On this segment of HyperFast Wealth, host Dan Lesniak interviews Kent Clothier, a man who built a billion-dollar grocery empire only to lose it all and start from scratch in real estate. Now, he has a wholesaling business in multiple real estate markets and is teaching others how to do the same, while focusing on work-life balance.
Episode Highlights:
- Kent went into business with his father at a very young age, buying and selling truckloads of groceries.
- By the time Kent was 23-years-old, he was running a $50M business before it was bought out.
- After getting into a disagreement with his business partner at 30-years-old, Kent lost everything in only 22 months.
- Kent learned all about wholesaling, discovering how to flip houses like a pro to create his own business.
- Now, Kent runs a massive real estate investment firm and teaches others how to create their own business.
- Though he lives in La Jolla, Real Estate Worldwide’s operation covers most of the southern half of the country.
- REI Nation, Kent’s turnkey business, helps those with resources deploy those resources in the real estate game.
- By the time REI Nation flips a house, the house has been completely renovated and has tenants.
- With his wholesale operation, Kent looks for markets with high demand and great deals.
- Traditional real estate investors start with the house, whereas Kent’s companies start with the buyer.
- Customers drive any business, so starting with the customer in mind will make your business more efficient.
- By making sure that the demand exists before buying a property, Kent ensures that he has an exit strategy.
- Where big retailers go, city and residential growth will follow because they put themselves in the position to win.
- The success that came early in life for Kent had destroyed his personal life completely.
- Kent knew that scaling the second time around would allow him to spend as much time as possible with his family.
- Most investors make the mistake of putting a higher value on their money than they put on their time.
- You need to create systems, businesses, and processes to get more out of your time.
- If you feel that you do not have enough time to devote to your family, recognize that you created that problem.
- Kent understands exactly how to get what he wants as fast as possible and maximize the time that he has.
- Inevitably, it’s going to take a little pain and sacrifice to get to where you want to be.
- One of the biggest challenges that Kent has faced while scaling his business has been expanding too quickly into new markets.
- It’s vital to stay out in front of the regular challenges that come with growing a business.
- When coaching others, it’s important to master those skills yourself and understand that it’s all about your client’s mindset.
- Drive, ambition, and heart will beat knowledge and talent any day.
- The most important steps in the process are to start, get going, and keep going until you get it done.
- Calculate how many days you have left on this planet and start prioritizing that time.
3 Key Points:
- By the time he was 30 years-old, Kent was leading a billion-dollar grocery business, and then lost everything that he had built.
- Kent knows exactly what his customers want, so he starts with the buyers in mind, while most real estate investors start with the house in mind.
- You have to prioritize your freedom over the pain that it takes to get there. We don’t have to focus on the now-money.
Tweetable Quotes:
- “I’m the product of one of those late-night infomercials that we’ve all seen...Quite frankly it changed my life.” - Kent Clothier
- “Reverse-wholesaling is exactly how we built the grocery industry to what we did. You play a game that nobody else is playing.” - Kent Clothier
- “I know that I’m in the best position to win and therefore it makes me smarter than my competition.” - Kent Clothier
- “I became extremely dedicated to firing myself as often as I could...and my motivation was time.” - Kent Clothier
- “When you are on your deathbed, the last thing you are going to be wishing you had more of is money...Time is your only currency.” - Kent Clothier
Resources Mentioned:
