Passion Builds Experts: The 1,000-Hour Rule for Real Estate and Business Success

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Show Summary

In this conversation, Robert Larcara shares his experiences facing various adversities in the mortgage banking industry, emphasizing the importance of resilience, inner strength, and passion in overcoming challenges. He reflects on how these qualities have shaped his ability to navigate through difficult times and continue striving for success.

Resources and Links from this show:

• • • Investor Fuel Real Estate Mastermind
    • Investor Machine Real Estate Lead Generation
    • Mike on Facebook
    • Mike on Instagram
    • Mike on LinkedIn
    • Robert Larcara’s Phone Number: (818) 625-8399

  Listen to the Audio Version of this Episode

  Investor Fuel Show Transcript:

  Robert Larcara (00:00)
  Well, like I was telling you, you know, I’ve been through earthquakes, fires, floods, economic disasters. I don’t think there’s much I haven’t seen in this business where property values, you know, dropped 20, 30%. The mortgage banking industry completely folded up and I had nowhere to place a loan. I had nowhere to get a buyer loan.

  So I’ve seen some really tough times. I’ve lost fortunes, made fortunes. ⁓ But like I said, with all that adversity, you develop the strength, the inner strength to just continue and just do your best.

  Quentin (02:19)
  Hello, everyone. Welcome to the Real Estate Pros podcast. I am your host, Q Edmonds. I’m excited to be here today and I’m super excited about my guest. I’ve got the chance to get to know him a little bit. listen, he has, now these are his words, right? I’m not trying to be disrespectful, but he has many years of experience and his experience comes shining through when we talk.

  And one thing about this gentleman is the people that he worked with, they’re just not clients. They’re family. Like he’s literally affecting generations of success. He’s helping people, helping them and then helping their children. Like he’s really a person when you get to know him, once he embraces you, he’s like family. And so I am really excited. He, listen, he knows the world of finance. He’s in real estate finance.

  He know how to analyze a deal. He know how to get you a loan. He know how to do what needs to get done in order for you to succeed and go to the next level with your investments. And so I am truly, truly happy to introduce you guys to Mr. Larcara. Mr. Larcara, how did I do with that last name, sir?

  Robert Larcara (03:34)
  Perfect. You had perfect emphasis and it was direct. Yes, Robert Larcara. Thank you, Q.

  Quentin (03:38)
  Absolutely.

  Absolutely.

  Nah, man, thank you so much for being here. Thank you for taking time. And listen, I’m be honest, I want to dive in. You know, I want you to take us into your world. I want you to tell us what your main focus is these days, what it is that you do. Mr. Robby, if you want to give us a little bit of an origin story of kind of how you got into real estate, we would love we love origin stories. And then if you can also tell them what part of the world you’re in, like what markets you serve.

  And so, sir, you have the floor, man. Please take this into your world, Mr. Robert.

  Robert Larcara (04:14)
  Well, it’s been a long journey, I’ll say that. And guess it started in around 1979, late 79, I was working for Milwaukee County. I’m originally from Milwaukee, I’m here in Los Angeles area now, I’ve been out here since 1980. So 1979, I was a public relations director for the Milwaukee County Crime Prevention Programs. And I…

  fresh out of college. we had like, was it 344 welfare recipients ⁓ that we had patrol the higher crime areas of Milwaukee County and was under the sheriff’s department.

  So I handled all the public relations and meetings and it was a very, very successful program. And then suddenly, this is under the Carter administration, I’m going way back on the way back machine. ⁓

  They cut all the funding. So I was literally just lost my job and all the programs disappeared. It was winter time and my unemployment was ⁓ going to be finished in January and I made a corporate decision to move to California. And before I moved, I took the real estate test. I had time because I wasn’t working. Took the real estate exam in Wisconsin and I passed it.

  And then I came out here December 15th, 1979. By January 15th, 79, I had my real estate license and I was working as a canvasser for a home improvement company. And one of the guys that was working at the home improvement company with me, we became friends and I represented him on a purchase, knowing nothing about real estate other than the questions on the exam.

  And that was the beginning. I got into property management. I managed 32 units for many years and had different clients. In the real estate business, I was basically selling, ⁓ representing buyers. And then I ran into an old friend ⁓ who was in the mortgage business and he was a mortgage broker and he had a Porsche.

  Quentin (07:24)
  Mmm,

  that’s good. ⁓

  Robert Larcara (07:25)
  I remember me here.

  Go way back in. I said, where’d you get that portion? We grew up in Milwaukee together. said, where’d you get that portion? Oh, I’m a mortgage broker. I said, what’s a mortgage broker? said, I only knew banks. He oh no, you wouldn’t know. You need a real estate license. I no, I got a real estate license. He says, you do? He says, come with me to my office. And that’s where it began. That’s how I got in the mortgage business. And I did that for about two years.

  And then I decided to start my own company, Commonwealth Financial Mortgage Services. we had a great run that’s probably from 1990 to 2012. And we had, like I said, a great run, but 2007 was just a little bit too much. We got hit with the mortgage

  Quentin (08:18)
  So I’m going to ask you this. Are there any strategies that come to mind that really helps you on the business side and actually in your personal life that really helps you to kind of

  Put things in perspective, see a target, go after a target. Are there strategies that you can really pinpoint that you know has been helping you out over the years?

  Robert Larcara (08:43)
  Yeah, I would say just in terms of personal development and ⁓ just study, be passionate about whatever you do, whatever project you want to take on, whether it’s buying a house, whether it’s developing real estate or any kind of entrepreneurial business or whatever you’re doing, be passionate about it. You’re to have your ups and your downs.

  your pain points and you’re going to have your successes. But winners, what’s the saying Vince Lombardi, winners never quit.

  Quentin (09:20)
  I appreciate that. Thank you for that word. Thank you for that sentiment. And listen, you talked about the 2007, you know, it was rough. It was rough when the mortgage crisis happened. So I know you have experienced times when things got real, when deals went sideways, times when you had to pivot fast. And I was just wondering if there are any other stories that maybe you can share, because I always tell people there’s a journey to success. And if you’re a journey to success, you’re going to meet some adversity.

  And so Mr. Rob, I’m just wondering if there’s a story that you can share just to let people know like, hey, you may be looking at adversity now, but you can overcome the adversity.

  Robert Larcara (10:34)
  Well, like I was telling you, you know, I’ve been through earthquakes, fires, floods, economic disasters. I don’t think there’s much I haven’t seen in this business where property values, you know, dropped 20, 30%. The mortgage banking industry completely folded up and I had nowhere to place a loan. I had nowhere to get a buyer loan.

  So I’ve seen some really tough times. I’ve lost fortunes, made fortunes. ⁓ But like I said, with all that adversity, you develop the strength, the inner strength to just continue and just do your

  And that’s what you do when you face adversity. You got to have that intestinal fortitude and that passion to just continue.

  Because everything’s in flux here, everything changes. And you just gotta be able to roll with those punches and take a punch and get back up and keep fighting.

  Quentin (11:40)
  Now you, I mean, that’s something interesting that you said because, know, if you’re in the boxing, you know, sometimes you got to roll with the punch. Like sometimes you got to take the punch to set up the counter punch. And so that’s, that’s interesting that you said that and use that analogy. Sometimes listen, like Mike Tyson said, everybody got a plan until they get punched in the face. Sometimes you can get punched, but what you’re going to do after the punch, what’s your strategy to come back to counter punch? What’s your strategy then? So I hear you very clearly, sir.

  I hear you very clearly.

  Robert Larcara (12:12)
  Well, what’s my strategy? It really is improvisational because you never know what’s going to happen. Right? So you got to just be aware of your surroundings, aware of the, in my case, it’s interest rates, the markets, the stock market, the economy. You got to be on your toes and just prepare for what market you’re in and then just find that angle or find that niche and work it.

  Quentin (12:17)
  Mmm.

  Robert Larcara (12:42)
  But you know, knowledge is power and you have to, you can’t just be lax and just think that every day is going to be sunshine because there’s going to be rain. And you got to prepare for that too. You got to put a little bit of money aside. You got to make sure that, you know, financially secure if something happens and you got to get out there every day, suit up and just, just play. And that’s, that’s the fun of it. You find the fun and the jobs again.

  And that’s kind of how I look at it. and every day is another day.

  Quentin (13:17)
  Find the fun and the job is a game. I love that. So let me ask you this, Mr. Bobby, what’s the next real goal for you, sir? Like what’s next for you?

  Robert Larcara (13:29)
  Well, I’m going to continue doing my business for as long as I want to do it. And I’m very much involved. I enjoy what I’m doing. also, like I said, I’m involved in some real estate development, which has been exciting. And I’m really getting more involved in that. I love the mortgage business. I love real estate. I love helping people.

  Quentin (13:36)
  Yeah.

  Robert Larcara (13:57)
  I love people, I love connecting, and I love taking on a project and figuring out the roadmap, getting through those minefields and getting the job done, meeting the expectations and the goals of what my clients are looking for.

  Quentin (14:16)
  Yeah, I love it. You’re actually kind of taking me full circle because when we first started talking, even backstage, one of the things you said is that you like people. When people meet you, when you get involved with people, it’s almost like you’re creating family. You’re creating that connection with people. And then now you just mention people again, you say you like connecting. So just want to get, again, kind of your perspective when it comes to relationship building.

  Like how has relationship building and growing your network made a big difference for you?

  Robert Larcara (15:32)
  I think it’s made all the difference ⁓ in terms of success and failure because I’ve never really advertised much. ⁓ I had a small ad in a local, like a penny saver, if you remember those days. And that’s about it. That’s really about the only thing I’ve ever done in terms of marketing. So it’s all relationship driven. I’m a people person and I build relationships. I’m a man of my word.

  Quentin (15:46)
  Yes, sir, I do.

  Robert Larcara (16:03)
  My handshake is my bond and if I can do it, I’ll tell you I can get this done for you or I can’t. It is what it is, but I’m here to help and advise. And that’s really what I’ve been doing my whole career.

  Quentin (16:22)
  I love you, Mr. Robert. You you take me back to my roots. Like you talk about, you your roots. I was born in 1981. And before this, another time in my life, was a letter carrier. I was a mailman. So I was doing 24,000 steps a day. And so, you you said you’ve lived through ⁓ earthquakes, floods, you even brought up the penny savers. literally, I have delivered mail and floods and earthquakes.

  And I used to deliver those penny savers door to door. And so I know exactly what you’re talking about, sir. Yeah, absolutely. Well, listen, man, you’re an educator, you’re an encourager, you inspire people. So I just want to give another quick moment. If there’s something that, message that you feel like maybe that would encourage people, inspire people, motivate people, there’s something like going to heart that maybe you want to give to people that’s listening.

  Robert Larcara (16:51)
  You know.

  You know what I’m talking about,

  Quentin (17:21)
  I would love for you to give it. There’s something there.

  Robert Larcara (17:26)
  Well, what I would say, whatever you’re trying to do again, I’m just going to say do it with passion and love and put everything, your heart and your soul into it and you’re going to be successful and don’t quit. That’s the biggest thing I can say and surround yourself with people who are knowledgeable. It’s like playing basketball with people who are better than you or a sport, you know, I’m using basketball, but any kind of sport or anything.

  Work with people that know more than you, that you can learn from. You don’t want to be the best. You want to be the worst and you want to get up there and run with the best. And that would be another thing I would recommend. But number one is passion and desire. If you’ve got that in your heart and your soul, your stomach, you just go every day and go hard, you’re going to be fine. And knowledge is power. Study, learn, whatever you’re into.

  Take the time and learn it inside and out. They say that if you study something for a thousand hours, you’ll be an expert. A thousand hours is nothing. Just figure if you’re working, it’s a 40 hour week, right? Within a matter of ⁓ what, four months, 40 hours is ⁓ four times four, what, 1600, you know, you’re gonna be there in no time, no time.

  So just study, just learn, and just try to be your best.

  Quentin (19:01)
  Yeah. Mr. Robert, man, thank you so much, sir. I really appreciate you taking time out, coming here, sharing your story. Listen, if someone wanted to reach out to you, connect with you, collaborate with you, if you’re open, I would love for you to let people know how they can get in contact with you.

  Robert Larcara (19:21)
  Okay, yeah, if anybody needs any help with real estate, real estate finance, real estate questions, I’m a wealth of knowledge and like I said, I’m here to share, I’m here to give back. I’ve been very blessed and I’m very thankful for what God has given me and I believe that it should be passed on and I’ve had many mentors that have helped me and I’m here for anybody that’s got questions or wants to learn.

  has ideas, thoughts, or needs, ⁓ know, representation in California, buyers, sellers, people looking for home loans or commercial loans or any kind of financial, ⁓ real estate financial lending, I’m here. And you can reach me directly. ⁓ Just, I’m gonna give out my cell phone if that’s good, Q. Okay, my telephone number is 818-625-

  Quentin (20:10)
  sir? Yes sir.

  Robert Larcara (20:17)
  8 3 9 9 and you can call me anytime if I don’t pick up I’ll call you back text me but let’s get in touch and I’m here to help whatever I can do

  Quentin (20:30)
  Yeah. Mr. Robbins, sir, thank you, man. I want to thank you for your time. Thank you for your story. Thank you for your perspective. You know, we’ve had several little touch points reaching up to this. And so you have just been just a pleasure to talk to. And I thank you so much for bringing so much value to this platform. I thank you for being here today,

  Robert Larcara (20:50)
  Thank you, Q. I appreciate you too, man. All the best and it’s a pleasure and an honor to meet you.

  Quentin (20:55)
  Absolutely. Well, listen, y’all heard Mr. Robert. Y’all heard him. even gave you knowledge. He then gave you game. He then gave you his phone number. So please, I want you to go ahead and subscribe to this platform because we’re going to continue to just bring up valuable, incredible people, just like Mr. Robert. And I don’t want you to miss out. And so Mr. Robert, again, thank you, sir. And to everyone else, we will see you on the next time.