Welcome back to How To Scale Commercial Real Estate with Sam Wilson! Today's guest is Henry Eisenstein, Henry has sold and been a part of over 300 million worth of real estate transactions. Passionate about living life as an example to others. Henry loves everything Real Estate. A Long time broker and investor. From residential to commercial, and every aspect in between. Henry and His team are here to adhere to our client's needs and dreams.
[00:00 - 04:16] Opening Segment
- He originally started finding assets to fix and flip
- Today Henry runs a whole acquisition department in several different states and different asset classes.
[04:16 - 10:37] Shifting to Commercial Real Estate
- Henry first worked in residential real estate before shifting to commercial real estate.
- For the first two and a half years of his business, He spent 18 hours a day cold calling to find commercial assets to put under contract to then sell to other investors.
- Covid changed everything for Henry and he was able to rebuild his business within nine months without any staff.
- Today he is still doing three to six transactions per month focusing on writing contracts and conversations rather than selling properties.
[12:23 - 19:05] Realization in Scaling and Running a Business
- Henry shares how they scaled their business quickly and made a lot of mistakes along the way.
- He points out that one of the mistakes he made was overstaffing and not watching their budget.
- Henry also talks about how they brought on new team members by hiring fast and firing faster.
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- With that said, They made sure to screen team members for personality, mindset, and skillsets that would be beneficial to the company.
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[19:05 - 25:28] How to cut through the noise and find the gold when it comes to self-development
- How to deal with employees who are not a good fit for the team or who may be cancerous.
- Getting rid of the employee as soon as possible, as it is bad for the employee, the team, and the morale of the employees.
- investing in oneself by spending money on self-development courses or coaches.
[25:28 - 26:23] Closing Segment
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Tweetable Quotes:
"I had literally dozens and dozens of people who just asked me to coach them. But I tell everybody on the call that the biggest difference between me and other people is that I never pitch my course, I make 95% or more of my income from everything in real estate and less than 5% from my coaching business. All these huge people who are incredibly successful. A small percentage of that is from coaching. Because they care and they want to help you not because they need the money for their business" - Henry Eisenstein
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Want to read the full show notes of the episode? Check it out below:
[00:00:00] Henry Eisentein: Focus on making calls, Make your calls, make your calls.
And you're like telling 'em you gotta make $50 a day, a hundred dollars, $200 a day. Guess what? That may lead to money, but it's not guaranteed. If you tell them now, , you need to, focus on conversations or focus on appointments. It may lead to money, but doesn't guarantee it. But the one thing that more importantly than anything is contracts.
And if you write more contracts than any other team, you're probably gonna make more money than any other team.
[00:00:34] Sam Wilson: Henry Eisenstein has sold and been a part of over 300 million worth of real estate transactions. Henry, welcome to the show.
[00:00:42] Henry Eisentein: Thank
[00:00:42] Sam Wilson: you so much, Sam. Appreciate it. Hey man, The pleasure's mine.
Listen, hey, there are three questions. Ask every guest who comes in the show in 90 seconds or last, can you tell me where did you start? Where are you now, and how did you get there?
[00:00:52] Henry Eisentein: So, I was the depressed, quiet kid in the back of the room, back in elementary school. I dropped out twice outta college and then a buddy of mine basically said he was making a ton of money selling real estate.
Long story short, that was a lie. And so I lost my shirt during the first few years in real estate. I learned how to make investors a lot of money, and then I figured I was on the wrong side of the table. So I spent the last half decade learning how to do that. So, you know, I don't know. It might be a little faster than 90 seconds, but I
[00:01:17] Sam Wilson: think that was like 14.
Whatever. No, it's great. No, I love it, man. That's, that's funny you say he, you saw buddy making a ton of money in real estate, selling real estate, and you said that was a lie. Why do you say.
[00:01:29] Henry Eisentein: So, he was like, he made $20,000 in a month. I was like, Wow, that's more money than I had made in half a year right at the time.
And I was 20 years old. And then I found out he was selling his mom's house up, his mom buy a house, and it was like one other close friend, and he never made more than 20 grand a month ever again. So,
[00:01:44] Sam Wilson: yeah. Right. You stuck with it though, I mean, you said you did that for a few years.
[00:01:49] Henry Eisentein: Yeah, two years. And then actually I quit the business for about six months.
Went to a Tony Robbins event, changed my life forever, and I got back into business with a vengeance and, it served me pretty well.
[00:01:58] Sam Wilson: Okay. Tell, I like this story. Tell me you went to a Tony Robbins event, it changed your life, and then you said, I'm getting back into real estate. What happened?
[00:02:07] Henry Eisentein: Yeah, so I quit the business because, blamed the industry instead of myself, which was my first mistake.
And, I was just doing the wrong things. And I wasn't seeing the result from it. I quit. The business was just kind of putting around doing a bunch of different business venture that went absolutely nowhere. , went to a Tony Robbins event, got the business coach and my business coach still May, 2018, 2018 January.
He's like, Listen, kid, I was 23 at the time, 27, about to be 28 next month. And he's like, who do you know that you've ever studied or listened to? Out in the world, super successful, who had five different companies at 23 years old and became wildly successful. It's like not a single person that I've ever met.
And he is like, Great, you're not about to be the first one. So he is like, You gotta focus on one thing for a decade and I promise you'll be successful. And he was not wrong. So I got back in the business, super focused, got a little bit more clear on exactly what I need to do on a day to day. And thankfully it worked out.
[00:02:55] Sam Wilson: How hard was it focusing on one thing? I mean, that's something that entrepreneurs, myself, even you're convicting the interviewer here today. I've got two different lines of business that I am definitely involved in. Some of them overlap, but not entirely sure how
[00:03:12] Henry Eisentein: you focus. I think it was a blessing in disguise to.
When I quit because it gave me the, out, like to, to really taste the, the grass is greener thing, I, I tasted the grass on the other side and it sucked. And, it was not greener . And, again, I feel like the grass is greener just where you water it, it's not, it's, once you stay focused and you do the right things, you can be successful in any industry if you choose to.
And I can, I knew what to do in real estate. I just, I was doing. , a bunch of other things that weren't working. So I got back into business, focused on making my calls. I got really good at cold calling and changed everything.
[00:03:44] Sam Wilson: Cold calling. Okay. But you had to have a focus when you got back into the business talking, using the word focus.
I mean, you don't just jump back in Okay, hey, it sounds like you were doing residential real estate there for the first focus on Rey first. Yep. More commercial. Okay. When you got back into real estate, was it still focused on residential or had you shifted what you were working
[00:04:03] Henry Eisentein: on? Yeah. Commercial then happened for about two and a half years.
Um, So first two and a half years in the business, you know, called last, called six. So like first three were REI in the last three has been a bit, a bit of mix, but more so on the commercial side in the last 24 months or so. So right when I got back in the business, I basically spent 18 hours a day cold calling.
So I actually went through my dialer recently cuz I'm, I post a lot of YouTube videos and, I was like, you know what? It'd be kinda interesting to know actually how many calls I made. It was like over 400,000 calls in a matter of 36 months. So it was, And that was just through the dialer.
That was not just, you know, normal dials that you'd make on your cell phone every day. So quite, quite a number, to achieve some result,
[00:04:38] Sam Wilson: What were you dialing for?
[00:04:41] Henry Eisentein: Most of the expired circle prospect. I mean, I was looking for listings, but like a majority of also what I had built out in the meantime, which is, , kind of a niche for working with investors, which is what, I still focus on today just in a different scale.
but, I learned how to basically prospect for investment deals
[00:04:54] Sam Wilson: pro. So you're, so this is on the commercial real estate side. You are using your dialer, you're calling. To find commercial assets to put under contract to then sell to other
[00:05:05] Henry Eisentein: investors? Partially now, but yeah, I mean, it basically, it originally started with just trying to find fix and flips, right?
That's, that's where it stemmed from. And then now it's turned into, I have a whole acquisitions department that I run in several different states and, several different asset classes now. And, we do a mix of, every type of marketing you can.
[00:05:21] Sam Wilson: So, so when, for those fix and flip properties, was this stuff for you to fix and flip, or was this stuff you were then wholesaling to other fix and flippers?
Yeah,
[00:05:30] Henry Eisentein: so I, I focused more mostly on, just on the agent side at the time, But again, I it's kind of interesting. I made them millions and millions and millions of dollars. And I made, I was young, but I made about a million bucks by the time I was 26. And it just, it changed everything for me.
I made them a ton and it was just like, it basically set me up for success once I figured out. Cause I learned through them, I learned through their experiences, so I made decent money, but instead, like, I basically got paid for an education, which was, it ended up being the best thing that never happened to me.
[00:05:56] Sam Wilson: Absolutely. So once you start seeing, so you make a million bucks, you make your investors a whole bunch of money. You're dialing like crazy. when did you, or, what was the major shift in the business to that takes it to where it is today? ,
[00:06:11] Henry Eisentein: Covid did. Covid changed everything for me.
Okay. , going into Covid, I was 25 years old, 24 years old, 25, 24. , thankfully I lived at home cause I lost everything. I had a million dollar a year of revenue business. , but I was spending, 50 Gs a month just in, just in salaries and unnecessary cost and living a high life and blah, blah, blah.
And, Covid took me to zero real. Wow. And, I wasn't said I, I wasn't cash heavy. I, made a lot of mistakes and what Covid taught me was to live lean to me, and I rebuilt it back and then some within nine months. But I did it without, with very virtually no staff. I had two versus 13.
And, thankfully at that time, one of my mentors basically said to me, Listen, the market, and this was back at the end of like back end of 20. My, basically my mentor goes to me, Listen, a lot of realtors are thinking, this is gonna last forever and I need you to start acting like this is gonna end tomorrow.
So you need to figure out how, if you sold half the amount of properties tomorrow, how would you make more money this year? If you still wanted to increase your business and still bring home more money, but you were gonna sell half as much properties, how would you do it? It was just a complete mind shift for me.
So, but you know, toward, in the middle of 2020 or towards the end of it, I flipped into a lot more commercial and private equity and investments.
[00:07:27] Sam Wilson: That is so is that the answer to, to the problem which was moving into commercial assets? You're doing half the transactions but making the same and or twice as, , Yeah.
Twice as much money. That was the equate. Three times
[00:07:39] Henry Eisentein: as much money. Yeah. So it's like, I basically kind of said to myself like, if I wanted to work 10 or 20 hours a week, what would I have to do in order to sell, you know, still make more money? , and a big part of it is, Become the investor,
and, if you become the investor , and stop selling 'em as an agent because you're basically, you're helping other people make millions while you make tens of thousands of dollars, right? So you're, , unless it don't me wrong, you get started, I don't disagree. You should definitely start off that way.
So, cuz you can learn on somebody else's dime instead of making the mistakes on your own. But eventually you gotta take the leap. And I, thankfully I took the leap and I haven't looked back since.
[00:08:10] Sam Wilson: Yeah. There, I mean, there, there are compelling reasons to be an agent or to be a broker. I think and, and it's strange.
and I'm gonna, I'm gonna disagree with you a little bit in this, but probably also agree with you in the end that yes, you just need to be an investor. that's where it comes down to is the, I'm both like,
[00:08:25] Henry Eisentein: I'll forever be both, you know, like, you know, I think that it's smart to, to never get rid of your license.
I think it's silly to, you know, think about it that way because there's a lot of deals. I don't meet my criteria and I'll make my couple bucks, you know, like in. You know, I've figured out and I teach people how to basically scale their commissions to endless amounts of money because, you know, instead of just seeing it through, See, the problem is that realtors see life through a keyhole.
You know what I'm saying? Like they only see it through, how do I list this property and make my two or 3% right? I see if he's a property and say, What is the most profitable way to make money on this deal? Right? And I just do that one thing, right? And sometimes it is listing it
[00:08:56] Sam Wilson: just most of the time it.
Just most of the time it's not, I think, I think it's inter, especially in times of of incredible uncertainty, it sure is nice to be able to just broker a property. You can offset a lot of risk and you can still get a payday and it's a hundred percent and.
[00:09:12] Henry Eisentein: A good portion of, I, I still, you know, I'm doing, you know, somewhere between three and six transactions a month.
But just let you know the number I used to do, I was doing 120 residential sales to make half of what I'm making. You know, it's just, cuz it, it's just a little bit different of a focus,
[00:09:26] Sam Wilson: 120 residential sales to make Ha Yeah. That, the numbers just don't, don't seem to don't add up. They don't add up.
Absolutely not. No. I love that. And that's the idea behind. You know, a lot of what we talk about in this show is how to scale, how to grow, how to, how to attack a zero onto the same amount and or less effort than what you're doing right now. A hundred percent. So that is awesome. You are known for finding off market deals.
Obviously you told us this. You've placed 400,000 calls. What are you focusing on right now in the off market commercial real estate space? Yeah. So,
[00:10:02] Henry Eisentein, I think that the the only things that matter, the only metrics that we count are really, are most important to our companies, is conversations, which we just talked about.
I had a lot of them. Right, Right. And then the second thing is contracts and just writing as many as you can every day. Right. So, like, you know, it's like you could have, you know, I think the biggest mistake people make is they don't make enough offers. , just cuz the deal, you know, you get a deal, doesn, you know, write an offer on every property you.
They're gonna, majority are gonna say no. We both know that. Right? But there is gonna be a large percentage that say yes just because you started putting your numbers on, you know, put pen to paper. And, I just don't think enough people do that. So, you know, we're trying to write, you know, somewhere between, you know, five and 10 contracts a day.
And, , it just, you know, your, your number's skyrocket when you start thinking, you know, only focusing on certain metrics. Cause it's, it's like the only metric that actually puts money in your. Is writing a contract, you know, everything leads to it. But a con, you know, a contract written actually leads the money in your pocket.
[00:10:57] Sam Wilson: How are, when you say writing a contract, cuz there's kind of I'm, I'm either putting on my broker hat or I'm putting on letter of intent. Okay. Yeah. So you're saying Lois put it Yeah, we, we, we
[00:11:08] Henry Eisentein: lead with letter, letters of intent. Right. So what'll happen is, like, I'll give you an example. Um, you know, we have a, we have a guy who called, you know, one of our, one of our sales guys calls this person, uh, he's got an eight family, in a local town near us.
He wants to sell it for 170 grand a unit. He's probably worth a hundred eighty, a hundred eighty-five grand a unit. So we, you know, there's a, there's a good, decent amount of spread on the deal. What I'll do is I'll send him a letter of intent for me to be the purchase. Right. Okay. What'll happen is then I'll work on, you know, either brokering it or wholesaling it, double closing on the deal, if I choose to, or I'll just close on it for 170 grand a unit, which is what I might, you know, we might do.
You know, it just depends on what we end up doing towards the end.
[00:11:45] Sam Wilson: Right. So you guys have conversations and contracts, tell us how you spooled your team back up. Cuz you went and said 13, I think down to two
[00:11:53] Henry Eisentein: and Yeah. , so basically the only thing I could, the biggest mistake that I made was. I was hiring way, I hired way too quickly and had, there was like, I would bring people on just for the heck of it, right?
And don't hear me wrong, it's like, it sort of the mentality of there's a task that needs to be done and you don't wanna do it, so you hire it out, right? Instead. Now what I do is that I'll say, What is the least amount of employees, the least amount of people possible to make sure x, y, and Z tasks get complete?
Hmm. And I'll only, you can, I'll only hire through an insatiable profit, right? So it's like, unless they, an incredible amount of profits coming in where like, you know, one thing is just absolutely, like, it's super necessary to hire an additional person cuz you're talking, if you just give another employee a dollar raise, okay?
To give them one or two or three extra tasks, think about the savings instead of hiring somebody again at another $20 an hour for a single task, right? So I, I just, I, before I didn't see the difference. I know it sounds kind of obvious, but like, listen, I'm 24, 25 years old when I had that kind of stuff, so it was, I was just having fun with it.
[00:12:59] Sam Wilson: Yeah, man, that's, that's fantastic. But to do, to do that in the time of, in the short of the time of you've done, I mean, you've made some fast moves. you. It's, it, it's it for a lot of us, and, I'm a slow learner, probably a slower thinker. You know, it takes me a while before like, I get the message where it's like, Oh, okay, I've been doing this for nine months and.
Maybe I should change it, but to move with the pace, which you did, it's like, it's like daily, It's an iterative process on a daily basis for you. With with, with rapid tweaks to what you were doing, how did you know when you were doing the right thing versus doing the wrong thing?
[00:13:37] Henry Eisentein: Um, I'm a freak when it comes to self development.
So I've been in coaching for a long time. I've been a, I've been a, a part of every type of coaching group you could possibly imagine from just specifically real estate, to business, to sales, to entrepreneurship, to leadership, to you name it. And, I'm a sponge to it. Like I, I know that , you know, I, I heard a long time ago that, listen, if Michael Jordan had a coach from the day he started playing basketball to the day, you know, the, uh, day he retired, You know, why don't you have a coach?
And I was like, That's probably a good idea, . So I got a coach and I'm obsessed with self development, so I'm constantly learning, constantly adapting, and just kind of always being a student, just having a student's mindset. Like I, I just don't know. I'm open to, you know, I love when people disagree with me.
Disagree with me. Tell me why. Maybe I'll adapt it. Maybe, you know, I don't know everything, you know, I'm open
[00:14:20] Sam Wilson: to it.
Right. No, that's awesome. What are some of the mistakes? You said, you know, you'd made a lot of mistakes and I, and uh, I think we learned as much from, probably more from mistakes as we do with them, that we do our successes.
What were some of the mistakes other than maybe overstaffing and not watching your budget that you made, you know, in your, call it pre covid slash covid business. .
[00:14:43] Henry Eisentein: Let's see. A couple mistakes. Uh, a big one is, is um, not questioning everything where I had one way of thinking. And just because you think that way of thinking works doesn't mean there's not a way of thinking that works better.
If not way better, if not to a point where you've never thought that you could possibly make that work, ever. I'll give you a quick example. About, call it January of last year, about a year and a half ago. Right. , I met my fiance. I just had my game from Party LA this past weekend, and, when I met her I was working 120 hours a week, like, and I would just make up the excuse that I love working and then like, you know, I was obsessive with what I do and, some people can agree with me and some people could say I'm crazy for it, but I was just 24 7, 365 working.
I loved it. I was like, I was at the office for til from 7:00 AM to 11:00 PM. now I work like two, three hours a day. Like it's just like you and I make four times as much money with lot less stress and I just, it forced me into a way of thinking that I never thought was possible, which was if you can structure your company to look any way you want to, it's just like you, you get with what you get, with what you put up with.
Hmm. Right. You get what you settle for. And I settled for thinking though, I had to work 120 hours a week in order to make great money. And don't get me wrong, it got me to, a great income. I had no time freedom, , And then , I was like, I guess the only way to make more money is to work more, which is false, right?
And I just had to restructure the way I do business, which is now what, being, you know, more on the private equity investment side, and again, looking at every deal for, what is the most profitable way for me when I look at a piece of real estate. How are
[00:16:23] Sam Wilson: you training your team to make.
Five, would you say five or 10 offers a day? Conversations and contracts. How are you training your team to get that many Lois out? That makes sense. When you're even, you know, let's say all those get accepted, obviously they're an loi so they're not binding, but even if half of 'em every day get accepted, how do you know that you're even making offers that make any reasonable amount of sense for you as an investor?
[00:16:50] Henry Eisentein: So, this initiatives, basically bottlenecked by. So I'm the last one who reviews something or as long as one of my partners who I trust. , but, we will write otherwise that we know that if they got accepted, I could sell it for, a decent profit no matter what if worst case scenario brokerage for 10 or 20 or 50 grand, at a worst case scenario.
So, um, we're not exactly going in at. And, . You know, every day it's not 10, most of the time it's somewhere between two and five. Our metrics is every single person , on the team needs to write up one contract today above everything else. You can fall short at every category.
Write at LOI today, right? And, it's just like, it's so interesting where like, if you find the right metric, your business can double in a matter of 90 days. And it's just, it's so fascinating cuz if you like, think about it, if you tell your team, you need to focus on making calls, right? Focus on making calls, Make your calls, make your calls.
And you're like telling 'em you gotta make $50 a day, a hundred dollars, $200 a day. Guess what? That may lead to money, but it's not guaranteed. If you tell them now, you know, you need to, you know, focus on conversations or focus on appointments. It may lead to money, doesn't guarantee. But the one thing that more importantly than anything is contracts.
And if you write more contracts than any other team, you're probably gonna make more money than any other team.
[00:18:06] Sam Wilson: That is awesome. I love it. Find the right metric. Measure that metric, man. That's, that's really powerful stuff. How have you brought the right team members on? I'm sure that in your, , rapid scaling approach, which I love, maybe there's been some missteps, maybe there's been the right steps.
How have you done it in such a way without getting burned out, bringing people on board?
Was
[00:18:30] Henry Eisentein: Gary Van once said? Hire fast, fire, faster, , and , go look, I'll give everybody a chance, you know, like as long as I got a couple key things, like I listen, I can train you on the logistics. I can't train you on mindset.
I can't train you on personality, I can't train you on, you know, how you approach it, like your attitude. I can't train people on that. But if you're open, coachable, loyal, respectful, I can teach you the risk. So it's if anybody matches those criteria from like a DISC assessment purpose, I'll do a disc on everybody.
But if, again, if you're personable, that can make everything else happen. Obviously I'm not gonna put a salesperson role into a contract role cause they're gonna freak out and wanna leave tomorrow. But, so that's why the disc assessment comes into play. But, and if, look, if there are cancerous to your team.
I've learned like the, one of the mistakes I made a while back was that I wouldn't get rid of the cancerous people. , I would wait till they left cuz I hated firing people. And then I realized that I'm only hurting myself by doing that. Yeah. So now we just get rid of the second. We feel like there's any type, minimum, like smallest little thing if any type of thing that's even leading towards the wrong stuff.
Get
[00:19:31] Sam Wilson: rid of immediately. Yeah. And that's tough. I mean cuz there's, I've always hated firing people. It's just, I'm like, it's like the worst day of my life when it's like, Hey look, we, this just isn't working. But what I've discovered as I've gotten older is one is it's bad for them to keep them around.
It's bad for you, keep them around. It's just all together bad. For the team. Bad for the team. Yeah. Morale goes down. People don't like, it's like, Hey, there's just, It's just bad. It's just bad. There is nothing
[00:19:59] Henry Eisentein: positive when it comes to having an employee that it should not be with your team.
There's nothing positive.
[00:20:04] Sam Wilson: It may not be that they're bad people. It could just be a bad fit. It could be the bad role. It could be just say, this is not the right job for you. And it's not that, It's not that you're say, I hate you. I don't, it's just, this is just not a right fit. There's a good old boy in Memphis he always said, Sam, Hey, when's the first time that you should fire somebody?
I'm like, I don't know. He said, The first time you think about it, I'm like a hundred percent. That's interesting. , and I've said that on the, that quote on the show before, Cuz it, cuz I've found it to be pretty profound in the sense that it's like he's never been wrong. I've never not eventually gotten to that point where it's like, Hey, look, we're breaking up real sorry, but you gotta go.
[00:20:41] Henry Eisentein: Yeah. Like it's a, it's like a, I've never regretted also like if I felt like they needed to go, I've never regretted
[00:20:47] Sam Wilson: letting them. No. No. And that's, and again, this is, this comes from a, I think for all, maybe for me, I, you get the sense of same from you. It comes from a place of love where it's a hundred percent, Look, this is what's best for you.
It's best for us. You gotta go. So that's really cool. I love , your approach there where it's hey, when this just isn't working, it's just not working , in that way to, nip that in the bud is, that's really powerful. It takes courage, but it is powerful. Tell me, you mentioned they're your self development freak, one, self development coaches, mentors, those can be, incredibly expensive investments in yourself.
What would you say to somebody who maybe is starting out on a budget? They're starting out and they're going, Hey, you know what, I've got, I need some self development help, but maybe I don't have a hundred thousand dollars to put into self development personal coaches this year. What do you tell that person?
[00:21:41] Henry Eisentein: I'll say two things. Number one, if you found somebody for a hundred grand, I wouldn't, I mean, I don't know what to do. I know, I'm just saying. but, listen, like I, I would go into debt for yourself, right? I would go, I would get a credit card, and I would go into debt, and I would get a coach immediately.
because wow, the, the return on investment for investing in yourself is such, it's as close to infinite as you can possibly imagine. , I've spent nearly a half a million dollars in the last seven years investing in myself. And, I can tell you as a double, two time college dropout there.
Like there is no way, shape, and. Form that I should be making the money than I am without having the self education, right? , I'm a freak about education. I, I think it's, it's literally the only reason why I am here today and I'm on the track. I am. And, um, you know, I wouldn't have met some of the people I have.
I, it's like short, it's like a shortcut. You know, I, when I tell, when I'm coaching people, I always say like, Listen, if I could tell you that if you could spend every dollar that you spent investing in yourself is one more dollar per year that you'll make for the rest of your life, how much money would you.
[00:22:38] Sam Wilson, as much as I can get my hands on,
[00:22:40] Henry Eisentein: that's the point. That's how I think about it too, right? Like I've never spent money investing in myself and had a bad, it's never been a bad investment. That's
[00:22:48] Sam Wilson: awesome. What, what advice would you give? Because if, and I'm, I'm gonna preface my own question with an a, Yeah.
Just give a preface to it, which is that I feel like there's a lot of people selling, not bogus, but just kind of courses and things that it's just like there's a lot of garbage out there. Being pedald as self-help, as development. How do you cut through the noise and find the gold? Yeah, I mean,
[00:23:13] Henry Eisentein: listen, I would probably, first off, start with the people who are at the top.
Like, go learn from like the people who, like the big, big people, like people like Grant Cardone, Tony Robbins, Ed Mylet, Andy Silla, people who are like, you know, like they've, they're worth a ton of money because of the companies they've built and now they're doing it from a place of like, I just wanna help people.
And, stop starting with people like you've never heard of. And like also like, look, I run , a small coaching thing, right? Just cuz I had like literally dozens and dozens of people who just asked me to coach them. And I'm like, I guess I should do something right? But I tell everybody on the call, like, the biggest difference between me and other people and I never pitch my course, but the biggest thing I tell them, I make 95% or more of my income from everything in real estate.
Right? Right. And less than 5% from my coaching business. And I, it will stay that way for the rest of my life. It's the same thing with Grand Cardone. It's the same way with Andy, Priscilla, Tony, I mean like, you know, all these huge, you know, all these huge people who are incredibly successful. A small percentage of that is from coaching.
Cuz they want, because they care. Right? And they wanna help you not because they need the money for their business, you know, or to. There you
[00:24:18] Sam Wilson: go. That, that's the gold answer I was looking for, and I hadn't, hadn't quite thought about it that way. , but it's absolutely correct. It's, the phrase I use is the guru.
But no, do, it's the, it's the person that, like, they're gonna sell you a real estate coaching course, but you're like, So do you actively do real estate? They're like, Well, you know, I did 30 years ago. You're like, Right. Don't any sense. Okay. I'm next. Like, no, I'm not buying those who can't
[00:24:43] Henry Eisentein: teach. You know, like that's just what ends up happening.
You know, as a failed as investor, you might as well teach
[00:24:48] Sam Wilson: people how to invest. Right. And that's not entirely true, but it does give you an easy way to cut out a lot of the noise. So, that's awesome, Henry. I love what you've done. I love the way you've built it. I love, the fact that you're a two-time college dropout.
That yet self proclaims. I love education. I mean, it's one of those things that, I too, hated school, but I love to learn. And it's, I love to learn. I'm a voracious reader. Love to digest and find new information , and kind of internalize it, but I just can't, I can't do school either, So that's really cool.
I love what you've done here. You've shared with us all kinds of really cool tips and tricks. You've, , shared with some, some mistakes you've made and how to avoid those. We talked about hiring and building a team. We've covered, finding off market commercial real estate deals and how you boil it down to two things, conversations and contracts and how you hold your team accountable with that.
So, lots of great stuff here that you've presented to us today. Certainly appreciate it. If our listeners wanna get in touch with you or learn more about you, what is the best way to do that?
[00:25:47] Henry Eisentein: just Google my name, Henry Eisenstein. I promise you. I'll, and look, reach out, DM me,
[00:25:51] Sam Wilson: I'm always here to support.
Absolutely. We'll make sure you put those links there in the show notes. And Henry, thank you again for coming today. Certainly appreciate it. Appreciate you too, Sam.
