Legacy Wealth Holdings

Sorting Mentality

Today, I want to talk to you about a strategy that has positioned me for a lot of success. I probably learned this when I was 23, 24 years old, and it’s allowed me to go after more deals, source more opportunities, raise more money from investors, and build out a better team.

So I got a phone call earlier today from somebody who’s trying to raise money.

He’s like, “I know a couple of guys. They have some money. But, you know, I can’t get them to fund this week” and this and that. 

I was like, “Dude, you don’t need to sell them on building wealth and multiplying their money. You need to talk to more people and sort through them in order to find somebody who has the money.”

I’ll give you an example.

So my five year old son, his name is Hudson. He’s kind of like Rain Man with dinosaurs. 

He can name over a hundred different dinosaurs, he knows what continent they’re from, what they eat, if they’re a Ceratopsian or a Theropod or like whatever classification they are – he can explain all that stuff to you at the age of five years old.

Hudson is obsessed with the Therizinosaurus. That’s the long-nailed one in the most recent Jurassic World that, like spoiler alert, stabs the Giganotosaurus or whatever at the end of it. I hope I didn’t just ruin Jurassic World 3 for you. That’s still a decent movie, right? First one’s better. But anyways.

Let me hit you with this analogy.

Say Hudson and I were in a room with 100 other people. If I gave his toy Therizinosaurus to somebody who was in that room and told them to hide it, then brought in Hudson and told him to find out who had it, how quickly do you think Hudson would rip through the room and go back and forth and asking everybody, 

Do you have my dinosaur?

Do you have my dinosaur?

Do you have my dinosaur?

Do you have my dinosaur?

Do you have my dinosaur?

He would rip through the room in a matter of minutes to find out who had his dinosaur.

He gets his dinosaur because he’s focused on the dinosaur. He’s not focused on how many people tell him, “No, I don’t have it.”

More importantly, he doesn’t try to turn somebody who doesn’t have his dinosaur into somebody who does have a dinosaur. 

But as adults, as sales people, what do we do?

“Hey, do you have my dinosaur?”

“No, I don’t have your dinosaur.”

“Are you sure you don’t have my dinosaur? Why don’t we go and grab lunch or a cup of soup and talk about whether or not you have my dinosaur?”

Catch my drift? We get emotionally attached to somebody that doesn’t have what we want, and we get stuck on them saying, “No, I’m not your friggin’ guy, stop talking to me.” And yet we cannot move past that.

The people who have the most success in finding deals and in raising money are the ones who sort faster than anybody else, just like Hudson would sort through the people in that room.

And if you can sort past more people – bad employees, bad private money lenders, sellers who aren’t that motivated, the wrong spouse – you’ll find the good ones faster.

In this case, quantity leads to quality.

So the problem with my buddy who’s trying to raise money isn’t that he doesn’t have access to the money. It’s that he’s not sorting fast enough. He’s trying to turn somebody who’s not a private money lender into a private money lender, and he gets stuck on that person.

I don’t get stuck on that person. I move to the next, next, next, next, next. And I keep talking to more people. The wider net that I cast, the more likely it is that somebody’s going to come in and say,

“Hey, I have money, I’ll invest in that deal.”

By the time that first person comes back and says, “Okay, I’m ready to make a decision, I have the money” you can say “I’m sorry, I’ve already moved on and this person came in and took that spot.”

Now person number one knows not to sit on their hands and think about it too long. When the next deal comes across their desk, they’ll want to jump in immediately.

The reason my Director of Acquisitions, Nick Burton, is nationally renowned for acquisitions and acquiring thousands and thousands of doors…is it because he’s great at sales?

I would say this to his face: he’s not the best salesperson. 

He’s very likable. He’s one of the best at building rapport of anybody I’ve ever seen. But more importantly, he doesn’t get emotionally attached to any given deal. And he’s amazing. He’s probably so good at sorting, he doesn’t even do any follow up because he keeps moving on to new deals and new opportunities.

He comes across a deal: “Hey, we’re trying to make this one work. Can’t make it work. Fuck it, move onto the next one.”

He keeps on sorting up and down the rows of sellers in order to figure out who’s motivated, who’s willing to seller-finance, who’s willing to get creative, who’s willing to sell at a discount, who wants to get out of that property because it’s too big of a headache.

So you can use a sorting mentality in raising money. You can use a sorting mentality in finding deals. You can use a sorting mentality in finding a spouse, in building your team, and finding a dinosaur.

Go out there and sort like crazy in order to find the deals or raise the money that you’re looking for.

We made a video on this! Watch it on the Legacy Wealth YouTube channel here: https://youtu.be/xKBN-_KpOrI?si=UV9ngBdSWQb_Hed1