On this episode of House Flip Masters Holly is joined by guest Bob Donnell. Today’s guest Bob Donnell is not a real estate investor but Holly finds that the strategies and ideas that Bob has will definitely help with your real estate business. Holly says that Bob has had a lot of hardships in his life but has used those hardships to learn and become a successful human being that is able to teach others on how to be successful as well.
Bob shares that he was raised by a single mother who was diagnosed with cancer when he was 15 - so he was on his own pretty early in life. When Bob was 15 his mentor asked him “what do you want to be when you grown up?” Bob says that he wasn’t really sure at that time. His mentor told him that he could either learn an industry or a product or he could learn about human behavior which would help him to learn industries and product as well. The past 30 years Bob has learned human behavior and has discovered why people do things and why they don’t do things. Bob says that this learning has helped to shape who he is and how he interacts with people.
Holly tells Bob that as real estate investors we need to have certain interactions to make a deal happen, she gives examples of the more difficult situations like getting tenants to move out, or not having enough money for a deal and asks Bob how with one of those topics real estate investors can better communicate to the individuals that they are dealing with. Bob says that all of the situations that Holly mentioned can be dealt with in the same fashion. Bob says that there are 3 components when we deal with business and life. The first component being that we need to under psychology and why people will or won’t do something, this is not mindset this is about your entire psychology; belief system values, etc. Secondly we need to master the art of connecting - we need to engage with people to a point where they want to stay engaged. The third component is the art of intervention, or influence the buyer or seller and to help them to understand why you want them to go one way and not the other. Bob says that sometimes intervention can be confused as manipulation but in the way that he presents it he does not teach on manipulating anyone.
Holly asks Bob to share how she might get an investor to invest with her when she needs to approach them at a networking event. Bob says that the best way for her to approach someone with a great opportunity would be to first and foremost understand that they are humans first and second understand your agenda and that it doesn’t matter to the person that you are going to approach. Bob says that the quality of your connection will be made in the quality of questions that you ask, if you ask basic questions you will have a basic connection. Bob says to make criteria for each area and person in your life and then formulate questions to ask based on those criteria. If you meet someone who does not meet those criteria then they are not worth you asking those questions. Bob says that when you are at a networking event you don’t want to tell the movie you want to tell the trailer because there is nothing worse than someone who just spews information all about themselves to you and others. Bob says that he does not like to set up time for people who do not meet his specific criteria and he will kindly tell them that maybe the conversation they are having is better suited for someone else. Holly says that she likes to thank people for explaining what they are offering or what they are looking for and tells them that she will go through her rolodex to find someone that might be a better connection for that person.
Holly and Bob do a role play where they meet at a party so that listeners can see how Bob would approach someone and start a conversation. Bob says that he does not like to go down the path of what do you do and he will try and stop that from happening as soon as possible. Bob says that a good question begets better question. When you ask a good question you will find out something new about that person which will lead you to another question. When you ask the right questions you get the right answers, a lot of people walk away from network events with nothing because they did not connect well with the people that they met. Questions need to be relationship currency orientated if you don’t have enough relationship currency to ask the questions you want to ask then you should not ask those questions.
Holly asks Bob to share a story from his background that he thinks could be beneficial and helpful for someone trying to grow and start their real estate business and they are in contact with someone who might be of a higher education or caliber than they are currently. Bob says that when he was 23 he was in a situation with a gentlemen who made 6 million dollars the year before and he remembers walking up to the man and asking him if he could buy him breakfast one day. Bob and this man went to breakfast and the man tells Bob that he knows why he asked him to breakfast, he said that Bob wanted to know about how he made the money that he made; Bob corrected the man and told him no he really didn’t he wanted to know who the man had to become in order to make that money. The man says that he has never been asked that question for. Closing their breakfast Bob said that he told the man he wanted to work for him one day a week for free, he just wanted to be around this man to see how he lives his life. The first day that he showed up the man and Bob got into the car and went to Downtown Los Angeles to discuss whether Bob should buy a certain company. The man tells the CPA in the meeting to explain to Bob why the man should or should not buy this property and why. When the CPA is done with that, the attorney is asked to do the same thing and he does. Every day that Bob worked for this man for 6 months was similar. He was learning something every day that he worked with this man. In the end Bob ended up being a partner with this man on a few properties. Bob says that this opportunity showed him that if there is someone who wants to teach you then you need to shut up and listen to them because they education that you are getting will be unlike anything you have ever learned before.
If you are interested in learning more from Bob you can always reach out to him by email or phone call and set up a 20 minute strategy session so that he can find what your goals are and setting up a behavior to get you to those results. Bob also offers online learning on the components that he discussed in today’s episode.
You can find out more about what Bob has to offer by visiting his website