Special Guest Expert - Paul Moore

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Welcome to The MIND BODY BUSINESS Show. The three keys to your success is just moments away. Here's your host, Brian Kelly.

Brian Kelly:
Hello, everyone, and welcome, welcome, welcome to The MIND BODY BUSINESS Show. We have a phenomenal show lined up for you tonight, not because of me, but because of our special guest expert. This man has seen and done nearly everything when it comes to the entrepreneur world. And I cannot wait to tap into his big, beautiful brain. And for him to give the value to you that you came on to watch that you so richly deserve. Thanks for tuning in for joining us tonight. And by the way, continue all the time, continue to comment, ask questions. We love interaction and feedback. Let's get to it, shall we? The MIND BODY BUSINESS Show. What is that all about? Real briefly, in my fifty five years on this planet, I started studying only those people that I deemed successful that looked successful to me, that seemed successful and that were in other people's eyes. And I started studying them and finding out what is it that made them successful. And it came down to three things that were three primary areas. And I now call them the three pillars of success. And you might have guessed it what those are by now. And that is the mind, body and business. So mind being mindset, that is each and every person that I study that is successful. These are people I've met at seminars that I knew personally or that I read in books and followed online. They each had mastered their own mindset and they have achieved a way of creating a unstoppable and very flexible mindset that is one that you need to have to succeed as an entrepreneur, because let's face it, being an entrepreneur, he's not that easy. It is not that easy. You need a thick skin, so to speak, to succeed. And then we'll move into a body. Speaking of skin, that's not just about your physical body. It is. It does include that. It's about working out exercising on a regular basis and putting good nutrition into your body. And I like to say the mind and body are a team. And more importantly, they are your team. And if any member of any team is not operating at what I like to call a peak level of performance, then the team as a whole suffers, doesn't it? And so the mind and body so take care of both and really look into mastering both those. And then there's business. Business is a multifaceted arena. It includes things like sales, marketing, team building, scaling, systematizing. It goes on and on. And every one of these people that I studied had mastered these areas of success. Now, here's the good news is they personally did not master every single area that there is in business. Every skill set, there are so many. The thing they did, they got smart and they delegated to those who had the skill sets so that they wouldn't have to go and learn every single one of them. And so there's good news. You can leverage your talents with other people to help you to build a successful business. And another wonderful trait, a very wonderful trait that most of these incredible, successful individuals had was they all were very voracious readers of books. And to that end, I like the Segway real quick into a segment I affectionately call bookmarks.

Bookmarks for to read, bookmarks. Ready steady read bookmarks brought to you by

Brian Kelly:
Yes. There you see it on the side of the screen here to me, And real quickly, for those of you watching and listening, everyone that's paying attention here is to do just that is pay attention to the show here and just take notes. Take out an old fashioned piece of paper and a pen and jot down notes, because between our guest expert, who is an amazing gentleman, Paul Moore and myself, we'll be giving you a lot of resources that you'll be able to tap into. Write those down instead of. That, you know, instead of going off and checking them out online while you're watching the show and listening to in the background, try to avoid that temptation and stay with us on the show, because I like to say the magic happens in the room. And I'd really hate it for you to miss something that could have been the most important tidbit of value that Paul gives you tonight that could literally change your life forever. So stay on the show. Stay with us. Engage comment like love and let's have a good time. What is that? Real quickly, real briefly, that is a Web site I put together. And I kid you not with you in mind, with the entrepreneur or with a business person that's trying to achieve greater success than they are now. I'm going to reveal something here. I didn't used to read voraciously until about 10 years ago. I have not been a voracious reader for very long. And once I started, though, I will say it did change my life in profound ways. And I began reading everything I can get my hands on, too. I love to listen to books on Audible. I found that was my motive of ingesting information that was better than reading with my eyeballs that would get tired if I had a book. And that's why I didn't read a lot because it made me tired. And I found this other means to do it, to ingest information. And so if you're reading books and you want a good list of personally vetted books that I personally bet another list to go to. I'm always looking for new readers myself at least. Odds are you won't be wasting your time because this has been vetted by at least one other successful person. And you can have a better probability of this really having a positive impact on you. Every book I've ever read is not in your by the way. That is why I made that comment. And so speaking of success, ladies and gentlemen, boys and girls, I think it's time we bring on our special guests expert. Let's get right to it.

It's time for the guest expert, spotlight, savvy, skillful, professional, adept, trained, big-league qualified.

Brian Kelly:
And there he is, ladies and gentlemen. The one the only Mr. Paul Moore. Hey, Paul. How are you doing this evening?

Paul Moore:
I'm doing great. Thanks, Brian. How are you?

Brian Kelly:
Oh, I cculd not be better. I'm so excited for this show. I'm looking into your bio. I've done some research about you. You're an amazing man who has accomplished much, learned a ton. And I know that our viewers are just going to love listening to what you have to say going forward, I cannot wait. Before we jump in, though, real quick, if I may. I wanted to remind everyone who's watching live for those you that stay online to the very end. You will have the opportunity to win a fortnight's stay at a five star luxury resort in Mexico, compliments of power, texting dot com. You see their name on the screen. They have put this thing together where we can give away and have been giving away a vacation every single show, once a week, every single show. And it is not one of those things where they they lure you into a timeshare meeting, you know, the type. It's nothing like that. And I know that for a fact, because the founder of Power Texting himself has utilized this very resource three times, three times. And he said every single time that the experience was phenomenal. All right. Let's get to it. Let's bring on this amazing gentleman after graduating with an engineering degree and then an MBA from Ohio State. Paul started on a management development track at Ford Motor Company in Detroit. After five years, he departed to start a staffing company with a partner. They sold it to a publicly traded firm for 2.9 million dollars just five years later. Along the way, Paul was finalists for Ernst and Young's Michigan entrepreneur of the year two year straight. Paul later entered the real estate sector, where he has completed eighty five real estate investments and exits. Appeared on an HGTV special. I love them, by the way. Rehab and managed dozens of rental properties, developed a waterfront subdivision and started two successful online real estate marketing firms. I'm not done yet. HUF Three successful developments, including assisting with development of a Hyatt hotel and a multifamily housing project that led him into the multifamily investment arena. Paul cohosts a wealth building podcast called How to Lose Money and is a frequent contributor to Bigger Pockets. Paul is the author of The Perfect Investment Create Enduring Wealth from the Historic Shift to Multifamily Housing and has a forthcoming book on self-storage investing, which we are going to go into tonight. I hope Paul is also the managing directory of two commercial real estate funds at Wellings Capital. I'm exhausted. That's amazing. And you're amazing.

Paul Moore:
I'm exhausted.

Brian Kelly:
Welcome to the show, my friend, officialy

Paul Moore:
Thanks, Brian. That's great.

Brian Kelly:
Hoo wee. That is a powerful, powerful bio brother. I love that. I when I first read that and we're talking months ago when we were working out getting you on the show, I was like, wow, this is going to be an all star player on the show. I couldn't wait for this evening. I'm so glad it's here. Oh, my. And so the bile. You know, it's I love those because everyone gets to get a sense of you and what you've achieved and accomplished your experience over the past number of years. And what I like to do is then kind of switch gears and then dig a little deeper. And this is nothing horrible or bad. It's really good. I like to dig into the mind because as I open the show, the mind is one of the three pillars of success. Hence the name being part of the name of the show. And what I wanted to find out from you, Paul, specifically, you know, being an entrepreneur is difficult, as tough enough as it is. And you have to have a rock solid, positive mindset. We're human. We have those times. But you have to find a way to rise above it all continually, consistently. And so for you, Paul, when it comes to maintaining something like that, that positive, productive and successful mindset, what do you do on a regular basis to sustain that?

Yeah. One thing I've been doing for about thirty four years now is doing like a time of morning meditation. I get up and no matter how busy I am. I mean, except in those rare exceptions, you know, no matter how busy, no matter how much I have on my plate, I try to get, you know, about forty five minutes to an hour to, you know, just said meditate, pray. I try to write journals. I actually am working on a devotional book that I'm writing. And so that's been part of that journey, just writing out those devotionals, which have been really fun for me personally. And, you know, I do some positive affirmations, things like that. You know, just kind of restate my goals not only for the day, but my mind's. Our big picture goals for the year and for longer than a year. So I try to do that every morning and I find if I don't do it two or three days in a row, I can feel it.

That is amazing because what happens with many of our past guest. It's very similar. And what happens, I've noticed is everyone who's achieved a level of success similar to yours or you or, you know, you're way up there is they all seem to have a routine. A disciplined routine that they follow on a regular basis. And it's interesting you said that if you don't follow for several days, you feel it. And I can so relate to that because and the opposite is true when you get back into it. You start noticing the ramping up of everything. You become more successful. Everything just falls in alignment. Much better, much easier. And I really resonate with that. So for those of you watching and listening, take notes on that is routine and discipline in following that routine. And it's a good kind of discipline. Not that got, you know, the bad kind of discipline that some of us in the past have gone to on previous shows. It's it's interesting how people react to this. The words we use also talked a little bit about the importance of reading when it comes to becoming successful, because think about it. What what less costly way is there to learn from someone who has achieved a great level of success? I mean, you buy a book and you read it. You have it forever. You can go back to it time and again. And many of the books I put on reach a peak library. They are just invaluable, invaluable to me. And I've got bookmarks throughout them. So for you, Paul, I'd love to hear what business related book if you could just pick just one. It could be recent. It could be in the past. What business related book has inspired you the most so far?

Yeah. You know, Brian, for years I considered myself a serial entrepreneur. I was even thinking about putting that on my business card at one time. I've got a stack of business cards from different businesses that some succeeded, many failed. And I actually regret that, you know, I mean, I regret being a shiny object chaser. Some of the most successful people in the world figured out one thing they wanted to do when they were really young. And they stuck to that one thing and they said no to a thousand, maybe ten thousand distractions. A friend of mine and business partner just ran for governor Colorado last time around. And he said he ran a rub shoulders with billionaires. And he said, you know, they're not that much smarter. They don't have that much. They don't have a better education. But what they do have is most of them pick something in their late teens or early twenties, and they stuck with that one thing. And that's the name of the book. I'm sure you have it in your library. It's Gary Pappy's on. And J. J. Excuse me, Gary Keller and Jay Pappy's on. It's called The One Thing. And it teaches us to focus on one thing for this hour, this day, this week, but also for the long term, you know, over the next five, 10, 20, 50 years.

And so that book, if I would have had that and applied it in my early 20s, I think I would have been probably far more successful, especially if I would have discovered what I'm doing now magically in my 20s. But at any rate, that's the book I'd recommend for sure.

Fantastic. Thank you so much for that. That is amazing. I wrote it down. I'm getting that. I will have that in my library before I turn in for the evening. I kid you not. That is how I act. I do not have that in my library currently. So thank you for that book resource. And so it's the one thing. And what were the authors again?

It's Gary Keller, who's the founder of Keller Williams. And Jay Pappy's on his coauthor on a number of books.

Awesome. Thank you so much. So look for those of you watching, listening. I'm taking notes, so I think it'd be a good idea if you did the same. This is an amazing, amazing show because not because of me or what we've done here. It's because of people like Paul who come on to the show and bring incredible value. It's just amazing. I get the blessing of talking with and interacting with each of you. And Paul, you're just you're already amazing and bringing the value. And I'm so appreciative because. People are going to be blessed. Those are not watching live. They get to listen to this or watch it afterward. Are just going to be glad they did. That's what I will say with that. And so you've been all over the place with your entrepreneurial ism. You know, serial entrepreneur or self-professed, what actually ignited you to spark would ignite the spark in you to go down where you are going now. Now what to start the latest business venture you're working on now?

Yeah, I would say there's a couple things. The first one was I discovered something about four years ago that most people know about now, but a lot of people didn't historically.

And that is the great evil that is happening in the world and in America right now. It's called human trafficking.

Brian, do you know that if you took not the average the record profits of Apple, General Motors, Nike and Starbucks combined that together doubled that number?

Brian, the record profits of all four doubled. That's the approximate annual revenues generated by human trafficking every year. Wow. Incredible. It's happening under our noses. And you know what? I'd like to believe that if I was alive in the mid eighteen hundreds, I'd be an abolitionist fighting against slavery. And I'd like to believe if I was an adult in the 1950s and 60s, I would have been fighting for civil rights. Well, this is a civil right. It is slavery. And it's happening right or under right under our noses. So I am trying to dedicate myself to getting that message out and to try to fund it. You know, I'm trying to fund like over my lifetime through my efforts and people I can corral together with me a billion dollars to fight human trafficking and rescue its victims. And so that's my big why. And that's one of the reasons I keep going. Now, vocationally, I also I discovered something called the magic and the power of commercial real estate. You know, the Forbes 400 largest, the wealthiest people in the world, almost all invest in commercial real estate. And I did not know why that was true. But after I discovered the power of it, I realized why. You know, if you have a residential home and your chip and Joanna Gaines, junior from I guess they're on HGTV, I think they are.

And you were able to flip that house and let's say you could take a $300000 house and you could do every imaginable upgrade to it and you spend a half a million. You got it up to eight hundred thousand dollars. You probably wouldn't get eight hundred thousand dollars out of it if you were in a neighborhood of three hundred fifty thousand dollar homes. We all know that because these homes are valued or, you know, the value is based on comps or comparable properties, the value formula in commercial real estate is entirely different. Brian, there's a formula and it's value equals the income divided by the rate of return, which is similar to a PE ratio in stocks. Another way of saying is it's the value equals the net operating income, not including the debt or the debt service, the net operating income divided by the capitalization rate or the cap rate, which is the rate of return. So if you can increase the numerator of that equation or if you can somehow compress or lower the denominator, you can dramatically impact the value of that asset. Now, when you add safe leverage to it, when you add some debt, you can increase or accelerate the growth in the the equity even more. And so that is the power of commercial real estate. And I wanted to see that become accessible to the average investor.

You know, for years people thought this is only the playground of the really wealthy, the institutional investors, the life insurance companies, pension plan, pension funds rates, etc.. But now, because of the change in some of the tax laws, especially from 2012, that is accessible to everybody. So our company, Wellings Capital, provides an onramp or a front door, if you will, for people who want to get involved in commercial real estate, but they're not sure who to trust or where to start. We make it accessible for them to get into investments like this. We have a fund right now. We have 39 assets in one of our funds. So somebody can invest, for example, 50 thousand dollars and that be spread across these thirty nine commercial assets. Now, these are mom and pop facilities, self-storage mobile home parks, some multi-family that have a lot of upside because they weren't. Upgraded, they weren't maximized, the A.I. The net operating income was not driven to its optimal point by the previous mom and pop owner. They were probably a little older and wanted to get out, retire and there's easy things that can be done to significantly impact that value. And so I'm very, very excited to be part of this. If I would have known in my twenties, you know, about commercial real estate, I would never have done anything else yet.

Know, it's interesting that you bring all this up. It seems somewhat parallel to me as far as real estate as well as things that's never really been much on my radar until a friend of mine who is in real estate and has made a fortune in it started developing courses to make it open and available to people like me as well. And so it's got me very intrigued listening to you that, you know, you make this basically Wellings capital, the front door. I love how you describe that to people to have a way to enter into this market and understand and and be able to find someone they can trust and utilize your services to help in getting them into the real estate market. The commercial real estate market and also successfully investing there. So I'm really interested in that. And so along those lines. So to get those people to your front door is always this one of the most curious questions I have for all of my guests.

I love to find out what different business owners are doing to get those people to your front door, so to speak, whether it's virtual or or physically. What is it for you and your company? Paul, how do you go about marketing your business? I truly and I guess let's just say marketing is so multifaceted, let's dial it down. What has been your most successful form of marketing thus far?

Well, first, let me tell you my philosophy on this. So about three and a half years ago, I had been doing real estate investments since 2000. I had some friends and family who had invested with me since about 2004. And we had that small group of investors. They had always made money. At least they never lost money on any deals.

And so I was really excited to have them come along. But that was only like four people and I needed hundreds of people to invest with us to make our business successful. So the first thing I did as I started chasing the silver bullet, I started thinking, well, I've got this friend in China who works among the uber wealthy in Shanghai. I'm sure he would like to help them invest in the US. And so for about a year, I was counting on this friend to bring us these uber wealthy investors. And when we had a couple of deals and I called them first time, it was Chinese New Year. Sorry, I need six weeks to get back to you the second time. Well, that deal's too small. We really want to invest in a bigger deal. So I just realized I couldn't count on this. And my mentor one day, you know, speaking of a great reader, he sent me like 10 books. And but one day on the phone and this was actually on a phone call with other people from my company on there, a conference call. He said, listen, Paul, I've been telling you for two years, you what you need to do to go out and call, talk, cultivate an investment strategy and you haven't done it. Don't call me again until you've done what I said. And it hurt. And you know what, Brian? That is exactly what I needed to hear. Well, about a week later, I discovered this little purple podcast app on my iPhone. I'd never seen it. It had been there for years, but I didn't know what it was. You know how those things are. And someone said, you can listen to podcasts on here. This was only like three and a half years ago. And I said, OK, I'll try one else. So I stumbled around while my wife was in a department store one day and I stumbled into this podcast. I turned it on. And this is what I heard. The guy told a story.

He said, if you're looking for investors, investors are really sensitive to being sold. They don't like to be chased. They don't like to be pushed. They will run away if you look desperate or if you're putting any pressure on them. So don't do that. Then he told this story and I hope I can leave your listeners with this. He said if you're up north and you want to live on salmon, let's say you're up in the Pacific Northwest and you're all alone out in the wilderness and you want to live on salmon, you can become a spear fisherman. He said you'll have to learn to whittle the limbs you off, to learn to carve them. You'll have to learn to throw these spears. You'll have to hope that a salmon swims. By in the dark stream, right when you are poised and ready, you'll have to hope that they don't dodge your spear. You can possibly get it to shore and you might be able to eat some salmon. That's how spear fishermen live, he said. Or you can do this. And this is where the analogy becomes silly, Brian. But he said you can be a grizzly bear standing in the waterfall with your jaw unhinged and waiting for the salmon to jump into your mouth. And he said that is the way to find investors. And I stopped the audio.

I replayed that story like four times and my wife came back the car. And I was so excited. I said, I found the key. I found the key. This is it. And she thought it was a little nuts. But then basically that the story meant that, you know, we need to become content or subject matter experts and let people call us and ask to invest. So I was already working on it. I wrote a book on multi-family investing and I published it. Then I started a podcast. We have a podcast, a wealth building podcast called How to Lose Money. And we also I became a guest on about one hundred and thirty other podcasts over these three years. I actually started writing on a blog for Bigger Pockets, which has 1.6 million members. It's the largest real estate blog out there. I started providing video content, started speaking occasionally live, wrote another book, and all these things I've done have caused people to come to me. They've come to me. They asked to invest. I have people who contact us every day, sometimes several a day, who say, hey, I'm interested in investing with your company. How do I learn more? And so now we have hundreds of investors and it's working great. So I that's how we do it. That's how we market to investors.

At Wellings Capital, goodness sakes, that's an amazing story. I love the bear story. That is that's very cool. Through so many you know, it is interesting. We were talking before the show and you know, I'm putting together a very, very comprehensive training course. It's going to be online. And the thing I have seen and I've been guilty of myself is you work so hard to put it together. Then when you're done putting it together, you think you're done. It's like it can't be that can't be farther from the truth. Now is the time to really turn up the effort in the heat. In marketing it, instead of standing there like a bear waiting for that fisted jump in your mouth, you need to go out and throw the spear and target and work. And so I use that analogy recently, and it it's very telling. I mean, a lot of people think that you just build it and they will come like the old movie. Right. And I appreciate that. Right. Yeah.

It's really true with investors. It's quite different than, you know, than chasing people for a marketing brugger or whatever. Now I've got another company and we generate leads for real estate agents on that one. We have to throw the spear all the time. But with this company, we are the bear and the waterfall waiting for investors to come to us.

Phenomenal, phenomenal. I love it.

We have some people chiming in saying hello. Thanks, Amanda, for coming on Adama's. And a witness is typing in. There is I guess it's OK. You can stop now. You've created your product. It's just chill out. And that's with the smiley face. And then genius probably talking about you. No doubt. This is amazing. Appreciate all of you coming in, chiming in and actually just having fun with us because we are here to have fun. But we want to give you the greatest value we possibly can. And it's coming by way of this gentleman right here, Mr. Paul Moore. He is just an amazing gentleman. And I appreciate you once again so much for spending the time here on the East Coast in Virginia. If I recall. Is that correct? Yeah, that's right. And so it's kind of late there. Right now it's 9:00 p.m. and this man is sticking it out and he's very alert and just bringing it. And I appreciate that. And you know, you talked about being a serial entrepreneur and then you have kind of collected yourself and decided, I'm just going to focus on one thing. Find out one thing I'm passionate about and just go everything at that. How has being an entrepreneur affected your family life over the years?

Yeah. So we home schooled four of our kids and all four. And we it was great for me to be home. It was great for me to have an office out of my home.

It was great for me, the bill to be here, to take my kids to school, to take my son hunting, fishing, et cetera. But it also was very challenging because I didn't learn for years when to turn the work switch off. So, I mean, I might be at dinner getting texts and calls.

And, honey, I've got to get this one. It's this one important call. And I've even got a call with an investor tonight after this. And so it's. They are in China, by the way. So that's one of the reasons. But at any rate, it's been really, really hard, honestly, because, you know, they say there's a joke out there that says being an entrepreneur is great. We have the freedom to work any 80 hours a week we want. And, you know, that's been true for me.

I don't know that it's been 80 all the time, but it has been challenging for me to draw that line between work and home. And so I've actually signed up for three coaching programs over the years. I've spent a lot of money on coaching. I really believe in that. And the newest one I'm in is actually one of their core principles is to teach entrepreneurs to take time off and draw that line of separation that my wife is so happy that I'm going to be signing up for this program. But at any rate, so it's been great. I'd say it's been a blessing and a challenge.

I love that. And learn how to learn when to turn the work switch off. I couldn't have said that better. I went through a phase in my life.

This is going back probably two decades ago. But I did that same thing where I could not figure out how to turn that damn thing off. And I would be up working till very late. My wife would call up and say, dinner's ready. I've got two young kids at the time and I'll say, yeah, I'll be down in a minute and a minute, became two hours.

And then I come downstairs to a rightfully so not happy wife and kids. Kids are probably in bed by then and we're many times and just kept doing this over and over. And finally, thankfully, she communicated to me that we had an issue. And thankfully this happened. And, you know, it hurt because I was in the wrong, though there was no doubt.

And I'm so glad that she brought that to my attention. So we are still happily married to this day, many years later, over 30 years now. And it's been an amazing ride. But you're so right, it it's it takes discipline in that regard on when to shut things down. Right. And if you can get into that routine that you were talking about before and I'm not talking about you doing this. It's for the people listening. You know, make that part of your routine and make rules in your own life because, you know, when you work for someone else. They make the rules for you. They tell you you get off work at 5:00 or whenever it is and you shut down, you know, corporate employees, they shut down. They go out and have fun. They don't have dinner. They do whatever.

They do chores. But for entrepreneurs, it's often we get snowballed in our own activities and it can definitely run away.

And it still does on occasion, but certainly not habitually anymore. So I can still relate with that.

Paul, that was right down our alley, man. And so you've done. A lot of businesses, you've got a lot of experience in a wide, diverse number of areas of business, and from all of the experience of those, what have you found to be the most successful way of building a customer base? One that sticks with you that you can nurture and keep coming back to you. Time and again.

Yeah, one thing we've done is really try to create a lot of content. Try to create a lot of value by enriching our customers lives, by telling them resources other than just investing with us. I was talking to a guy today, a doctor in Boston, and I said, you know, he was talking about investing quite a lot with us. I said, you know, you haven't invested with us before. Maybe you should consider investing a smaller amount and spreading that out to other operators. Other investment funds that I could recommend or you could find on your own. And I think people appreciate that because I'm just offering value. I do a lot. Like I said, a lot of blogs, a lot of free videos. I do conference calls with investors or even people just seeking advice every Wednesday. And so I do things like that. And by creating that value, hopefully we become somebody our customers trust and we'll return back to in the future.

I can so appreciate that on so many levels, Paul. Coming from someone like you that has achieved a great level of success, because I've also run into so many others who are the opposite, where they're not there to create value, but they're in there for the quick kill and at all at all costs, really at their business costs. And they don't realize it in the beginning. That stat short term kill, so to speak, that gets them that jolt of income. And they say, that's good, I'm going to keep doing that. But then they don't nurture their customers, their base, their clients or their team and train them. They're spending all their time for those quote unquote, quick kills. And I've seen that happen several times in the past. The people I've known and I watch in front of my eyes how it crumbles and I've had them call me Brian. I don't understand. Everybody is asking me to help them now, but I don't have time because I'm out there, you know, crushing it with these closing of the sales. Is it? You got to put a pause button out there, buddy, and you got to start nurturing those people. Are you going to lose it all? And guess what happened? You know, eventually it all withered away. And so a lot of people are now shifting over to the concept you just mentioned, Paul, and that's providing value. This show is my way of providing value. I don't charge a dime for it.

It doesn't cost my guest to come on and appear and and vise versa. I don't pay a guest to come on. It's here for free information because it's near and dear to my heart to get knowledge to the people who desperately want it, who are hungry for it. And if they're hungry, they will listen to it. A couple of things you said in the past. Just a little bit ago, coaching. I mean, ladies and gentlemen, look at this gentleman. He's super successful and he is hiring coaches. I mean, what kind of lesson does that provide to everyone watching and listening? It's a successful lesson. That's what it is. And the most successful people on the planet list. I mean, one that is an you know, a go to an obvious go to is Michael Jordan in basketball. One of the most successful players, maybe the greatest of all time. That's debatable by many. But he was on the top of his game and he didn't do it alone. He had many coaches that he paid for, not just the coach of his team, but he had athletic trainers. He had extra coaches going on the side. Tiger Woods, the same thing. Every every successful person that I can't name one successful person, you know, that did it 100 percent solar with nobody helping or coaching or mentoring. Yeah, I don't I don't see if you could. And so for those watching, listening, invest in yourself, put money into it.

Pay for a, you know, very commendable, successful coach if you want to learn how to how to make money in real estate and commercial real estate. You're looking at the guy right here next to me. Reach out to him. Get involved with his company and pick his brain to become successful in the real estate market. You know, whatever you need, there's a coach or mentor out there willing to teach you. Are you willing to be tough? That's the bottom line. And many aren't, honestly, because of that big e-word ego. I can do it all myself. I used to be the same. I think everybody has been down that path at one point or another. Now, as an entrepreneur, you know, one of the things I've learned is to be OK with not being perfect, to be okay with things, not going the way you plan because it never seems to, and it often more often than not goes the way you don't expect it or nor want it. So along those lines and the cool thing is, though, successful people like yourself used those those times to learn those events to learn from. What would you say is one of the biggest learning? I like to call mistakes, but I'll just call it mistake right now. What are some of the biggest mistakes you've possibly made in the back behind where you are now? And what have you done to react to those and rise above them?

Yeah, I think the biggest mistake I made was after. So I was 33 years old. I had sold my company for almost 3 million bucks.

I had that money. I start a nonprofit organization at that point and I thought, I'm a full time investor now. Well, the truth was, Brian, I was a full time speculator. Now is what I was. The difference between investing speculating is really critical. I thought I was an investor. Now, investing is when your principal is generally safe and you've got a chance to make a return. Speculating is when your principal is not at all safe and you've got a chance to make a return. And the difference is quite important. Now investing, unfortunately for entrepreneurs, we're really optimistic bunch. We are excited about things we think of best case scenario. And when we go after something, sometimes it works, sometimes it doesn't. The problem is when we invest that way, we often swing for the fences. Now, some of the wealthiest, most famous entrepreneurs in history swung for the fences and they hit it out of the park. Jeff Bezos with Amazon. You know, we've got, you know, people like Zuckerberg, Bill Gates, Warren Buffett, et cetera.

They hit it out of the park. But those people now, Buffett shouldn't have been on that list. I was wrong for putting him in there. I'll tell you why in a minute. But those people that hit it out of the park are the exceptions. They're legendary because they're generally one in a million or better. And so we can't generally replicate that kind of thing. You know, Elon Musk struggles have been an example of not being able to replicate necessarily the great success you had one time. The problem is when we do that as entrepreneurs, we might hit it out of the park once like I did in the early to mid 90s, and then try to invest money that way. When we invest that way, trying to swing it for the fences, trying to do something exciting. We can often really mess up. You know, Paul Samuelson was the first Nobel Prize winner from the US in economics. And Paul said investing should be more like watching paint dry or watching grass grow. If you want excitement, take eight hundred dollars and go to Las Vegas.

So, Brian, I was speculating and I made a lot of money on some deals and I lost a lot of money on a lot of deals. And so I found that the money I had from selling that company was largely evaporated over a number of years and I had to rebuild. Robert Kiyosaki said if you make a million dollars by the time you're 30 and blow it all by the time you're 40, what do you have at that point? The opportunity to start over again. And that's what I had to do a number of times. And that's why I don't like being a shiny object chasing serial entrepreneur. Now, when I learned to invest, I viewed it more in a baseball analogy. Instead of swinging for the fences, Brian, I viewed it more as trying to hit singles and doubles, which is what our company is trying to do now. And sometimes you do better, sometimes you get a triple or better. But not swinging for the fences has been a really important change in strategy and it's really, really worked well.

Yeah, and boy, I can relate to everything you just said. So many of us watch and see these people have astronomical success that hit it out of the ballpark the first time and then expect that we should be able to do the same. And that, I think, is what crushes so many dreams because it's so far from reality. The odds are astronomically against. And I love the analogy with baseball, where, you know, now it's about getting the hits and doubles because those turned into runs and runs will get you to a winning game. And that is great advice for anyone out there. I mean, it it takes time, it takes diligence, it takes perseverance, and it just have to be in it for the long haul. And you. It earlier, Paul, that a big part of the reason that you have stuck it out is because you had a very, very compelling why to go about and, you know, to keep this going. So if you don't have that powerful, why those of you watching or listening, you know, what is something that you would go crawl over broken glass for a mile for? Is it somebody or something, a cause that no matter what happens during this wonderful journey down entrepreneurship lane, when you're going through the good times and in tough times hit, who who are what is that reason you will never, ever quit no matter what.

And if you don't have that, it can be a very difficult thing to actually stay the course until the end and reach the finish line. And so, Paul, you're just my gosh, the nuggets of wisdom are just flyin left and a. And amazing. And I can't wait to get to. More questions with you. Because there is one at the end. I cannot wait. Especially because it is very compelling and I don't want to talk it up too much just at the moment. But. So we talked about things that that you look back and you could have done differently, but you've gotten past it, obviously. And those were I coined as mistakes, even though they're just learning situations. On the other side, you know, being an entrepreneur, there are many things that are kind of set aside for us to get to that level of success, because let's face it, it takes, like you said, sometimes up to eight hours a week to get this done. What kind of sacrifices have you had to make that come to mind to become a successful entrepreneur?

Yeah. You know, I was on the Bigger Pockets podcast last year and they asked me, what are your hobbies? And I kind of froze like a deer in the headlights, because I guess that would be my biggest sacrifice. If you want to call it that, I you know, at one point I actually told somebody my favorite hobby was work. And that's probably a bad idea. But anyway, I think that's been the biggest sacrifice. The second one is, like I said before, I've had a really hard time switching off in the evenings and the weekends. And I think those have been the biggest sacrifices I've made. I mean, I don't watch TV, which I'm fine with. But I don't have time to read pleasure books. I mean, I read books for business all the time, but I don't have time for novels and sitting by the pool and all that kind of stuff. And I'm OK with that. But I guess you could say that those were sacrifices as well. I always wanted to learn to win surf and I have done it, but I haven't ever gotten good at it because I haven't taken the time. So there you go.

And another one I can totally relate with because for me, and it sounds like it is for you, work isn't work. I enjoy it. I totally agree. Yeah. And so an interesting thing occurred just recently. My wife and I went on. I remember 10 or 11 day cruise on the East Coast and it was beautiful, wonderful time. East Coast of the United States. And I remember around day seven or eight, I was getting stir crazy. I didn't I brought I brought my laptop, but there was no wireless access. I didn't intend to do anything on it. It was just there in case something came up. And I guess I started going stir crazy around day seven or so. And I caught myself really, really desiring to be back and be back in the office and be at it, because that's what I wanted to be doing, not because I had to. I wanted to. It was pulling me. And so, like you say, if you want to call it that, a sacrifice. I love how you did that, because, you know, hobbies are my hobby includes what I do. I mean, it's OK. I think it's OK. It's just like you said, the importance of knowing when to shut it off and be with those who we love the most and spend time with. That's really where it comes down to. You know, the differentiator. You know, if you're going to just be crazy and work till 2:00 in the morning and never see your spouse or your kids or anything that could come at a big sacrifice in its own right. Right. So if you were actually on the other side and you were sitting in my chair. And you were able to ask a question of yourself.

What would that be? And then how would you respond to that question?

I would ask myself, what was your worst deal ever? What was your best deal ever? And so surprisingly, those are often I mean, I think those are actually are the same deal. How could that be? Well, here's how it could be. In two thousand four to two thousand eight, I was buying up waterfront lots and it was somewhat speculative because nobody needs a lot. You know, I I consider true wealth. This is a little diversion from my answer. True wealth is assets that produce income. And so that's why things like Bitcoin and things like that. No offense to anybody who invested in it. It's really, truly speculative, though, because there's no way to tag the value of it. There's no way to put a value on Bitcoin. It's completely subjective. Well, buying lots at Smith Mountain Lake in Virginia for, say, two and three hundred thousand each and then cleaning them up, getting a permit, beautifying them, subdividing them and selling them for a large profit is also somewhat speculative. I mean, there is the value of the land itself that's underlying, but nobody needs to buy a lot. And so I was speculating, buying these lots. Increasing the value and then selling them. We had a bunch of them in late 2007. It was exactly 10 years to the month after I put about a million and a half of my bank account from selling our company.

And I now had two and a half million in debt and that was no fun.

And my partner approached me in late 2007 and he said, I can't do this anymore. I can't make half of these interest payments. I'm out of here. I'm going to end. He signed over all the lots to me, including all the debt, and said, see you later. We're still good friends, by the way, but it wasn't a fun time. And so I was trying to figure out what to do, Brian. This was clearly the one lot in particular. I think I had eight hundred sixty thousand debt on and that was a five acre waterfront lot. That if I would have subdivided, I would have been able to sell the five lots for an average of three to four hundred thousand dollars each. When times were good. And the problem is the speculation was, I should say, was there were supposed to be a county road there excuse me, a private road in front of this lot that was going to be turned into a publicly maintained road. And that would allow me to subdivide this into five lots. Well, the public maintained road, state maintained road never happened. And so I was stuck with these five one acre or excuse me, this five acre lot. That was my worst deal, I guess you could say. Well, in late 2007, of course, if you can remember, Brian, what that was like. We assumed that the downturn was over. You know, there was all this bad stuff, all the shaking quaking in the economy. Housing sales had slowed down to a crawl.

And we were hoping at least that the worst was over, not knowing that we were about to go over the edge in 2008, a year later, into the worst slowdown since the Great Recession or excuse me, the Great Depression. See, it's so common now. I think that's the big one. But anyway. So I called a few friends together and they said, hey, what are you going to do? You're gonna declare bankruptcy? I said, no. I said, I was meditating this morning. And I said, I came up with this idea. What would George Mueller do now? George Mueller was this crazy hellion in Germany in the early eighteen hundreds. And he turned into a sort of a saint. He moved to England and he actually housed over 10000 orphans in his lifetime. And Brian, he did all this without ever asking anybody for a dime or even letting anybody know that he needed a dime. He actually raised what we believed to be on the order of three to five hundred million dollars in today's dollars, all without asking anybody. And he had all these really strong opinions, as you can imagine. And one was that you shouldn't have any debt. Well, I was already in trouble because I had two and a half million dollars in debt. But I thought if he found himself in debt, what would he do? And so I told my friends who were asking if I was going to declare bankruptcy, I said, I'm going to give my way out of debt.

And that went over really well and they thought I was a little crazy. And I went home and told my wife and kids, hey, we're gonna give our way out of debt. I said, actually, our backs up against the wall, we may lose it all. We're going to lose it all anyway.

So let's start giving generously and see what happens. So first week in January 2008, we wrote a large check to a nonprofit we cared about. Second week in January 3rd, we fourth week in January did the same thing. And about that fourth week, I actually ran into a real estate developer in a restaurant. And he said, hey, have you thought about this to solve your problem? He named a certain law. And I said, Yeah, I know all about that law. That won't work to solve my problem. He said, well, you ought to think about it. And boom, it was like this light bulb went off and I had this like sort of epiphany on how I could actually subdivide this lot.

I could see it in my mind. And so rather than try to do it kind of on the Q.T. I actually went to the county planning and zoning board the next day and said, hey, here's my plan. I know it's kind of crazy. I have my surveyor with me, who is a long time veteran with this county zoning board, and he had his head in his hands like he was so embarrassed to be there with me because I agame this crazy, outlandish idea. And the lady told me so. She said, that's outlandish. I've been working here for decades. No one's ever come up with such a an end run on our law, she said. But you're right. She said you found a loophole in the law that nobody has ever found. You can do this. And so I did it. And Brian was a lot of work, a lot of meetings with lawyers and banks and surveyors and soil engineers. But 13 months later, in the middle of a great recession, I was 100 percent debt free. And I even paid off my house.

Wow. All from giving. I love it.

I don't think so. I don't know. It just seems like there must have been a connection.

You know, I have no problem believing that that was a major reason for it. That's phenomenal. Phenomenal. I love it. I love it. Well, we are coming down to the wire here, my friend. And there is one looming question that I still wanted to bring up. And it's it's a very intriguing question because of the type of responses I get. And I asked this question of every single every single entrepreneur and guest I've had on the show. I've asked the same question. And just the answers have been amazing. Before we jump into that real quick, I want to remind everyone that they can win five nights, stay at a five star luxury resort in Mexico, and to do that, to enter, to win. Just follow what you see on the screen right now. And that is take out your cell phone. That's right. You have our permission to actually be a little distracted and type in the phone number 6 6 1 5 3 5 1 6, 2, 4. And then in the message area, type in the word peak, that's P E A K and send that and we will receive that and choose a winner. You'll be notified back via text. And this is all powered by power texting dot com as well as sponsored by. They are the ones providing this magnificent five night vacation stay. So go ahead. Text that right now to 6 6 1 5 3 5 1 6 2 4 and enter the word peak.

Send that out PJAK and we will choose a winner and notify you back via text. And I hope each and every one of you has the opportunity to win. Well, you all have the opportunity, and I hope you all win. Only one winner, though, anyway. Love it, love it. Love it. So, Mr. Paul Moore, this question. And just to kind of ease any potential any potential nerves or anything, which I doubt you'll have them because you're a pro, you've been doing this for a long time. But the thing is the question, there is no such thing as a wrong answer. That's one thing I know. Yeah. And in fact, it's exactly the opposite. The only correct answer is yours, because this question is personal. And I don't mean in a in a deeply digging manner. It's just it means something different to each and every person. And when I say that to date, not to their or not to past guest experts, that I've answered it the same exact way. And I'm I know it's gonna happen sooner or later because there can only be so many variants of the answer. So that can give you an idea that, you know, whatever comes to your head is the right answer because it's yours. All right. So. All right. So, Mr. Palmer, are you ready? I'm ready. Here we go.

Paul Moore, how do you define success?

Wow. You know, that's a tough question. I think that it's different for everybody. And I just had a friend at a little doggy down a note here.

I had a good friend who passed away yesterday. Completely out of the blue. He was at work. He dropped over and he you know, he lost his life. Has his daughter and two sons and his wife lost their father and husband of 30 plus years. And, you know, I was thinking about what if that was me?

Would I have I'd been successful. Have I done something, you know, in my life that was successful? And, you know, I don't want to be so ethereal to say it's not money. It's not providing a great income for my family. It's not building wealth for me and for my clients. I don't want to say that. But I think the most important things we can do is to fulfill the calling that we have in this world. You know, a lot. I talk to you about shiny object syndrome. I talk to you about chasing all these shiny objects and serial entrepreneurism. You know, I think each one of us were built and made a certain way to accomplish a certain thing. And a lot of us don't find that till we come to a place of what I call convergence. Now, convergence is when you look back on your life, often in your 50s or sometimes 60s, occasionally in your 40s, and you can say, OK, what are my what was my education? What what am I really good at? What are my skills?

What am I weak at? What if I messed up that? Where if I succeeded? Where by failed, where are my resources? What do I have at my fingertips? Does it all come together and point to one thing? And can I do that? One thing is that within my grasp? And when you come to that place of convergence, you realize, oh, it's all pointing right here to do this. And if you can do that, this, then you'll be. You will have done what you were called destiny created. Designed for. And that's my goal on this earth.

And of course, I want to be a great father, a great husband. I want to be a great friend and all those things. I think we would all agree on that. But I also want to see that place of convergence in my life where my skills and experience and resources are all put together. And I do that. One thing that I was meant to, I was, you know, one out of, what, eight billion people on the planet. If we were all doing that, one thing that we were destined for, then what amazing planet we would have. And so that's what how I define success.

That's phenomenal. Wow. So eloquently put it never again. True to form. No, to have answered it the same. And that includes you. But convergence. What a great topic. I can imagine entire book being written about that. I wonder if there's anybody on this show that would actually be interested in doing something like that, taking on a book. I know you're writing another one. I'm actually in the process of completing my first.

That is a great audience. And the guy name, if anybody's interested. There's a guy named Dr. Lance Wall now L.A. NC. Well, now I think it's WAFL L and a.u. And he teaches on this thing of convergence and it's really powerful stuff.

Excellent. I am definitely gonna look that up. And I also heard from a little birdie that there was something that you had for our listeners and our viewers, a little gift. And if you don't mind, I will just turn it over to you to take that away. Now bring up your Web site on the screen so you can guide everyone through that. OK.

Well, you know, I have been investing in apartments for years, but I found something more powerful in the form of investing in self-storage and mobile home parks.

And even though I called my book The Perfect Investment and that's a book about apartment investing, I actually think at this moment in the cycle there's a lot more money and a lot more wealth to be created through investing in mobile home parks and self-storage. So I'm going to offer a free special report to anyone who wants to visit my Web site. It's Wellings capital. That's W E L L I n g s capital dot com forward slash resources. And if you go there, you can sign up to get a free copy of this self-storage report and this mobile home park investing report. There you go. You only have to give us your first name and email and we'll get that right out to you.

Phenomenal. Thank you so much on behalf of everyone that is watching and listening for that. That's going to be amazing. I'm going to do just the same and get those wonderful reports. Well, Paul, I want to tell you, my brother.

It has been an amazing, wonderful ride with you tonight. I appreciate you beyond words. Is there is there a of what is the best way for folks to get in touch with you? Is it your Web site? Do you. Would you rather they got a Facebook email or a phone number?

How would you like going to our Web site and filling out a contact form would be the best way. And again, that's Wellings capital dot com.

Thank you very much. And. Thanks so much for handling all that stuff that I normally do, which is spell things out and be very clear. This is a pro. You can tell. I love it.

Paul, I wanted to say once again, thank you so very much for coming on spending this hour with me and with everyone who's been watching. And for those of you that are watching live and those of you that are watching at the recording later and listening on podcasts, we appreciate you for your time. We look forward to seeing you all again on the next episode of The MIND BODY BUSINESS Show. For now, on behalf of Mr. Paul Moore, this is Brian Kelly saying good night and we'll see you again next week. Be blessed, everyone.

Thank you for watching and listening. This has been the mind body business Shoshoni Show with Brian Kelly.

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Paul Moore

After graduating with an engineering degree and then an MBA from Ohio State, Paul started on the management development track at Ford Motor Company in Detroit. After five years, he departed to start a staffing company with a partner. They sold it to a publicly traded firm for $2.9 million five years later. Along the way, Paul was Finalist for Ernst & Young's Michigan Entrepreneur of the Year two years straight. Paul later entered the real estate sector, where he completed 85 real estate investments and exits, appeared on an HGTV Special, rehabbed and managed dozens of rental properties, developed a waterfront subdivision, and started two successful online real estate marketing firms. Three successful developments, including assisting with development of a Hyatt hotel and a multifamily housing project, led him into the multifamily investment arena. Paul co-hosts a wealth-building podcast called How to Lose Money and is a frequent contributor to BiggerPockets. Paul is the author of The Perfect Investment - Create Enduring Wealth from the Historic Shift to Multifamily Housing (2016) and has a forthcoming book on self-storage investing. Paul is also the Managing Director of two commercial real estate funds at Wellings Capital.

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