Kaylee Mac Mahon’s podcast pays close attention to building each other up instead of tearing each other down. Elena Cardone, a celebrated family woman with two children and is married to Grant Cardone. They possess an asset worth three (3) billion under management with a culmination of around ten thousand (10,000) apartment units that they own. Believe it or not, the couple possessed about fifteen (15) companies that they operate.
Cardone, the author of the book “Build an Empire, How to Have it All, has a thorough experience in real estate. She is eyeing to help thousands of people build their empire by offering mindset, infrastructure, and support. She is taking the opportunity through exp to be the woman behind 1000. This is the type of venture that excites her most. Mac Mahon, on the other hand, is pretty excited as well as there are things that the stellar realtor did in her life that has been effective all these years:
Start-up companies. One of the most important in investing in multifamily homes is how one will be able to obtain traction. So they form a company and start operating their business. But the truth of the matter is, one important question is how you will build your business and acquire traction eventually. Will you take on credits? What are the necessary and fundamental ways to get to traction?
The initial thing that one has to do is to commit to doing everything right. Being able to commit amidst challenges and hindrances, whether it be difficult obstacles, you just have to keep moving forward. That is one of the things she always does with EXP. Cardone, a celebrated woman with a lot on her belt in terms of credits and stats. People think it is going to be easy for her. But the truth of the matter is, she never had any formal study in terms of real estate. She had to pave her way to success just like what other regular players did. She also has to pass the exam.
The secret is to surround yourself with good, great and fast people. Hook up with other mentors and pick their thoughts so that you will have an idea of the dos and don’ts of the trade. Also, you have to learn from your mistake and have a mentor for each deal you do. After all, it is comforting to bring someone more senior in the field so that they can help you spot red flags and oversee the bigger picture. To know the trades requires investing not only a significant amount of money but energy and lots of time. To be good at real estate investment strategies, your craft, and not just expect things to come to you but to go out and to make it happen; that’s the idea. You have to have all of these during start-ups. Always remember that it is really hard to start from scratch and go from somewhere.
But after this, where do you see yourself in the future? Do you see yourself being good in your craft and being a professional realtor? But that doesn’t stop there. You have to know what you are going to do to reach that point. At present, you may say it is alright. You dress like a realtor. You act like a realtor. Study and know the crafts. Know the ins and outs in your field of expertise. You have to know what separates you from other realtors:
- You have to have an action list of what you have to do to be able to get the picture that you want in the final set. Make calls and ask what steps you need to do. Takedown notes and talks to sub-agents along the way because obviously, they will have something to contribute to your journey.
- Set yourself up with tiny sub-targets. In real estate investing, you have to initialize sub-targets and this will accumulate and grow the largest successful real estate team. Imagine competing with giants like REMAX, Keller Williams, and other seasoned brokers. Of course, it is a bit absurd competing with these big names, but maintaining your composure and believing that you will be one of the largest, most successful real estate teams in the world is a word. It is alright for people to look at your goals and dreams and be laughable. The important thing is to stay in the course and continue to perform all the actions that will help you to grow and learn and move and keep putting the word out.
- It is who you know. Establish connections. Tell people what you are doing and ask them if there is a way. Have a link to each people you come across with and slowly, you will build your team in real estate. Elena, a wise leader, has been in the business for twenty (20) years now. People are coming to her because they look at her and know her credibility. This woman possesses a black belt in the realm of infrastructure mindset and support.
- Support. Also, show an active interest in the success of another. Establish strong support. Just continue what you are doing until you reach your desired number and goal. This is not to brag but to set your dreams and goals high. You have to dream big. Dreaming is free. Have the audacity to put it out there and be very willing to follow up with actions. Simply put, surround yourself with people who are going to help you get to that point where real investment strategies seem to be very easy. You have to remember that all of this is on you. It depends on your vision and how fast you grow that growth. It might be beyond what they can even offer you.
But at the onset, you practically need some kind of guidance, an apartment investing mentor.
What could be the best advice you could give and how to find these people when you need them? Elena always looks at statistics because it simply speaks for itself. Go for the right people. Don’t go for people who do not know anything about what you are talking about. You cannot find one person that can answer and meet all your goals. It is always a series of people. Try to look at different people with their statistics. You have to know each person that you can go to, each of them has a forte that you can rely upon. Pick their brains and study every single thing that they know about the luxury market. Know their approach and strategies in property investments. Read their books or their YouTube channel if they have. Have somebody at the top of their game that is above and beyond. Study them deeply in that realm.
You are now at the emergence of figuring out what is working and what is getting your traction. By this time, you will have an idea of what classes do you feel you are getting into. Whether it is a single-family or multi-family unit, commercial or leasing, you have to have an idea where you get your traction.
When you started, did you begin with trying out a little bit of everything, did you figure out easily what was working and acquiring traction? Elena knows from the very start where she should put her money on. For her, she wants to sell high and because she joined the EXP, what attracts her more is the rev share organization. Such leverage is more commonly known as leverage asset. This is the part where you can earn a commission from seven layers deep of people within your organization. It possesses a multi-level marketing component without being a multi-level marketing enterprise. This is what excites Elena because this is recognized as her wheelhouse.
Not to mention equity ownership, you can have this by earning stocks in a publicly listed or traded company. So the bottom line is you have to have the proper mindset, infrastructure, and support for all these people.
Make a firm stand on what your interest is. Like Elena, she is only interested in being a realtor, and the one aspect that she has to do to be able to protect these other two wheelhouses that she is an expert at. She is interested in selling high-end luxury and not interested in small figures. One will truly understand the fulfillment when you cap your first deal. The paycheck was exciting. But if you are an individual who is interested in engaging in multiple avenues, it is best recommended to explore and study and invest a sufficient amount of time and energy.
What goes around, comes around. So for those doing a start-up, this is the process that Elena utilizes. She is not saying that it is the best but it worked for them. As soon as the business begins generating money, all the money goes into the business and some go back into self-enhancement. Put some on training and enrichments. Take a course or attend seminars and symposiums. Also, shed some for your office space, service facility, and all that type of expenses. It is running in circles and it goes back to your company. And once it gets placed into the income-producing asset, apartment buildings for example, then that money starts generating off the passive inflow, the cash flow, and from cash flow.
To reiterate, it goes back into the company or yourself. You can earn from passive income flow, second to sixth in streams of passive income, earn your way to wealth which is regarded as generational wealth. It simply means that regardless of how much you are making, when you are in the start-up phase, it is always imperative to dump back into your business. And so if you are looking to be funded by venture capital companies, seeing that 95% of the money goes back into the business. It simply means that one is truly committed to his craft.
It only goes out to show that you created systems with those support people that you need. Now, you have an idea of how much it’s going to cost you to fund your business. All that Elena had shared boils down to one thing: discipline. Each one should understand and go hand-in-hand since we are in a digital age where you can press a button and get everything that you want it the most. Notice that it does not transfer to the real world.
Keep reinvesting. The real world is, when you are doing start-ups, there is a phrase that you will sacrifice, and you just have to be willing to keep investing, growing, and expanding the empire. Keep reinvesting. So there might come a time where there is a lot of work to do and not a lot of payoff.
But you just have to know if your product is really good and can solve another person’s problems. There are slow times, but there will surely be a flight in terms of income. And once it flips, then it begins churning on its own, and it starts gaining momentum until it reaches the point that it’s almost unstoppable. But you have to be patient because it takes time.
There are times in your life that you are always underpaid, but the time will come you will be overpaid. The concept is most of your life you are not going to be paid enough; you are not going to be paid what you are worth. But one day, you are just going to be overpaid and it is ridiculous.
And that is where Elena wants everyone to go. But then again, Rome was not built overnight. It is not set and instantaneous. You should pave your way and never lower your targets. But as Elena said, set sub-targets and it does no harm. Those accumulated many little wins along the way will matter because it is a process. But it does not have to be a long one. There is no harm in setting an unrealistic expectation. That is a true challenge. Just continue what needs to be done and it will just get better and better through time.
Then you will just realize that your business has grown immensely.
Elena’s take: It is just but amazing. But depending on who you are, there are some people out there that are not famous over the realm of social media and they are starting from a different platform. So you have some leverage at the onset. Again, it takes time to fly, be patient with yourself, and while waiting for your turn, reach out to mentors. Put in the work to know the data and what you are wanting to do. And then all of the input of time, with tech companies, the vesting period that they put in mandatory documents is around four (4) years. SO in tech companies, things can go fast and that is normal.
What would be your biggest life lesson? The first thing that pops into Elena’s head is what has become your own best friend and she was hit by the magnitude of what it meant to her personally. Thus, it was life-changing. So whatever mistakes you have done in your past, you hold yourself accountable for that. Allow yourself some forgiveness as well. But of course, you do not need to beat yourself up so much. No man is an island, and you do need people in your life. No one has ever built an empire alone. You need peers to grow and expand as you can do all on your own.
But out of that premise. You may seem to not need anybody because it is your integrity, courage, intelligence, and wisdom that will speak for you. Of course, one can seek advice and that is being brilliant. But one does not need anybody else to give you something. Don’t be afraid that you are flawed. Everyone is a work in progress. As long as you know how to fulfill your purpose in life and your spiritual connection to yourself. In that realm, it was truly liberating.
But going back, you need people to build an empire. That’s the difference when you need and don’t need people in your life.
Kaylee’s take. I believe that each person is born into the world with a mission that will slowly unravel as life goes along it was already written in the stars. Always remember that things coming from somebody who has built something that you want to build is very valuable as far as taking advice is concerned. Another important thing is that loving yourself and that self-confidence of knowing that you were born with this mission will never change. It takes a lot of courage, discipline, and self-confidence and that is something that all women can get to them in such a place.
What would be your biggest win? That is, being able to have the courage to deliver to children naturally at home, and a home birth without the assistance of any drugs. Health is wealth and Elena is lucky enough to be able to attain that goal. And it is not just health, it is on a spiritual level. That is why Elena always says invest in yourself and self-enhancement and personal development. Like when you acquire knowledge or when you obtain courage and strength to meet yourself in a new way that you have never shown up in life. No one can take that away from you. People will always challenge you, “what if you lost it all?” Of course, that would suck, but that is just money. As long as your integrity and courage are intact, that would be fine. As long as you have your grit, tenacity, and patience, you are fine. Just the tenacity to know that you can handle things; you are stronger than ever. That is something that no one can take away.
Elena has supplied different perspectives with women that are in real estate. After all, it is truly a little overwhelming how to build your start-up company and obtain traction momentum. You need to believe in yourself that you can do it.
How can they get a hold of you, Elena? Well, anyone investing in an apartment complex or multifamily properties and wanting to be one of the biggest and most successful real estate teams in the world can go to join Tenexempire.com. Or you can get in touch with 10xladies.com and get into the network and in the newsletter. Elena welcomes everyone to join the network and community. Collaboration is the key to reaching a heightened level of success.