Real estate investor, author, and podcast host Henry Washington entered the industry in search of building passive income to achieve financial freedom. In just three and a half years, Henry built an impressive rental portfolio and now turns his focus to teaching others how to create wealth through real estate investment. Listen in todays episode where Henry talks us through how to work with small banks to get initial loans, make contractor connections, market effectively to generate leads, and adjust your mindset for success.

Episode Link:

https://henrywashington.clickfunnels.com/order-485129501621009952063

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Transcript

Before we jump into the episode, here's a quick disclaimer about our content. The Remote Real Estate Investor podcast is for informational purposes only, and is not intended as investment advice. The views, opinions and strategies of both the hosts and the guests are their own and should not be considered as guidance from Roofstock. Make sure to always run your own numbers, make your own independent decisions and seek investment advice from licensed professionals.

Michael:

Hey, everyone, welcome to another episode of the Remote Real Estate Investor. I'm Michael Albaum, and today I'm joined by Henry Washington and Henry is an investor and he's gonna be talking to us about how he went from zero to like a gazillion doors in a very short amount of time, and what he did to get there. So let's get right into it.

Henry, what's going on, man, thanks so much for coming on and hanging out with me and I really appreciate you.

Henry:

Hey, man, thanks for having me, I appreciate it.

Michael:

No, it's gonna be a lot of fun. So I know a little bit about your background but for those of our listeners who might not be familiar with the Mr. Henry Washington gave us the quick and dirty who you are, where you're coming from and what is it? You're doing real estate today?

Henry:

Yeah, Henry Washington, I'm a real estate investor based out of the Northwest Arkansas market. So it's the northwest corner of the state. It's this like little unique bubble have an area. There's so much huge recession proof industry here. So it's a lot of money in this little part of the country that makes this market pretty unique and so I've been investing here, four and a half years, I'd say close to five years now I bought my first house five years ago and prior to that I was a nine to five or working for I worked for Walmart and so they're headquartered out here. It's one of the companies, you know, that's, that's based out here and so I did data analytics and software development for them for 10 years, and made a great salary and I also spent a great salary and so I often found myself not having money before I was to get paid again and, you know, I think a lot of people find themselves in that situation.

My, I guess the pivot for me came when I got married, got married fairly quickly, my wife did not want to run out of money before we got paid again and that was that was the first time where…

Michael:

A reasonable request…

Henry:

I guess. It's so I, you know, I started to realize that the path I was on financially wasn't going to provide me the life that I truly wanted and I knew that but when it was just me, like, there was no like, I was okay, I was like, whatever, I'll figure it out but like, when you have somebody else who's depending on you, you know, a lot of those things become a lot more real and so I had a panic attack one night, after we tried to buy a house together, and I couldn't be on the loan, because my credit was so bad and the bank said, hey, you're gonna ruin this for your wife, if you guys want to be able to buy a house and so then we, you know, we had conversations as a couple of about our future and what we wanted and kids and dream houses and you know, all the things married couples, young new married couples talk about, and I was like, I can't afford any of this. Like, I just, it was just as unsettling realization that like, even though I did all the things inside me told me to do, you know, I got the good grades, I went to the good schools, I got the good degree, I got the good job and I still couldn't do normal things, you know, without an extensive amount of like planning, budgeting, and like, it just was normal, things were going to be difficult and I just, I didn't want life to be like that and I didn't want her to feel like she was struggling by choosing me as her partner, and so I had a panic attack. Three in the morning woke up in a cold sweat because I was like, I gotta figure out a way to make some money and so I googled, how can I make some money and that's when that's when real estate kind of hit me over the head were really, really long story short is that's when I started to like pay attention to the articles that were popping up about passive income and about building wealth and well, you know, all those buzzwords that we all hear all the time, but like none of it seems to stick in our brains.

Well, it started to stick and I started to realize that like, owning real estate was feasible. I just never thought it was feasible before. I just thought super rich people in corporations on real estate, but like, stumbling upon us across articles on bigger pockets and all these places and seeing that it's just regular people that have real estate and they are building wealth and they are retiring from their jobs and I was just like, This is crazy and I didn't I didn't know it was I didn't know it was achievable, you know, and so I just made a decision that three in the morning and then I was going to figure it out because I figured it if all these people on the internet have figured out how to do it, there's no reason that I can't figure out how to do it. Pretty smart guy, so I'll just I'll just I literally said, I'll just do this and I had bad credit still and I had only had $1,000 in my savings account. So I didn't have any money. I had bad credit, but I made the decision that I was going to be a real estate investor and, you know, at the time, I'm sure that sounds like a crazy idea. But you know, now fast forward five years, I've got, we just counted yesterday, we've got 75 doors, and we are, we flipped 10 to 12 to 15 houses a year and I teach people how to be investors now and CO hosts a couple of Bigger Pockets podcasts and you know, why stick in a crazy turn in five years.

Michael:

Dude, dude, that's amazing. So, okay, I have so many questions. Tell me some of them in the episode, when you say we are talking about we owning sending code, or is that you and your wife is that you and a partner, tell me about that?

Henry:

Yeah, so when I say we, I'm referring to my wife and I, so my wife and I own the majority of our portfolio. Together, I have about 25 doors that I do have with a business partner that we bought early on in my investing career early on, I'm still early on in my office, but like in the first couple of years, and then I've got a few other doors and some partnerships, but you know, it's a mix, but the majority we owe…

Michael:

Okay and so there's a pretty big gap in your story here, Henry, from the day that you woke up at 3am, Nicole 12 1000 bucks to now having $74. So fill in a little bit about for us and let's start with kind of that first deal. I mean, what did you do because I think so many people listening to this right now are in a similar boat. They're like, what I'm doing isn't working and I just discovered that real estate investing. I've always thought it was for other people. But I'd realize it can now be for me. So walk us through how do you get that first deal done?

Henry:

Yeah, man. So I'll give will give to a couple of mindset and a couple of practical pieces of advice. So what I've learned, through retrospect, I didn't I wasn't the smart one at AG when I actually did it. I didn't know what I was doing. But now that I've looked back here, and I see I see what it was right and so I think the thing, the one thing that I did, that led me to where I am today had nothing to do with buying real estate. It had everything to do with mindset and I know people get all like, ooh, it's not that easy. You can't just make up your mind. You're rich, like, you're right, you can't but you can make up your mind that you're gonna do whatever it takes to hit to your goals, right and so that's what people that's what people mean, when they say the mindset changed their life because without the mindset, none of this was possible and so for me, the thing that I did, that led me here, the one thing was at three in the morning, I decided I was going to be a real estate investor, I made a decision I chose right, decide the suffix of the word decide aside, like suicide, or homicide, it means to kill off, there's no other option, right?

It's option A, or there's no option B is going to work or it's gonna work, right and when you decide, what you're doing, is you're telling your brain that this is what is going to be. So when we can't figure out how to do something, brain, go help me figure out how to do it, right, and you just open your mind up to helping you search for the answer for the root for the path for the thing that you need to get around the obstacle, like our brains are powerful, they do that. Like, if you tell your brain, if you tell your brain that we're doing something, it's gonna help you try to figure out how to do that and I think that most people, when they go down a path of anything, a business or a new venture, you know, fitness, whatever it is, like when you go down that path, most of us say, well, yeah, that looks cool. I'll give that a try, right? I'll try that out and when you say you're gonna try something, what you're telling your brain is like, we're gonna do it until we don't know what to do anymore and then we're not going to do it, your brain is just not going to help you navigate the difficult parts you didn't tell it to. You just told me you were trying it. You did, right and so I think the most powerful thing you can do is like truly make a decision in your heart and your mind. Like no matter what option A there is no option B, I knew I was gonna be a real estate investor, period, I was gonna figure it out and so everything I did to that point, like all the subsequent decisions that were made, were made with all that in mind, right and so when I bumped into walls and I obstacles and things. It was it was never like, well, I can't do it. It was just like, how are we gonna get around this obstacle, right? It's got to be a way people are doing this right and so I would say that's the biggest thing you can do is like, really do some serious soul searching like, you're you? Like, are you interested in real estate or are you committed to real estate, right? And if you're interested in it, that's cool. Do some research. See, see what's out there, right. But being interested in is isn't gonna get you to wealth being committed to it is, if you're committed to it, that means you're doing it no matter what, right, so.

Michael:

Yeah and so what? Yeah, walk us through, like what you did, like, clearly, at the very end, you're committing to it, like, what did you do next?

Henry:

Yeah, that's a great question. I had no idea what I was gonna do and so I just like….

Michael:

You had to put it out to the world, you declare him….

Henry:

I put it out there and then my thought process was like, alright, well, I don't know how to do this but somebody here is doing it. Like maybe I can just find people who are doing it and so I just started Googling, like real estate investment groups, meetups clubs, like I did all the words I could find to find people who were into this kind of thing. Who me I mean, there's, there's knitting groups, and there's, you know, there's dog walking groups, and there's, you know, you know, absolute backgammon groups, and like, I was like, there's got to be some investor groups, right and so that's what I did, I went and I found every investment Meetup group club, you know, association, wherever there was investors in a room in my area, I got in the room because I've always, you know, even before I was investor, I've always believed like, you know, who you know, who you choose to be around, let you know who you are, right? We are the sub parts of the people who are closest to us, right? We naturally as humans take on the characteristics of those who are closest to us. It's just human nature, we can't help it, right and so I was like, well, I'll just get around other investors and then it'll do a few things for me, it'll start to show me like how they're doing it. So maybe I can do it similarly, or how they're doing it. So maybe I don't want to do what they're doing or it'll start to show me what's possible because we like as people, we determine what's possible, based on what we see those closest to us doing, right?

Our views are limited to the knowledge that we have about a particular subject based on the people that are around us, right and so like, I knew that it seemed daunting, and I knew I had no idea how I was gonna buy a property. But I knew if I got around people who were buying properties all the time, it wasn't gonna seem as daunting anymore and so and so I would say the best, the next best thing you do is just surround yourself with people who are doing what you want to do, you will naturally start to take on those characteristics and remember, you told your brain, you're gonna figure it out and so as you're in these rooms, and you're hearing these people talk, and you're networking with these people, and you're starting to understand what's happening, your brain is listening, it's actively listening for the things that you need to know, that's going to help you down your path, right. It's the, you know, I would say it's like the, it's the red truck. I forget what they call it Pavlov's law or something like where it's like you buy a red truck, the truck you see is red. It's the same thing, right? You've told yourself, you've told your brain, I'm going to be an investor and so now every time something like it still happens to me, like if I'm out to dinner, and I hear somebody say something like rental, I'm like, who's to rent a property? There, it is good like, my brain is actively listening for it like, and then I'm like, yeah, I rented this boat. I'm like, it's not like your brain, it's gonna help you out, right and so when you go, and you surround yourself, you're not only learning new strategies, that you're meeting the people who are going to be able to help you down that path. That business partner I mentioned on 25 doors with, I met him in a real estate group. I met him at that same real estate group that I googled and found that that first day at the panic attack, the title company that I've used for almost every single closing I've ever done, I met through a connection at that real estate investment meetup and they have been a godsend to my business. I've met several contractors that I've used in that group, the banks that I've used, that have financed my deals at almost 100% sometimes I found in that group and so like you are, you are building your network, you are learning what to do and you are you're putting yourself in a position to be successful, you're putting yourself in a position to be ready, when the opportunity calls when the opportunity knocks. You know, we look at people sometimes and we say yeah, he's Henry's real estate investor, but he just he just fell into it, you know, because my first deal came from a friend of mine who heard I was buying houses and so from the outside looking in, it just looks like oh, your friend just called you and had this great deal, that's not going to happen to everybody.

Michael:

I don't have any friends that are in real estate.

Henry:

Yeah, right that that happened because I put myself in a position for things like that to happen and for me to be ready for them when they happen. That happened because I surrounded myself with other investors, I just started telling people, I was an investor, I had never done a deal, didn't know how to do a deal. I only had $1,000 and I had bad credit but I started telling people, I'm a real estate investor. That's what led my buddy to call me and tell me, hey, I'm in a tough spot with this property, I need somebody to buy it, right and so it wasn't luck. It's positioning, you've got to position yourself to be ready to take advantage of opportunities and so by just getting in the room, and it's not just going to one meetup, because I think that's what a lot of new investors do. Everybody knows, like, yeah, real estate investment meetups, but what happens is they go to one meeting, and then they go to maybe the second meeting the next month and then when they're gonna go to the third month, like life kicks in again, right, and they've got a kid thing, or they got a dog thing, or they got up, work early the next day, and they don't go and so the consistency is not there and when the consistency is not there, people don't know your face, people don't know who you are, what you're trying to do, they don't know how to help you, investors will genuinely try to help you. If you show up over and over again, you know, who else shows up over and over again, people doing deals, and when they see you in there, and they see you're hungry, you're trying to learn, you're making sacrifices, you're in there trying to contribute, and people will help you, they will help you, they'll send you deals, they'll send you contacts, they want you to be successful. It's a super cool group people.

So get in a very, very long winded way of saying, get into every real estate investment group you can get into because that is 100% what I did, and it really started to change the trajectory. You know, I listened to a story. I can't remember who it was but it was a guy whose first deal was a large apartment building and I remember hearing him get interviewed on a podcast and they said, well, what made you buy a you know, 150 unit apartment building for your very first deal. That's crazy people, like people work the way up to that they don't do that and he said, I didn't know I wasn't supposed to all my friends that I hung out with bought apartment buildings. That's what they did and so that's just what I did, right and I just thought that that's boom, that's it, like you have to surround yourself with people who are doing what you want to do well, because it will just make it seem like that's that means it's so achievable. If you tell somebody who's never ever bought a house ever, that they can go buy an apartment building, they'll look at you crazy, right but if you buy somebody tell somebody who's never bought a house ever, but all they hang out with is do to buy it, but grant cordons then they'll be like, yeah, I'm gonna buy five apartment buildings, right…

Michael:

Like that’s right. Yeah, I think that's such a good point and then also with regard to like, get getting around meetups and go into these events. I think the investor that goes to one or two, and then the life thing comes up that I think also the mindset like, oh, well, I don't own a property yet. It's like, this isn't working, or I don't have anything to add, like, what's the point? I'm like, no, like cart before the horse, my friend.

Henry:

Absolutely. You know, it's, it's interesting. So I did, I went to Hawaii with my family and then I had a, I met up with a local real estate investor out there who I just happen to follow on social media a lot and so I was like, well, let's meet up and then we have that. Then it turned into this whole, like meetup and people coming from all over to go to this meetup and we went, I went with my family and a good buddy of mines, family, we all went together and got this big, you know, Airbnb property. So all of our kids were hanging out super fun, right and that guy, he is. He and his wife, I have like been trying to drag them along into real estate investing, kicking and screaming for like, several years and so I finally gotten them to buy a property, one that I had found, and then I sold to them, right and so like, they bought it, and I manage it for them, right. So it's like, they're kind of like their foots kind of in the water, right. You know, they own they own a property, right. It's and so but I don't think that they see themselves as real estate investors, I think that they just see themselves as, you know, folks who happen to have a rental property and so we went to this meetup and my buddy, like, I remember it, you know, he, he said to me, it kind of seemed like maybe, I don't want to say that he kind of like felt out of place, but it kind of felt like, there was a bunch of investors there and then he was there with me. Not like he was there as well, right and so, you know, when I talked to him afterwards, I was like, you know, what do you think and he was like, yeah, it's kind of cool. You know, some people were doing some stuff and I was like, like, you belong. You're one of those people investor.

I was like, half of the people over half the people I talked to never bought a property. You own more property than half the people there, right? You fit there more than half of those people did, right and so it's all just like, it's like mindset is so huge is like if you see yourself as an investor, like the opportunities follow the relationships follow on like, if you have approach that meeting with the mindset of you're just a person who's not who's there who's not an investor, then you won't get as much out of it as if you approach it as I'm an investor and I'm here to help some people and gain some information and some knowledge and grow and grow as a person and grow as an investor and those things, you'll get those things.

Michael:

Yeah, I just took Henry this class, about mindfulness and self-compassion and it was a six week course it was amazing and they said, okay, I want you to think about how if your friend is going through a hard time, how do you talk to that friend? What's your body language? What's your tone, what kind of words you're using and then think about that? Okay, that was the reason they said, and now think about how you talk to yourself, if you're having a problem and we're like, idiots, who have you beat yourself up? It is the same thing like, I feel like so many people look around the room and think every one of these people has something to offer me, but they don't think about themselves. So I love that you shared that story and has your friend has your friend since changed their tune a little bit, did it click a little bit for him?

Henry:

He's closing on his second property tomorrow.

Michael:

Yes, I love it, I love it, I love it. Well, Henry, I think so many who are listening to this, especially who are just starting out or maybe have a couple of deals under their belt, look at you 74 units, and you're like, holy crap, that's like not even the top of the mountain. That's a whole mountain range, right? That's the Everest and so it's something I hear all the time and I'm sure it because you coach and mentor folks as well. You hear too? Well. What about the 10 loan limit? Like how do you have 74 doors? How do you get? Talk to us a little bit about what the scalability looks like and how should people be thinking about that because I think a roadblock that I hear stumbling blocks that people share with me is like, yeah, I can do one to whatever through 10. But then, but then what do I do, like I really want to blow this thing up? How do I make it big? So talk to us a little bit about how you've been able to scale so massively?

Henry:

Yeah, great question. So you need you need to solve two problems in order to scale, right? You need deal flow, right. So you need a consistent flow of deals that you can purchase under market value, right? So you need deal flow and you need money flow, you need money to be able to buy these properties. If you can solve the problem of getting enough deal flow coming in, and having the money to be able to close on them, then you can scale as fast as you want to. I know that's like yeah, Henry, of course, you need money, right? I get it right, but…

Michael:

Just turn on the money…

Henry:

We're buying real estate, there's a bajillion ways to buy a property and so they only teach us the traditional ways to buy property, which is some conventional loan, right, where you can put 25% down and buy a property. But that's just one loan product, there are hundreds of loan products that you can use, you have to go educate yourself on what they are, so that you know that all the tools at your disposal and so what I learned early on, we never got into talking about that first deal. But when I bought that first deal, what happened was I told you, my buddy was in a tough spot with the property. He heard I was buying property, he was like, hey, come buy this house. If you could buy it, I need to sell it out, I need to make this amount of money, I need x for this property and that because that gives me the exact amount of dollars I need, because I have to go buy this property for my church and I was like, okay, he's like, so I need to sell it to you for 115 because it gives me the money I need. It's worth like 150-60. I don't care about that. I just need this amount of money as long as you can close on in 30 days, you can have it for this price. He was like, can you buy it? I said, yes. I had no idea what…

Michael:

The price was in 1000 bucks. How are you going to come up with 115?

Henry:

Right, right. But most people would do that most people would go I would love to buy it. But I don't have the down payment because they think they need it, right? We make decisions for other people all the time, right? We decided we can't buy it. Who told you that databank tell you that? Nobody told you that? How do you know? Like, go figure it out first and so I told him, I was like, yeah, I can buy it, even though I had no clue. But I had that network of investors and I went to them and I said, Well, how are you guys doing this and they told me about like, you know, go talk to go talk to a bank. They'll talk to a bank and see what they can do and so I went to the closest bank to my work happened to be this small local bank and I went in and I walked in and I had the contract in my hand. I said, Hey, I need to speak with somebody who could potentially do a loan for this investment property.

Michael:

It's your money person.

Henry:

Yeah. Who's, who's, who's the guy that gives people dollars? I want some of those. I would like some please. Yes and they looked at the contract and they went, you know, this is really good deal and I was like, yeah, yeah, yeah. Will you give me the money for this really good deal and so they line me up with the commercial lender. The commercial lender told me he was like, look, we'll lend you 85% of the purchase. We'll give you all the money you need to renovate it. as well, as long as you can come up with a 15% down payment, and I was like, he was like, do you have the 15% down payment and I was like, yeah for sure, right and so I went to I went to my, told them, yes, because I wanted the money in real estate investors and I was like, hey, people who do this all the time? How the heck are you coming up with these down payments and they just started like, the guy who was actually my business partner. Now that I met in that room, he was one brainstorming with me. He was like, hey, try this in. What about this and what about that? And I was like, no, no, no, those are gonna work and he was like, oh, well, you can borrow against your 401 K and I was like, what's that mean? I don't want to pay penalties. He was like, no, no, you can borrow.

He was like, so you can take a loan out against a 401k and then the, you have to pay yourself back with interest. But it's your money. So you get the interest too and your employer will just take the money out of your paycheck, and they take it pretax, so reduces your taxable income and I was like, and then you buy the real estate asset with it, and then the cash flow pays back. So your tenants are essentially paying back your 401 k loan with interest to yourself, and you reduce your taxable income and I was like, that's a cheat code, like that's a thing. Yeah and he was like, yeah, and I was like, cool. Now I gotta go find a 401k. I told you, I wasn't gonna love it. So my wife, obviously was the smart one with money and I went to her and I said, hey, remember that time when I said, we were going to be real estate investors? Well, we need to borrow $20,000 from your 401k. So we can buy this property and she said, Let's do it and we did and that's how I got that first property, right and so all that to say, like, most people don't know, you can do that they don't know about 401 K loans. They don't know that there's a commercial bank, there's a commercial loan product that you can use. That only requires a 15% down payment and not a 25% down payment. And you can use it on single family homes, and you can use it on single family homes and they don't care where your down payment comes from, like if I would have tried to do a conventional loan, and then I told them, I was gonna borrow the money from my 401k. Like, I would have had to give him like blood samples and like my firstborn child, money would have to be in my bank account for like, 72 years before, like, it's officially my money to be able to use. There's all these hurdles, right? Yeah. But with a commercial loan, they don't have those hurdles. They're like, I don't care. You can bring the down payment, we will loan you and we'll give you the renovation money and I was just like, right, but because I told myself, when my buddy said, hey, can you buy this and I said, yes, even though I didn't know how it forced me to go figure out how, right and so there's more loan products than people say. So yes, I don't commercial loans from small local banks, you can have as many as they will let you have, like, it's up to them and as long and what you're doing, so small local banks, what I learned because after I bought that property, the bank called me and they were like, hey, that property that you bought, it was a really great deal and there's equity in it. So we want to give you a line of credit against that equity. So you can go bring us more deals like that and so they opened, they did a HELOC for me and I ended up with access to like another 30 grand and like, 90 days before that I had a panic attack, right and now I had an asset that was paying me in the bank gave me access to $30,000 and so like, now I could go rinse and repeat and do that again and what I learned through that process, and what I want people to understand is like, when you're a real estate investor, like small local banks, in order for them to stay in business, they don't do like conventional loans to stay in business.

That's what big banks do. Small banks loan money to small local businesses, right, they're lending money to small businesses in order to stay afloat and most small businesses fail, right within the first five years. So if they if they have to choose between loaning to like a new food truck, versus loaning to a guy who's buying a property at 115,000, that's worth 150. If we both fail, in the rest in the food truck, they get access to like a food truck that they can sell for not the value it was worth or scrap that right or they can get an asset of a house that they can sell even though it's you know, they lend it 115. But they could probably sell it for 130, it was worth 150 they'll make more money doing if I foreclose they make more money on me than they do if I just pay my interest. So it's, it's like they want to loan to you and so you just have to go out and do the research and find out what loan products are out there and available to you. There's more than just what's out there and so don't take what you hear as fact, you've got to go do the research and you've got to talk to people who are actually doing it. A lot of the times when people say, well, there's a 10 loan limit and my debt to income ratio is not good. Well, you don't know that. You haven't spoken to a lender that told you that your debt to income was bad. You just assume it is. Go, go figure it out for yourself.

Michael:

Yeah and even if you do find not to be true, like there are tons of people with bad credit and high incomes that are still investing in property. So like, go find a way…

Henry:

All the time.

Michael:

Yeah, Henry, we're running short on time here. But I want to circle back to something that you said. You said, buying property under market value but the deal flow, why is that so important? What about all the people who are like I want to buy turnkey, that's my strategy.

Henry:

So for me, it's about multiple exit strategies because especially when you're new, there's so many things you don't know that can cost you money, right? You don't know how to estimate rehabbed values as well. You don't know how to estimate ARV, or after repair values as well, you don't, you might not truly know what a really good deal looks like yet and, you know, you don't know how long it's going to take you to renovate a property, you may think it's going to take you 90 days, but it's probably gonna take you six months, right and all these things end up costing you money, the best protection from all these mistakes, isn't to get better at doing those things. I mean, those things do help but the very best protection is cushion is your how much you bought the property for versus how much you're going to be able to disposition that property for and so the better deal you buy, the more exit strategies you have, if I buy a deal, if I buy a really, really, if I buy a house that's worth 200,000, and I pay 100,000 for it, I may be able to wholesale it to somebody for 105 110,000 or I can wholesale it and stick it on the market and sell it for 125, 130, 545,000 or I can spend 3040 grand fix it up and sell it for 300 or 200,000 or I can take that good lead and not close on it, not assign it and just call another investor and say hey, here's a phenomenal lead.

I got them they agreed to pay, you know, to let me pay you 100 for this, you can take this lead and just give me you know, just give me two grand after you close, right? Like that's five different ways. I just told you that you can monetize on a good deal and the only reason that that thing is possible is possible is because you bought it right and so if you do a turnkey, your only exit strategy is to keep it as a turnkey rental because you're paying market value for it, you probably can't turn around and sell it for more than what you're paying for it plus there's a tenant in it, which is going to make it harder to sell unless you sell it to another turnkey investor. So the only exit strategy you have is to continue to rent it. But if you buy a deal under market value, you can rent it you can flip it, you can wholesale it, you can wholesale it, you can just birddog it to somebody and so it's just better protection.

Michael:

I love it. It's like that game Bob its wholesale spirit. That's Dude, that's like a million dollar real estate investor game idea right there. Let's trademark it. We're gonna blow it up.

Henry:

Oh, man. Oh, man.

Michael:

Henry, this has been amazing. Like we get I'm sure we could chat all day but I want to let you get out of here. For people that want to continue the conversation reach out to you ask your questions. Where should they do that?

Henry:

Their best place is Instagram at the Henry Washington on Instagram or go to my website www.henrywashington.com .

Michael:

Right on well, hey, man, thanks again. Definitely look forward to chatting again soon.

Henry:

Thanks so much.

Michael:

You got it, take care.

Okay, well, that was our episode a big thank you to Henry for coming on. Super great stuff loved, loved, loved the mindset discussion because I think it is so applicable across so many things in life. So as always, if you liked the episode, we'd love to hear ratings, feedbacks reviews from you all, and we look forward to seeing on the next one. Happy investing…