How to Make the Better Business Decisions | Jason Pritchard

Mike Hambright (00:00.558)
Hey everybody, welcome back to the show. Today I’m here with my good friend, Jason Pritchard. Really amazing guy. We haven’t talked for a little while, but I’m blessed I’ve been doing this for so long that I have friends all over the place and I love using the podcast as vehicle to catch up. But we’re gonna be talking about getting back to basics. He has an amazing business, it’s been a lot of work, as he’ll tell you. And if anybody tells you that the past couple years has been…

A joyride, they’re wrong. It’s been a time for those that are doing well to really get back to basics and that’s what we’re gonna talk about today. So Jason, welcome to the show. Good to see you, buddy.

Jason Pritchard (00:32.083)
I love it, man. Mike, good to see you, dude. What’s up to all the Investor Fuel fan? I hope everybody’s doing well, excited for the show today.

Mike Hambright (00:38.988)
Yeah, so let’s talk about this idea of getting back to basics. And so as you know, I think you’ve done well over the past couple of years. We’ll talk a little bit about that. I really, there’s a lot of people that have, it’s interesting.

being in the mastermind, running the mastermind, I see people that have struggled, I see people that have gone out of business, I see people that have doubled or tripled their business in the past year or two, right? And so it’s like what drives those things? And it’s often about people having absolute clarity in their business of what they want and just on an absolute mission to kind of make it happen. And I think it’s times like the past couple of years where people that have done well have been forced to get better, you know? As Jim Rohn said, like don’t wish it was easier,

Jason Pritchard (00:53.759)
Mm-hmm.

Mike Hambright (01:22.042)
you were better. And this has been the time to get better because wishing it was easier wouldn’t have accomplished much over the past couple of years. Right. Hey, before we jump into that, I should have asked you to tell us a little bit about your background for those that maybe don’t know you.

Jason Pritchard (01:23.017)
Yes.

Jason Pritchard (01:35.141)
Yeah, yeah, man. So background story on me was I worked in corporate America for about 15 years. I worked for two large companies in sales and sales management. I got into the corporate grind when I was like 18, 19 years old. And I took the sales very quickly. And so my career path and my income accelerated pretty fast. And I found myself in a place when I was in like my early 20s.

making well north of $100,000. is back in like 1999, 2000, 2001. So $100,000 back then was a little bit different than what it is this time. I just, I said to myself like, man, dude, this is great. Like I think I found what I was going to do. You know, we were growing at one point, I had a large sales team, about 40 people spread all up and down the state of California. And I thought that I had found kind of my calling that I was just going to kind of climb that ladder.

Mike Hambright (02:11.139)
Yeah.

Jason Pritchard (02:28.764)
maybe move into some type of senior management role and make four or $500,000 a year and have that kind of life. And I found myself about seven years in with my first company really just disenchanted with my career trajectory, my life. was unhappy with some of the people that I was working with. And so I thought, you know, maybe it’s just the company. I, I switched to another company and I went through the same seven year cycle again, dude. And I, and I found myself in my early thirties where I was like, dude, this

cannot be what my life is going to be for the next 30 or 40 years. And so I’d always been intrigued by the idea of real estate. I always been drawn to it. I had never, you know, just had the courage to just dive all in. know, fortunately for me, I had a spouse that was very supportive and she believed in me more than I believed in myself, frankly, at that point. And she allowed me to, you know, step away from my job. She gave me a year to figure this real estate thing out. You know, I cashed in my life savings, maxed out the credit cards, took a second mortgage out on the house.

You know, we flipped our first few houses that was in 2014, dude. So this is the start of year 12 for me. And it’s been a wild ride. wouldn’t trade anything for the world. I love, you know, everything that we’ve done. And, you know, it’s definitely been a crazy learning experience now. You know, fast forward 12 years later, we probably do just over a hundred deals a year. Our company is based out of central California. It’s a mix flipping and wholesaling.

I also own a pretty large rental portfolio and now we’re doing some bigger land development deals. So it’s been an exciting time.

Mike Hambright (04:00.982)
Yeah. So let’s start off by talking about.

having kind of absolute clarity of where you want to go. And I think that real estate investors and really all small and medium entrepreneurs are, are guilty of just like, I want to do more. Like they kind of know, they don’t necessarily know what they want, but they know that they’re not content with where they’re at. Right. And the goal is not always more like the goal really should be better. Right. But if you don’t know why you’re doing what you’re doing and you don’t have clarity in that, then it’s real easy to give up when times get tough or it’s real easy to get content with where you’re at and like, yeah, like I’m,

need this so I’m good with where I’m at right and so and there’s nothing wrong with that by the way I think having absolute clarity and being able to say like you know what I don’t need more like I just want a better life and so like I think real estate investors especially and the gurus out there are always better about like let me show you how to make more money and get more toys and stuff like that but at the end of the day it’s like if you don’t want that in your life like what you really want is better like you just have to know what it is you want and I think most unfortunately don’t so talk about the importance in your life

Jason Pritchard (04:38.621)
Mm-hmm.

Jason Pritchard (04:44.904)
Yes.

Mike Hambright (05:04.245)
I guess of kind of clarity to what your goals are.

Jason Pritchard (05:07.696)
Yeah, I raised my hand as you were talking, because that was definitely me early on, dude. was just like, dude, bigger is better. More, yeah, more is better. And I think if you’re in that space, it’s, it’s, it’s, it, I would encourage you to listen to guys like Mike or even me that have been in this game for a long time and have kind of weathered all of the ups and downs and understood and try to just navigate some of the pitfalls that we fell into. And so I think it’s a really good way to start the show off.

Mike Hambright (05:11.884)
Yeah, it’s everybody by the way.

Jason Pritchard (05:34.91)
I think if you don’t have clarity of where you’re going, wherever you end up on the roadmap is going to be just fine, right? And I think you need to have a clear understanding of like what it is that you’re trying to do. And so I think the very first step, if you’re newer to this business is you should decide what type of real estate business do you want? And usually it falls in kind of two different buckets. It’s, you know.

The solopreneur where you’re wearing every hat in your business. Maybe you’ve got a small team, some VAs and maybe a personal assistant or a project manager and you’re the one that’s putting the marketing out. You’re fielding the calls. You’re going out and closing the deals. You’re also going out and managing the contractors and on the weekends you’re doing the books and all of that stuff. And there’s pros and cons of that. And I did that for the first probably half of my business. I think you can keep your overhead low so you’re not so stressed out. think.

If you do it the right way, your business is more profitable because you don’t have payroll and this huge marketing budget that you need to do to kind of keep feeding that machine. But the downside for me was, you know, it’s going to be a job. And if you ever want to step off of that roller coaster, you know, the business is going to be, you’re the barometer in the business. So if you’re not completely focused and locked in, usually the results in the business will show if you’re working your ass off and you’re going, then the results will show there.

And there’s nothing wrong with that. know lots of people that have that business that do very well, that make multiple six figures or maybe seven figures, and they’re happy with their life and they don’t want to have all the stress of having a team and all of that other stuff. So I think option A is that option B is intentionally saying, hey, I’m going to forego some of these profits in my business. instead of kind of hoarding that, right, I’m going to reinvest it back into the company to try to grow in scale. So the business can either run

in a way that’s less dependent on the owner or for me in my instance, I can have my home buying business running with obviously I have oversight and all the other things that are happening. I need to be involved, but I’m not involved in the day to day grind in that time that I buy back. I’m able to take it and redeploy it into doing some larger projects, which is what we’re, you what I’m focusing on now with some of our land development deals and other things like that. And so I think step one is

Jason Pritchard (07:46.066)
taking some time internally, and this is a really big decision, guys. This is not something that should be like willy-nilly. It’s time that you should sit with yourself, spend times in either mastermind groups or with friends or mentors or people that you trust, and really hear the different opinions and hear from people that have done both of those things well, and then take some time internally to process that and then make a decision and let the next three to five years be about which path you’re gonna go down. And I think that’s.

Mike Hambright (07:49.559)
Mm.

Jason Pritchard (08:13.531)
That’s what’s really helpful for, that’s what’s been really helpful for me. Cause when I haven’t had clarity and I’ve just been kind of winging it and gunslinging, that’s never really worked out for me, dude. I always end up losing money when I do that. So, you know, the gunslinger mentality works really well in a market that artificially is propping everybody up and fooling everybody into thinking that they’re better than they actually are. But it doesn’t work well in this market like this. And, and if you’re just gunslinging right now, dude, you’re one, two, three bad months away from being lights out.

Mike Hambright (08:32.3)
Yes.

Yeah.

Mike Hambright (08:40.462)
Yeah, for sure. And you know, if you think about your family too, like a lot of people would say they work really hard for their family. when you when you stay lean and mean, and I’m not saying that people shouldn’t do that if that’s what they want, just like you said, but be aware that if you get sick or something happens, you have, unless you have a big life insurance policy or some backup plan, like if you can’t work, the business isn’t going to exist anymore. And so what does that mean for the people that count on you? Right.

Jason Pritchard (09:07.973)
Yeah. I, and another thing to think about is, you know, you can go all the way to the like, Hey, the business, like the business isn’t going to work without you being involved, but think about just the day to day stuff. Like when we’ve got one of the benefits of having a team and the structure that we have, and when you’re really dialed in and you’re focusing on the basics and the fundamental things, we don’t miss on opportunities. And we are so fast with everything, dude. So it’s like, if you’re out and you’re on vacation, or you’re just not feeling it and you didn’t show up to the office today.

that call that came to you that you missed, they’re calling my company next and we are there that same day, like with the seller in their living room, like we’re not wasting any time, dude. And so it’s like, it’s not just, you your business isn’t, you’re like, you’re not gonna be able to do deals, you’re not gonna be able to keep up with a lot of people if you’re not locked in every single day. So I think it’s knowing and understanding those types of things.

Mike Hambright (10:00.974)
I think one of the curses and one of the things that a lot of entrepreneurs, we’ll just talk about real estate folks, I think this applies for other small and medium businesses is they made an attempt to scale and in their mind, I’ve kind of checked that box and it didn’t work for me. And usually it’s, they hired, it wasn’t a great hire. They hired, let’s just say they hired a salesperson and so they didn’t have to be the salesperson. So it wasn’t a good hire. So they just said, you know, they start to sabotage that person. They’re you know what, I’ll just do some calls too.

Jason Pritchard (10:14.555)
Mm-hmm.

Mike Hambright (10:30.988)
take away the opportunity from the salesperson and if that person doesn’t work out then they get pulled right back in. So as small businesses we can’t generally, unless you have a very clear plan, afford redundancy and that’s where the problem is is like

Most kind of people that are a CEO and that are heavily involved in the business are one sick day or an ice day or a bad storm away from getting pulled back into the business because they have one of those roles. And whenever that person flakes out or is sick or whatever, they get pulled back in. so, a lot of people over the years have talked about scale for the purpose of flying on private jets and getting a Lambo or getting all those things. And there’s nothing wrong with them.

Jason Pritchard (11:00.263)
Yeah.

Mike Hambright (11:13.334)
things but I would say the best investment is back into you and your business to grow that to create a wider moat right it’s like okay I have at least two salespeople and I’m advertising enough to where they should be able to thrive not just maybe they’re always in survival mode right it’s like I have a backup plan for these key roles so that if something happens you don’t get pulled back in which is inevitable for folks that only have one one link between them and them getting pulled back into the business

Jason Pritchard (11:40.573)
Yeah, I I think my corporate experience, even though there was lots of things that I didn’t like about it, gave me a unique competitive advantage against other people that just kind of got into the business without, you know, kind of cutting their teeth in these large companies. My first company was a Fortune 500 company that we worked with. So, I mean, there’s a reason and a system and a method behind how companies grow into that size. Right. And so I was able to kind of see firsthand like how that system and that structure worked and that there’s processes for everything and there’s documented

SOPs for everything and so then that way you are not like you said the single point of failure in every single area of your business or like you said one bad hire or one team member deciding hey I can do what the boss does so I’m gonna go start my own business away right and so all of that stuff is you know there there are definitely lots of challenges and pitfalls of being kind of that solopreneur that you have to plan for and I

Mike Hambright (12:22.007)
All right.

Jason Pritchard (12:33.06)
Again, it’s not one is good or bad. It’s just understand what’s right for you. And that’s where that’s why I think the clarity piece is so important guys, like, just because this person that you see on social media gives you a little glimpse of their office and their team and all this stuff that they’re doing. That doesn’t mean that that’s necessarily the right trajectory for you, right? And then the other person that’s over here, that’s

working 60, 70, 80 hours a week and missing their kids games and all those other things that might not be the right thing. So you got to really find out what’s important. And if you’re just doing this for money, I can tell you you’re not going to last because the money is the least enjoyable thing from this business. I have learned how to detach myself emotionally from the idea of money. Like at least the way that I thought and felt about money prior to getting into this business, I really believe in order to be a successful entrepreneur, you have to

kind of detached from the way that you’ve always thought and felt about money and realize that it’s just kind of this tool. And the more of it that you make, you’re not going to be happier. You’re not going to feel better. Like, is it fun to do some certain things? Yeah, that stuff is fun, but that’s not the reason why you do it. So it’s not just clarity on like what route you want to go business wise, but real clarity behind why are you doing all of this stuff? Because in these challenging markets, doing it for the money is not going to be enough to get you out of it.

Mike Hambright (13:48.963)
Yeah.

Mike Hambright (13:53.398)
Yeah, that’s great. There’s this concept called like additional utility, right? It’s like, I would love to have an ice cream cone, but I don’t want 20 ice cream cones, right? And you get to a point to where you’re like that.

Jason Pritchard (14:00.506)
Mm-hmm.

Mike Hambright (14:03.694)
a little bit satisfies you and I want more money. want like pallets of hundred dollar bills like all around me right now. But but it’s not because I want to go blow it right now. It’s because I see it as a tool, the utility that it can provide if I invest it, especially over the long term. Right. Or like what can that enable me to do that I can’t do without it? But it’s not the money for the money’s sake. And I think our industry has done a really a terrible job of wanting people to just get that they want to be like rap stars like tomorrow. Like I want that to happen. And they’re

Jason Pritchard (14:26.605)
I agree.

Mike Hambright (14:33.568)
Nobody’s you the people that we know that have have done amazing things like I have a mentor here in Dallas the guy owns thousands of properties Nobody nobody knows this guy he I mean a few people do but he’s lived in the same house for 30 years He drives like a Chevy blazer like he he doesn’t like doesn’t care and and he’s worth You know a lot of money right and so not that everybody has to have that and there’s nothing wrong with having nice things but if you if you don’t make sacrifices for long-term kind of benefit then

Jason Pritchard (14:43.366)
Mm-hmm.

Jason Pritchard (14:53.382)
Yeah.

Mike Hambright (15:02.638)
It’s just kind of a shallow. Honestly, it’s kind of a shallow existence, ultimately.

Jason Pritchard (15:07.202)
It is, it is. And I think that like learning how to delay gratification has been one of the most important parts of the growth that I’ve experienced over the last 12 years. I think, you know, we were talking about this before we started the show. I wasn’t disciplined enough to kind of squirrel away the money that I have and strategically decide like instead of taking that trip now or buying the car now or buying the house now, I’m going to force myself to plow it into

an investment that’s going to create a little bit of a moat around me because I know that there’s going to be ups and downs in this market and we need to have some money aside for a rainy day. think that’s been one of the best decisions that I’ve ever made. And so I think it’s a really important talking point, especially for newer people, because you can come into this business and just through sheer like force of will and grit and hustle, you can make

hundreds and hundreds of thousands of dollars, like you can make these big chunks of money from wholesaling or flipping houses that, you know, in one deal I could make like what I was making in my whole annual salary. You know what I’m saying? And so you see that happen and it can fool you into like this sense of comfort that is not really there. acting like, you know,

Mike Hambright (16:22.168)
Yeah.

Jason Pritchard (16:26.396)
Like not getting out above your skis, not getting an inflated ego, learning how to stay humble, learning how to sock away some money for a rainy day, learning how to strategically invest. And, you know, if you build out a machine where you’re constantly finding off-market deals, maybe pulling one or two of those every single year, if not more off the assembly line and keeping it for a rainy day while we’re monetizing the other ones. Those are all things that have allowed me to continue to grow and thrive over, you know, this 12 year period and.

frankly through a challenging market that we’ve had over last couple years.

Mike Hambright (16:57.42)
Yeah, I think that’s the challenge. If you’re not setting stuff aside, if you’re not keeping it, whether it’s investing it back into real estate, could be bigger deals, could be development, it could be multifamily, it could be even single-family rentals, like any of those things that allow you to build wealth over time, then you’re only as good as your next deal. And when you hit a, the problem is, is…

Things unwind really fast like a house of cards. you’re just a wholesaler or even a fix and flipper and you do enough deals to kind of get by, like a bad month brings you down. The next thing you know, you’re like, let’s pull back on advertising. I need to let somebody go. And it’s like, what are the consequences to your business of doing that? Like it feels like the right thing to do now, but four months from now, like it’s a downward spiral.

Jason Pritchard (17:40.324)
It is and it can get out of hand and you can get out over your skis very, very quickly. And I’ve seen lots of people over the years that outside looking in just me being an outside observer, you’ve you thought like, man, this person’s got it together. They’ve got it made. They’re doing great. And very shortly after that, like they’re closing their doors and they’re going back and getting a day job, dude. And so it’s like, you know, it’s it’s it’s a

It’s a reality check and I think it’s the nature of the business and it is what it is right now. And it just goes to the point that we were talking about earlier, just right now is the season to get back to the basics and you have to be great at the fundamental things and you have to be willing to do the boring stuff now.

longer than anybody else. It’s a war of attrition right now. And can you just show up every day and be in the trenches and doing the boring basic fundamentals longer than anybody else? And are you willing to outlast anybody else? And I think on the other side of that, you know, when the other shoe drops on this market, I think there’s going to be lots of opportunity for people that are able to make it through now.

Mike Hambright (18:46.252)
Yeah, I think it’s coming for sure. Let’s talk about, you know, just playing the game. Like when you play at a high level, opportunities quote kind of fall in your lap. Right. And so, as you know, inside of Investor Fuel, I’ve used this tagline forever was I make my own luck. it’s like luck. Luck is really kind of being prepared and playing the game enough to where more stuff quote falls in your lap. It’s like it wasn’t luck. It was like you made it happen from just playing the game so long, being present, being around to where things just seem to kind of come.

Jason Pritchard (18:55.525)
Mm-hmm.

Jason Pritchard (19:08.527)
Yeah.

Mike Hambright (19:16.226)
your way. So it’s not about being lucky, it’s just about, you know, having your eyes open, being peeled for, having your eyes peeled for opportunities that might come your way and looking for them, right? So you came across an amazing opportunity, obviously being a single family guy, huge development opportunity that will change your family tree. Like I know that. So maybe just one, first start talking about just how to be aware of opportunities out there. Like how to like have your ear to the ground, if you will, and then tell us a little bit about your big development deal.

Jason Pritchard (19:45.742)
Yeah, yeah. So I think, you know, I love the quote, the harder I work, the luckier I get. And I think that is in line with what you just said and how you kick this portion off, dude. And that’s absolutely how it’s been for me as well. You know, I just I pride myself on having just an unrelenting work ethic and I am just willing to work harder than everybody. I don’t care. I don’t care what it takes. I don’t care what it requires. I don’t care how many hours it takes. just.

Mike Hambright (19:50.979)
Yeah.

Jason Pritchard (20:09.561)
I’ve always come up with like this blue collar work ethic and then layered it on top of like a white collar mentality to business. And I think those two things together have served me very, very well over the last 12 years. And this deal that you’re talking about, I have definitely tried my hand at taking on some, what I would call bigger size deals, right? And I think…

This land development deal is different for me than some of these other opportunities that I’ve tried and maybe have not been successful or not turned out to what I thought that they were going to be for a couple of different reasons. One, I think it’s in line with what I’ve already kind of mastered. I put my 10,000 hours into buying, fixing, and selling residential real estate. just, have figured out and I’ve reached a very high level at doing that. So what that’s done is it’s giving me

a lot of knowledge about how the single family market moves in my area. so, you know, it’s single family residential is very different than large multifamily. It’s very different than commercial or retail. It’s very different than industrial, all things that I’ve tried. And, you know, some of them have worked and some of them have not worked for me. But, you know, when I’ve gone into other kinds of niches within real estate that weren’t like a direct line back to what I’ve been focusing on for the last decade, there’s a learning curve that’s involved with that.

And so for me, I got a call just, you know, out of the blue one day from a broker buddy of mine that, you know, I’ve known through the residential space for a number of years. And he just said, Hey dude, I’m representing a buyer on a land deal that appears to be potentially great. He had some deals that he thought were going to close simultaneously and he was going to use that money to close on this deal. Those deals are not happening now.

and he’s got a few weeks to come up with a million bucks to buy this land. You’re the only person that I know that can come up with a million dollars in a few weeks. Are you interested in speaking with him? And I said, I was looking for every excuse, honestly, Mike, to not do this deal because of just prior experience with some of the other stuff that I’ve done. I’m like, dude, why am I the lucky guy that’s getting this call? You know what I’m saying? Like usually when I’m the lucky guy, like how many other people have said no to this deal? And I think it was a combination of

Jason Pritchard (22:24.974)
you know, I’m a believer in God and a higher power. think I felt like this sixth sense that the something was kind of pulling me towards this in a way that was different than some of these other opportunities that were forced quite frankly. Right. And so I think that when you’re, when you, when you’ve done the business as long as I have, you develop both there’s a science and then there’s an art to it. The science is the underwriting and the math and the modeling and all the numbers and all that stuff. And the art is this instinct that you build as a business owner. You know what I mean? And

I think the instinct was just like, man, dude, there’s something here and you just need it. You don’t need to wire a million dollars right now. You just need to take the very next step, right? And just have a discussion and call. And so I called the guy who is now my partner in this deal. I’ve never met him before in my life and I grilled him on that first call. And we spent two hours on the very first phone call. I grilled him with every single question, trying to poke every single hole that I could into this deal. Cause I’m sure you get calls on stuff all the time.

Mike Hambright (23:03.854)
you

Jason Pritchard (23:24.482)
And as soon as you start poking a few holes in it, like you said, it’s kind of this house of cards in it. Like you very quickly realized that the, yeah, the person on the other end doesn’t really have the, you know, the, the, the firepower that you think that they really do. And I was just, I walked away from that call feeling very impressed with the background, the expertise. And again, just that additional gut reaction for me was like, okay, this call went well. So a few days later, we make a trip a couple of hours away. I’m my home office is in Fresno, which is right in the smack.

Mike Hambright (23:29.816)
They’re usually too good to be true, yeah.

Jason Pritchard (23:53.007)
dab in the middle of California. Bakersfield is a town very similar to Fresno a couple hours away, kind of in the South Valley, closer to the Los Angeles and Southern California area. And one of the unique things about central California is we’re relatively affordable when it comes to price points. Everybody thinks about California and thinks about these crazy Los Angeles and San Francisco and multimillion dollar, you know, single family, you know, thousand square foot houses. And in our market, you know, the average

Resell price is like $370,000. So we’re not that different than the rest of the United States, which makes us the last affordable place in California, right? So all of these people that are getting priced out of the Bay Area and LA are coming back to Fresno. And then when you combine that with like remote work options and a lot of these things that allow you to have a little bit more flexibility with how you take on your career.

I’m very bullish on California. So all of this stuff is kind of going through my head because I just because we’re constantly selling single family houses. We see that our product is moving when it’s price, right? We put a good quality product out. It’s there. We keep track of new construction and new construction continues to move out here in this market and

So we did all the math on this deal after looking at everything. And ultimately what I decided to do was buy a 78 acre parcel of land for just over a million dollars, which, you you cannot buy, uh, you know, that much land for a million dollars anywhere else in California. Uh, we went and looked and there’s, we’re surrounded by subdivisions. We’re surrounded by other builders. So all of our utilities, all of our infrastructure, all of our roads, curbs and gutters are there, which makes it just much more desirable for.

a big national builder to look at. And the deal felt very similar to like a deal that I normally do with my single family houses. The land was in probate, there were 13 heirs, the heirs were spread all over the country, they were all fighting with each other. And they were just like, dude, I just want my money now. I do not want to wait, I don’t want to do anything. don’t, all the developers want us to wait three, four, five years. I was like, we need to get cashed out right now.

Jason Pritchard (26:00.92)
And I’ve heard that story plenty of times on, you know, the single family residential probate meals that we do, right? So all of these kinds of things were giving me like the next breadcrumb to go forward. And ultimately we decided to make the trigger. So we closed on that land. paid a million 25 for it. and I believe that the, the property itself after everything is all said and done is worth north of $20 million. And so right now we’re negotiating with a couple of big builders, one of them that is right.

Literally owns a neighboring parcel has a model center right next to us has a hundred and forty houses that they’re already building out and our plan is to sell all of those finish lots over to that builder and it it just feels like Everything kind of aligned for me I tried my hand at some of these bigger opportunities I took some swings on some things that didn’t work some stuff that did work that just always didn’t feel right, but this

Mike Hambright (26:42.029)
Hmm.

Jason Pritchard (26:57.784)
feels like it’s right for me. All of the different things that we’re looking at kind of lined up for us. And I’m really excited about it. So the goal for me is to continue to run my home buying business in tandem and in parallel to while the land development company at the same time. So the home buying business is profitable. We’ve spent some time over the last number of years building and growing out the team. So I don’t have to be the one involved in the day to day operations. And I can spend my time really learning how

to become a master at the land development stuff. And that’s it. I’m not doing anything else. There are no other opportunities that I’m looking at. If it doesn’t fall into one of those two buckets, the answer is no for me and I don’t care. So it’s like, again, crystal clear clarity on what the next three to five years looks like for me is that it’s the home buying business and the land company.

Mike Hambright (27:44.92)
That’s great. And back to the stuff we talked about upfront, that’s the, you’re the beneficiary of having clarity. You’re the beneficiary of building up a team that was, that didn’t require you to do everything. And it gave you time to search for opportunities, more strategic opportunities like this, right? And so if you’re stuck in the business, if you had been in the business and you were doing all the acquisitions and all that, you might’ve been making really good money, but you wouldn’t have had time to even pursue this as an opportunity, could have been distracted. Right.

Jason Pritchard (28:10.295)
Yeah, I probably don’t even take that call. I’m like, dude, I can’t right now, dude, I got to go on an appointment. I got this, I got all this stuff that’s going on. You know what I’m saying? Like it’s like, no, I can’t do it, dude, you know? And so again, like I had to buy back some time and create more bandwidth just for my space, my mind and my mentality to be in a space where I could even like visualize this opportunity and wrap my brain around the idea of doing this student and.

Mike Hambright (28:16.3)
Right.

Jason Pritchard (28:35.737)
there is a significant amount of risk involved, dude. Like I grew my single family rental portfolio north of a hundred doors, dude, pretty quickly from 2016. I bought my first rental. got to 50 doors by 2019. We got north of a hundred by 2021 or 22. And so I thought that was going to be like, you know, we’re just going to keep stacking up these doors and you know, that would ultimately be like my nest egg and my life insurance policy. And we would just keep doing that. And, know, I had to make a strategic decision to say, okay, we’re going to

Liquidate a big portion of this portfolio. I’m gonna take this money I’m gonna reinvest it into this other opportunity that I think is better fit for us but I’d be lying to you dude if it wasn’t scary or challenging or all those other things and I and I and I do think it’s a I do think it’s a god thing for me man It’s like, know, he’ll say like look, you know I have this amazing vision and opportunity for you over here But it’s gonna require you to sacrifice this old version of you that’s down here and you’re also gonna have to climb

up this mountain and I’m going to throw all of these challenges up along your way dude but you just have to know that this is where you’re supposed to be dude so are you willing to say I’ll sell half of my rental portfolio that I’ve worked my face off for the last 10 years trying to grow to liquidate that to put it into a land deal where you know everybody that I’ve talked to and I’m sure you’ve talked to lots of guys that have been in the business back in 2007 8 9 10

I mean, I don’t know how many skeletons of old investors that wanted to get into these land development opportunities that are just buried out there because, you know, they just, got an inflated ego. They got over their head. All of the guys that I talked to that I low in trust, they’re like, just be careful. Watch out, be mindful of what’s going on. You know what I mean? And so you have all of that happening. And if you don’t have clarity of vision and supreme confidence in your ability to, to what you’re doing and a lot of, like a lot of patience and faith and

and this unrelenting work ethic that I talked about, it’s gonna be hard to pull something like that off, man. And so, you know, you’ve gotta be in the right space for this. cannot just go wing it with something like this. You have to be 100 % locked in.

Mike Hambright (30:32.844)
Yep, no doubt, no doubt. Sounds like basically you’re an overnight success. Right? It always looks easy to people on the outside, but it’s like, must be nice. Yeah. Yeah. Awesome. Well, hey, man, great to see you. Thanks for sharing your story and sharing some updates with us. Great to see you,

Jason Pritchard (30:37.697)
Yeah, yeah, 12 year overnight success story, dude. My favorite thing is the must be nice people, dude. Must be nice, dude. It must be nice, man. Yeah, that’s right. Yeah, that’s right. Yeah.

Jason Pritchard (30:53.237)
Yeah, dude, absolutely, man. I love being a resource to you and the Investor Fuel community. If there’s anybody that watches this podcast and has any questions, concerns, or just, know, if there’s something I can help with, I’m happy to answer questions. Instagram and Facebook are probably the easiest places to find me, just Jason Pritchard on both of those platforms. I respond to all my own DMs. And, you know, like I said, I’m happy to be a resource to anybody from the Investor Fuel community.

Mike Hambright (31:19.374)
Cool, we’ll add some links down below for folks that wanna reach out to you. thanks again, great to see you buddy. Yeah, everybody, thanks for joining us today. At the end of the day, it’s about clarity, having a clear vision for where you wanna go. Doesn’t mean it won’t change, there won’t be some pivots along the way. There always are, right? But you just have to work through the hard times to get to the good times. So appreciate you for joining us. See you guys next time. Thanks, bu-

Jason Pritchard (31:22.603)
I love it man. Appreciate it dude, thanks Mike.

Jason Pritchard (31:41.934)
Thanks.