Mastermind Your Money: Transform Your Mindset for Wealth Building

Michael Stansbury (00:01.322)
Welcome to the Real Estate Pros Podcast. I’m Mike Stansbury. we have a very special guest, Tuck. Tuck with a H, not with a K, but it sounds like Tuck with a K. So I have to get that right because it’s just part of my schtick here. It’s like I wanna make sure I get that name right. I was gonna butcher it. Larry, how are you, sir?

Larry (00:26.71)
Doing good, doing good. Thanks for having me. Yeah, the last name, although it’s four letters, it’s German and not too many people get it right on the first try, so, hope you’re okay.

Michael Stansbury (00:28.93)
Yeah.

Michael Stansbury (00:36.334)
Yeah, got people, my last name is Stansbury. I get called Stansbury. So I share that with you. But you know, just got to have good humor about it. Well, guys at Investor Fuel, we help real estate investors, service providers, and real estate entrepreneurs 2 to 5X their business to allow them to build the businesses they’ve always wanted and live the lives they’ve always dreamed of. Larry, welcome to the Real Estate Pros podcast. I want to ask you.

Tell us a little bit about your origin story. When did you start investing in real estate and how did that all happen?

Larry (01:13.866)
Yeah, so I have a pretty interesting story in the fact that my background is data engineering and I really lived paycheck to paycheck for 18 years and it wasn’t one of those things where I wasn’t making enough money. I made enough money but I, it’s basically I made.

too much money to be that broke, right? I was spending it on garbage, you know? So, yeah, so after 18 years, just didn’t have the right mindset in those terms. And, you know, before I was all about materialism and, you know, things and, you know, I’ve, I’ve,

done a lot of mindset work and switched to more relationships and experiences. I, you know, after those 18 years, I was like, there’s so many people doing real estate and they’re doing fairly well at it. So I’m like, shoot, if, you know, 90 %

of seven figure earners come from the real estate investing industries, why not me? So yeah, that was my thought process, that was my mindset. I went head first into a mastermind after maybe, you know.

Michael Stansbury (02:30.273)
Right? Yeah.

Larry (02:47.753)
maybe six months to a year of just watching videos, reading books, and I’m just like, you know, I can’t just have the head knowledge, I have to have the expertise, I have to put it to action, right? So I went into a mastermind for two years, you know, I think the first part of it was, I don’t know.

if it was imposter syndrome or whatnot, it’s just like, it took me like six, seven months to actually get a deal. And it’s just like, wow, this is not as easy as it looks, number one. But number two,

you once you have enough reps and enough knowledge and you know, people around you, your deals come more frequent and they get better and better. You know, not every deal is the same. you know, even after that seven months, was only a few months after I got my second deal. So within the two year timeframe, I think I got about three or four deals. And then, you know, afterwards I just kind of branched off on my own. I had enough education.

to know what to do. I knew a lot of people in the industry and so I just started. And to me, I was never an operational type of guy because I knew how to get money fairly quickly, whether it’s my own or if I had to borrow it and use that for my syndications and being a limited partner.

Michael Stansbury (04:31.061)
So yeah, tell me a little bit about that. So you do your first deal and then you have momentum. That first deal is obviously critical for people. And then you get your second deal pretty close after that. But syndications, when anybody talks about syndications, I’ve been exposed to it, but it just seems so complicated. You got all these multiple people involved, LPs, GPs.

Larry (04:42.367)
Yep.

Michael Stansbury (04:58.985)
How did you wrap your mind around that where you’re able to get into some of those deals or even birth a syndication? What did that look like for you?

Larry (05:11.475)
Yeah, so I knew, well, I feel like the first deal was the foundation. after that, I kept doing joint ventures, but my first deal, didn’t have, you know, I didn’t have that cash laying around. So I kind of went on a leap of faith in the fact that

you you can borrow from your 401k because I had no other money. And at that point I, you know, I was going against all I knew that was good and correct, but like I, you know, I knew if I didn’t change my ways, then nothing’s going to change result wise. So, you know, I did it and, you know, we still have this property today. We got it back in July of 2001. So going on four years,

you know a great first investment but yeah so like you know I got probably two or three more joint ventures and then I was looking at syndications because I didn’t not that I had a lot of work to do with a joint venture and

You know that that type of thing just because I love analyzing numbers I like the whole team camaraderie, but I feel like if I want to get into bigger and better and more returns for a deal then You know, I had to think outside the box a little bit. So I I went on LinkedIn and Anywhere I did a search

said indicator like I either followed them or I Set up a meeting with with them because you know, I’m I’m still working on my accreditation I’m not there yet. But like as we all know for a 506 be

Larry (07:18.929)
you know, you I think you can only have a certain amount of non-credited investors in a deal and it’s what they call like the the family and friends type of thing where there has to be a pre-established relationship before you even know about the deal per SEC rules. So

I did whatever it took to get those relationships and meet with these people and after the first meeting it’s just like, you know, the…

the door is open, like, okay, what markets are you in? What type of deals are you looking at? You know, that type of thing. I still continue to watch videos and read books and learn more about syndications and different things when you get an OM or an investor packet.

You know, they’re just so much. It’s just like, man, where do I start? you know, it’s just, just break it down a little bit at a time and, you know, I’m still going that route.

Michael Stansbury (08:30.219)
Yeah, so what was the, what was the salute? So when you met with these folks, right, what was your, I don’t like to say pitch, but what solution were you providing to them and what, you know, how would, how did you make your pitch or talk to them about, Hey, this is the problem that I can solve and help you with. You know, Larry, one of the things that we haven’t talked about yet is you still are in, in the data engineering world. You’re very analytical, obviously engineers.

It’s a part of my brain that shuts down. The one that you spin up every day. Yes, I love numbers, but one of the things that I’m very, it can be good and bad, is I just take a lot of action, sometimes too much. But I need that analytical part of me to, and I need other people’s analytical part of me to make sure that I’m doing the right deal. So, kind of tell us about that. What was the problem that you saw for these folks to say, yeah, I’d like to be part of your.

Larry (09:04.618)
Yeah.

Michael Stansbury (09:26.891)
your group, your syndication, or I think I need your help.

Larry (09:30.025)
Yeah, so to me with a syndication, you’re kind of just a silent partner or a limited partner.

Not that you couldn’t be a GP because they’re the operations but my goal for me the goal for me was I’m looking for an awesome deal to put money in and get some returns and Just keep rinsing and repeating You know in terms of those deals so, you know, I looked at You know, I looked at the numbers I looked at the equity multiple I

I’m fairly open as far as markets go. Like I don’t want it to be, you know, I want there to be enough meat on the bone for everybody in the deal. And you know, I want it to be landlord friendly as opposed to not landlord friendly. So, right. So yeah, these are some of the things that I looked at, you know.

in these types of deals you have general partners that have already done the work for you and numbers and it gives you a chance to ask any questions on the deal before you do like a hard or a soft commit and everyone that I have dealt with and that I have partnered up with they’ve been…

you know, bend over backwards to answer all your questions and you know, and it’s to me, I look at it as like I invest in strategies and behind those strategies, there’s people. So I’m really investing in people, not necessarily buildings or properties, because if the people weren’t there, then the properties, you know, it kind of.

Larry (11:23.295)
goes hand in hand, so yeah.

Michael Stansbury (11:25.739)
Yeah, so you know what, so you kind of zeroed in, hey, I’m looking for these types of deals. You looked on LinkedIn, you kind of filtered through some syndicators, some people that were in that, and you could tell by looking at their bio and maybe some of the other people that they were associated with that, hey, these folks are the ones I need to talk to. You weren’t getting cold emails or cold marketing about syndications. You were actually going after the people that, you know, once you put your, again, your analytical mind, your engineering mind, and said, okay.

This person doesn’t have a fake LinkedIn profile. They have actually, they have a lot of equity. They look like they know what they’re doing. Then you talk to them and you verify the information and you’re like, okay, this is somebody that I can deal with. then they send you the deals. They send you the sheets and you look at them and you’re like, okay, yes or no. So that’s a fantastic way for somebody to really take a hold of their.

their finances because you and I both know that the cold calling and the texting is pretty wild out there but your premise of, I’ll just go after the people that really know what they’re doing. Does that make sense?

Larry (12:38.985)
Yeah, yeah, that’s exactly right. And don’t don’t get me wrong. There’s there’s people out there that, you know, look like they have it together and they really don’t. like, want I want to either qualify myself or disqualify myself to work with them. And I’m sure if they’re legit, they’re probably doing the same thing with me and others. So, yeah, and

Even though I’m analytical and you know other people are not like I feel like I need those people Just as well as they need me because You know, may be a nerd when it comes to like finances or money or that kind of thing but like like, you know, I need I need to Leverage their expertise in the operational standpoint because I’ve learned

so much just talking to them and understanding what they go after and what kind of things. And like I said, they’re more than open about answering questions and how things work and it’s just a great experience.

Michael Stansbury (13:52.814)
I can imagine that you may have helped them with clarify their offers, right, with the amount of questions that you have with their offers. I can already tell that just by your bio. so you feel like you’re a value add. When you’re on their team, when you’re investing in them, you feel like you’re a value add with what you can bring to the table. Does that make sense?

Larry (14:19.571)
Yeah, yeah, I think so. I, you know, sometimes I try to plan like some of, you know, I’m having a couple, you know, of my properties that sell per year. And, you know, sometimes things don’t go as planned. For instance, there, I had a closing that was supposed to be happening in like January and then weather per…

permitting like I had a pass on like an awesome deal but it’s just like just one of those things that you know time is of the essence and you know that that just wasn’t meant to be so I’m still in talks with that same syndicated group to talk about future deals but yeah yeah sometimes you you make plans and God’s like no not

Not so much.

Michael Stansbury (15:16.769)
No, that’s right. Yes, he has a tendency to do that. We say, you know what, I think we’re going to go this way. And he’s like, no, we’re actually going to go that way. So I get that. And have you done multiple deals with the same syndicator or syndicate? OK, yeah.

Larry (15:32.714)
Yes. Yes, I have. I’ve the funny thing is, is one of the ladies out of Houston was in my same mastermind. And I kept in touch with her and she hooked up with a group that did a couple different syndications. And yeah, I mean, I’m still in those syndications and, you know, those were great deals. And, you know,

sure you know it’s on average three to five year hold so you know just a matter of when it’s time or you know when it’s a good time to sell it’s just you know selling that putting that into a cash value life insurance policy and then putting borrowing that money into my next deal so yeah

Michael Stansbury (16:27.693)
Gotcha. So you talked about this a little bit. We talked about this, but the power of a mastermind. You were part of a mastermind. Kind of describe what that mastermind was. What did you learn from it? And what is your opinion on joining a mastermind?

Larry (16:45.093)
yeah, mean a mastermind again, like at first, when you’re not sure what to expect, there’s so much going on and to me it was like imposter syndrome at first, but after a while I had some coaching and it’s just like I can’t compare my level one to someone else’s level 10. You you just can’t.

So what I have done and what I’ve taught my kids to do is always, you always have your baseline year or your baseline premise. after that baseline, whether it’s your first year, your first six months, you measure that first year or two or that first six months to the next six months. don’t compare yourself to others, just compare yourself now to where you were.

and where you’re going. So, you know, I got a lot of great group coaching. There’s nothing else like a mastermind. You have to have a mentorship program. I mean, think Jim Roome said it best. You want to hang out. You are the average of the five people you hang out with most, right? So if you’re the smartest in the group, you need a new group, right?

Michael Stansbury (18:13.708)
Right?

Larry (18:14.279)
So, you know, that was my intention. I want to hang around with people that are doing things that I dreamed of or that I want to get to. And that’s the only way you get to that place because they share ideas, there’s a lot of brainstorming. You know, like we talked before, like each…

single year of that mastermind, like they 20x’d my money. I’m not saying all masterminds are created equal, but like, I have nothing but the best things to say about masterminds. you know, you’re as good as fast as you wanna go. I think there’s another proverb that really holds true. If you wanna go…

fast, go by yourself. If you want to go far, go with a team. So I want to go far. So I choose to build a team and, you know, great team members that work well together. you know, I learned all of that education and all of that set up through the mastermind as well. yeah, it’s, you know,

Michael Stansbury (19:15.373)
Right.

Larry (19:34.635)
Go to as many masterminds as you can. That’s going to challenge you. And conferences. Conferences are great as well.

But yeah, if anyone’s a fan of Napoleon Hill, you know, he was a man before his time. He absolutely was like, mastermind is the way to go. So I’m a big fan.

Michael Stansbury (19:59.222)
Yeah, I think it’s one of those things where if you’ve never been in one before, it’s kind of intimidating, you’re right. I think everybody goes through that imposter syndrome, especially when you get in a mastermind, because sometimes you come in and you think, I mean, think I know something. And then you’re hit with, these people have been doing it a while. I’d like to get to where they are. And you have a choice. You got to either be humble, come in and kind of know where you’re at or shrink back.

And I think the people that just kind of go with the, I’m going to humble myself. I’m going to learn from these people. Boy, you just have primed yourself to go really, really, like you said, far. If you can, if you can get there. And that’s what, that’s what a lot, that’s what most I’ve been involved in and, and, multiple masterminds. And that’s the, that is what’s happened in each one of them is that, okay.

I thought I knew what I know. This guy over here knows a lot more than me. I need to shut up. and it’s been good. So I’m glad that you had that experience for people. think that most people, know, there are, I think there are two types of masterminds. I’ve paid for a lot of my masterminds, but I’ve been impacted on masterminds that were unpaid just because I’m in a room with people, like you said, that the average is way better. The people are,

Larry (21:04.458)
Yeah.

Michael Stansbury (21:26.861)
They know a lot more than me and they can offer a lot more than me. I’ve had breakfast with men in their 70s and just asking them questions about, tell me a little bit about your life story. And they’ve just been blown away by just a little breakfast mastermind and taken some nuggets about life from them. the mastermind thing, Larry, I think

you’ve had that experience I think your audience needs to understand is like you need to be seeking out mentorships and possibly a good mastermind to help you in your business. So Larry, let’s talk about the abundant wallet. What is the abundant wallet? How does it help people? What problem does it solve in the marketplace? Tell us about the thing that you are most excited about about the abundant wallet.

Larry (22:22.709)
Yeah, so I founded the Abundant Wallet just because I wanted an easy way for people to get to their next financial level. So not just clients, but businesses as well. I know there weren’t, when I started, there weren’t a lot of things out there that like held your hand or told you what this did. you know, there’s a lot of…

you know, not all like financial advisors or strategists are created equal because, you know, I’ve been burned as a client. I, before I was a financial strategist, you know, I was a client and I was putting my money into cash value life insurance and

you maybe it wasn’t structured the right way. So I got burned that way. And people kept telling me, it’s a marathon. It’s not a sprint. And it’s just like, geez, okay. You know, you live and you learn. I’m now in a lot of great cash value life insurance policies to where I’m, you know, I’m living way below my means. I’m putting…

just about 40 or 50 % of my income in these policies. And these policies, it’s like a savings account on steroids. The returns are like five to 10 % year over year. you know, if you front load these policies with some of your properties that sell, you just keep doing the same thing. And while you’re borrowing that money to put into a new deal.

You’re not taking it’s not You know, it’s not a taxable event your But you know your dollar is working twice as hard as you are right and you’re not trading time for money It’s it’s more of a passive semi passive thing. But yeah, I just want to help people get to their next level and and you know look at some smart financial tools

Larry (24:42.217)
that you can use a lot of these types of tools. It has zero floor so if you’re not really afraid of the market now but just kind of like on the fence of what you should do like this to me is a lot safer than the stock market and

you know, it’s a lot better returns than a traditional bank. So it’s kind of like right in the middle, right? You’re not on one extreme or the other. that’s, I’ve had a lot of luck in four short years. My girlfriend and I have done this. And even though we made some mistakes with maybe going through a bad policy or a bad agent.

we were able to acquire 10 properties in four years and we’re, you know, we’re still building. I, kinda, I kinda took a book or a page out of Brandon Turner’s book. Like, you know, start slow, um, whatever property you get the first year, just keep doubling it every year. So, you know, I went from one, two, four, eight, um, God, God willing I can get to 16 this year, but, um,

If not, we’ll get pretty close. yeah, so I think the abundant wallet is creating content and videos and blogs and something that will help others look at all the options. Maybe not where the herd is always going, right? There’s that one or 2 % that are doing something different and, you know,

keep an open mind and, you know, be the judge yourself. You don’t have to listen to the hoopla that some of these, you know, celebrity, you know, cause they’re running their own company. They have their own agenda, right? So just, you know, yeah. So just kind of, you know, test it out. I, you know, I myself would never,

Michael Stansbury (26:53.909)
Right, yep, all the marketing and all the noise. Yes, sir. Yeah, yeah. Yeah.

Larry (27:03.868)
Suggest something if I did if I never did it myself because I want to I want to make sure it’s right for them

Michael Stansbury (27:06.945)
Yeah, absolutely, yes sir. Well Larry, if somebody wanted to get in touch with you, find out more about the Abundant Wallet, where would they find you at?

Larry (27:17.929)
Yeah, so I am on LinkedIn under the Abundant Wallet. You can always go to, I have a business page on there. Definitely subscribe to that and you can see all the cool stuff that we have. I also have a website, just theabundantwallet.com. I am under Instagram as the Abundant Wallet as well.

Yeah, just one last little plug. do have a, my first signature book after my company called the Abundant Wallet and it should be released in about five or six weeks from now. And it’s just, you know, it’s just, just what we talked about, just kind of where I came from, what I’m doing now and how I can help people get, get into that same mindset and that same, their next financial level.

Michael Stansbury (28:16.489)
Awesome. Well, Larry, thanks for being on the show. Look for that book, guys. And have a great week. Remember to like and subscribe here over Investor Views. And if you have any questions about Investor Fuel, just hit us up. I’m Mike Stansberry for the Real Estate Pros Podcast.

Larry (28:33.292)
Thanks, Mike.