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In this conversation, Mike Hambright interviews Logan Fullmer, a real estate investor who specializes in acquiring distressed properties, often referred to as ‘dirty deeds.’ Logan shares his journey into real estate, the challenges he faced, and the strategies he employs to navigate messy deals. He emphasizes the importance of understanding title issues, the appeal of distressed properties, and the necessity of building a strong team to handle complex transactions. Additionally, they discuss estate planning and how to avoid leaving a mess for heirs. Logan also touches on the coaching and training he offers to help other investors succeed in this niche market.

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Listen to the Audio Version of this Episode

Investor Fuel Show Transcript:

Mike Hambright (00:19.458)
Hey, everybody. Welcome back to the show. Today I’m here with Logan Fullmer. Came up the road just a little bit, five hour drive. I guess you flew up from San Antonio. So he’s doing some amazing things. It’s always interesting to me, as I’ve been in the real estate space for a long time, that somebody seemingly kind of comes out of nowhere. You’ve probably been doing this for longer than I know. But came on the scene, has a new technique that’s really crushing it right now. And that is going after dirty deeds. Basically, properties that you think you can’t get done, or deals that you think can’t get done, or nobody wants to touch because they seem hard.

and making more money than the average person by far. So Logan, welcome to the show. Mike, I appreciate it. Yeah. How long have you been real estate investing? Because you and I met a few years ago. We’ve been talking for a while now. We’ve met a few times before. But when did you get started? About 10 years ago. OK. So we met about the time I popped up and said, holy cow, there’s this internet thing. Let me be part of that. Yeah. OK. Cool. So tell us more about your background, like how you got into real estate. I know you didn’t start there. No. Oil field. Went to school.

couldn’t figure out what I wanted to do like a lot of kids. Just bounced around, worked for a developer, a realtor. Went to the oil field after I’d gotten rid of all my bad, youthful habits, so to speak. But that was a neat place. I got to work, I got to earn a lot of money. Self-confidence, all those things really started to grow there. But at some point, say, some people have an entrepreneurial mindset and they say, there’s more than this. And about 2012, gosh, that was 13 years ago.

That’s right around the time I bought my first property. Yeah, a little vacant lot downtown San Antonio, five grand with my savings. And from there, just kind of.

And what drove you into that? You thought, I want to flip houses, or I want to buy some rentals, or I have no idea what I’m doing, but let me just try this. Or what was kind of the catalyst for you to even think about real estate? There’s a lot there, actually. My dad was a professional, so was my mom. Grandparents were somewhat wealthy farmers up in Iowa area.

Mike Hambright (02:18.358)
And I inherited a lot of money, like seven figures, in my mid-20s. And at that time, the bad things that kids do were still big parts of my life. And I burned through that money quick, dude. Like, three years, it was gone. And it was really sad because I’d spent my share of what my grandparents spent two generations building.

But I get out here to the oil field and I’m actually earning again and it’s taken me over a year to earn a tenth of what I’ve earned. And I’m like, God, this is gonna take a lifetime. Like this really sucks, you know? But I remember thinking, let me hoard this money like Scrooge McDuck over there like just crazy hoarding every nickel after I pay my taxes and my minimal living expenses. But I remember thinking, how do I get this to grow? And everybody talks about real estate. If you haven’t heard about real estate in the United States in this era, your ears are closed. So I thought maybe that’s it.

So I’d go to San Antonio, since I was working in a textile field, San Antonio’s close every couple weeks. And back then, San Antonio hadn’t really got very big lift. It’s the fourth largest city in Texas, seventh largest in the United States, but it would not even be considered a tertiary market back then. And I remember thinking, okay, I can buy these houses, but I gotta find a tenant. The taxes are high, it takes a lot of work. I don’t know what I’m doing. And I saw all this, you go downtown, the central business district, you hop a highway and there’s this east side.

And I mean, houses are 20 grand, lots are five. And I think there’s a sewer underneath the street. There’s a paved street. There’s curbs and gutters. There’s utilities. These houses, these lots used to have houses. There’s a water meter for 5,000 bucks. So my big concern is I lost over a million bucks just blowing cash.

How am I gonna not lose this money? So I’m so worried about downside. And if I’m buying this lot that you could literally build a house on for five grand, it’s probably never gonna be worth less than that. So my downside is very protected. So I was worried about that. But if it goes up, well, who knows how high it could go, right? Like we know what happened to lot of neighborhoods in Dallas and Austin. So that was my real premise. So I spent a couple of years just dumping all my earnings into this vacant land downtown.

Mike Hambright (04:20.974)
And then 2014 hit. And you were just in on the land. You were just banking. Right. Taxes are only 300 bucks a year on each property. I could afford that. Oil field was good still. 2015 hit. A realtor called me and offered me 200,000 for a lot that I was in for 10 grand. And I’m thinking, no way this is real. Sends me the contract, it closes. And that’s just a hair less than I’m in this whole portfolio for. So I’m nearly recapitalized. And then I get laid off a couple of months later because oil field’s having, you know, just.

pressure on the oil barrel. So in that moment I’m like what do I do what next right? I guess I’m gonna do real estate. Yeah and that’s really where it started. Yeah that’s awesome. Yeah I think for a lot of people once you see what’s possible because you have all this doubt like we’re conditioned to like want somebody else to make a lot of money but I probably couldn’t do that or it’s like must be hard there must be more to the story like we’re always kind of skeptical. It’s kind of human in a way. Yeah yeah well you’re kind of wired to not take risks.

because it’s safe where you’re Self-preservation. Yeah. so, but once We do that with food. We do that with shelter. We that with a lot of things, not just money. Yeah, yeah. But once you see it, you’re like, this is what’s possible. Like, how do I do that again? And then, so how do I do that five times a month? Or how do I go from there, right?

Absolutely. So the next step was getting involved in a messy deal. And when I started to find that I could sell these lots for 100, 200 grand a piece I’d bought for five and 10 grand, thought, my gosh, now I’m going to take this 200 grand I got and go spend it all on more because I want this upside again. The problem is I’m knocking on doors. I’m like, hey, I got five grand for that lot. And they’re like, no, it’s 50. That’s 90. I’m like, like I missed. It’s over. But I remember seeing a bunch of lots that hadn’t traded. Like a lot of them were starting to trade off markets.

and deeds in the land records. But I saw lot of lots that hadn’t traded and the commonality was there were delinquent on taxes and the owner was deceased. And I thought, hold on a minute. So.

Mike Hambright (06:18.444)
Right about that time I was going to sell one of the lots that I’d bought recently because I was bringing in more cash to start this business and I’d bought a deed from someone I got sloppy, you know, I’ve been buying these are title companies and just a hassle. This one guy said, I ain’t going to a title company. Meet me in my house with five grand. I’m like, fuck it. Okay. No title insurance, five grand for the deed. That was the one. I know I did it now. There were eight other owners and they weren’t there. So I bought one ninth of this property for five grand full market value. Yeah. But I spent that.

summer, right before I got laid off, going to attorney’s office, figuring out how to buy the other owner shares and clear up liens and judgments. And when I got done, I was still in it for maybe 10 or 20 and sold it for $195,000. So when I started piecing that together saying, hold on a minute.

I wonder if I can make these same offers to people that haven’t sold because most people can’t figure out all this BS. And I started intentionally looking at those. And after that, was, now it’s 10 years later. I got 20 people in my office, a lawyer, a genealogist, private investigators on retainer. We do a couple hundred transactions a year, usually between 30 and 40 million in transactional volume annually. So these are the dirty deeds, right? These are the things that people, there’s nobody

leading the charge to basically say, hey, here’s how we collectively sell this. They’re just kind of dead right now. They’re just sitting there. One of the biggest factors I find is folks are frustrated with family and they can’t get out of that personal problem. And I don’t have any those connections. So I show up and deal with each person in a silo. And I’m polite and I’m respectful. I can get 90 % of the deals done without lawyers, without lawsuits, just being nice to people. And they’re willing to sell it because they’re not so…

The framing is really important. They’re not selling me a property for cheap. They’re selling me their interest in the property. I’m taking their seat. So I’m buying their seat for $500 or $1,000. But I remind them, I’m buying your seat at this Thanksgiving table. It’s very dysfunctional. And if I can’t fix the problems, I get to keep this bad seat for a long time. I hope I can fix them all. Right.

Mike Hambright (08:23.374)
And when they understand that I’m buying their position and not getting a whole property, it’s easier for them to detach the dollars to the value. Yeah, because they could look and say, well, the tax value is $200,000. It’s like, yeah, but you own 110.

And I have to convince all these other people to play ball as well. And I have to take the burden of the taxes or somebody’s got to take care of all that. About a year in, I started telling people, being honest. I remember explaining to people, here’s how you fix it. And this is what I plan to do. And I would tell them, aggregating interest from everybody, doing a probate or an affidavit of airship, getting any judgments and liens that Johnny boy didn’t pay as child support. We have to deal with that. All those things. This is the roadmap. If you want to do it on your own, feel free. I was honest with people because I knew they

wouldn’t do it. Yeah. And when I told him the entire roadmap and said, this is what you do, and you will get that 100 grand that it says in the tax rolls, you’re welcome to do it. And we can be done on this phone call. I respect that completely. That’s your first right on the second place.

And when I was honest with people, dude, they don’t give a shit. Come get it. You got $1,000. I’ll take $1,500. They just want to be done. Be there tomorrow. Yeah. Yeah. So talk about, are they all like that, basically? A lot of inherited stuff, a lot of, like, partial ownership. And then do you have to buy them all out? I mean, do you have to get 100 % ownership to make this work?

There is a lot of inheritance, but there’s also a lot of like judgments, liens, person when people get businesses that go bad, they don’t pay their taxes. Last few years, got IRS liens, child support liens, they get sued. I mean, the amount of title defects are countless. There are breaks in the title chain, but where I find them surface many times is the delinquent tax list. When people just can’t fix all the problems, they eventually quit paying taxes because they’re just wrote the thing off. Yeah. When that happens and it builds for a few years, that’s a very

Mike Hambright (10:11.696)
signal that there’s real problems here not just financial issues but more than that. So that is I mean that’s a place where I really like to shop we shop in the land records and the delinquent tax list. That’s kind of the main places to shop I guess you could say. But yeah that’s the character of most of those. Okay and do you have to do you have to buy a hundred percent of the interest I’ve heard of I mean there’s ways around. That’s a smart question actually.

So I only ask smart questions. Well, in the beginning, I just didn’t know what I didn’t know. And you get so busy focused thinking one way. I would try to buy all the interest. And if I couldn’t get it all, I’d file a lawsuit against the other person or file for a partition or go do something.

But I realized there were times where I would get involved in some of these lawsuits that would take years and they were expensive and slow. And I remember one point just tapping out saying, fuck it. don’t, hopefully I didn’t, can I cut some here? Yeah, do it. Okay. I just remember saying that and thinking, I own 90 % they own 10. This thing’s worth a couple hundred thousand and I’m all in it for 20 or 30 grand. I already have 170,000 in equity or something like that. They have 20,000. I had a hundred and.

$80,000 in equity minus my $30,000 spending at $150 in equity, they got $20. I don’t even need their share. I remember calling them in the middle of lawsuit and saying, hey, let’s just go sell together. You get your share. I get my share after I get reimbursed for the taxes I paid. And they’re like, let’s do it.

And when that happened, I thought, what have I been doing all these years? So when I can aggregate everything politely, calmly, nicely in a swift manner, I do it. If not, I just get enough equity where I’m happy, the last people say, let’s just go sell together. You get your share, I get mine. You’ve done all the work, yeah, for while, wouldn’t they? Sometimes I’ll ask them if it’s been a real bad one.

Mike Hambright (11:59.094)
I’ll ask them for a little bit of a premium off of their side, but not the steep 80 % discount that I would normally ask for. Right, right. So why do these things? I mean, they’re hard to do, they’re messy. Like, why would you do properties that are this messy? Because the real estate market is competitive these days, YouTube has been out for a long time. Interest rates have been low. Everyone’s piled into this business.

And originally, didn’t inherently, I didn’t look for these intentionally, but inherently, they were enticing because they were low spend. And when you have less money in the beginning, you’re going to take on a lot of debt, or you can buy low price properties. And I found these weren’t low price properties, but they were low spend. So that made my it was very efficient for capital at the time. Yeah. Over time, I learned these are great returns, and I can make as much cleaning up a title as you can flip in three houses, but use a itsy bitsy fraction of the capital. So I intentionally

actually picked these. But with interest rates rising, competition going through the roof, and frankly there’s a coaching program to teach you how to do everything in real estate except this. When I call these people, they have never had an offer like mine, ever. And there’s no competition whatsoever.

Like when a person buys a delinquent tax list, they just skip trace it all and then call. But the numbers that don’t work because the owner is dead, those are the ones that I’m actually digging all the way down to find the owners, to find their current locations, the heirs. I’m calling them, I’m calling the people that most people miss.

Most humans, guess, I real estate investors, but most people are just lazy. If I have to do some extra work, I’m just moving on. Right. Right. I just move on to the next one. But that makes sense. If you can make a lot of money with the low-hanging fruit, why not? That’s smart. And that worked for a long time. But it’s getting harder and harder these days. Yeah. Yeah.

Mike Hambright (13:53.614)
And so are you focused on residential properties or commercial properties or what? mean, is it just properties that are going to have the biggest potential paydays or how do you kind of navigate that? It’s really the payday. In the beginning, it was vacant land downtown because that’s a kind of honey hole that I found. But over time, I realized I don’t care what kind of property is. An old timey business guy that’s really smart, way wealthier than me said, there’s no bad product, only bad pricing. And I remember thinking about that for a long time.

And I realized, I’ll take a warehouse, I’ll take an apartment, I’ll take a vacant lot, I’ll take a mobile home, I don’t care. As long as I get it cheap enough where can make a lot of money and resell it, that’s it. So if you’re shopping by Distress Channel, not by asset class, that’s where you find the deal. Now, like I mentioned earlier to you,

I’ve had people come to me and say, well, I want to build an apartment portfolio. How do I find the delinquent apartments? That’s a needle in a haystack. Don’t build a business model around it. You might get lucky once. Forget it. Right. Go find properties that are in extreme distress. Buy them. Make huge profit margins and then take that money and go buy what it is that you really want, where you want, when you want, how you want. Yeah, that’s how we do it. Yeah. So I’ve got an industrial portfolio. Gosh. There’s one office in there, mostly industrial. I don’t have I got some mortgage notes in there. I have any houses left.

Right now we’re about 80,000 a month in net operating income and that’s from that but that’s where the money goes. All this

Dirty deed stuff goes straight into portfolio. Right. So your rental portfolio, whatever it is you want to invest in, doesn’t have to be that asset class or that even. It’s like, make your money and spend it over here. So every once in a while, I’ll come across a distressed warehouse, and I’m really happy for it. But it doesn’t really work. I need a very fair deal that might have a little value add. But I ain’t buying warehouse at $0.50 a dollar very often. Yeah. Yeah. And if you did only, let’s just say, I invest in a lot of multifamily, if I only picked the really

Mike Hambright (15:51.04)
really distressed stuff. Like it really limits what’s out there. Like if you’re willing to a fair price for it. So I make my money over here and I invested over there. It doesn’t have to be super distressed. It just has to be a good because honestly when you start to buy larger properties and stuff for presuming you’re moving into stuff that you want to cash flow. Exactly. don’t want to stress problems. want stuff that’s cash flowing. I don’t want that to be a hassle. Like we might have to redo it up front but I want it to be a B or an A class asset. I want the tenants to pay. I don’t want vacancy like I want a full

with that. You’re right. Yeah. So let’s talk about a couple of a couple of like different case studies of some recent deals you’ve done just to give some context for what this looks like. So let’s talk on the small end. The small end.

would be $100,000 house. And a lot of people look at that and say, how am going to I’m only gonna make 20 grand about flip that that’s not that big a deal. On $100,000 house, I’m probably making 50 to 70. But that means there’s 10 or 15 owed in taxes, I’m buying the owners shares for 10 or 15,000. And then I’m in it for maybe 30, I’ll go sell that market 10,000 in sales costs. So 40,000 in total expenses, 100,000 in revenue, that’s 60 grand in net profit. That’s about where a bottom end deal

be. If it’s less than 50 grand, I won’t touch it usually. And the way you always find these is back taxes. Well, so we shop in the deed records, we find ownership problems, we find title disputes, we’ll find judgments and liens, we’ll find lawsuits. The simple answer is get you a delinquent tax list. That’s for folks that aren’t sophisticated and you’re new, go do that. It’s cheap and easy. Yeah, we have a little bit more sophisticated systems in total. Okay. Yeah.

Yeah, yeah. So that’s a low end type case study. And then I know you’ve done some commercial stuff too. Go ahead. So I’ll tell you about a commercial. But let me tell you, I ran a report, our trailing 100 deals. I ran this in December. Our average purchase price was.

Mike Hambright (17:48.31)
$48,000 our average sales price was hundred ninety four thousand and our average gross margin was about a hundred and fifty thousand average net margin with 25,000 in average overhead expense per deal was about a hundred it became a hundred and twenty five thousand dollars in net margin average

That’s awesome. So they’re not all $100,000 houses. They’re not. We have big ones that skew the numbers big time.

If you looked at our median sales price, it’d be less than 200,000. Our averages really get drug upwards, gosh, we just filed a suit on a 15-property portfolio. Those are houses. We did a commercial portfolio in Houston that was about 3 million, ran it for about 300,000, 400,000. Had to pay the family a profit share. We did this as a joint venture. I mean, that deal’s got 2 million in net.

We did an apartment complex that took two years. It was a train wreck, And then right before closing, the seller decided to back out. I’d spent 30 grand dealing with all kinds of problems on his behalf. Finally, I said, dude.

This went from a dirty deal to a lawsuit. He’s like, what do you mean? I said, well, I’m suing you tomorrow if you don’t close today. He’s a jerk talking all this trash. So I sued him the next day and we went to trial courts on summary judgment. Went to the appellate courts. It took a year and a half. The judge ordered him to sell me the property after the trial court.

Mike Hambright (19:18.642)
And because he was such a bad dude and just showed bad faith throughout the lawsuit, we filed a writ of execution to enforce the judgment, meaning he had to give us the property and he filed an appeal.

But we convinced the judge to have him post a million dollar bond. That was the value of the property and he couldn’t post it. So he had to give us the property and we collected cashflow while he was appealing. He then lost, but we paid a million for that property. Turn on a result for 2 million after appeals over way. So like that would be on the upper end. Those ranges, but make no mistake. We’re not closing a $3 million deal monthly. Probably something like the million plus dollar deal happens.

once or twice a quarter maybe. Yeah. So some of it is just having the right people in place. Like you said, you’ve got a lot of people in your office, but you’ve got an attorney on staff, a genealogist. So talk about not everybody is going to have that when they start off. But like, how do you play the game? Well, early on, if you don’t have all those resources, you know, you can afford those resources. Typically, those resources are not in house for anybody. Right. But early on, I knew that I needed to pay those people because I didn’t have the answers. Paying the attorneys. Yes, the three, four, five hundred bucks an hour.

pay him dude. You’re going out trying to make 50 grand on a deal, pay three fucking thousand dollar legal bill. Like stop arguing because the dude checked his email and charged you for seven minutes. Like just pay it. You need this dude to answer your phone on a Saturday when a seller says yes, so pay his damn bills.

Starting out with those, the attorney is the most important part because you’re going to learn from him and he’s going to teach you to learn if he’s decent. So that’s really important. The private investigators are less than a hundred bucks an hour. When you get stuck, go pay them. What’s more important is your own curiosity than any of that, because if you don’t know the answer and you want to know the answer, you’ve got to ask yourself, how do I get that? How do I get there? How do I fix this? You just keep asking yourself.

Mike Hambright (21:12.78)
And you solve this, this, this, this, this. And eventually, you’re there at the pot of the gold team of the rainbow. So even if you don’t have those in your office, just call around and get referrals. Yeah, most don’t. You don’t need to have those in your office. No. So.

To prove that point, the best I ever did in a year was just a little under a million dollars, but that was me and one assistant. I was able to get to between 750 and a million dollar a couple years in a row. And I’m working seven days a week, me and one assistant, and that’s net profit. And I just got smoked. At that point, I’m like, my gosh, I had one other person helping me some who became a partner. But at that point, I’m done, dude. I needed to start bringing people in and hiring. But one person with an assistant can do that, especially if you have good training.

Most of the stuff happens from, correct me if I’m wrong, it’s just from people not having their estate kind of buttoned up before they pass, right? I I’ve flipped hundreds of houses up here. You’ve seen that a lot. Same thing. Truthfully, there’s a lot of times where we’ve had really messy situations and we’re like, let’s move on to another one. let’s not waste our time with this. So here’s the kicker. When you run into those situations, you can say, OK, I’m going to do all the work because I’m getting a little bit of a discount. That’s where the guys like me will diverge from the pack.

I’ll come back and say, look, here’s the problem. I’m going to walk you through all that it takes. Like, cause I know you’ve done this. You’ve rounded up six other owners. You got an afternoon of airships. They had a judgment. You helped figure out how to deal with it. You did all that shit for free or at least for like a $30,000 wholesale fee. If you had to come back to him and said, all right people, can we have a meeting together? Draw down the whiteboard, all the people, what you’ve got to do, what it’s going to cost all the time and say, if you do this, you get the extra money. If not, I’m have to take this $90,000 price and cut it in half down to 45.

that retrade is where most equity is created. That’s our problem is we always made an offer and found out how messy things were afterwards. And then you retried. then, we never, we didn’t usually retrade. We would just be like, well, like, let’s try to make it work. Like we never thought about.

Mike Hambright (23:10.744)
we need to be compensated for all this effort, right? Or the deal is just like, one guy is nobody knows where this one uncle is, and they haven’t talked to him in 20 years, and nobody knows how to find him, we’re just like, sounds like a lot of work, screw it. If the title company couldn’t figure it out, we usually just move on.

Right. That’s crazy. Where were you at, dude? Right. Today we get referrals from local attorneys, judges, title companies, investors, wholesalers, and they say that. We couldn’t find Johnny. I’ve got a private investigator team. They were a field agent and a researcher at the FBI. They’ve retired. They do private work.

If we get to that, early on, we would try to go find those people. Today, I just get a contract with the investor, and then I call the bakers and say, hey, try to find this person. Dude, 89 % of time, they find them within three days. Wow.

If you’re not thinking like that, you listen to what these people say, and you assume that the same condition will happen to you. You haven’t found them in 20 years, it’s going be a lot of work. It takes me five minutes to call the bankers and say, can you get this dude for me, please? Get him on the phone. Where do I need to go to talk to him? Two, three days later, they call back to him. We had a phone call with him. He’s ready to talk at noon. Boom. You just fixed that family problem of 20 years for $500, $1,000. So what advice would you give to people that own a bunch of real estate now, like we’re talking to real estate investors here?

They’re how to make sure that your estate doesn’t end up like this. Woo. This is a complicated Because it’s funny, because a lot of times as real estate investor, you see that happening, but you’re not doing the things you need to do to protect yourself from that happening.

Mike Hambright (24:41.422)
You know, this is a really neat topic to talk about. So one of my business partners, CPA, fourth largest firm in the state, career there, I mean, he’s done like $100 million transactions up to half billion dollar states. And I’ve gotten to meet a lot of these people in our office over the years. I’ve come to my own personal conclusion. Don’t give your kids a lot of stuff. Give them money and let them figure out what to do with it.

Cause if you give them a lot of stuff that they don’t know what to do with, they’re going to end up losing it or going behind or making messes, even if they’re sophisticated. But if they’re like, my daughter’s probably going end up being a lawyer or an artist. I don’t know yet. It’s like one way or the other. She becomes an artist, dude, I ain’t handed her a six warehouse portfolio for her share. That will be in tax default and she’ll be selling to some dude like me in three years.

I think when I get to the end, start getting a little bit older, I’m going to modify my state plan. Currently, my kids are all just equal heirs, whatever I got, they get.

I think we’re going to change it. I’m going to start to divest probably in my 70s, hopefully I don’t die early. And I’m just going to give them a pile of cash unless I have some of them that are interested in operating and have it together. Otherwise, you’re always going to get a pile of cash. That’s what I would tell people to do because my grandparents gave me a farm. You think I give a shit about a farm? And what did I do with that farm in six months? Sell it.

So just because that place you got on East Texas is important to you, don’t think it’s a family heirloom for six generations. That might break your heart, but you don’t want it to be on the tax list. And my son calling your daughter or son. You don’t want that. Yeah, no doubt. No doubt. So for estate planning purposes, do really good paperwork. That’s your first thing. And then if you want advice on how to like what to do with it, give kids money. Don’t give them stuff, Yeah.

Mike Hambright (26:22.83)
We ended up not, I didn’t know we were gonna have this conversation today, but we ended up getting all of our stuff put together finally last year. I mean, after years of talking, we had a Will that was like 15 years old and was like, this is a different world now, 15 years later for us, you know? And you’re a different person. No doubt, no doubt. And so we just ended up hiring up, just getting up.

Public not public. I guess a private executor like we are corporate executor Yeah, somebody that’s not in the family because nobody in our family It would be a massive burden to take our kind of estate and our assets and all of our real estate mess and say go figure this out big workout Yeah, so not that it won’t be hard for somebody else. We just hired a professional Executor that it’s like they this is what they do is they just kind of that’s a wise decision That’s very wise because it’s easy That would be a huge burden for anybody. It’s a burden for us to deal with it. So just

Because you’re interested in doing all that doesn’t mean your kid can will or want to do any of that right think okay, let’s good good game We just talked about our children a little bit ago teenagers. They’re tough. Yeah What if you I hate to say this but what if you your wife got hit by a bus this week? Yeah, I’m sorry. hope that doesn’t happen me, too, but what if you’re But what if let’s ask what if your kid got all of the what you have

Literally in that manner like this office was still set up. He’s still showing up for a paycheck on Tuesday Yeah, what if your kid got all that? Oh my gosh, you better be glad you got that anybody. Yeah. Yeah Just the comp just the complexity of it like in our mind we make it work, but yeah, nobody else would be like what the hell I like your idea the corporate executive or something of that nature. Yeah, and you got to build a plan of like

my wife bought this thing called a knock box, which is like next of kin box. But it’s basically like, it’s a filing system. And you’re like, hey, if you’re, it’s kind of like, if you’re reading this, something bad has happened, you know, but it’s like, here’s where the deeds to our properties are. Here’s where.

Mike Hambright (28:23.338)
the title for our houses, our cars, like call this person if this happens. So you just kind of have like directions on like, you know, if you just broke the glass, like, and you’re reading this, like, this is what you need to do here, this is you need to do there. So it’s kind of a plan. Even for, even for my wife, like if something were to happen to me, like there’s a bunch of stuff that I do that she’d be like, I have no idea what you do.

You know what, that’s really thoughtful. The fact that you’ve made all certain businesses. here’s three people that I think would be interested in buying this asset. Like, this thing, just fucking dump it. Like, just get rid of it, you know? Or shut it down. And there’s things that you need to sell. There’s things that you need to, you know, but you kind of know who some of the buyers are for some of your stuff. Like, who to go to. Or who to go to to find out who the buyers are. Like, who’s a trusted advisor, you know?

The fact that you’re thinking about and acting like that tells me that your kids won’t be on one of those delinquent tax lists for my kids to be called. not. Man, that’s so thoughtful. For me, took my mom passed away two and a years ago. We had another family member, my wife’s aunt passed away a year ago. And we just kind of saw our family dealing with stuff. like, man, we need to start thinking about our stuff is the most complicated of anybody in our family. And so it’s like, we need to make sure that we don’t dump this in somebody’s lab.

Yeah, I don’t want to go anywhere anytime soon. You never know. You’re planning right. That’s smart. Yeah, yeah.

Who is this kind of program that you have where you teach people how to do dirty deeds? Who’s a candidate? Is it the pro investor that’s like, I never knew how to deal with those? Or is it the newbie that’s coming out of the woodwork that’s just going go right into the dirty deed stuff? Or who is it? Well, I have a really high level of accountability. There are some coaches out there that I think are crummy, and they’re bad. And they’ll help you up your credit card limit to scan in for this program. And it’s some 65-year-old or, no, that’s not right age. Like 85-year-old grandma who’s retired. Or some dude who just retired from the railroad.

Mike Hambright (30:14.02)
the 60s, like they got no business doing this unless they’re mega driven. That’s not the right answer. So we don’t look for people like that. We’re looking typically the right person as someone who’s already in real estate or a full time business owner, not in any employment status anywhere. They’ve already got exposure to real estate. They kind of know how it works. That way we’re not having to teach the basics. We’re taking people from good to better. That’s really our best candidate. But shockingly enough, I’ll tell you this story about my program manager came into my office a couple

weeks ago and was like this guy said he’d sell me his property for this price and I’m like what in the heck Shelly what are you talking about you’re supposed to be like your program manager you’re not an acquisition person she’s like well listen to some of your webinars and listen your coaching thing that one day and you said to call people on delinquent tax list and make them low offer so I did I’m like I’m shocked this happens she’s from the social work world like

So that deal didn’t work, but she called me on Sunday again and said, this guy said he’d take this much. Long story short, the house is on the appraisal district value for 250 grand. She contracted him with $62,500. We got our appraisal from a realtor for 175 as is. And it was two days before the tax sale, one owner, literally no title problems. He was just going through some weird stuff in his life, quit paying his taxes, and kind of just giving up on things. But the point is, Shelley’s from the social work world.

She’s a program manager. She has not even had training in our program. She just overheard stuff in the office. And monkey see, monkey do, and she snagged a deal.

So after we’ve seen stuff like that, we’ve considered letting people. Now we’re looking more of a personality profile to let in and not just an experienced real estate investor. Because if you meet, there’s a personality test that more or less will identify certain characteristics. And if you got those characteristics, we say, OK, we’ll bet our reputation on you. Because I don’t want a bunch of people coming through here and not doing well and talking shit about us. That’s who it’s for. It’s hard. I I’ve coached new investors for a long time. I mostly work with a lot of pro level investors now.

Mike Hambright (32:15.802)
And I it’s easy to take somebody from 20 to 50 deals a year than from zero to one Because it’s a lot of mindset stuff you haven’t seen at work yet And once you’ve seen it then you then you kind of get ravenous and so yeah I don’t know if it’s interesting to see if we can talk about the personality stuff offline if it’s like truly a personality Or it’s I’ve kind of found. It’s where somebody is in life like how hungry are they?

Are they motivated to make shit happen? Or are they comfortable? And I think even for a lot of people that are well-off, mean, there’s a lot of people in corporate America that are not far from, like, if they were to lose their job, they’re a couple of paychecks away from destitute. But they could become really driven if that happens, right? And there’s some people that are just way too comfortable with where they are. It’s an interesting spin on it. I’m bomb know how measure that, like how motivated are you. People will always say they’re motivated.

when it comes down to doing the work? Are they actually gonna do the work? I don’t know, here’s how I’m doing it. Everyone that’s in the program already or has been in it, I’m basically giving them a $100 gift card if they’ll take a certain personality test. I can’t remember what this thing is called. It’s a high level one apparently. Predictive index, is it? Yeah. Okay. So we’re gonna run everybody through that, it’s relatively quick. then I know the people that were the most successful and the least successful, and if we can see commonalities with them, then we’re gonna say that’s the personality. That’s what we’re considering next.

At the end of the day, our goal is to keep it a good bunch of quality operators that I know I can get to success for reputational reasons and success reasons. I think some of it is, from what I understand, your program, it’s a systematic approach. There’s a process for how you evaluate those things. I think, for me, like a lot of us that have come across,

dirty deeds before. You just like sounds like a lot of work and don’t have a process for that. Bingo. If the title company doesn’t tell me what to do, like I don’t know what to do. But once somebody has an SOP or a processor tells you this is these are the roles, the attorney, the genealogist, whatever they can do those things. You’re like, oh, this is like it’s a repeatable process, right? You got it. Yeah. I tell people in coaching calls in the beginning, I have hardly ever seen a person who showed up and did the prescription and didn’t get the same outcome. When people show up and didn’t follow the rules, they say they want to tweak this to their opinion or they

Mike Hambright (34:29.488)
think this things start to go haywire show up yeah be like the military monkey see monkey fucking do and I promise you you’re gonna get your money out the end I’m very careful to say this but there are a few times where I slipped and said if you do prescription as said you don’t make your money and I’ll give it back to you at the end and I know I shouldn’t be saying that but there are a few times I’ve slipped and I’m like I’m glad it

Yeah, it does come down to people taking action for sure. That’s what you know. Hey, if folks want to learn more about you, I know you’ve got a new podcast. You do a bunch of stuff on social media. You put a lot of great content out. Thank you. They want to kind of follow along or connect in some way. Where can they go?

If folks want to get a hold of me, go straight to Instagram. My name is Logan Fullmer. Type that in and you’ll find me. Also YouTube, you’ll find me on Dirty Deeds. It’s a podcast on my Logan Fullmer YouTube page. Simple answer is go to Google, put in Logan Fullmer and you’ll find everything you need. We work really hard to stay connected to people. We answer emails, we answer DMs. They got a team of us doing it. So we’re there for you.

Awesome. We’ll add the links down below for folks to connect with you. So, excited to see your continued growth, man. Great to have you in the office here. Appreciate you coming up. No doubt. It’s been fun. I appreciate it. Yeah, good stuff. Everybody, there’s a lot of ways to make money, and sometimes you just got to be willing to roll up your sleeves and do the work. So if you’ve kind of gotten complacent or lazy, there’s probably a lot of deals that you’re stepping right over, and you don’t even know it. So make sure you’re following Logan. He’s got some great stuff going on. Thanks for joining us on today’s show. We’ll see you next time.

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