speaker 0
Right. Right. It's Speaker 2
I learned very quickly how to develop your why. Speaker 0
Okay. We're definitely gonna dive into that. But, and that's an that's an interesting point how your why can change and and really grow and maybe take on even more meaning over time. Maybe once you've reached your initial why, which sounds like in your case, was self focused, I mean, and probably family focused, which is normal. That's what it we'd expect for anyone to be concerned about initially. Right? But it sounds like I think it I think it grew and and, is now a little bit more service focused, I'm guessing. So but before we get there, you know, you worked you know, you got playing, you know, critic here or or cynic or I thought the, if you work for the government, you you have all these amazing benefits and the retirement is is is just just incredible. And it's a cushy job, and and you don't really have to worry about retirement. Is that not true? Speaker 2
Well, that's government employees. Being a defense contractor, you don't get those benefits. So, you know, every time a contract changed and you went over to a different company, whoever was awarded that contract Speaker 0
Mhmm. Speaker 2
Your benefits changed. A lot of times, they weren't a whole lot different. But, you know, as far as tenure, you know Yeah. With government, you can work all those years, and you end up with retirement. Speaker 0
Right. So and in your case, there is no annuity from that that job. Right? It's just a a four zero one k or similar type, retirement plan. Right? Speaker 2
Exactly. Speaker 0
Gotcha. Okay. So okay. You're you're into the the later years in your w two. Let's say five years from when you left your w two. What are you thinking? What are your next steps? Speaker 2
Well, I knew real estate was, the path to go. I know when I was in my probably around two actually, nineteen ninety one, I had bought a home and totally renovated it myself. Speaker 0
Okay. Speaker 2
And, of course, working at w two and renovating it, it was nights and weekends. Speaker 0
Yeah. That's tough. This is a was it a it was an investment property? It wasn't Speaker 2
your primary residence. Right? No. It was my primary residence. Speaker 0
Gotcha. Speaker 2
Yep. So it wasn't really for the profit. It was to have a nicer home. Speaker 0
Got it. Well, it's still very good experience and hands on experience. Okay. Speaker 2
So did Speaker 0
you have a family at this point? Speaker 2
I had a wife at the time. Speaker 0
Gotcha. Alright. Just trying to put ourselves in your shoes and, you know, see how what things were like. So you're working a lot, for your w two and then working around the clock on this rehab. Okay. And then, walk us through, say, the next, you know, few years. Speaker 2
So in twenty twenty, we we bought another home, which was a spec home. Mhmm. And I decided to do a major renovation on it. Speaker 0
Okay. Speaker 2
Put on two two addition actually, three additions on it. Speaker 0
So Spectrum is a brand new home. Right? It's it's a new home that's not built for a particular buyer. Right? Speaker 2
It they build a bunch of them the same. Speaker 0
Yeah. Yeah. But it's there's not a it's a new brand new home, and then you did you added on to it right away. Speaker 2
It's I removed it. I removed some walls to make some of the rooms bigger, and then blew out the back of the house and made it a a custom kitchen, very expensive custom, almost commercial grade kitchen. Speaker 0
Okay. Speaker 2
Couple extra rooms, bigger living room. So that was a fifteen year project. Speaker 0
Wait. And what year was this that it started? Speaker 2
Two thousand. Speaker 0
Two thousand. Okay. Wow. Fifteen year project. Gotcha. Okay. So how did you when did you leave your w two? You know, what did that transition look like? Speaker 2
So, well, to back up a little bit. So Yeah. When we renovated a couple houses, I thought, well, that real estate is really where the money is. Speaker 0
Yeah. I knew Speaker 2
and I figured, okay. I'm gonna flip properties and do that as a vehicle for retirement until I quickly realized, well, that's not wise because working a w two, I'm gonna put myself six feet under doing that. Speaker 0
Yeah. I mean, there are many downsides to flipping well, one, I don't consider investing, but, it's very active, you know, from a time and energy standpoint. If you're working at w two and you're getting a little bit older, that's pretty challenging. And then, from a tax standpoint, it's not very tax efficient. Speaker 2
Right. Speaker 0
And we could go into more in-depth on all that. But okay. So flipping was your initial concept. And it can be good to make a a lump sum to put to work. Speaker 2
So I also looked at okay. Well, the next thing from flipping would be wholesaling. Mhmm. Yeah. With two thousand sixteen, I set up an LLC. Speaker 0
Mhmm. Speaker 2
So I had to wholesale. I invested in other coaching programs, which Speaker 0
Mhmm. Speaker 2
Where they tell you what to do, and it was up for me to go do it. Speaker 0
Gotcha. Yep. Speaker 2
Without really the support system behind it. Speaker 0
Mhmm. Right. Speaker 2
And, really, when you're wholesaling, you're a lot of times, you're low balling. Speaker 0
Mhmm. Speaker 2
And it's very, very competitive. Speaker 0
Sure. Speaker 2
And I didn't get much success at all at wholesale, you know, for a five or ten thousand dollar check. It was just another job. Speaker 0
Right. Right. And I don't know. And I I know a lot of engineers come over to real estate, and and I love that real estate investing can attract a lot of different people from many different backgrounds, finance, real estate, or sorry. Finance, engineering, you know, lending, and and all sorts of backgrounds. I wouldn't guess that the typical engineer is necessarily great at hustling and and sales. Did do you think that's part of what what the issue was? Speaker 2
That was probably a good portion of it as I learned a few years later in what I'm doing now. Speaker 0
Gotcha. Okay. So you thought about flipping, didn't really you know, you pivoted to wholesaling through your LLC, but didn't have a lot of success doing that. You paid for a coaching program, didn't got get a lot of continuous support through that program. Now what? What what's going through your mind at that point? Speaker 2
So having, set up my LLC, he had done it through Anderson Business Advisors. And Chris Prefontaine and his son-in-law, Zach, were doing a webinar that was Smart Real Estate Coach. Speaker 0
Mhmm. Speaker 2
And it looked pretty good to me. It was, you know, less active. You know, as far as the effort Yeah. With it's a different type of effort. Speaker 0
Okay. Speaker 2
And very hands on in the trenches with us. Yeah. So coaches are Speaker 0
more hands on than what you'd experienced before. Speaker 2
So the Speaker 0
the person learning the real estate investor can be a little less hands on is what you're saying. Right? Speaker 2
Yes. Yep. I mean, still gotta be hands on, but you have more Speaker 0
More more guidance. Okay. Got it. And for the listener, we had, Chris on the show a little while back, so we'll link to that episode in the show notes. Okay. So you joined that smart real estate coach, wicked smart community. And what what happened? Well, you didn't I guess you didn't say that. You did a webinar and then it looked in enticing, but we all know you joined it. And so what happened after that? Speaker 2
So they, have they have different levels that you could come in at. Speaker 0
Okay. Speaker 2
So having spent a good amount of money in other coaching programs, of course, and being an engineer, I was apprehensive. Speaker 0
Sure. Yeah. Speaker 2
So I started at the lowest level, cheapest level. Speaker 0
Right. Speaker 2
And time they called it ninety day jump start. So you got insight. It wasn't such one on one coaching, but it was more of group coaching. Speaker 0
K. Yep. Speaker 2
So I wanted to dip my feet in the water. Speaker 0
Yeah. Makes sense. Speaker 2
I did that, and within forty five days, I saw all the success that people were achieving and how hands on the coaches were. And then I upgraded to the next level, which included one on one coaching. So it was more personalized. Speaker 0
And so this was real success that you were seeing from other people in the group. Speaker 2
Right. Speaker 0
Gotcha. Speaker 2
Now I did progress through two other levels above that about every six months Speaker 0
Okay. Speaker 2
Because the benefits were a little bit different. Mhmm. And Chris and I had been doing that for about oh, twelve, actually, probably about, well, thirteen months, fourteen months. Speaker 0
Mhmm. Speaker 2
And I hadn't had a deal yet. Speaker 0
Okay. Speaker 2
But my why was strong enough that it got me through where most people would have quit. Speaker 0
Okay. And that's a that's a really key point there because it's very easy to to give up. And it's also not always easy to know when you when to give up because I because some people are the other extreme where they're a little too stubborn. But most people would would have quit before you did. So to be clear, you were still working your w two at this time? Speaker 2
Yes. Speaker 0
Okay. Working your w two in this coaching program for, a year and a half or so, something like that. And then, once you started, how did you start to see success in the program? Speaker 2
So I got a call, from directly from Chris. Speaker 0
Mhmm. Speaker 2
And I'm gonna be on vacation. My phone rings and it says Chris Prefontaine. I'm thinking, why is Chris calling me? And he said, Rick, I've talked to the other coaches, and they said, you've been extremely coachable. Speaker 0
Mhmm. Speaker 2
And, you know, you could be a lot more successful. What I wanna do is take on I'm looking for five people that I can do personal coaching with Speaker 0
Okay. Speaker 2
And nightly accountability, which was key. So it was basically every night, I would leave a message for Chris, and he'd in the morning, he'd have a response through voice tech. Speaker 0
Okay. Speaker 2
Accountability was huge. Sure. And it held my feet to the fire. Right. Speaker 0
Right. Speaker 2
And so I'm thinking, okay. This is a no brainer. Speaker 0
Yeah. Speaker 2
And so I upgraded, to one of the higher levels. Speaker 0
Mhmm. Speaker 2
And what that also brought was more involvement with a community of people that were making all the deals, getting all the deals. Speaker 0
Sure. Speaker 2
Gotcha. And it was called the high six level. Speaker 0
Okay. So and they they have is there also training, like, in other words, classes in this, like, coursework as well as part of this? Speaker 2
Yes. All the way from the when you first start. That's where coursework is. Speaker 0
Gotcha. The reason I asked that is so I'm in mortgage note investing, and we have a a mentorship program that's very one on one and and it's tailored to the individual's needs. But we don't have currently a true community. We don't have courses. I recommend certain courses to my mentees. I recommend certain men, groups for people to join in the mortgage note investing space if they've determined this is the niche they wanna pursue because every real estate niche has pros and cons for sure. But, you know, I think these can work synergistically whether they're kind of under one roof as they seem to be in in your case, or not. They all provide different different benefits. And but I think, ultimately, if you want to really put, you know, the pedal down and make some significant progress, one on one coaching or one on one mentorship is is truly the way to go. But you're absolutely right. The accountability piece is critical. It's hard to I mean, that's you can learn everything you want. I just spoke with someone today who I won't throw him under the bus, but, he's been interested in my mentorship program for four and a half years. So maybe you could say that's a poor job by me in, converting a sale. But, you know, it's like there's no accountability piece to get them going. And and, you know, if if you were to join the program, there would be. But, if you're left out on your own, you oftentimes, even if you have the information, you may not take action or follow-up or continue to progress without that accountability piece. So give us some some some numbers, you know, you know, and we're gonna keep diving further, but give us some numbers as to your personal success and how how what success you experienced, largely from this coaching program, but also through your own actions, for sure, on the the investment side. Speaker 2
Well, I I'll go into those numbers, just to give you an idea. And I mentioned the months that I went without a deal. Speaker 0
Right. Right. Right. Speaker 2
Through the coaching, they had encouraged me to take get mindset coaching, which was made available to me. Speaker 0
Okay. Speaker 2
The mindset coach. We That's that Speaker 0
was outside of the program? Speaker 2
It was, more or less affiliated with the program Uh-huh. But it external. Yes. Interesting. And I know, all the wicked smart coaches had been through this my specific mindset coaching. Speaker 0
K. Speaker 2
I said, I'm gonna do what they did. Speaker 0
Right. Speaker 2
And I did that for a number of months. That's really what kept me going. Speaker 0
Okay. So what were what were one or two of the things that you learned that you could share with the listener in the mindset? Speaker 2
Because It's reframe reframing your beliefs. Okay. It's recognizing recognizing where you have a challenge or your mindset isn't right Mhmm. And reframing that to be more of a positive mindset. Speaker 0
Okay. Speaker 2
And then repeating that. Speaker 0
Can you give us an example in your case where you had a limiting or negative belief and you you changed it? Speaker 2
Yes. One of them was you know, I'm an engineer. I by trade, yes, I was up through management, but I was not somebody who, number one, making cold calls Yeah. Was a huge challenge for me. Speaker 0
A little bit outside your comfort zone. Speaker 2
It was way out of my comfort zone, and having the confidence. And that's really what it boiled down to, is having the confidence. Speaker 0
Gotcha. Yeah. Speaker 2
And then, Speaker 0
generally, the the, you know, we're putting all engineers in one bucket here, which really isn't fair, but, generally, suffer from, paralysis by analysis. You know? Speaker 2
You guys Speaker 0
running I I feel more comfortable working with a spreadsheet here and running the numbers and looking at the risk and understanding why I I shouldn't move forward with this deal as opposed to networking, you know, building out, you know, my the the human network of things and my Rolodex and and making a deal happen, which obviously, you need both, right, to be successful. Okay. So you were able to reframe it sounds like you you were able to reframe that mindset and gain more confidence based on that mindset coaching, and then how were you able to actually implement that? Speaker 2
So, I did one thing, and I took this advice from the coaches. We have, what we call Wicked Smart Academy. It's got a bunch of courseware in there. And one of them was live seller calls, which is the coaches making calls to sellers and Okay. Listen to it just over and over again. So when the seller would say something Speaker 0
Mhmm. Speaker 2
I knew exactly the response that was gonna Coach was gonna Chris or one of the coaches would give. Right. And once I upgraded to this high six level Mhmm. Within, I believe it was about three months, I popped my first deal. Speaker 0
Nice. Okay. What did that look like for you? Speaker 2
Well, we have what we call the three payday system, which if you want, I can kinda high highlight what that is. But, payday one is basically, the upfront the first payday, which is the down payment that we get from a buyer, because we're turning it around doing a a lease to own or rent to own. Speaker 0
Mhmm. Speaker 2
That payday one on that deal alone was ninety thousand dollars. Speaker 0
For you? Speaker 2
And I sat I sat in my car, and I stared at the check. And I said, you know, I really should take a picture of this check. Speaker 0
Yeah. Absolutely. Wow. That was payday one of three on your first deal. Right? Just to make sure. Speaker 2
On my first deal. Speaker 0
Okay. And that was how long how long did you had you not had a deal? Speaker 2
Fifteen months. Speaker 0
Fifteen months. Yeah. Like you said, most people would have quit because you're paying it's your time and your money. You were paying for a coaching program and upgrading your levels and not seeing success, I mean, that you could point to. From Speaker 2
everybody else, but, like, myself. Speaker 0
Not in your bank account. So And Yeah. Go ahead. Speaker 2
So, now over that fifteen months, there was a lot going on that I did not realize. Okay. I was building I was building a pipeline. Mhmm. The first appointment that I went on with a seller, which one of the coaches went on that appointment with me, and that's how in a that's how in a trans as we are. Right. That I did twenty I believe it was twenty three follow ups with the seller over fourteen months. And then he called me out of the blue, and he said, Rick, I'm ready to pull the trigger. Speaker 0
Wow. Yeah. Talk about man. Most people would have given up. That's a key example there. Speaker 2
Yep. Okay. Speaker 0
Yeah. So okay. And then after your first deal, kind of we we'll we'll speed up here a little bit. How much, how many deals did you do, or how much money did you make, as an investor, not as a coach, in the last since since that first deal? Speaker 2
So as an investor, I had when I was getting ready to leave my w two, I had four deals. Each of them were six figure deals. Speaker 0
Wow. Speaker 2
And I I didn't do any repairs. They were all nothing down, nothing out of my pocket. Nothing out Speaker 0
of your pocket. Speaker 2
Right. Just closing costs. Speaker 0
So what what is the average amount of a closing cost for for a deal like that? Speaker 2
They most of these have been anywhere from three to five thousand. Speaker 0
Okay. So you, in four deals, you know, put down fifteen thousand dollars for closing costs or and and made four hundred thousand dollars plus. Speaker 2
Right. Speaker 0
Right? Yep. Wow. Speaker 2
The best part about that, you know, somebody says, well, you know, you're making a fortune on these properties. That's not really fair. Speaker 0
Mhmm. Speaker 2
Well, in each case, the seller got full asking price. Speaker 0
Mhmm. Speaker 2
A buyer who would not have been otherwise able to buy a home was given the opportunity to buy a home. Speaker 0
Right. Speaker 2
Very fair price. Speaker 0
Sure. Speaker 2
So three way win. Speaker 0
Yeah. Yeah. I mean, you're solving problems in there. You can't control whether the the buyer, you know, follows through over the the term of the the lease, you know, or, but you're you're listening and solving problems for people and and profiting. And you you weren't profiting for quite some time as you're putting this work in and learning and growing. So walk us through kind of switching over from your w two to becoming a coach. Speaker 2
So as I had four deals under my belt, Chris said, Rick, you wanna think about coaching? And I said, Chris, I can't coach and have a w two. And he said, exactly. Speaker 0
He sounds like, he's usually one step ahead. You know? Speaker 2
Oh, he's definitely one step ahead, and he knows when you need to grow, what to do to do that. But, so I looked and I said, well, you know, I got a year's worth of savings. Speaker 0
Mhmm. Speaker 2
You you know, get me through should anything happen. I have four deals under my belt. So, obviously, it's not a question of whether I could do deals. Speaker 0
Mhmm. Speaker 2
At that point, you know, I did all the planning to leave my w two with, you know, medical insurance and all that kind of stuff. Yeah. And laid a plan out that within three months, I could leave my w two. I did it in advance of the three months, and I left my job, my w two, two days short of two years since joining the Wicked Smart community. Speaker 0
Wow. So within two years of joining the community, you left your w two. Right? Speaker 2
Right. Speaker 0
And, how did it feel to leave your w two? Speaker 2
Amazing. Speaker 0
For those not watching on YouTube, there's a big Rick has a big, big smile right now. Speaker 2
You know, Chris would always give me a hard time. He'd say, you know, like, the ninety thousand dollar payday. I didn't I had somewhat of a smile on my face, and Chris was like, get a little bit excited about it. Speaker 0
Right. Right. Right. Well, leaving your w two's. Yeah. Speaker 2
So, yes, it was, and then what I did is I went into training is to be a certified coach Okay. With with Chris. Speaker 0
Is that their own internal certification? Speaker 2
Yes. Yeah. Speaker 0
Okay. And what year was this that you left your w two? Speaker 2
It was May of last year. Speaker 0
Oh, okay. Wow. Of, Speaker 2
May of yeah. This is January. No. It was May of the previous year. Speaker 0
Twenty three. Twenty twenty Speaker 2
three. I Speaker 0
actually was just having to figure out when I left my w two, and I and I couldn't remember if it was and it was, it was twenty twenty two, actually, and it was right around April. And, yes, that felt great for me as well. That that's a a story I'll I'll save for another day. I think I've shared it on other podcasts, but, yeah, I haven't looked back. So, you know, so okay. Now talk to us briefly about how coaching not so much the coaching programs, but just for you specifically, your experience with coaching. How many people do you coach? How much time are you working these days? Do you have time freedom? What does it look like for you as a coach now? Speaker 2
Well, I I think the biggest thing is, of course, when I became a certified coach and I actually was coaching on my own, with my own assigned students or investors. Speaker 0
Mhmm. Speaker 2
The growth was just amazing. Speaker 0
For you, your personal growth? Speaker 2
My personal growth and as far as skill set goes. Obviously, if you're teaching something, you become better know it. Speaker 0
Right? Yep. Yeah. I get pushed all the time in my mentorship program. There there are always things I I don't know. Right? Or, you know, I mean, there's always gonna be that, and so you're never you're never gonna know it all. And then things change too. Market conditions change. Vendors change. We work with a lot of foreclosure attorneys, bankruptcy attorneys. Some may be good now, and then they're not gonna be good in six months or they go out of business. And so just because I may have known it back six months ago doesn't mean I know it now. So I I'm constantly being pushed and asked new questions and and, you know, example, originating loans hasn't been my wheelhouse. You know, we buy debt. We buy distressed debt. We buy performing loans. Second liens, not necessarily I've bought some. Land notes, I've bought some, but I'm not an expert in that space. You know, property valuing, providing a value, on a parcel of land. That's not something I'm an expert in. So I'm just giving examples. You know, there's always room for growth. And so, absolutely, as a mentor or as a coach, you're constantly being pushed and challenged. And Right. There's no better way to learn than to teach it, and help others learn it. So okay. So and then just speak more about what it looks like today as a coach. Speaker 2
So the other thing I get a tremendous amount of satisfaction in helping somebody, especially when they're new, coming in and being where I was when I first started Speaker 0
Yeah. Speaker 2
Helping them get their first deal and helping them get additional deals. And, you know, we can tell I mentioned nightly accountability. Mhmm. Those who are really serious do nightly accountability with me or one of the other coaches. Speaker 0
Okay. Yeah. Speaker 2
And so I can hear in their voice when they're going through challenges. Speaker 0
Yeah. Sure. Speaker 2
And, a lot of times, like Chris, for example, he may have somebody that leaves a message for him, and he's he can pick up their struggling mindset wise. And Yeah. He'll message the other coaches. Please reach out to this person Speaker 0
Mhmm. Speaker 2
And help them through their mindset challenge. And we do that. Speaker 0
Yeah. That's really good. And and we've we've touched we've danced around this major topic and, but your why, your initial why was to have a have a retirement plan or some kind of, you know, way to leave your w two and have, security in your your post w two life, but your why has changed. Talk about that. Speaker 2
It goes back to limited beliefs k. In knowing what is really, when you scale your business, what it can really turn into. Speaker 0
Okay. Speaker 2
And I've had some mind blowing moments, when I project out a few years. We're talking in the millions of dollars of revenue in the within a year. Speaker 0
You're saying from as an investor? Speaker 2
As an investor. Because I'm also investing as I'm coaching. Yes. But when I'm not coaching, I'm investing myself. Speaker 0
Gotcha. Speaker 2
So when I first started with the community and I was coaching, they said, Rick, what is your why? And I said, well, to leave my w two and have a retirement. Yeah. And they said, why? Well, so I don't have to commute. Speaker 0
Right. Right. Speaker 2
And I don't have to have a job that's at risk. And they said, why? What do you mean why? Speaker 0
Right. I already answered that question. Speaker 2
Right. It's defining what your perfect day or perfect life would look like Speaker 0
Mhmm. Okay. Speaker 2
And without putting any limits on it. Speaker 0
Now do you write that down? Speaker 2
Absolutely. In fact, I have two twenty eight inch monitors, and I've got a trip to Italy. I've got a trip to Ireland. I've got a lake home. It's all right in front of me all the time. Speaker 0
Yeah. Absolutely. Well, we're we're, focusing the show now on helping both passive and active active real estate investors operate in a state of mental fitness and make an inspired and informed decision about which real estate niche to pursue. And I think in your case, the pillar we we have several pillars that we wanna focus on on my podcast going forward. And and I think in your case, what mindset shift must you make to reach a state of mental fitness and take decisive action in real estate? That one just seems to stand out for this episode, and it's it's you know, you've talked a lot about limiting beliefs and defining your why. So back to, you know, you were answering the question about your why. Sounds like you had some limiting beliefs on your why, and then your why exploded. What is what is your what is your why now, Rick? Speaker 2
So my why is to be able to travel when I want, where I want, and forever how long I want. Speaker 0
Love that. Speaker 2
You know? Yes. And also to be able to run my business, without being in the business. Speaker 0
Mhmm. Speaker 2
Yeah. Yes. I what I do, but if I'm if I wanna take a month in Europe, I wanna be able to do that, but still have my business run while I'm away. Speaker 0
That's great. And you did also already speak about the satisfaction you get in in helping others. So I I think that's part b of your why maybe. But, no, I love that. I mean, that's that's it's you're just thinking way bigger than you were five years ago. Right? Speaker 2
No comparison. No comparison. Speaker 0
Alright. We're we're pressed for time a little bit here. I've got some rapid fire questions. Are you ready? Speaker 2
Sure. Go for it. Speaker 0
Alright. What is one thing that people misunderstand about you, Rick? Speaker 2
People misunderstand about me. Speaker 0
This one trips people up sometimes. Speaker 2
I think, probably, my I truly enjoy helping people. Mhmm. I know until people get to understand, they think it's about the money. Speaker 0
Mhmm. Speaker 2
And, yeah, money is it's a vehicle. Speaker 0
Mhmm. Sure. Speaker 2
Yeah. And I think that's probably the biggest thing. Speaker 0
Got it. If you could go back and give your eighteen year old self some advice, what would that be? Speaker 2
Get into real estate and do it the right way. And, be very coachable and surround yourself with, you know, back when I was that age, it was all about sports or Yeah. You know, partying Mhmm. You know, or Right. Going to school. So Speaker 0
And to be clear, you or I probably wouldn't listen. Our eighteen year old selves wouldn't listen to us now anyway. But, if you could have coffee with any historical figure, whom would you choose? Speaker 2
Historical figure? Speaker 0
They could still be alive today. Really, anyone who has lived. Speaker 2
I would say probably Peter Taunton. Speaker 0
Okay. Speaker 2
Peter Taunton is was the founder of one of the largest fitness, franchises in the world. Speaker 0
Okay. Speaker 2
And Chris in fact, he coach he coaches Chris. Speaker 0
Is that right? Speaker 2
Yep. And he's a very, very successful entrepreneur. Speaker 0
Interesting. That's the first time we've had that answer. Speaker 2
He's just, I have talked to him one on one before, and Okay. He's just very down to earth. Speaker 0
Nice. Speaker 2
You you would not know he has the money he does. Speaker 0
So speaking of money, if you were given ten million dollars tomorrow, Rick, what would you do with it? Speaker 2
I would well, I wouldn't, I would donate, be more, you know, like Saint Jude, Tumbling Front Towers, organizations like that. Speaker 0
Mhmm. Speaker 2
And I would probably travel more and see see the world. Speaker 0
Love that. What is one book or two books one or two books you could recommend for our listener? Speaker 2
One of the books would be, it's, it's developing your why. Jeez. I'm trying to think. Speaker 0
Start with why? Speaker 2
Or Start with why. Speaker 0
I actually just saw that on my bookshelf yesterday, so it's the only reason popped into my head. Simon Sinek? Yes. Yep. Start with why. Speaker 2
That that's a real key one. And, of course, it's, you know, how to win friends and influence people. That's that's a basic Sure. One. Speaker 0
Yeah. Absolutely. What's a challenge that you're facing in your business or your investing career right now, either as a coach or as an investor? Speaker 2
I can't really say that I have a challenge. Although the one thing one of the things that I learned is, this one deal that was my first appointment that took fourteen months. You know, I I my nightly accountability with Chris, so I said, Chris, I keep following up with this guy. He but he keeps hosting me. Well, it turned out the guy was going through physical, some health challenges. Speaker 0
Okay. Speaker 2
But he told me, he said, Rick, your why is not his your timeline is not his timeline. And so even today, you know, I work with the seller, and the seller won't get back to me for weeks. And it's I think patience and understand. It's not necessarily they are interested. It's unable to see what's going on. Speaker 0
No often means not right now. Yeah. And we so easily think it's it's about you. You know? It's about me. I must be saying the wrong thing or he doesn't like me or or whatever whatever it is, but but they may not even just have time to think about you, and they have so much else going on. You don't know what they're going through. So just be persistent and available so that when the time is right, you you are there to help them with their problem and a solution for their problem. That's I love that. How has financial abundance made your life better? Sounds like you get to travel some and you have you work less. Speaker 2
Yes. And I'm I get to work doing what I want to do Mhmm. Not what I have to do. Speaker 0
Mhmm. Yeah. Speaker 2
So it's it's really financial freedom. Yeah. I mean, I don't worry so much about money anymore because I know if the deals manifest themselves and that was really a mindset shift for me. Speaker 0
Gotcha. No. That's great. So the coaching program sorry. The coaching industry, especially in real estate, can be full of, I'll say, charlatans and shady people and you know, it doesn't coaching the coaching industry doesn't have the best reputation overall. Real estate investing tends to have a low barrier to entry as well, and so it's not super regulated, either the coaching side or the investing side. What are some of the controversial things or at least one controversial thing that you see in the real estate coaching industry, and how do we avoid that as an investor? Speaker 2
Well, I know one thing that I run into quite frequently, when I'm talking to sellers, they'll say, oh, you're like the fourth or fifth person or actually, I won't say you're like the twelfth person that's called me regarding what you do. And my first question to them is, are those people accredited? Because we are. Mhmm. And Okay. The Creative Real Estate Association. So it means with this is all we do, and we know what we're doing, and we have the ability to do it. And I I remember sitting down with the seller, and I had talked to him about a deal. And he says, well, I got another offer from somebody, but it seems quite a bit higher than yours. And I looked at the numbers, and I thought, first off, he's offering you much more than your asking price. He's offering you much more monthly than he can get on the rental market, way above market rent. And it was for it was over within a two year period to be completely cashed out. And I said, most of these people take their money and run because they're getting their money upfront. Speaker 0
Mhmm. Gotcha. Speaker 2
I do see that. There's also Speaker 0
Yeah. So as a real estate investor listening to this show, how do we avoid dealing with people like that? Speaker 2
Well, it's to be honest, every it's most important to, do everything with integrity. Mhmm. And as long as you present yourself, you're completely transparent Mhmm. With integrity, people can pick that up. Speaker 0
Sure. Speaker 2
Right. That that's huge. Speaker 0
Yeah. So, essentially, you're saying worry worry about yourself and your your own integrity, and, also, you mentioned earlier associating yourself with with high quality people. So that that does work hand in hand. What else? What's something that we haven't I have not asked you that you wish I had? Speaker 2
I think you pretty much covered it. I'd say, you know, and we've kind of touched on this, the importance of mindset. Speaker 0
Mhmm. Yeah. Speaker 2
Because that was the thing that totally turned everything around for me. Sure. And it's getting yourself involved with like peep like minded people. Absolutely. With a community, and define your why as we've talked about. Speaker 0
Yeah. Speaker 2
And being getting clarity on what you want. Speaker 0
For sure. No. Those are all really key points. Last question, I think. Where do you you the the coaches in your in your group, no one has a crystal ball, but in the real estate industry, how are things changing? How they changed maybe over the last twelve months versus the next twelve months in twenty twenty five? Speaker 2
Well, in our niche, and because of the numb how long, Chris and we've been doing this Mhmm. It we are able to adjust to just about any market. Okay. You know? So in two thousand nine time two thousand eight, two thousand nine, you remember what happened then? Speaker 0
Yes. Yep. Speaker 2
Absolutely. As Chris probably alluded to, he lost every Speaker 0
Yes. He did. We talked all about it. It was a huge crash, and then he he felt a lot of that pain personally for sure. Speaker 2
Right. So, you know, I I love the niche that we're in. Yeah. And every day, every deal that we do, there's very few deals that are identical. Speaker 0
Mhmm. Gotcha. Speaker 2
And it's it's creative financing. Mhmm. And there's always a way to structure it to meet the seller's needs and to and to help buyers at the same time. Speaker 0
Sure. Yeah. I'm reminded of, I've interviewed, Dave Van Horn on my show. He's, was he's essentially retired now, I think, but a mortgage note investor and real estate investor with many wore many different hats over the years in the Philadelphia area. And he just would talk about, I don't care what the government policies are. I don't care what the market conditions are. Tell me what the rules are, and I'll figure out a way to win. Now part of that is just from having done it for so long that he's developed expertise in so many he's got a lot of tools in his tool belt. So the the newbie can't necessarily say that, and that's why they need a coaching program and accountability. But with someone like Chris in your corner who has been through the ups and downs in many different market cycles, I think that's just a great way to go. It's a it's a freeing, liberating mindset because you don't need certain market conditions to make a profit. You can just, be flexible and still do do well no matter what happens. Exactly. Alright. Rick Abiadi, thank you so much for your time. This has been like I said, it's a very practical episode, and I think a lot of people are gonna be able to relate to this. Real estate is a fantastic industry as an investor. I mean, it's where I, where I live as well, and I wouldn't if I didn't love it. So, and, I think just that there's so many nuggets. I'm not gonna go over all of them here. You you did a great job a couple minutes ago of summarizing the key points that we went over. Any any final thoughts, Rick? Speaker 2
Yeah. We've got a, a a free book, that your listeners can get, and, the link to that is wicked smart books, w I c k e d, smart books dot com slash j bateman. Speaker 0
Okay. Perfect. Speaker 2
And also a three, what we call I spoke about the three paydays. We have three paydays, free master's class. And, the link to that is smart real estate coach dot com slash rick, r I c k, masters class. Speaker 0
Perfect. Alright. Any other ways that our, listener can, reach out to you personally? Speaker 2
Yep. They can do that through the master's class. Speaker 0
Got it. Speaker 2
Just and just request that. Yep. Speaker 0
Sounds great. Fantastic, Rick. Well, thank you so much. Like I said, thank you for your time and, inspiration and and sharing of knowledge. Really appreciate it. Speaker 2
Well, thanks for having me on, Jamie, and Sherpa. Been a pleasure. Speaker 0
And to the listener, thank you for spending your most valuable resource with us, and that is your time. We appreciate it. Take care. Speaker 1
Thank you for joining us on From Adversity to Abundance. We hope today's episode has equipped you with valuable insights and practical advice to elevate your real estate journey. For more inspiring stories and resources, visit us at w w w dot adversity to abundance dot com. If this episode has inspired you, please share it with a friend who could also benefit from our conversation. Together, let's turn adversity into abundance. Until next time, keep building your mental fitness and your real estate empire. Speaker 3
Hey there. It's Jamie Bateman. Ever felt boxed in by life's challenges? Dive into my new book, From Adversity to Abundance, inspiring stories of mental, physical, and financial transformation, available now on Amazon. From a former bank robber's redemption to a young entrepreneur's victory over hurdles, these stories are not just inspiration. They're the road maps to your transformation. Whether for you or as a powerful gift to friends and family, especially those who might not tune in to podcasts, this book is a beacon to a life of abundance. Ignite that inner fire and set your course to the life you've imagined. Purchase yours today on Amazon and light the path for someone you Speaker 0
love. 