Money Mindset for Success

Mike: [00:00:00] Hey, everybody. Welcome back to the show. Really excited to have my friend Jen Faloon on today. She’s a member of our cash flow group, which is our multi-family group inside of investor fuel, but, uh, started as a single family investor. And we’re gonna be talking about having the right money mindset. A lot of people in America are broke as you know, and, uh, a lot of it is just a mindset.

Are you stuck there? How do you get out? And that’s where we’re gonna talk about.

Professional real estate investors know that it’s not really about the real estate. In fact, real estate is just a vehicle. The freedom, a group of over a hundred of a nation’s leading real estate investors from across the country meet several times a year at the investor fuel real estate mastermind to share ideas on how to strengthen each other’s businesses, but also to come together as.

And build more fulfilling lives for all of those around us on today’s show. We’re gonna continue our conversation of fueling our businesses and fueling [00:01:00] our lives.

I’m glad you’re here.

Hey, Jen, welcome to the show. Yeah.

Jen: Thank you. Thank you so much.

Mike: Let’s jump in. So tell us a little bit about your background and I know you, we’re gonna talk about kind of the mindset of, uh, of this today. And I, I know just from our conversation that you once had, uh, some limiting beliefs on what was possible, right?

I think we probably all did. And I, a lot of folks that are watching today are gonna probably identify with this, but tell us a little bit about your background and how you got to where you are.

Jen: Yeah. So, um, why I love real estate so much is because you can do it. Anybody can do it like truly anybody. And, um, when I first learned about wholesale and so of course I started in single family.

Most of us do. And, um, when I learned about wholesaling, so I didn’t grow up well, right. I had very poor parents, very tumultuous, you know, You know, really birth [00:02:00] to like 32 years old, like just a mess, right. Just naturally hot mess. And nobody in my family was wealthy. Nobody knew about wealth building. And so, you know, I.

Married an executive and, uh, you know, and he was very much into real estate investing and wanting to do it. When we moved to San Antonio, it was such a hot market that we, you know, we started our single family business and my son is, um, with us in that. And when I learned the wholesale, so for six years, I was a single mom.

And I would beg and borrow and steal. I didn’t get child support and my family would help me, but, you know, they can only do so much, right. Again, I didn’t come from a lot of wealth and, and they did what they could, but, you know, and then I’d have a side hustle and, you know, if I had a hundred extra dollars in the bank, like something would happen and there would go that money.

I’s like, I could just never get ahead. And so then when I learned about wholesaling, Like I grieved [00:03:00] like the single mom of, you know, back then. I just grieved for her. Cause I thought if I had only known about wholesaling back then, it, it had been life changing for me, you know, to do one deal a month, um, you know, door knocking and driving for dollars and doing all the things you can do for free.

um, and did one deal a month at $10,000, I’d have been, I’d been set. I would not have had the problems and the worries that I did have. And so, um, it really kind of became my passion to teach, um, college students and single moms and people that are just broke and tired of being broke and they don’t know how to be unbroke.

Um, you know, wholesaling is a very easy, very effective, very fast way. To, to get money in and then

Mike: yeah, for, for a lot of folks, they just don’t, it, it is a mindset thing. Like you don’t think it’s possible, so you just keep doing enough to kind of get by. And mm-hmm and my guess is for you. And I, [00:04:00] lots of folks in my family are people that I’ve known her the same way.

It’s not like they’re not working hard. Like there’s still working like super hard. Right. But they just can’t get out of this, just getting by type thing. And a lot of it is what’s between your ears, right. It’s just, what’s.

Jen: Right. And I would like to think that, um, you know, there’s a lot of wholesalers, there’s a lot of real estate investors.

Um, I didn’t really have Google. Like, I don’t even know if Google was a thing and like the, you know, early two thousands and mid two thousands, it was more like, I remember my first, uh, search engine was like ask, achieves.com and then it went to just ask.com and, um, you know, looking back I’m like, I, I wonder why I never Googled.

Side hustles. And if I did, would wholesaling have come up and I hope that there’s enough of us now in, in today’s day and age, that if you did. Like a side hustle or how to make money. Wholesaling would be one of those things that, that come up. [00:05:00] Yeah. Um, so there real estate investors make sure your SEOs are, are popping.

Yeah. Um, and then, yeah, but then on the other side, you know, Again, so I’ve changed my mindset. We’re now doing single family. We’re doing quite well. And my friend invited me to, you know, a multi-family event. And I was like, oh, I can’t buy apartments. I’m not accredited. I don’t have that kind of money. Like I can’t, I can’t do apartments.

And again, you know, we limit ourselves like right out the gate instead of being open minded and saying, you know, how come and learn? I was like, no, can’t do it. And she was like, but you’re gonna. and I’m glad she did. I’m glad she pushed me. Cause I went and it was like, I can own apartments with none of my own money.

None of it. If I choose not to. Right. Um, you know, I can bring the money in and be a part of the deal. I can underwrite a deal and be part of the deal. And so that is again, so powerful. And now you’ve [00:06:00] like really upped your game. Cuz now you’ve gone from single family houses. You know, if you’re just wholesaling, you’re just flipping contracts to actually owning hundreds and hundreds of doors of apartment complexes.

Yeah. And, and the wealth, like it really starts to, you know, skyrocket at that point. Yeah,

Mike: for sure. For sure. So let’s talk about why, why, why do you think people get stuck? I know one of the reasons is, is who you’re surrounded with, right? If you’re around the same family members or friends that, that never knew that, and you’re asking them for advice, they don’t have the ability to give you the advice.

But talk about that

a.

Jen: Yeah, for sure. In my instance, for sure. But in most of our, you know, most of our lives, um, we had middle class parents, um, lower middle class, middle class, even upper middle class. Their parents were probably middle class somewhere. And so throughout these, um, you know, generations, we.

Passing down middle [00:07:00] class mindsets, things like don’t keep all your eggs in one basket. Well, that’s stupid. Why don’t you keep all your eggs in like a real estate, basket and continue to make money? Like, don’t be so diversified that something is losing money, right. And depend on the ones that are making money to, you know, cover those, everything should be making money, you know, and.

One of the things that cracks me up the most, you know, well, there’s so much like go to college, you know, it’s so important to go to college. That’s not gonna help you. And you’re just putting yourself again, further in debt, unless you’re super smart and you know, can get scholarships, but most of us weren’t or aren’t.

So we’re putting ourselves further in debt, you know, work 40 hours, you know, stay with the same employer. And, you know, you work really hard to make somebody else rich. And in 40 years you can get a watch, you know? And it’s like, no, I don’t wanna watch. I wanna, I want super fancy watches that I paid for myself.

With my assets, right. I want all my assets to pay for my liabilities. [00:08:00] Um, and then when you’re upper middle class, you know, you’ve made it when you have a financial advisor. So you want somebody that makes a hundred thousand dollars a year to tell you how to, you know, retire as a millionaire, and then you’re gonna pay him commission.

To tell you these things. If he knew how to be a millionaire, he’d be a millionaire. Right. Right. And then somebody’s like, oh, I have a hundred thousand dollars with my financial advisor. No, you don’t. You have $80,000 with your financial advisor because he took 20 of it. And then everything that you make, he gets a portion of.

So, whatever you think you’re making, you know, you cannot pay commission and build wealth one or the other. So, yep. You know, but these are things that we think we’re supposed to do because that’s what we were taught and God love our parents. They don’t, they didn’t know any better. Cause that’s what they were taught.

Right. Um, but at some point somebody has to say, stop, we’re doing things differently. Right. We’re not, you know, and, and [00:09:00] thank you Lord, that I was the one to be blessed to do that. Like I, my kids are entrepreneurs, um, and you know, neither one of them went to Cowell. Cameron did some college and I asked him to quit to, to run our business.

Um, but he won’t go back to college unless it’s something that he wants to. Right. And they do quite well. And you know, you don’t have to have a financial advisor. That’s silly, have a wealth manager. Instead somebody that, you know, and don’t take advice from friends and family that aren’t where you want to be.

Right. So if you wanna be a millionaire, you can’t ask aunt Linda who makes, you know, $50,000, you know, at the bank as a teller. How to be a millionaire, you need to go find a millionaires, have them mentor you, ask them the questions. How did you get where you are? They all have a story and they should all have a process of how they did it.

And then you just, Corey Peterson has a book. Copy your way to success. Get the book, read it and copy your way to [00:10:00] success. Do exactly what they did. And you’ll be on that same path. Yeah.

Mike: And I think, you know, now obviously you’re an investor fuel too, is, is just getting yourself in proximity of people that are doing things that are bigger than you, and continue finding ways to get in bigger and bigger rooms or around bigger and bigger people.

Not bigger people, but people that have that mindset of like, you know, all next thing, you know, you’re worth 50 million, but you’re like, you know, guys that are billionaires, right. It’s like, how do I continue to level up level up? There’s a game to it. Right. But it’s all about getting around the right.

Jen: Right. Yeah. And you have to start somewhere, right. So maybe start with like a local area. Um, and then, you know, just work your way up. And yeah, I, investor fuel has been amazing because it’s like such a big room and it’s very qualified, um, active people. There, there are no losers in that room. There are no like, not doers in that room and I love it because whatever you need, they’re also givers everybody in investor fuel.

Is truly [00:11:00] a giver. And if you’re stuck, I mean, after a phone call or two you’re unstuck, and just by being in proximity, like you can’t help but level up. Right? Yeah. Because you know, you can’t be in a room of 5,000, 150 people and not just by. Velocity just get, you know, pulled up,

Mike: especially rooms you paid to be in.

Right? I mean, when you, when you pay to be in a room and you, that, that basically is, is like, it almost puts a badge on that. I invest in myself. Right. And then when you get around other people that are willing to invest themselves, willing to do what it takes is like, everything is just a whole nother level versus.

You know, said, you said R clubs, I’ve been a part of, a lot of R clubs and stuff like that. So not the poo on ’em, but there’s a lot of people that go there and it didn’t cost them anything to get there. And, and it’s just free information. And when, you know, there’s this saying that if you don’t pay, you don’t pay attention on some level, if that’s where you’re at and you need to break through, that’s fine.

But take it seriously. Right? There’s so many people that don’t take it seriously, cuz they didn’t pay anything. It didn’t, [00:12:00] it didn’t cost. They didn’t have to pay to travel. They didn’t have to like take time out of their day to go do something. They just showed up somewhere that there were some warm embodies, you know?

And what ends up happening is you’re around a lot of people that have a different mindset. They’re more of a broke mindset of like, it didn’t cost me anything to be here and therefore they don’t really put a lot of effort into giving back or sharing or learning. Right.

Jen: Then they don’t wanna grow. Right.

Right. These really the. The things that I talk about are for people that truly want more like as a single mom and even early in my marriage. And, you know, um, Eric is amazing and he made, you know, he was, he was definitely outta my league. Um, and again, I had to change the mindset to even date people like him.

Right. I know I wanted more. I’ve always known I wanted more. I just didn’t know how, but if you truly want more and you truly wanna change, you have to start with a R if you’re dead broke, but you’re gonna level up and you wanna level up. Right. So these are for people that are really, [00:13:00] you know, they’re hustlers and they’re, and they’re gonna do it and they’re gonna level up.

Yeah, this is the actual items and how you do it. Um, and if you know, if they’re not gonna take it seriously, Then, you know, again, you’re always gonna be broke. So it’s your own fault. If you’re broke, it is your own fault and you’re probably lazy and or stupid, so don’t be lazy or stupid and don’t be broke.

Mike: There’s no reason to want it bad enough. Right. You can’t make the excuses that, that I don’t have what I want. And it’s like, and then go home and watch TV for three hours. It’s like, okay, well, no, for real, how bad do you really want it? Right. And so mm-hmm, , let’s talk about that a little bit and go ahead.

No,

Jen: no,

Mike: you go ahead. I was gonna say, do, do you believe cuz you, you started in single family as did I and moved up to multifamily as, as have I over the past few years as well. I still have a bunch of single family rentals and still do deals here and there. Right. But most of my focus is on multifamily cuz the deals are much bigger and it moves it.

It took, my mindset is higher now. Like why would, why would I want to do a 200,000 deal when I can do a 50 million deal? Right. right. [00:14:00] Yeah. But do you think it takes, I know it doesn’t but do you, do you believe that that’s a good starting ground as single.

Jen: No, where folks are. I think, I think nobody should be in single family ever.

Like okay. Everybody. So really it’s so funny cuz everybody and everybody, right? Like not truly everybody at most 99.9% of the people start in single family and then they learn about multifamily and you think like that’s the next step? Like multifamily, multi families like college, multi families, like kindergarten.

And the single family is like college, cuz it’s so much work. And, and it’s a lot of work like in single family. You have to constantly hustle. Once you make that flip or sell that contract, you gotta do it again. Right? Constant hustle, hustle, hustle, hustle, where multi-family you hustle really hard for like 60 days.

And then you’re done if you want, you know, if your acquisition fee was big enough. One deal a year is all you have to do. Uh, we try to do three. Um, but you know, it’s [00:15:00] like, uh, what would it be like 3, 6, 9 months of hustle. and then, then we’re off, you know, we’re taking the holidays off and, uh, yeah, it’s just so much easier.

I think the clientele is a lot better. So when you’re dealing with single family people, again, you, you’re dealing with people that have, you know, they’re in, they’re in financial distress, right. They’re angry and they’re sad and it’s so much work and it’s emotionally draining. You don’t have that with multifamily.

Uh, somebody that owns an apartment complex has pretty much the same mindset you do, and they understand where you’re coming from. They understand, you know, that they wanna exit. Um, you know, and so it’s just, the transition is so much easier. The acquisition is so much

Mike: easier. It’s like B to B versus B to C, right.

You’re dealing with other business owners. And so let’s talk about one of the great things about multifamily is just the team based approach. Like you need a team of people doing different things. And I think, um, back to the mindset [00:16:00] stuff, it’s most people’s assumption that if I go by. A 10 or 30 or 50 million apartment that I need to have a lot of money, but you could, right.

I mean, obviously it takes money to get these deals done. Doesn’t necessarily need to be your money. You can help raise money or you could just source deals. If you’re really good at analyzing deals, you could just find deals. Right. So talk about the team based approach and how folks, if they wanted to go right into multifamily, how they might do.

Without a lot

Jen: say absolutely. So, I mean, that’s pretty much what you said. So the most important to me is raising money. Cause that that’s a relationship based, um, technique. Right. And sometimes it takes a little bit, right. So, you know, somebody’s, you know, wants to go out and they wanna network and they wanna party and they wanna bring in people.

Raise the money, bring the money and you can come into a deal. Um, we are SCC regulated, so you do have to have like a job, um, with that as, as part of the GP, but it can be a super simple job [00:17:00] that doesn’t take a lot of time. Sure. So if somebody’s working a corporate job and they’re like, I just, I can’t take on another job.

The job can be so simple. Like you can do it from your computer. Takes you, you know, an hour or two a month, you can do it on a Saturday. Um, you know, very, very easy. And then yeah, so that those are more for the right brain people that wanna be out and the extroverts and, you know, like I really wanna be in a deal, but I hate numbers.

So that’s me. Right. Then don’t raise the money. Go make broker relations and have them email you the deal. And then you email the deal, you know, or bring on a team, um, of a left brainer. Uh, my husband’s a nerd and I love him for that because he loves Excel spreadsheets and he loves to crunch the numbers.

And I love him dearly for that. So, you know, when I get the deals, I give ’em to him and he puts ’em in the calculator and do they work? Um, and then you. Align yourself with people who would be good bus drivers, [00:18:00] um, who would, you know, be good at managing the managers and talking to attorneys and talking to lenders and, you know, talking to the people that you have to bring in to make the deal done.

Um, and, uh, yeah, so it does, it is a team. It is a team effort and it’s very important to pick your team members wisely. And, uh, but it’s a lot of fun. And once you get that team and everybody in their lanes, Up and running. It’s such a smooth process and it’s a lot of fun.

Mike: Yeah. And what I’ve seen, cuz we’ve done quite a few deals over the past, you know, three years or so.

Is that obviously, you know, I even own an agency on the single family side, like paid lead generation is a, is a critical part of the single family side. But on the multi-family side it’s relationships. Right. So. You don’t necessarily have to have a lot of money to advertise. You just need to have time to reach out to people, be good at building relationships and then analyzing deals.

So if you don’t have money, you know, finding deals is, is still highly valued, right? Building those relationships is highly valued using some of those [00:19:00] relationships to raise money. Those are all things you could do without necessarily if you have more time than money, right. It’s that’s that’s one way.

Jen: Sure. Right? Under. There are so many people that we’ve had come to us and be like, how do I get in? And I’m like, raise money or underwrite. Oh, I wanna underwrite. And I’m like, thank God. Cause you know, lot we have more deals, then we can even have time to underwrite. Yeah. And then you send them a deal and they’re like, Nope, we’re out like, Ugh.

You know, it’s tedious. It’s work. but if a deal works and you’re gonna get, you know, 30, 5,000 thousand dollars acquisition fee, aren’t you glad you took, you know, two hours of your time to analyze. Yep. And, and again, that’s what people don’t get. Right. They want, they want that acquisition fee without having done any work whatsoever.

Right. This is work, you know? Yeah. And, um, it’s just, you get to take more time off and you get to make your own hours. And, um, it’s more fulfilling work, but it is work. Like we don’t just walk in. You know, get handed this stuff. Yeah. We work

Mike: for it. A lot of [00:20:00] times it looks easy on social media, right? Like, oh, we just closed this deal.

And then, you know, there’s a lot of people wanna, I say this all the time. They wanna pop a pill and lose 50 pounds and replace their hair with something out of a can or like, whatever. Like everybody wants this easy bolt button, infomercial life, but that’s just not the reality, right? If you have to be willing to bet on yourself and, and work hard to kind of break that money mindset curse, you have to be willing to do the work.

Yeah.

Jen: Yeah. And which is why people, there’s a lot of people that have jobs, they go in, they do the same thing every day. You know, they’re not forced to grow. They’re not forced to think for themselves. And, uh, you know, and, and that’s fine. We need employees, but again, you can’t complain about being broke and you know, not do the next step.

Not.

Mike: Yeah. Yeah. So, uh, we talked a little bit about another important part is surrounding yourself with the right people. And obviously you’re part of the investor fuel mastermind. And you said a few things previously, would you mind just giving a little testimonial on what it’s like to be a part of the investor fuel master?[00:21:00]

Jen: Yeah. So, I mean, it’s where you go to level up and, uh, yeah. And you’re surrounded by kind of touched on it, but truly winners, like people who are actually doing what they say they’re doing. And, and to me, they really underestimate themselves, like whatever they say they’re doing or the money they make, I always feel like it’s.

Very humbled down that they’re actually doing way more than they even give themselves credit for, or, you know, and making way more money. And, uh, but the community is amazing. Cause it it’s just a community of helpers. Um, and what I love most about it, cause I have been in other masterminds and other events where it was like just chest beating, like, look how cool I am and this cracks me up.

And they’re like, I just wanna thank God for how awesome I am and all this money that I’m making. And you know, I’m just. I just wanna bar on you. Right? We don’t have that in investor fuel. Everybody is truly humble. Everybody is down to earth. [00:22:00] Everybody’s, there’s just regular people. I love that. There’s no gurus.

Well, I mean, you let John Jackson in, but other than that, like there’s just no gurus. And it’s just everyday people who just wanna do deals and do them together. And, uh, and I love that. I love the comradery. I love the family feel of. Um, I love that it’s not pretentious. And, um, yeah, I mean, but we’re still moving our needles.

So it’s like all these, you know, even though everything’s laid back and we have a good time and man, we have a good time. But there’s a lot of business to be done. Right. And there’s a lot of learning and, um, yeah. So every, every so often I’ll kind of say, you know what? I just don’t know that I really wanna be in a mastermind.

It is time consuming. Right. It does take several days a quarter. Um, we do travel or I, you know, I have to, you don’t. Have a couple in Dallas, but you know, I’m required to travel. And I just think, you know, maybe, maybe I’ll just drop out. Like I’m probably [00:23:00] peaked, you know, I know what I need to be doing. And then I go and it’s like, my mind is blown.

It was like amazing. I’m like, how would I ever think about, like, why would I think that I was gonna leave? This is crazy. I can’t leave. Um, and cuz, and then the content just continues to get better. And so I really like that, that as you bring in new speakers and as you get feedback. Like, it just gets better and better.

It’s not stagnant. It’s not the same thing every quarter. And you’re like, oh, we have to do this again. I’m actually really excited. I’m excited about the speakers and, and, um, you know, and the things we learn and. You know, the new people we’re, you know, we’re constantly getting new people in. And I wasn’t a fan of that at first.

Uh, I didn’t wanna be an event. Right. I wanted it to be a mastermind. I wanted it to be small. And as new people come in, I’m like, oh, okay. This is it. I don’t want any more people. And then new other new people come in and I’m like, oh, but they are really awesome. And, uh, but the wealth that’s coming in, the wealth, the knowledge wealth [00:24:00] is just like, you know, after the meeting.

And we’ve had these new people. I’m like, how could, how did we even ever get by without them? And so, yeah, it’s, it’s awesome. It’s really good. It’s very valuable. Um, and I appreciate you having it

Mike: very much. Thank you. Thank you. Appreciate you. I, I was gonna let you run for as long as you wanna do there.

You’re I

Jen: know, right? Like, yeah. So thank you. No, but if anybody’s listening to this, that they’re on that fence. Just do it. It’s so worth it.

Mike: Yeah. It’s a great group. It’s a great group of people really doing life together. I, I don’t think you’ve been to any of our, uh, any of our, of our kind of adventure trips, like going, cause

Jen: you go to Mexico.

Yeah. In places where it snows. Yeah. I’m like, no

Mike: but anyway, we do, a lot of us are doing life together. A lot of us are lifelong friends and there’s amazing friendships that have been creative there. And so glad, glad you’re a part. So Jen, if, if folks wanna connect with you in any way, whether they wanna talk about multifamily deals or anything else you have going on, where, where should they go to connect?

Jen: Um, you can always [00:25:00] jump on my calendar on my website V investments.com. Um, I’m on LinkedIn, Jennifer Fallon. Um, my IG account is BSA investments, LLC. I have a voice of investments, Facebook page I’m on Facebook, Jennifer Faloon so you know, all the I’m sure. If you just put in Jennifer Faloon, there’s not many of us, so you’ll

Mike: find.

Awesome. Awesome. We’ll add some links down below the show now. So Hey, thanks again for joining us today. Really good stuff. And I, and I, I, I agree with you. A hundred percent mindset is such an important part of moving forward. And, and honestly, I think for a lot of us, we look back as to how much we’ve grown, but, and now what’s different is.

If you didn’t really have that mindset of trying to get to the next level, and you’re just kind of getting by right now, you’ve come so far, but you also realize how far there is to go, right? Mm-hmm now you understand the possibilities that there’s levels to this game, right. And you and you’re, and you’re never really content with where you’re at.

Not in an unhappy way. It’s just like, [00:26:00] wow, I have so many more people I can impact so much more, maybe money I could make or the impact that would have if I could get those things. And it really opens up this kind of universe of potential.

Jen: Yeah, absolutely. And I think that there’s, um, I don’t know an obligation or to me anyway, maybe not to everybody, but there’s an obligation to me that as I grow to look back and give a hand.

You know, for the people that are down. And I, I just think that’s so important and, and something that’s really, um, really important to my heart, especially being a single mom and, you know, trying to educate, you know, college girls and, and single moms and just broke people. Like you don’t have to stay there.

Right. Right. Like it sucks. And then it’s a season, but come up here.

Mike: Yeah. No doubt. No. Good stuff. Thanks. Thanks again for sharing. Thank you. And everybody, uh, hope you got some value from the show today. If you haven’t yet, uh, talked to us about investor fuel, you can go to investor fuel.com to learn more.

You can learn more about our, our single family groups. Uh, [00:27:00] we have groups for single family investors based on the level of experience and also our cash flow group, which is our group for, uh, multi-family investors. See which ones a fit for you. Schedule a call with us. We’d love to talk about it and see if you might be a fit.

We have our next event’s coming up right around the corner. So we’d love to talk to you. Until next time, have a great day. We’ll see ya

Jen: ready?

Mike: Are you an active real estate investor? If so, and you want to latch onto the power of surrounding yourself with over a hundred of the nations leaving real estate investors. All committed to building stronger businesses and living richer fuller lives. You should jump on a call with us to learn more about Investor Fuel simply visit investorfuel.com to get started.[00:28:00]