Growing My Business into a $3M Profit Machine with Coby Socher

Welcome to another exciting episode of The Raquel Show. Today, I’m thrilled to introduce you to Koby Socher, a real estate entrepreneur and dynamic leader who is on track to achieve $3 million in profit in 2024. Koby's journey from selling homes to launching his investment acquisition company, Speedy Offers, is truly inspiring. He shares how he balances multiple businesses, manages a team of over 30 people, and maintains a fulfilling personal life.

In this episode, Koby dives deep into the importance of mindset, the power of asking for help, and how strategic investments can build true wealth. He also provides valuable insights into hiring the right people, leveraging creative financing, and the significant impact of personal growth on business success. Whether you're an agent, investor, or entrepreneur, Koby’s story offers actionable advice and inspiration for achieving your goals.

Connect with Coby Socher:

• Instagram: Cobysocher
• Website: Speedyoffersohio.com
• YouTube: @coby_socher

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Transcript

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Coby Socher: 0:00

I've actually created a second company called Speedy Funders, which allows outside investors to fund Speedy offers deals. So I have family, friends, people reach out to me on Instagram at different places and they say, Hey, you know, I'd love to flip a property with you. You know, would you be interested in partnering? And I'm like, well, I don't do partnerships. But I'll allow you to fund my deal. And they're like, well, how does that work? And they actually get a personal guarantee by me. They actually get a lien on the property that's recorded. So it's a really secure investment and they get to invest alongside me.

Speaker 16: 0:30

You are listening to Kobi Socher, a real estate entrepreneur who is on track to have 3 million in profit in his business in 2024. In this episode, we break down the importance of mindset and leadership, how to grow two companies and how to build true wealth by having a plan. This episode is for anyone that wants to build a business, build wealth through systems and people.

Raquel Quinet: 0:58

Welcome to the Raquel show. This show is for entrepreneurs who want to play bigger in business and in life. And as many of you all know, I love bringing people who actually play bigger on the show. And today I have a very special guest who I met at a wealth mastermind. And the reason why he stood out to me is not only because of his energy, but all the things that he's actually doing. And sometimes as agents and even entrepreneurs who listen to our show outside of the real estate industry, we get caught up in just building our business, doing the transactions that we forget how to multiply our time and our money. And my guest today is an agent who has sold over 1500 homes and who's also opened up another company called Speedy Offers, which is an investment acquisition company that happens to flip homes in Cleveland, Ohio, buy rental properties. And do owner financed homes and is on track to generate three million dollars in profit. Yes, you heard that right. Three million dollars in profit in 2024. And so Kobe has two companies and he collectively employs more than 30 people. And outside of this, he is a husband, a dad to a four year old, and loves to travel that they've gone over. 70 flights this far. And today we're talking all things, growing businesses, how to manage 30 people and enjoying life and everything in between. Welcome to the show, Kobe.

Coby Socher: 2:32

Thank you for having me. I'm really excited to be here. it's funny. I met you because I have no fear of asking somebody for help. And I walked up to you because, I'm working on growing my social media world. I've grown my business in a scalable way, but my social media, I was like, I need some work. And I've been following you for a while and just watching your stuff, seeing your podcast, seeing your YouTube channel, watching your Instagram grow and going man, I need to speak to this lady to learn like what she's doing. And then I think what really hooked me was like seeing how excited you were for your son and his basketball career. And that's really cool to me. So like finding people that you align with is really neat. So I came up, I asked you stuff and all of a sudden here we are. So really excited to be here. But I guess it's. The kind of lesson to myself or the takeaway is don't be shy to ask somebody a question because you never know what it's going to transpire into.

Raquel Quinet: 3:22

Yes, and I couldn't agree with you more because like I said, I have been following you for a while and it was just so cool. You just never know what that conversation could lead us. And here we are doing a podcast because I have been seen and I was like, who is this guy? He like does his social media, all of a sudden I'm getting multiple things on my feed because of his social media and he flips homes. And then Brett obviously speaks very highly of you. So first things first, I know all the things that I just said didn't happen overnight. So I wanted to start and let the listeners know, or people that are watching this on YouTube, is how did you start your real estate team? What motivated you to start speedy offers? And how does that complement each other? Just to give people context.

Coby Socher: 4:06

behind every dude who is doing a lot of different stuff, there's always great women, right? that's always the answer. And I would say I'd give a shout out to my mom. I got into real estate when I was 18 years old, because my mom was in real estate. She had a real estate license, she was starting to do well, she was building a really big career, she had just bought a really cool car, so that excited me. and then my wife who I now am partnered with in Speedy Offers, right? standing right next to me and us just going and growing something really big that we're really proud of. and then I have an executive assistant, her name is Katie. And, when I made that first hire, which was my admin, now executive assistant, that's when the whole game changed. It was realizing that not everything had to be on my back, all the things that I wasn't a 10 out of 10 in, I needed to hand off and the things that I could be a 10 in, I should go run at really, at a high level. And so it's that mindset if you've read that book Strengths Finder, it's like finding your strengths and offloading your weaknesses instead of Oh, here are my weaknesses. How do I just focus on those at all times?

Raquel Quinet: 5:03

Yeah, that's so true. You found, the people. walk me through. Did you find your assistant first, or did you, obviously, you married your wife and you guys started Speedy Offers. I have a lot of questions around people that have, that are couples, that are, that do listen to the show, because I have several of them in the audience, what that dynamic looks like. let's talk about your executive assistant. Where did you find her? How did you know you needed her?

Coby Socher: 5:28

Yes. My wife was working full time. It's 2020. we have a son and I'm working as a full time realtor, which is a great gig and you can build an amazing career off of, but yet I wanted more. I wanted to build wealth. I wanted to have net worth. I wanted to have a life that I, in my, imagination was possible, but maybe it wasn't possible only via commission. And I needed to find ways to go become the investor. I was representing a ton of flippers, representing a ton of, property owners, being in Cleveland, Ohio, there's a really great opportunity for investment property because property prices are lower. And so I'm representing all these people watching them do a bad job. And a lot of times I was like putting together the financing. I was finding the property, I was negotiating the property. Then I was finding the contractor. Then I was walking through doing the final punch list. Then I'm giving them suggestions, then I'm finding a stager and then I'm listing the property for them and selling it and Then we walk away at the end of the deal and I got a commission and they got the huge chunk of cash. They got all the upside. And even if I sold a property for 50k over asking, 50k over asking, if you have a 3 percent on your side of commission, that's, 1500 bucks, but they got 50 extra thousand dollars. And I just was like, I could do this. And, I think that's where it started. And my wife was working full time and I was like, I can't do all the administrative stuff. There's a lot to deal with cities. we have to pull permits. We're dealing with zoning. You have to put on utilities. You have to get insurance for the properties. There's a lot of just stuff to do. And all those things I'm horrific at. I'm the kind of person where before I got super organized, I was like, I'd pay my water bill when I got like the show off notice. It's like water's not that expensive. So you're like, all right, cool. Shut up. No, it's got to pay the water bill. Now my life looks very different than that in an organizational standpoint. And yet, I realized that I needed that person to come in who could handle all those things so that I could actually go and do the things that I was great at.

Raquel Quinet: 7:18

Yeah. Yeah. And people that are listening to this and I'm seeing this also a lot when people get bored in their business, they decide to start another company. But I know it's, it gets really messy really quickly if we're unorganized and you brought up organization. So who did you actually have to become to attract, you've got 30 people that are employees of yours. who did, like that doesn't happen overnight and there's very few people I know in this industry that can employ that many people. Yeah. Yeah.

Coby Socher: 7:46

just to be clear, they're, it's a mixture of WTUs and 1099s, right? It's a mixture of contractors who work full time, they're 1099. we have agents, we have acquisition agents. and I can break that down for you. I had to become a leader. I talk a lot about self worth. And I had this realization because I didn't grow up with a huge amount of net worth. I didn't have family that was super wealthy. I didn't have, I didn't have certain things that would be like, oh, this is just a normal part of life is to grow up, grow a big business and be wealthy. and so I had to find my self worth first. And it was like, just like looking myself in the mirror and being like, you're worthy of this. Like you got this, you can do this. And I think it was my wife. It was my mom. It was people around me that were like, stop discounting yourself and start just like making stuff happen. And I think just taking massive action, failing through the times, but also making it a lot of money throughout that time, help me figure things out and then hiring a coach and really getting focused on like management. I just finished the book for the third time called The Dream Manager. and it's such an incredible book. It has so many great takeaways, such an easy book to read. and it talks about how everyone's goal before they own a house in a company is really to either own a house or own their own business. So how can you help them either own equity in your business or have upside to your business? to be able to retain them and keep them excited and how can you help them go live out their dreams? Do you know what their dreams are? And so really becoming a leader has been, really fulfilling, really hard and it's something I'm still working on. It's a daily struggle is am I being a good leader? Am I doing the right thing? that's probably I, you tell me if I'm wrong, I'm sure for you as well. I think leadership is probably the hardest thing. Flipping a house is simple.

Raquel Quinet: 9:31

Yeah. Leadership. overseeing people, managing people, growing people, giving them support, right? casting the big vision is all very difficult. It sounds easy on paper or in a book, but when you're actually in the minutiae in it day to day, especially, like I said, with multiple companies, it gets really tough, right? And I love that you said you have to be the leader for people to follow you. If not, you're going, no matter what your incentive is, you're going to lose people.

Coby Socher: 9:59

Yeah. And I think, my, I'm 32 years old. My 25 year old self thought leadership was a little bit more like leadership as in TV. And it was this, douchey, aggressive, talking down to people, maybe, And it wasn't me. It was just that, that's what I thought being a leader was. And I think I realized over time, it's a lot different. It's listening, it's being compassionate. It is standing your ground. It is saying yes and no, making sure you say no a lot. And yet it's like leadership is actually leading the way. we have this core value in our company, speed to lead. And one of the things I think about is actual physical lead coming into your business and getting on top of it, calling it quickly. But the other thing is speed to leadership. there's a problem in your company. How fast can you jump in and speed to lead the company, whether it's me or somebody else.

Raquel Quinet: 10:50

Yeah, I love that. Yeah, it's like running to those conversation creates like that leadership, right? How do you find talent today, Kobe?

Coby Socher: 10:57

that's probably one of my luckiest places in life. So my wife is a talent acquisition specialist. that's what her career was prior to us creating Speedy Offers. And so she was working for a couple of the largest, recruiting firms in the country. She was a manager there. She was working a million hours. and she really learned how to do it. If I were to give you a quick version of it, I think it's, she would say that the quality is in the quantity. And so if you're looking for somebody, she's willing to interview 20 to 30 people before saying yes to somebody, because she knows, and I know that if you hire the wrong, somebody, just because you're quick to hire that, that can hurt you so much more than waiting to hire that perfect person. And if you hire that perfect person, your business can just like explode.

Raquel Quinet: 11:40

yeah, I think

Coby Socher: 11:41

Brett talks about it, right? Like our we have a business coach and we both share our wealth coach, right? Brett Tanner and you know He talks about the idea of the right person can be a 300 to 500 percent return on your money Whereas like we're also focused on like a property and the property, like hopefully it makes you an 18 to 20 percent return if you're flipping or something, or if you're holding a rental, the ideal scenario is a 10 percent return. Reality is a 7 to 8 percent return, but a person could be a 3 to 500 percent return. what makes more sense to invest in.

Raquel Quinet: 12:11

Yeah, it's so true. People will be your best assets when you find the talent, right? So like moving forward when it comes to talent, how do you get results as a leader, right? you've got something very impressive. You have three million dollars in profit that you guys are on track for. How do you get results from your talent to ensure that you guys are always working towards that big vision?

Coby Socher: 12:35

it's a great question. I don't know if the big vision is $3 million in profit this year. So last year we did, just about $2 million in profit and which was almost double the year before. And I think it was coming up with what are my net worth goals? Where do I want to be in 30 years, right? So I went and built like a 30 year net worth plan. Really spend a lot of time figuring that out. What do I want my life to look like? What's the vivid vision of my life? How do I want it to function? How do I want my family life to work? How do I want my nine to five to look like? What do I want before nine? What do I want after five? what do I want on the weekends? And really, what is the home I want to live in? What's the car I want to drive? What's the, like, all the stuff, right? And then what are the things I'm, like, willing to, be okay with not having, right? Based off of that, it was then coming up with, what do I need to do in order to achieve those things? along the way. So if I was able to, look out 30 years, now I got to backtrack and track against it. And so I think that's been one of my games is like tracking against, my net worth to see where I am at all times. And that kind of helps lead to where I want to go. If you're asking about the company, so that's me personally, you have to do the same thing with your company. So you go back to the dream manager and it's like, what are the people want inside your company? What do they actually want? You tell them they want to make a hundred grand, but do they? Because a lot of people really only want to make 40 or 50, 000. So that might just mean you need two or three times the amount of people than you think to achieve the goals that you want to achieve, even though you want more for the person than they want for themselves. You have to allow them to, want for themselves what they want for themselves. You can't really change that, I don't believe.

Raquel Quinet: 14:05

Yeah. how many people do you guys have on your retail team? If you were to split the two.

Coby Socher: 14:10

Yeah. So our retail team, so my mom, Shoshana Sochers, the team lead on the retail team. And then we have six licensed agents currently. We have a, head of operations. We have a marketing coordinator and we have two VAs.

Raquel Quinet: 14:27

That's awesome. That's awesome. Okay. And then which, what do you think has been the hardest thing you've had to learn in business? Having grown this and grown so fast in these last couple of years?

Coby Socher: 14:43

it's probably to not lose sight of your family and your loved ones. It's probably to not decide of like why you're actually doing it because as like you always say I want to make a million bucks, right? And then along the way to making a million bucks, you have to sacrifice a lot of other things. And so it's really easy to spend so much time focusing on that that you forget to focus on like some of the other important aspects of your life. I lost my health for a minute. Like I just stopped getting focused on my health last year for a little while. And I'm typically like working out, cold plunging. I'm, in the sauna, I'm in the hot tub. I'm, doing Extremely healthy dieting, all these things. And then it's like you start working an extra five to eight hours a day and just being exhausted and having bad sleep. And it can really throw you off. Your health starts getting thrown off and now your work starts getting thrown off and everything ebbs and flows together. I don't know if that makes sense, but, you might have a better answer to that.

Raquel Quinet: 15:38

No, it's your answer, right? I think it all starts from the pillar of you at the end of the day, whether it's your mindset, whether it's your health, physical, because if you can't have your mindset and your physical health, it's really hard to pour into other people or Yeah, can

Coby Socher: 15:53

I get a little bit personal here?

Raquel Quinet: 15:55

Yeah, of course. Everyone wants to hear the authentic Kobe.

Coby Socher: 16:00

you're watching a guy right now who literally, just so you know, About 20 minutes ago, I came back, I pumped weights for five minutes in my house. I have a little home gym. Then I hopped in the cold plunge, changed shirts, sat in this chair, feel like a million bucks. Okay. This morning went to Orange Theory. I burned 1100 calories. I ate four eggs for breakfast. I had a great morning with my team and I feel amazing today. Yesterday, I had a horrible day. I was just angry. I was upset. I wasn't feeling right. It was just like, I wasn't a great leader. I don't think I was the best husband. I don't think I was the best father. I think I was just a mediocre human being. And I woke up today and I sometimes, not always, I don't want to pretend it's an everyday thing, but I write down like, where my head's at, what I'm grateful for, the different things that I'm like looking forward to today and what are my goals. And I wrote down, as a leader, you're only allowed to have so many off days. And when I wrote that down, it completely shifted my mindset because my people are relying on me and my home is relying on me to play all in. And if I choose to go in with a bad, mindset, it could be because I had lack of sleep. That's my fault. And so the same thing about having self worth and being worthy of. Living a really big life, you also have to control the things that allow you to live that big life. So if you stay up super late or you eat crap the night before, or you drink a little bit too much, which is, I don't really drink, but I'm just saying if you did, then you are making that choice to be that other person that you don't want to be. And I think we all have that side, right? Like I have this like excitement energy side, and then I have this like I can go downhill. And today though, I was like, you can't have two of those days in a row. that was your one day to be like that. Does that

Raquel Quinet: 17:56

make sense? Yeah, I really appreciate you saying that because I can tell you that coaching a lot of people today, they do have off days, but a lot of times when we see people on stage or when we're listening to a rock star like yourself, people think they don't have off days. And it's like, how do you snap out of it? And I love how you said you can't have two off days. Has that always been the case? Or are there other ways that you do or in other like routines that you do that actually help you snap out of a bad day?

Coby Socher: 18:27

Yeah, it's a great question. finding the things that put you in those moods and realizing them in advance. So if a specific meeting or a specific conversation or a specific thing puts you in those moods, Either how can you attack it head on? How can you change it? You go back to the Keller Williams ism, change the way you look at things, the things you look at change, and then it's like, how do you go into either changing it, shifting it, or not doing it at all? So like I was finding myself in certain meetings. that I didn't need to be in, and I was actually holding back my people. Like I have a head of construction and my executive assistant and the head of construction and I all sit down, we have a construction update, right? And it's great, although I don't need to know the minutiae, like I don't need to know there was an issue with the toilet, it wasn't, it wasn't, Harnessing the right way into the ground and I'm probably even saying it incorrectly because I don't know construction as well as you know Some Now I want it to happen and I want it to happen the right way. And I want to be in support of somebody, but maybe that meeting, I don't need to be in, and maybe what I can get is the 10 minute recap of here's the 10 things we need from you in order to move forward.

Raquel Quinet: 19:40

Yeah, a hundred percent. So let's switch gears. You're on track to do a hundred investment deals in 2024. Walk us through your process for like identifying and evaluating profitable. Is it all flips? Is it buy and hold? Is it a mix of everything? Is it notes? What does that look like?

Coby Socher: 19:58

Yeah. So, my first investment deal was I bought a couple of rental properties. I figured out a way to buy rental properties with no cash out of pocket by using my commission. Anyways, we can talk about that at another time. Then, there was just two of those, two or three of those here and there. Then my wife and I were like, let's flip a home. This is like 2015, we're just married. We're like, let's make a tri income. She has her job at my job. Let's make a tri income. So we flipped a property. We did really well. We started flipping more and more. And then 2020 is when I like went all in on the investment side of the company, realizing that could be really a company, not just like a side gig. And, now today, the way it looks is a deal comes in from Speedy Offers. So Speedy Offers is our acquisition company. we ask people if they'd be interested in a cash offer. If they say yes, great. If not, we'd love to help them, maybe list their home on the, with the social team, which is our realtor team, right? And so we can shift deals back and forth. So acquisition company gets a lead, sale comes in, we put the home under contract. Once we put the home under contract, at that point we analyze the deals. We have a spreadsheet, we analyze the deal, does it make sense for a flip? Does it make sense for, let's say, a wholetail? A wholetail is where we just buy it, put it right back on the market, maybe put a grand into it to clean it up or not, and sell it. Does it make sense as a wholesale? In Ohio, we have to do double closes, so it costs a little bit more, so it has to actually pan out. Does it make sense for a rental property? If it's a rental property for me, I want at least 600 in net cash flow per month. In Does it make sense as an owner finance deal to me? Of that case, I want 750 in net cashflow, right? or does it make sense to list it with the social team? And so we have our deal hierarchy and we have our numbers set up to exactly what we need. I can rattle through those if that's helpful or not. And, based off of that, we figure out what makes the most sense to do with the deal. And I actually think in a way that's what keeps our business flowing really well. Because there's different times, right? two years ago, we were buying tons of rentals and interest rates were two and a half to four percent. Rentals made a ton of sense. We weren't doing that a lot of either wholesaling, wholetailing or flipping at that moment. Now, interest rates are super high. We're buying houses in cash. We're taking hard money loans and we're, actually, flipping the property and reselling it and we're doing extremely well. Our average flip this year, just to give you an idea, has net over 80,000 dollars 000.

Raquel Quinet: 22:17

Wow. Wow. What's the average price point in your market?

Coby Socher: 22:21

Average price point in our market is about 330, 000, but the average price point for our flips, our sale price, is about 200, 000 to 220, 000.

Raquel Quinet: 22:31

Wow. Wow. That's impressive.

Coby Socher: 22:34

Yeah.

Raquel Quinet: 22:34

agents are struggling in this market, and you're on track, obviously with this, all the investments that you guys are doing. What advice would you give to agents that are listening or watching?

Coby Socher: 22:42

It's a really great question. I started my career by cold calling. I was not afraid to call anybody. This is, by the way, I'm not a lawyer. They do not call this stuff. You play it at your own will, but, I wasn't afraid to call anyone. I'd call for sale by owner and I would literally just say Hey, if I were able to sell your property for more than if you were to sell it yourself, even after commission is paid, would you be interested in meeting with me for 10 minutes looking at my marketing plan? And they would say yes. Or if they said no, I would just say it again. I was like, even if. I can make you more money than you sold it yourself. You wouldn't spend 10 minutes with me looking at my marketing plan, shaking my hand, I'm a local guy, and then they'd be like, all right, fine, come in. And I sold tons of property that way. And, I'd do the same thing with expireds and circle prospecting and whatnot. And it goes back to the same thing now. So the business might be quote unquote harder, although I started in 2011. In 2011, the business that I got into were short sales, foreclosures, and everybody's upside down. And I was literally sitting on couches telling people double my age that they're going to have to short sell their property and they're going to lose money and lose their credit. And it's going to be a tough time, we'll make it through. And I'm like this 18 year old smiling. And so now it's like people like, Oh, the business is really hard. The market is shift. It's it's really hard comparatively to 2021 when things went gangbusters, but compared to 2011, I'm not sure if it's that hard. We probably just have to go back to doubling, tripling or quadrupling our lead generation, which no one wants to do. My team makes a joke that lead generation sucks, but it works. It's true. It's like it's frustrating. You just

Raquel Quinet: 24:11

have to do more volume, probably, today. You have

Coby Socher: 24:13

hours of phone calls every day for a month, and magically you have endless business. But no one actually wants to

Raquel Quinet: 24:19

do it. They say business is simple, not easy. I think Gary says that.

Coby Socher: 24:26

Yeah. it's simple, not easy. But it's No one wants to put in the grunt work it takes. And I understand that because it was really fun and really easy for a minute. I mean, you turned around and sold a house and it was, way over asking and you got paid all this amount of money. And now it's just like, you have to work for it. And we're going to have to work probably even harder as time comes. So that'd be one piece of advice. The other thing I'll say though, is that I think your biggest competitive advantage of being a realtor is becoming the buyer. I have this written down on my vision board and it says speedy offers within the next five years will be the Socher team's top client in volume and GCI and funness. Meaning I'm speedy offers, right? I'm the owner of speedy offers. I'm the owner of the Socher team. What if we became our very best client? What if we bought the house, our team gets commissioned, we buy the house. What if we then flip the property, made the net money on that flip, and then we resold it with our team?

Raquel Quinet: 25:25

Yeah.

Coby Socher: 25:26

there's so much opportunity. And I make this joke, I don't know much, but I know a lot about houses, right? I think the thing I know best are mediocre homes. In Northeast Ohio, that's what I know best. It's if you're a doctor and you're like, an ENT, your ear, nose and throat really well. I know mediocre foundations in Cleveland, Ohio. I've been in a thousand inspections. I've been in a million showings. it's almost like insider trading. It's like, I know what somebody's up for. I know what a buyer would pay for it. I can figure out what a contractor would charge to do it. we have this massive opportunity yet as realtors, somehow we just, we're like, I don't have the money. I'm scared. I don't know. And I played that game for so long. And the second I shifted out of that mindset and recorrected it to I'm worthy of having a really big, awesome life. And not everything has to be commission based. It can be partially commission based, but it can be ownership based. That was a different game I started playing and the results have been insane.

Raquel Quinet: 26:20

I love that. And earlier you talked about how you were buying homes because a lot of times our excuses is I don't have the money to buy it. My first investment.

Coby Socher: 26:27

Oh, I have all those excuses. and by the way, I could tell you 10 different ways to buy a home without your own money probably. Like it's not that hard. By the way, I don't purchase most of Speedy Offers homes with my own money. So I've actually created a second company called Speedy Funders, which allows outside investors to fund Speedy offers deals. So I have family, friends, people reach out to me on Instagram at different places and they say, Hey, you know, I'd love to flip a property with you. You know, would you be interested in partnering? And I'm like, well, I don't do partnerships. But I'll allow you to fund my deal. And they're like, well, how does that work? And they actually get a personal guarantee by me. They actually get a lien on the property that's recorded. So it's a really secure investment and they get to invest alongside me. And so that's one way to do it. And I was the person who was like, my family and friends don't have the money. It's just not true. You start asking and it appears and then, go to a hard money lender. Maybe it'll cost you 15%, which sounds super scary and expensive, but it's 15%. annualized over 30 years and then you're paying like six months of that 15%, right? So you're spending 1, 500 bucks for, let's just say for a hundred thousand dollar house or a hundred thousand dollar deal, you're spending 1, 500 bucks a month for six months, but then you go make 50, 60, 70, 80, 000. who cares? And so I think, and it's I don't know a contractor. It's oh yeah. Have you ever been to home Depot 12 times in a row and ask every single person there what they do? Because that's what I did. I didn't have a contractor either. I just literally, hey, what do you do? You have any extra time? You paint? Oh cool. Can I put your phone number in my phone? Text some pictures like, hey, I'm the guy you met at Home Depot, I'm gonna reach out to you when I have something for you. And I just found people from Home Depot.

Raquel Quinet: 28:06

I love it. I love it. Give them the 10 ways that you could buy a home without money today. Oh, gosh.

Coby Socher: 28:13

All right. So you have a real estate license and you want to buy a house with zero money in a pocket. You find an off market seller. You negotiate the price with them. Let's say we're negotiating a price of 100, 000 to buy the property as investment property. If you already have a loan, you're going to need to put 25 percent down to be able to get the lowest interest rate, which right now in May of 2024, it's probably about 7. 5%. Okay. Now, 25 percent down of 100, 000 is obviously 25, 000. So we need 25, 000 plus there's going to be closing costs of probably around, I don't know, 5, 000. And then we're going to need another 5, 000 for extra. So we need essentially 135, 000 total. We're going to take 100, 000 from the bank, right? And we're going to need now, how do we get that 35, 000 of cash we need? So we tell the seller we're going to increase the price by 35, 000 and you're going to get a commission of 35, 000 back on the back end. So essentially you're just financing in more money to the deal. Now, you are going to need a property that's under market value, which you hopefully should be able to find if it's off market. Now, At closing, you're going to use that commission. You're going to write a little addendum and you're going to say commission to be used towards down payment. Now, if your brokerage has an issue with it, like mine did, you're just going to need a brokerage to write a little letter saying you're allowed to use the commission as down payment. your down payment, the underwriting laws allow that to happen. And so there's a way to buy a home with no money out of pocket. If you want a conventional loan, if you want to do a hard money loan, I know many lenders will lend the money plus the, down payment. if you're gonna do a hard money loan, I know many lenders will lend the actual cost of the property, plus the cost of the renovation, including closing costs, whatnot, all wrapped up. And, it's not that hard. Hard to find. A lot of people do want 10 to 20% down, but there's lots of lenders out there that don't need it. Next one, go find somebody who's already flipping property. Say to him, you wanna flip property, him or her? You wanna flip a property? You have a property in mind, right? And you're asking them to pay for the flip and play for the renovation. And a closing, you'll split at 50 50. I could find you 10 people right now that would do that with you. Next is go to a family member and say, Hey, I'd like to offer you an opportunity to make a 10 percent return on your cash. Okay. You get that 10 percent return by lending on my property. So I will do the flip. I'll do the property. I get the upside, but you get a guaranteed 10 percent return on your money. You get a recorded lien against the property. And there's that. Next is go get a HELOC on your personal house, right? You get a HELOC where you get a home equity line of credit and pull out, let's say, two or three hundred thousand dollars. If you bought your home in the last five or seven years, you should have a good amount of equity in it. You have that HELOC right now. It's prime plus five or prime plus seven, depending on your credit score, which means that your interest rate will be around 11 percent interest only. And so you go and flip the property like that. How many am I at?

Raquel Quinet: 31:09

I didn't even, I like lost count, but you were on fire. I was mind blown. So you get, just gave our audience a bunch of ideas.

Coby Socher: 31:17

Here's the reality of the situation. Okay. If you look yourself in the mirror and say, I got this, I can do this. I'm worthy of this. And then you find the deal because you know the deal is going to work. You're going to find the money. The money will come, right? and I think it doesn't feel like that always. But Raquel, if I could offer you a 30 percent return on your money, Would you loan me 10, 000?

Raquel Quinet: 31:42

100 percent all day long.

Coby Socher: 31:43

There you go. So Raquel is your lender, right? It's like I think it's just one of those things where it's like and by the way My business coach has lent me over 1. 3 million dollars, right? It wasn't on purpose He didn't really want to lend to me, but I was like, the deal is so great. Like you wouldn't lend on this deal. You lend on all these other deals, lend to me. And I think he wanted to keep our relationship like kind of kosher. And yet the reality is that like money is sitting there waiting to be used. You just have to find it as long as you have the deal.

Raquel Quinet: 32:13

We've funded a lot of different people's deals. Just exactly what you said. I trusted the person. They said, here's the deal. I said, great. When you guys expect to close on it. Awesome. I don't want to know any of the details.

Coby Socher: 32:26

I always think asking people is like one of the biggest things. We talked about that at the beginning of this, but it's I walk into a grocery store and I, it's a new grocery store and I need to buy, let's say, ketchup, right? I have no shame to ask somebody, even if they don't work at the grocery, I'll be like, I know you don't work here, but do you know where ketchup is? And they're like, Oh yeah, it's like down that way on aisle three. And I'm like, thank you so much. Cause like, why would I circle around the grocery store looking for ketchup when somebody else probably knows where it is? Correct. Same thing goes to finding money, finding a listing, finding some sort of deal. It's you go ask 10 people something and the answer is going to come. So it's if you find a deal and you will go ask 10 people, Hey, I'm looking for money. Where can I find money? Like you'd find the people that are already doing that, who are in the space. But you go ask 10 people and you're going to find it. You go find 10 people who will potentially sell their home the next year. You ask them if they'd list with you. My guess is one or two lists their home with you.

Raquel Quinet: 33:20

Love it. You've dropped a lot of wisdom, a lot of knowledge. I want to ask you, what's been the biggest game changer in your business just this year?

Coby Socher: 33:32

The biggest game changer in my business has been hiring the right people. And on the construction side of my business, I was running construction until November of this last year. I hired a head of construction that actually understands the flow of construction. It sped up our projects by two and a half to three weeks. makes us a lot more money and it takes a huge amount of weight off my plate of something I'm not amazing at. and so people have been the biggest game changer in our business. And then in terms of personal, my wife and I just got like funny and excited about points. And we started going deep on the credit card point game. We were living a life where our average credit card point balance, right? You're laughing at me right now. The average credit card point balance we had was like three to 400, 000 points. Right now we're sitting at I don't know, 2. 3, 2. 4 million points. and we've been able to travel with our son and lay flats. Stay in like insane hotels and go amazing places all on points. And again, a lot of people are like, Oh, it's because you have a flipping business. You're spending so much on construction. I'm like, yeah, but we're also going out of our way to accumulate an insane amount of points. And so it's just been like a fun game along the side. It's been like a perk. We've almost treated it like a hobby. I don't have a ton of hobbies, right? So credit card points is like a great hobby. Easy to learn to go on YouTube and you just figure it out. But we've gone so heavy on the point game and have had such amazing experiences. And for my wife and I, it's just been like this like fun game to play alongside our business.

Raquel Quinet: 34:55

What have been your, speaking of points, because I love to travel, what have been your best like credit cards that you accumulate the most points or you have fun with your points?

Coby Socher: 35:06

Yeah, a couple of them. the biggest thing is knowing exactly like what you get per dollar spent, right? And so what you want to do is you want to make sure that you actually get a large amount of points per dollar spent. So if you're using like a lot of people love to use letter like American Express Platinum. It's super sexy. It's a heavy card It's a great one But you only get one point per dollar spent or one and a half points per dollar spent when you're actually using it So if you go use it a restaurant That's like the worst card to possibly use where if you use like an American Express gold business card You get four points for every dollar spent right now Chase has one where And but they only give you the dining, the, they give you one and a half points now, and then one and a half points in a year from now. Or three points now or three points a year from now. So you get like that massive reward. And so I think we have I don't know, 510, 000 points built up on that. That will be just like, it'll just drop at the end of the year. Like just fun little things like that, but that allows you to upgrade certain things to the next level. And then once you have the points, you got to know how to transfer them and use them. So we use a website called points. me. Points. me allows you to figure out like where the saver seats are, which flight has the seats that allow you to get them for a lower point spend, and I don't know, we've gone deep into the geeking out on the point stuff, but it's just been like a fun game we've played and it's been good for our relationship.

Raquel Quinet: 36:33

I love it. So as you look forward, where do you hope to take the SoSure team and Speedy Offers?

Coby Socher: 36:42

It's a great question. I think the biggest thing is I want to go help people live massive lives. And so I first realized it's like you're on the airplane and they always say, if you have a child, they're like, Hey, put your mask on first before helping your child. And I think I always tried to help everybody else first. And I realized that I got to go build my life really big, really exciting, really fun, really cool. not in a way to show off, but in a way to lead. And once we like now done some of those things, we're still on and, doing that and living an Epic life. And actually being happy, not just talking about it and actually, being healthy and not just talking about it and actually doing fun stuff and not just talking about it, then, now going to help them. So how many people can we help go live a massive life? which will in turn help our companies. if you ask me where I want to be in the companies, I'd like the social team to be doing, a hundred to 150 million in production. And I'd like speedy offers to be on track for five to 10 million a year. Like regardless 5 million in the next, two years, 10 million in five years, yearly. And when I talk about speedy offers, I talk about it in net profit numbers, not in GCI or volume numbers.

Raquel Quinet: 37:49

I love it. so what's next for you? What are you most excited that you're working on? Is it just growing the companies helping the people? Is that it?

Coby Socher: 37:58

I think that's a lot of it if you ask me like on the investment side Where am I getting excited around? I'm working a lot on going into certain rural areas because owner financing to me is a really interesting game building the bank and being the banker. And so not just owning rentals and not just having, flips, but actually taking your money and now converting it into, long-term assets. So I've been converting a lot of my rentals and a lot of my, cash into long-term notes. selling a property and lending to the person on a 30 year term, which creates a really awesome, return long term cash flow and different stuff like that. So becoming the bank and I'm going into some rural areas where right now I'm really in a metropolitan type area. And then I guess the last thing is just, Continuing to learn, right? Like the relationships I built, I'm sitting here right here with you. And you're asking me all these questions. I'm dying to grill you on a million things. And so I'm just, I don't fully get how you do what you do with the amount of time you have in a day, knowing that we both have the same amount of time in a day. And so if you ask me like, what's the question you have for me? I'm like, how do you do it? How do you smile through it all? How do you handle it? You've got, I just saw you got a kid accepted into college basketball. That's massive.

Raquel Quinet: 39:06

Not yet, not yet, but we'll see,

Coby Socher: 39:09

but

Raquel Quinet: 39:10

he has eight offers right now.

Coby Socher: 39:12

I'm just saying that's a big deal. And it's but how are you handling, you have a podcast and you have your social medias that have gotten like really big to the point where you can't just let it sit. And then you have your businesses and then you have your women's retreats and you're like, I don't fully understand how you do it all.

Raquel Quinet: 39:28

people. Is that the answer? Yeah. Leverage and people for sure. that's a short answer of it, but it's obviously you said it earlier in the podcast where it's organization, right? Is what takes priority at that time, at that hour. And I've just gotten really good at what takes priority and what season I'm in, in my life or what .Chapter I'm in. Yeah, but as we wrap up, I could go and ask you a thousand questions, right? So I may even ask you offline of these thousand questions and we might have to record another podcast. As we wrap up, there's always one question that I ask every single guest on the show is what does Kobe do to play bigger in business or in life?

Coby Socher: 40:10

I focus on my mindset. I focus on believing in myself and believing in my family, believing in my people, and self talk, I think, gets you to where you want to go. I truly have the deep, almost like agreement with myself that if you believe that you can achieve it, and if you don't achieve it, it's because you didn't work hard enough or because you didn't do the right thing or you didn't figure it out yet. But that, you can get to where you want to go should you choose to. And should you not go where you wanted to get, it's because you also chose to. And so I think to me, that's where my head's at. Like I listened to affirmations in the car on the way to work, right? I talked to my son about being strong and being happy and being kind and being loved and being fearless and courageous and all these things. And it's me talking to myself, right? Because I want to be able to stand up and be that person. And I know that every day that I don't talk to myself in that way, I have the option to go the other way. And by having that self talk, it allows me to have this self belief, which allows me to go lead at the highest level and go do awesome things.

Raquel Quinet: 41:24

So good. I want to thank you, Kobe, for being on our show today. You have been one of the most interesting, fun, wealth of knowledge, dropped lots of bombs on this show. I appreciate you, and I can't wait to keep supporting all the things that you're doing, and of course, playing bigger.

Coby Socher: 41:43

Thank you.