441 | Use Real Estate To Accelerate Wealth and Living Generously

Mar 1

[00:00:00] Jason Velie: I want to be a millionaire by, this age. And then, then I'm like, Oh, wait, no, I think I can actually do it by this age. And then, Oh, I did it, you know, well before I'm 30. And I didn't even know that was possible. When I started doing this at that time, I only had two children, you know, my wife and I now are expecting our fifth child soon.

You're putting up babies as quick as you are flips. I'm pretty contrarian in this entrepreneurial space that like, I don't set goals. I don't track KPIs. I don't like the idea of. Hey, we have to 10x everything all the time. If only we had known at 20, um, the power of real estate

[00:00:38] Chaz Wolfe: What's up everybody? I'm Chaz Wolf gathering the King's podcast. Coming back to you here today. My brother, another, the king on the stage, a real estate king. Jason Veley. How we doing?

[00:00:48] Jason Velie: Hey man. Doing great. Happy to be here. How are you?

[00:00:51] Track 1: You know, uh, it's Thursday. How could I not be happy? How could I not be ready to roll? Right?

[00:00:55] jason-velie_1_01-18-2024_101028: Yes, sir.

[00:00:56] Track 1: we are here. To chat about a, a really cool story that you've got and, and I loved how you actually used it. We were just off offline here and you said it's come full circle. And so I, I really want to get to some of the details of how your story has come full circle.

But before we do that, Jason, tell us what kind of business that you got. I.

[00:01:12] jason-velie_1_01-18-2024_101028: Yeah, so I have a house flipping business and a apartment rental portfolio.

[00:01:17] Track 1: And, uh, you've been doing this for what, 25, 30 years, 50 years? Like how, how long have you been in this game?

[00:01:25] jason-velie_1_01-18-2024_101028: Well, given that I'm only 30 myself, that might be impossible. So, no, I started, uh, just over four years ago now.

I wanna hit this home as my very first point. I usually ask about your why and I will get to that. So don't, don't think you're off the hook here, but I want to know four and a half years, and not only have you just done some flips and purchased a couple properties, but you've done.

[00:01:50] Track 1: Very well made great money, like more than the average person by a long shot. And you've got a great apartment little buildup coming, so like four and a half years. That's really fast, in essence, is what I'm trying to say. But you're kind of presenting as like, I'm just here, I'm, I'm, I'm, I'm no different than anybody else.

Like happened in the last four years, bro. Gimme the, gimme like the two second version.

[00:02:14] jason-velie_1_01-18-2024_101028: Absolutely no. So my plan originally was I'm gonna keep working my day job in finance. And I'm gonna slowly save up a little money and buy one rental property the traditional way and the get rich slow way. And maybe when I'm retired, you know, I'll have 20 or 30 paid off rentals and I'll be wealthy in retirement.

But then, uh, a friend of a friend introduced me to a house flipper who introduced me to the BiggerPockets Real Estate podcast. And then that's when I learned about things that we can get further into, if you want, like private money lenders and hard money lenders. And that's when a light bulb just clicked and I was like, wait a minute, I have no money, but you're telling me that as long as I can find good enough deals.

Somebody will give me all the money to be able to, to buy it and renovate it and then resell it and make a lot of money using other people's money. I was like, okay. I could understand from the financial side why that would make sense and how their loan was collateralized by the property and all that.

So I was just crazy enough to believe it, and so then I did my first flip, and that was proof of concept for me and just kept going from there.

[00:03:25] Track 1: Yeah. Well, so I know a little bit of detail about this first flip of yours. Your first flip went. Entirely different than my first flip. Um, you you made 30 grand. I lost 30 grand, but we both kept flipping, you know, am I, am I, am I just the crazy one of us too? I guess Then maybe I, 'cause I did not have proof of concept.

[00:03:46] jason-velie_1_01-18-2024_101028: No, no, I, I'll, I'll tell you, I had a very similar story that. My first, right before I bought that first flip was the month before is when I bought my first rental. And my first rental was a terrible deal that I didn't know what I was doing. I did, I had a horrible home inspector that missed everything. I had a contractor rip me off for $16,000 and I ended up having to.

It was only like a $60,000 property, so the PITI payment was $350 a month, which I knew going into it. Worst case scenario, if I had to, I could float that. And I had to, I had to float that, you know, vacant house for two years before I had money to renovate it and resell and basically break even after two years, only because it appreciated 30 or 40 grand in that time.

So, so I understand. I, I just was very fortunate that I happened to come across my first flip so quickly before I found out how bad of a deal I had really bought. On that first rental. So for me, it was a good thing that that happened or else I may not have continued on after that first property that I bought.

[00:05:00] Chaz Wolfe: Yeah, I can relate to that. I think, you know, I was already, I had that first one took us so long to finish by. By the I realized I lost so much money, I was already. Six flips in, you know, or maybe even more than that. Maybe it was more like 10, I don't know. But, uh, luckily we made some money on some other ones and it kind of, you know, covered up the mess.

But holy moly, uh, you, you went fast, bro. What you're saying is that you thought you were just gonna dabble in real estate, but what I'm hearing you say is that you left your job. You didn't say that, but I'm hearing maybe you left your job, you're do it full time and you're crushing it. What was the, the like?

Pendulum swing there for you mentally and also like physically what happened during that timeframe?

[00:05:44] Jason Velie: Yeah, so I, I've always loved the way that money works, you know, like I was the kid in elementary school that. I would buy a box of little Debbie Christmas tree cakes for 99 cents, and then sell 'em for a dollar a piece and profit four bucks. And I would make 200, 250 bucks a week in, you know, elementary school.

And I, I loved it. I've always loved how money works, but I also knew that I am not the type of entrepreneur that loves the idea of a, a gigantic business with a ton of employees and a bunch of. Overhead because that to me just equates to stress and that just wasn't what I was personally after. And really after that first flip, I thought, okay, maybe I'll do one or two of these a year here and there to supplement the day job income, and then I start looking for more.

And truth be told, it was a very long time. Between when I got that first flip finished and when I found my second flip, it took a incredibly long time. So even though my, my growth. You know, total in the span of the four years or so looks very quick. Truth be told, it's even faster than that because almost all of that growth really happened within the last two years.

You know, it, it was really more of that kind of hockey stick growth curve thing that it, it started out really, really slowly and then as I did one or two more flips after I got past about the fourth one. Then I had more credibility locally then I was figuring out my marketing methods, how to find these good off market deals myself.

I had more credibility with local wholesalers, which, you know, for anyone listening doesn't know what a wholesaler is, they find great off market deals, get the property under contract, and then assign that contract to somebody like myself for an assignment fee, basically a finder's fee, and that's how they make money.

So. Yeah, it started out kind of slow and then as I started to do a couple more flips and getting a little bit more volume, that's when I started to realize what was possible and all of my ideas of, oh, I, I, I wanna be a millionaire by, you know, this age. And then, then I'm like, oh, wait, no, I think I can actually do it by this age.

And then, oh, actually I, I did it, you know, well before I'm 30 and I didn't even know that was possible. So. Also when you talk about goal setting, that's another area that I struggle to even set goals with. 'cause I don't even know what's possible truthfully, you know? So, yeah, I would say, and forgive me if I'm, uh, if I'm rambling, I just get excited and love this stuff.

But, you know, I, when I started doing this, at that time, I only had two children, you know, my wife and I now are expecting our fifth child soon. So.

[00:08:37] Track 1: You're putting out babies as quick as you are. Flips.

[00:08:40] jason-velie_1_01-18-2024_101028: Exactly. So I, I had a responsibility and the, the more kids we had, the less my wife worked who was a dental hygienist. So my income was slowly increasing at the day job, but only enough to continue to cover our bills.

Not enough to really do much more than that. Uh, so my whole goal was. Let me continue to flip single family houses to drum up capital quickly and then take that capital and use it as down payments on the multi-family rentals until we had a big enough rental portfolio that the pure net passive rental income with property managers handling that side of it until that net amount was enough to be able to cover all of our living expenses so that if.

By happenstance, there was a huge market collapse and I wasn't able to flip any houses for two or three years. Neither one of us would have to go back and get another day job. We, we'd be safe. And so that's, that's exactly what I did. I got to the point to where I. Uh, we worked up to 60, uh, rentals and, you know, apartments over four different properties and two of those I own myself.

Two of those I've got a partial partner in, and so by weighted ownership I own 45 of those 60, and that's over 10 grand a month in net passive income, which is more than enough to cover the bills. And uh, that's exactly, that's when I felt comfortable to cut the cord on the day job. And. You know, I could have, I could have done it way sooner and had way faster growth for sure, but that wasn't my risk profile at the moment.

And so I, I am happy to say that in April of, uh, 2023, I quit my, after about three and a half years, quit my day job and have been full-time since, and just having the time of my life.

[00:10:35] Track 1: Yeah, I love it, man. Uh, you can see how it lights you up. I know you kind of apologized there, but you know that, that, that's why we have you here on the show is to be able to, to, to talk about that passion and kind of the nitty gritty that led up to that. Um, you've done what you know seemingly everybody.

Talks about on TikTok, you know, it's like, uh, go do something, sales, a job, flip houses, some sort of active income. Make money, don't be dumb and spend it.

[00:11:07] jason-velie_1_01-18-2024_101028: Right.

[00:11:08] Track 1: were living on your, you know, a little bit of income plus your wife. Okay, great. And you took all of that from the flips and put it into, uh, larger pieces of real estate as a, as a long-term hold that was more built for, uh, rather than active income, passive income.

And you have a portfolio now that pays you. No matter what. And, and I, I loved how right in there I slipped, you know, you're free and you're like, yeah. It's like, man, I don't think people realize that power of when, whatever that nut is. And I, I actually love, you know, the Gary Vees, uh, the Brandon Turners of the world who talk about freedom being not necessarily, uh, being a millionaire or whatever.

It's whatever that dollar amount is that, that you like to live life at, have that covered. By passive income, like if that's 2000, if that's 10,000, whatever the number is, you can do that with real estate and it's really easy. Now, what it takes though is a period of time for you is three and a half years of focused effort earning money and then being diligent about how you were investing it so that it could allow future decisions.

So. Most people get lost in that, whether it's three years or whether it's 30 years. Talk to us about what you had in that phase. Like, I mean, it's discipline, but like the knowledge to go, okay, I'm gonna work, earn, save, invest, then spend money. How did you learn that? What can you give to the listeners right now if they're like, man, that sounds awesome, but like, I don't know.

Can I really do that?

[00:12:34] jason-velie_1_01-18-2024_101028: I do have a little bit of a background in finance. I went, I went to school for finance and I was a licensed financial advisor for a short time and then moved on to work with institutional trust funds. So numbers is my jam, and to me, one of the, one of the, not only was I after that. That freedom, that, uh, financial independence.

But also I didn't want to have to pay a whole lot of taxes because, you know, what we all say is it's not about how much you make, it's about how much you keep. And why that's relevant in this case is because when you can buy expensive properties like apartment complexes. You can do cost segregation studies and take bonus depreciation and take an absurd amount of depreciation to show losses that if you're full-time real estate, you can then use to offset even your active house flipping income or even your spouse's W2 income, you know, so you can make seven figures net and pay zero taxes.

All legally and ethically because of what the IRS code incentivizes. So between the tax benefits and, uh, more so the, just wanting to reach financial independence, that's, that's what was in my head. I just, I don't like to be controlled. I don't like to, like, you know, my wife is. One that she likes so much structure.

She li she loves scheduling everything to the second loves calendars. I am the exact opposite. I hate that. I don't want a certain schedule. That's why like, I'm pretty contrarian in this entrepreneurial space that like, I don't set goals. I don't have, I don't track KPIs. I, I don't like the idea of. Hey, we have to 10 x everything all the time.

You know, if that's what you wanna do and you got the stress capacity for it, then great. That's awesome. But if that's not your goal, if you love what you do, I, yes. If I had employees, I wouldn't wanna set KPIs to hold them accountable to make sure they're doing what they're supposed to do. But for myself.

I love what I'm doing so much that I don't need accountability at this stage to go and do the work because I just truly love it. And if I got to the point where I needed to do it and I didn't love it, then yeah, maybe I'd need a little accountability. But if I were to put that pressure on myself. For somebody like me that likes that freedom and that fluidity, it would feel like a job or it would feel like homework and it would at least, I'm assuming it could harm that fun relationship that I have with my business right now.

And I don't ever wanna lose that.

[00:15:28] Track 1: Yeah. There's, there's freedom. The word freedom just keeps coming to my mind. Not just financial freedom like you're talking about, but freedom to just really have joy in what you're doing. And, and what's that cliche statement? Uh, if you, if you, if you do what you love, you'll never work a day in your life or something like that.

It's like.

[00:15:43] jason-velie_1_01-18-2024_101028: Yeah.

[00:15:44] Track 1: for a reason, number one. and it's true. I think that actually, uh, on the, on the contrary to your contrarian comments, you do have goals, but your goals are freedom and it's just a little bit more loose. It's not a certain dollar number. Well, it was actually, I guess maybe it was a certain dollar number to get, you know, passive income to where you felt okay, and then now it's like, okay, things are good.

Um, and, and you're smart enough. Now what I'm hearing you say is to recognize that you can't. Sit on your laurels and just chill. Um, but that, you know, that you gotta keep growing. 'cause if you know, kind of just the law of nature is if you're there growing or dying, but you want to love the growth, not be pressured into the growth, is what I'm hearing you say.

[00:16:26] jason-velie_1_01-18-2024_101028: Exactly.

[00:16:27] Track 1: I love the, the, the other outlook on that. What would you give to the listener who is like you, um, who a lot of entrepreneurs are like you, let's be honest. And there's, there's kind of two schools of thought and I think both are fine. I, on the other side of that, I'm extremely disciplined. I love discipline.

Probably a lot like your wife, you know, like. Goals and setting targets and calendars and like, there's seven steps to everything. And I'm like, yes. And if I don't hit the, and I gotta hit 'em in a row, you know? 'cause it just, Hmm. It just feels so good.

[00:16:59] jason-velie_1_01-18-2024_101028: I could tell by how many calendar reminders I got about this podcast.

[00:17:04] Track 1: Hey, I gotta make sure you're here, man. Okay.

[00:17:06] jason-velie_1_01-18-2024_101028: Yes, sir. I had, I had a guy, this was probably like a year and a half ago. He was like, man, I would've thought I was meeting the president. I was like, well, I do value my time. Like I'm the president. So.

Yes, sir.

[00:17:18] Track 1: Um, all that to say, uh, there's somebody listening right now, probably most, who are like you.

They love the freedom of like, don't put me in a box and just let me do my thing. What's the balance between like, okay, maybe you haven't set targets or not putting pressure, but you did have to set some direction. You're not just like, huh, maybe I'll like, maybe I'll call some people today. Maybe I won't.

Like, I think there's probably a little bit more direction than you're leaning onto, but I love the fluidity, so talk to that guy who's like you. That's kind of stuck between that balance right now.

[00:17:52] jason-velie_1_01-18-2024_101028: Yeah, absolutely. So I think that I, I, I love that you said direction. 'cause I think that is a much more applicable term than than goal because when I think of goal, I think of a deadline and. Deadlines are what I don't love. And you know, I was always a procrastinator, you know, in school and everything else.

But, you know, I would just say it, you know, ha have that general goal or direction without putting a, a set deadline on yourself if you don't function well under that type. Now, I, I've gotta be honest, I feel like it was really easy for me because I truly loved it. You know, if I, if I were trying to reach financial independence, doing something that I didn't love, then yeah, I probably would've had to force myself to do certain tasks every day and schedule it and, and grind and maybe be a little unhappy for a little while.

But for me, loving what I was doing, it, it was really like a, a, i, I think maybe it's even a little bit primal, like the thrill of the hunt. That I would go out looking for things and I, I was also blessed that I had a W2 at the time that was very flexible, so I had streamlined everything I could at the day job and passed off the daily tasks to the newer folks to where I was sed for, you know, 48 hours.

But. On average, I only actually work, you know, eight to 12 hours a week. So I had my normal day job hours that I was using a lot of to grow the real estate business. So I would say, you know, find time where you can, whether you're fortunate to have a position that I had like that, or. If you have to grind it out in the evenings or the weekends, or especially if you're single or not married and you've got all the time in the world, now's the time to do it.

'cause you're not gonna want to, well, you may wanna do it, but your wife is not gonna want you to do it in the evenings and weekends, I can promise you. So just set the figure out what you need to do to achieve the, the goal where you want to get. But maybe if it's not a good fit for you, don't put a certain.

Expectation or deadline on it because you can't be disappointed if there's no expectation.

[00:20:19] Track 1: Yeah. Yeah. There's, that is a, that, that is one school of thought. And I love the a, a ability that I can host, uh, someone like you that has just. Such a different way of thinking about it than I do. Um, this actually, it, it, it's a principle that I follow. It's the mastermind principle that, uh, Napoleon Hill talks about in Think and Grow Rich.

And it's, it's the agitation of thought. And that's what hap, that's what's literally happening right now is that Jason and I, from a like process perspective couldn't be the more, more opposite. But both of us are financially independent. We both have real estate. We've both done other things. Actually, you wanna know one other cool thing.

Both of our wives are dental hygienists. Or it used to be

[00:21:00] jason-velie_1_01-18-2024_101028: Oh, nice.

[00:21:02] Track 1: But my point here is that, look man, it, there's multiple ways. Um, the, I, I had a guy on the show that was like, you know, the age of the guru is dying. And the guru means like, this is the way I did it. This is the way you should do it. Here are the seven steps.

And what, what I loved about that, that that piece is going away and dying, is that guys like you and me right now can just go, Hey, here's how I did it. Here's how Jason did it. Do what works for you,

[00:21:30] jason-velie_1_01-18-2024_101028: Yep, exactly.

[00:21:33] Track 1: Which is kind of like leans into the freedom that we both believe in, which every entrepreneur, I mean, if you are even thinking about selling Debbie cakes or real estate or whatever, it's, it's about freedom.

It's about choice. Um, so okay, let's, let's, let's get into the nitty gritty. Let's go down low a little bit, uh, close to the ground. And I want to know of a, just. Really bad decision that you made. You had hockey stick growth, so a lot of success, but I'm sure there's been some sticky moments. Tell us about something practical that you did that you wish you hadn't have done, but that, that you learned a bunch.

[00:22:04] jason-velie_1_01-18-2024_101028: Absolutely. The, the biggest, easiest example is that very first property. That I bought, I, I went into it without the experience and I didn't know enough at the time to, if I were going back now doing that, I would've gotten with, uh, a experienced investor and brought them with me to help me walk through it.

And the numbers looked great on paper. I had that finance background, but I didn't have any construction background. And, uh, there was so much in that property that was wrong that. You know, the kitchen cabinets looked great on the outside. I didn't think to open the kitchen cabinets. They were disgusting, moldy, rotting.

The, the roof needed to be replaced and the cellar, you know, told me that it was newer and the, there were termites eaten up the floor, joists in the house, and I thought I was being safe covering that knowledge gap by hiring a home inspector. But that's another big mistake that I made, is I went with the cut rate cheapest home inspector I could find who only charges a flat fee of $300 per house no matter how big the house is.

I. And he missed all of those things as well. He, he found almost nothing on this house that was not even inhabitable. And so I guess being, being cheap was a big issue and not having knowledge on. How to look at a property and also being too trusting with that first contractor that I tried because that, that contractor was a referral from a different contractor who had worked with him before, who I knew was a good, reputable, trustworthy guy.

And so I thought if, if I'm getting this referral from this guy, surely he's gotta be somebody I can count on. That was not the case. You know, so it, when you're first starting anything, go and find a mentor, somebody that is specifically experienced in your industry. I. And ask for their help. If, if you've gotta, if you've gotta provide value first, then do that.

If you've gotta find them a deal or bring them something, or if you've gotta, you know, if you tell them, Hey, will you come look at this property with me? But, you know, if, if it's a good deal and I decide not to buy it, then I'll assign it to you for free. I won't charge you an assignment fee or something like that if you have to.

Some people will just be willing to help you. With no expectation of anything in return anyway. Uh, some people won't. But regardless, whatever you have to do, go find that help from somebody with experience to save you all of that unnecessary headache on the front end.

[00:24:53] Track 1: Yeah. Yeah. I mean, uh, the principle that you're talking about, I mean, I think everybody knows, like they've heard if they're listening to this show, they've probably heard get a mentor. But the ask the way that you just broke down how to ask, I. AKA add value. Don't be a guy that just asks for help. That, that's good.

It's okay to ask for help. That's not what I'm saying. But what Jason has just given you guys is the ability to ask through adding value. And actually, I just did it yesterday on the show with Brad. Um, I interviewed Bradley yesterday. You were to asking me about it a few minutes ago. And, um. So I, first off, I knew, I already knew 'cause I asked his staff what his favorite steakhouse was.

And so I brought it up at the beginning of the show, got got his, got his interest around, uh, his favorite, uh, shop. And then at the end I was like, Hey man, we're gonna be in your town. Um, I, he's, he lives in two towns, but like, hey, we're gonna be in one of your towns, uh, the whole mastermind and I'd love for you to come have dinner with us.

At that place that you just said that you love. He was like, oh man, you buying dinner. And so like, he was, you know, I mean, maybe he'll be able to come, hopefully, but, but it was like, but immediately I was followed it with, Hey, look, like I don't want it to be just coming to dinner. Of course I pay for it, but like, I know you probably have like a per hour rate.

I'm happy to pay it. Like, you know, just, you just lead with, I'm not trying to get anything other than I am, but I'm trying to give first like, so give. And it's okay to ask, but make sure it's, it's led with maybe even a couple of gives, you gave a couple examples there of give, give and, you know, if you list a couple of influencers, I'm, and in my head I'm, I can hear 'em going, give, give, give, give, give, then ask, you know,

[00:26:28] jason-velie_1_01-18-2024_101028: Right.

[00:26:29] Track 1: give a whole lot more is the point, right.

[00:26:32] jason-velie_1_01-18-2024_101028: Yes, sir.

[00:26:33] Track 1: Well, okay, so let's flip the coin here. Let's talk about a good decision that you've made. Um, and, and again, I loved how you broke down the principle. I mean, 'cause we've got guys that are, aren't in real estate listening. And so I wanna know of a principle that you've followed maybe, or a good decision that you made that helped you win in real estate.

But really it was like, kind of, you know, superseding just the industry. What was that?

[00:26:53] jason-velie_1_01-18-2024_101028: Yeah, I mean one of the obvious answers is just doing good ethical business. You know, there's a lot of there. There is opportunity. I think people ha, I think people think that it happens a lot more than it actually does, but there is opportunity to take advantage of people in any industry and real estate's no different.

And you, you do have the occasion where somebody, an investor or a wholesaler goes into, you know, 89-year-old great-grandma, and lies to her about what her house is worth. And, you know, gets her to give up a unreasonable amount of equity just because they lied. And I, I don't, I don't ever do that. You know, I, you know, just the other day I got a, a property under contract where I, I told the lady she was 68 years old and her husband was with her, and she just inherited this house.

And I told her, I said, look, I think your house, if you put a little money into it, is worth about two 30. If you sell it exactly the way that it is, because it's currently financeable, sell it on the market with a realtor, could probably get at least one 90 for it. Uh, I can only offer you the way that it is one 40.

I said, so even after paying realtor commissions and all that other stuff, if you just list it as it is doing no work to it, you're probably gonna walk away with 30 to $40,000 net more. Than what you will by going with me. But on the flip side, if you don't want the headache of dealing with realtors and showings and home inspections and renegotiations and taking more time and headache, then I'll, I'll be your easiest guaranteed option.

No doubt. It's just up to you. Which is more important, your time and your, your sanity or. More money and everybody has a different answer and different reasons why one takes priority of the other. And sure enough, she ended up saying, yeah, I don't wanna deal with all that other stuff. I'd rather just sell it to you at the one 40 and move on.

And I got it under contract and, and people that aren't in this space, that don't do a whole lot of business are shocked by stories like that. And I'm just like, well, what do you expect? Do you think I'm just out here lying to people and stealing money? Like no, I. I am providing a easy solution for people.

It's, you know, I heard an analogy the other day of, you know, it's, I'm, I'm the equivalent in the real estate space at, of the car dealership. You know, you know, if you take your car to a car dealership to sell it, you're gonna get hit on the price pretty hard. You're gonna have to take a cut, but they're gonna be the easiest solution ever.

To get it sold, do the paperwork, stress free. But don't most cars get sold back to dealerships? Absolutely. You know, you've gotta look at those options. So, but yeah, to answer your questions, I say, you know, ethic business, but also generosity. You know, but I live by, you know, I, I'm a, I'm a man of faith and one of my favorite verses of the Bible is second Corinthians nine 11, and it says something to the extent of you'll be enriched so that you can be generous on every occasion so that your generosity will result in Thanksgiving to God.

And I try every day to get closer and closer to that, to where I can be generous on every occasion. And I'm not there yet, but I, I'm constantly. Reminding myself and asking myself like, Hey, were you generous on every occasion today? Did you give money to every homeless guy on the side of the road that you stopped by?

Did you tip your weight waitress extra every time you ate, you know, this week? Like, no, maybe I just did normal, or I wasn't generous, or I didn't give to, maybe I had five bucks in my wallet and didn't give to that homeless guy. 'cause I had some. Preconceived bias about why I didn't want to, and, but that doesn't matter.

And so I strive every day to become more and more generous. And the more I do that, whether it's financial generosity or just with knowledge, you know, sharing stuff like this with folks, the more it just comes back in droves. It's just, it, it's undeniable how it just overflows back to you.

[00:31:19] Track 1: Yeah, I couldn't agree more. Man. The, the, the, it's the law of reciprocity. It's reaping and sowing. Like we, we just keep going and going and all these great principles, biblical principles. But, um, it reminds me of a time I was, you know, years ago, um, in, in sales and I was not just. Good at the sales role. I was the guy.

But like, the gap between one and two was like very, very far. And in that world, usually what winning meant is that you were stealing accounts backstabbing. And I just really made it a mission to not only not be that, but be the opposite of that. Like you, and you know, if we had an account dispute, I said, Nope, it's not mine, it's yours.

And they're like, well, you know, like, and, and my response that I got often to that was, well, you know, well maybe, maybe this is yours. I'm like, no, no, no. It's yours, like clear as day, yours. And uh, and then on top of that, adding coaching, like spending my time where I could have been making more deals, coaching other people.

And uh, what I found in that same example is what you just gave to the listeners is by, by giving back or by sowing seed, um, I changed the narrative of what it meant to be a winner or to be the top producer. And it wasn't because I took advantage of other people. It was because I actually, I was. The guy helping everybody.

Like literally it was like I didn't want anybody to have a negative thing. Ever, you know, you can't point at me and say, I didn't help you, uh, or that I stole an account or nothing, like clean slate. And so I'm, I'm hearing the same, uh, you know, you called it integrity or, or ethics. I mean, um, and, and that's, that's true.

It can be done. You can be truthful. I remember being on the calls, like, this is exactly how the program works, like being super truthful and people are like, you give them all the details, aren't you afraid? Like it scares 'em away enough gets the deal. I'm like, it's why I get the deal.

[00:33:56] Track 1: I think a lot of people are just afraid, right?

So everything I heard that Jason just gave to you guys is he's holding things open handedly and you hold things open handedly because you think of an abundance, or from him, it comes from a place of knowing who he is, who his creator is, because there's an abundance. There's way more houses out there, even in your specific market that then you'll even be able to do yourself.

So why fret?

[00:34:18] jason-velie_1_01-18-2024_101028: Yep, absolutely.

[00:34:20] Track 1: Um, give us a little end cap on that. Like, someone, someone's like, go, oh, like, oh my gosh, this is so good, but like, what do I, how do I implement this? What would you say to that? That guy listening right now,

[00:34:31] jason-velie_1_01-18-2024_101028: Implement what specifically?

[00:34:32] Track 1: this ethics, um, openhandedness mindset of abundance, like operating, like we're talking about operating.

[00:34:39] jason-velie_1_01-18-2024_101028: Yeah. Yeah. No, that's a great question. And I can say when I first started, I. Flipping houses when I first got into it, I didn't have that abundance mindset because of my own ignorance of, of what was possible. Because all I had seen is everybody fighting for deals and the competition and everybody still to this day complaining about not being able to find any deals.

And you know, I've seen people go behind, somebody's back to a seller after the other person already had it under contract and. Try to snake deals from people. And you know, especially in a town like this, you, you can't stay in business long with a reputation like that. But, you know, I, I've learned over time that, like you said, there is an abundance of opportunity, which is why it's so once you experience that or realize that, or somebody teaches you that.

You don't have to worry about being competitive or, or u uptight or holding in all your secrets. Like there is very, very little that I will not share with other people in this space. Even in my own market, there's very, very little that I will not share with them or help them out with because I don't see it as competition because I see it as there's plenty to go around.

For all of us. So I would just say if you're, if you're starting out, you're newer, you haven't experienced a lot of deal flow in whatever your business is yet, just know that it is there and there is an abundance, even if you haven't seen it yet. And try to develop that abundance mindset mindset before you've experienced it.

And it will, it will help you grow a lot sooner than I've started growing.

[00:36:39] Track 1: Yeah. That's good stuff, man. Um, I wanna transition here because you, you opened up the show by saying that your story has come full circle for you, uh, recently. And you mentioned that you got started in real estate by listening first to deeper pockets, and you were just. On deeper pockets last month. So A how was that?

And then b like, like you're saying, it's a full circle. Like you started that way and now you got to be on the show like, bro, tell us about it.

[00:37:07] jason-velie_1_01-18-2024_101028: Yeah, man, it was, it was such an honor. Um, so it, it, it is BiggerPockets by the way, not deeper pockets,

[00:37:14] Track 1: yeah, yeah. Thank you. I, for whatever reason, I

[00:37:16] jason-velie_1_01-18-2024_101028: I still make the same mistake myself, but No, pockets. That's why it's, it's, I'm manifesting it. Okay.

Exactly. That's right. So, so BiggerPockets is the, the largest real estate. Podcast in, in the World, I believe. And they're often ranked like within the top five of all business podcasts in the country.

And um, you know, it is it, when I was under contract to buy that first rental property, that was that bad deal is whenever I was introduced to somebody at a friend's wedding that had flipped, uh, about eight or 10 houses. And I told him I was buying that rental and he was like, he was real excited for me.

And he is like, oh, that's great. You're getting into it. Uh, you should check out the BiggerPockets podcast. And I was like, okay, cool. And I, and I did. And that one thing, that one little introduction to that podcast from that guy who, I don't even remember his name anymore, I have no idea who he is now, changed the trajectory of my entire family's lineages for forever.

And, you know, so I started listening to that and that's what introduced me to things like, you know, hard money lenders and private lenders, and. I'm like, wait a minute. You mean you mean to tell me I have no money? But you mean to tell me if I just find a good enough deal, somebody will fund a hundred percent of the purchase and the rehab, and then I can just get it done and then sell it, and I get to keep all the profit and that clicks with me.

And, uh, then I just started doing it. And so then to, to have the honor to actually get on that podcast and, and share my story and share a story about a, you know, we did a deal deep dive on a particular deal that I got to. Mentioned to that. I know, is that just grade a BiggerPockets type story? That was exactly like what inspired me when I was listening it.

It was so cool and, and since then, to get the feedback from people that have been reaching out or commenting on the different platforms and stuff, and to hear some of the stuff about how much people loved it or were inspired by it and things like that. It, it, it's, it's just been really cool. It was such an honor.

[00:39:24] Track 1: Yeah, I, all I can think is king mode, you know, just, just, I mean, for real. Congratulations, man. Um, to do it in such a short time too. I know that's not always the goal, but, uh, I just, I just really think it's super encouraging for anybody even listening to this show, let alone, you know, if they were listening to BiggerPockets, but, um, they're listening today, going, man, in such a short time, not only did he just grow a great business where he has.

Made amazing, uh, money and now changed the trajectory of active to passive income. But for generations though, is what you're saying. Like, this is big you in four years you

changed everything And, and I'm just getting started

and you're just getting started. Uh, but, but loosely 'cause we, we, we don't need boxes and we don't need goals.

[00:40:10] jason-velie_1_01-18-2024_101028: Uh, yeah, I like to call, uh, 'cause people ask me what are my goals on like scaling and all that all the time and. I said, you know, my, my main goal is fun growth and, and I'm still scaling pretty fairly rapidly, but it's still incredibly fun to me. So as long as, as long as that growth stays fun, I I'll, I'll keep growing.

[00:40:35] Track 1: Yeah, it, your mindset being so different. Um, it, it makes me think of Alex Ramzi. I'm not sure if you follow him at all, but he comes into the entrepreneur scene and goes, you know what, uh, all you guys getting up at 4:00 AM and Cole plunging and like, that doesn't matter. You know, Warren Buffet eats McDonald's and drinks Coke multiple times a week.

You know,

[00:40:54] jason-velie_1_01-18-2024_101028: Yep.

[00:40:55] Track 1: It doesn't, it, that's not the equation, you know? And I think for, for, uh, some of us that, that really get fired up by those things, it's part of the equation, but. The equation is, is subjective. It's, it's, it's individual, you know. So, um, I just appreciate you sharing your equation. Um, I got one last question here for you, Jason.

I wanna know if you had the opportunity, like you said, you, you're accomplished quite a bit, even, uh, before 30, but if you could roll back the clock to the younger Jason, you tap him on the shoulder, you whisper in his ear, what do you tell him?

[00:41:29] jason-velie_1_01-18-2024_101028: Oh man, that is such a tough question. Um, Out of fear of the butterfly effect, I probably wouldn't tell myself anything 'cause I love my life and who I am now, but if I were, uh, telling somebody similar, you know, at, at a younger age, uh, if I can reframe it that way, um, obviously the, you know, discussions of importance of, uh, of faith and ethics and abundance, but.

Uh, of course I would have to go back and, and, and tell myself or, or this other younger person that, uh, uh, what's possible with, with real estate investing. And actually, now that I say that in a way, I kind of did that with my, my first cousin in Ohio. He's only 20 years old, and he came and spent a week with me and stayed at our house, and he shadowed me for a whole week.

And learned everything about my business and I gave him everything, all of my marketing methods, all of it. And he went out there and found his first deal in a week, and then he actually bought it, used private money, flipped it, rehabbed it, and profited over 20 grand on his first flip that fast. And now only a couple months later has already flipped his second house and has it listed on the market for sale And.

I'll tell you what, man, I, I was so much more ecstatic and excited for his first deal than I was for like my last, you know, 20 deals. Just being able to play a small part in somebody's story like that, who prior to that, knew nothing about real estate or how to do any of this, and to the fact that he.

Latched onto it and really loves it and enjoys it too. So we share that mutual passion. Now. I, I'm just so stoked to see where he goes with it. So, uh, that's, that's interesting. I never really thought about that, but kind of in a way, there kind of was a way for me to go backwards and do that, just maybe not for myself.

[00:43:39] Track 1: Yeah, I mean, congratulations to you but to, to be able to give that knowledge to him at 20, I was just with some kids yesterday. I was teaching at like a homeschool collective thing and teaching 'em the Cashflow Quadrant and saving money to buy real estate or assets. 'cause it can be businesses as well.

I. And then, and then buying stuff. All the stuff that we just got done talking about and you know, so at the end when you have a couple of 11 year olds and a couple 13 year olds, to be able to kind of regurgitate what they heard. And then basically it was like, I gotta make money so I can buy assets so then I can buy stuff.

I don't, don't spend my money before I buy the assets. And it's like, you know, um, and you ask the parents and you're like. How would life be different for you if you had been taught this at 11? You know, and, and they're, they get to look over at their kids and be like, guys like. This is real, you know? So, uh, super cool to hear about that, uh, about him in Ohio.

I think that that's just super incredible that not only you could give the knowledge, but now you guys get to run together. Um, and at 20, bro, like if, if only we had known at 20, um, the power of, of real estate, um, I just so appreciate you. I know you don't have a lick to sell my audience, which I just absolutely love about you, but I do wanna give them the opportunity to network with you.

And, uh, connect with you. How can they find you online or what's the best place for them to, to check you out?

[00:45:00] Jason Velie: Yeah, man. Uh, if you wanna stay up to date on what I'm doing, you can find me on Instagram. It's just my name at Jason Veley. Uh, you can find me on LinkedIn, although I'm not real active there. Or if you are potentially interested in being a private lender of any sort, on any of the, the flips that I'm doing, or if you wanna get on a list of potential.

Equity investors, if I come across a bigger deal that I need equity partners on, always happy to to chat. You can go to JV with jv.com and submit your info and uh, we'll connect.

[00:45:38] Chaz Wolfe: I it. I. JV with jv. We'll put it all in the show notes for you. Um, I, I just, I so love your story. Congratulations. Um, you're, uh. Are doing cool things for your family and for generations that don't even exist yet. So I'm proud of you and I'm happy to know you. Uh, thanks for being here, man. Blessings to your family.

Blessings to, uh, your teams out there flipping houses this year and the people that you're teaching, uh, whether it be on podcasts or in person. Um, just thank you so much for spending your time with us.

[00:46:05] jason-velie_1_01-18-2024_101028: Thanks, man. Same to you. I appreciate it.

In this episode of the King's podcast, host Chaz Wolf welcomes Jason Velie , a real estate king who made a mark in the field within just four years. Jason shares his story, emphasizing the importance of conducting honest, ethical business, having an abundance mindset, and being generous. He highlights how he transitioned from a house flipping venture to apartments rental portfolio. Jason also discusses key lessons from his first property purchase, the benefits of mentorship, and his recent experience on the BiggerPockets podcast. Moreover, Jason shares his philosophy of 'fun growth', by which he continues to scale up his operations as long as he's enjoying the journey.

Jason Velie:

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