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Prompts Used

Prompt 1: Context Setup

You are an expert data extractor tasked with analyzing a podcast transcript. 
I will provide you with part 1 of 1 from a podcast transcript. 
I will then ask you to extract different types of information from this content in subsequent messages. Please confirm you have received and understood the transcript content.

Transcript section:
[00:00:00.240 --> 00:00:05.600] What if your business had a 24-7 sales and marketing team without the overhead?
[00:00:05.600 --> 00:00:07.200] Here's why that matters.
[00:00:07.200 --> 00:00:10.800] 78% of leads go with the first responder.
[00:00:10.800 --> 00:00:16.400] The odds of qualifying a lead drop by 80% after 5 minutes.
[00:00:16.400 --> 00:00:20.560] Only 27% of leads are contacted by a sales rep.
[00:00:20.880 --> 00:00:26.560] 63% of companies take longer than an hour to respond to new inquiries.
[00:00:26.560 --> 00:00:30.560] And 50% of sales go to the vendor that responds first.
[00:00:30.560 --> 00:00:37.440] Businesses that use AI for lead response see a 67% increase in conversion rates.
[00:00:37.440 --> 00:00:47.040] AI-powered chat increases sales by 30%, and companies using AI also reduce customer support costs by 30%.
[00:00:47.040 --> 00:00:52.560] And automated follow-ups can boost lead engagement by 50% or more.
[00:00:52.560 --> 00:00:58.160] And that's why I built an AI automation agency called LeadLoops.pro.
[00:00:58.160 --> 00:01:12.160] LeadLoops texts new leads instantly, follows up after hours, reconnects old contacts, handles Google reviews, recovers abandoned carts, and even a voice bot that answers calls.
[00:01:12.160 --> 00:01:15.600] Basically, it's a tiny army that never sleeps.
[00:01:15.600 --> 00:01:19.280] You can learn more at leadloops.pro.
[00:01:19.280 --> 00:01:27.360] The other thing I want to tell you about is I'm now offering a free marketing report at getafreemarketingreport.com.
[00:01:27.360 --> 00:01:37.600] All you have to do is give me your business information and I check your online presence and send a detailed report in a day or two showing what's working and what to improve.
[00:01:37.600 --> 00:01:42.800] Again, that's at getafree marketingreport.com.
[00:01:42.800 --> 00:01:45.520] Welcome to the FrugalPreneur podcast.
[00:01:45.520 --> 00:01:46.880] I am your host, Sarah St.
[00:01:46.960 --> 00:01:47.600] John.
[00:01:47.600 --> 00:02:05.880] This episode is what I refer to as a showcase episode, where I feature a bootstrapped entrepreneur and they briefly share their tips, tricks, tactics, techniques, and tools that help them bootstrap their business and the successes and failures along the way.
[00:01:59.680 --> 00:02:16.520] My hope is that each of these showcase episodes will provide at least one valuable takeaway that you can implement right away in your own bootstrap business journey.
[00:02:16.520 --> 00:02:18.120] Now, on to the episode.
[00:02:18.120 --> 00:02:20.120] Thanks for having me on, Sarah.
[00:02:20.120 --> 00:02:21.400] My name is Jack Alweil.
[00:02:21.480 --> 00:02:27.400] I grew up in a very small town in Michigan, about 100 miles north of Detroit, like a thousand people.
[00:02:27.400 --> 00:02:34.280] I'd say my journey or background really started sitting in a math class my junior year of college.
[00:02:34.280 --> 00:02:42.680] I was a math and econ major, didn't really know what I was doing with my life like many people, like, you know, 20, 21 years old.
[00:02:42.680 --> 00:02:54.600] And this class was an interest theory class, and I'd always liked math, but this class, we got to use a lot of different symbols for like calculating present values of future cash flows.
[00:02:54.600 --> 00:02:56.200] And I was like, yeah, I kind of like this.
[00:02:56.200 --> 00:02:59.880] And it was, it was part of the actuarial mathematics curriculum.
[00:02:59.880 --> 00:03:05.640] And part of the appeal to the actuarial profession, I thought, was it was very exam-driven.
[00:03:05.640 --> 00:03:09.000] It seemed like if you just passed the exams, you would get a fair shot.
[00:03:09.000 --> 00:03:17.160] And even at the time, it kind of seemed like you kind of needed to know people to get opportunities in some rounds.
[00:03:17.160 --> 00:03:20.680] So I thought it seemed pretty fair in that respect.
[00:03:20.680 --> 00:03:25.960] So I got into that and I actually ended up moving down to North Carolina in 2015.
[00:03:25.960 --> 00:03:27.240] Didn't know a soul.
[00:03:27.240 --> 00:03:32.520] I had already passed five exams at that point and the sixth one was giving me a lot of issues.
[00:03:32.520 --> 00:03:34.680] And I ended up losing some balance in my life.
[00:03:34.760 --> 00:03:37.880] My work product was on the down, I would say.
[00:03:37.880 --> 00:03:42.520] So, I ended up getting fired in 2016, and I needed to revamp my life.
[00:03:42.520 --> 00:03:44.520] So, I started reading a lot.
[00:03:44.520 --> 00:03:49.360] I still got another actuary job, but I decided to house hack in 2017.
[00:03:49.920 --> 00:03:52.640] And that really made my life a lot more robust.
[00:03:52.640 --> 00:04:00.560] And it felt like I had more freedom to pursue other passion projects and get started really into my real estate journey.
[00:04:00.560 --> 00:04:17.680] I think the story from my life that might be a little more applicable to someone that really doesn't have a lot of money going forward or starting with is after I started house hacking, I started reading a real lot about real estate and some creative financing methods.
[00:04:17.680 --> 00:04:26.000] So, one of my strategies, I was calling property managers, and this does take a lot of time, but it doesn't take a lot of money.
[00:04:26.000 --> 00:04:31.040] So, calling property managers and seeing if any of their clients are looking to offload for any reason.
[00:04:31.040 --> 00:04:40.800] Sure enough, I found a property manager that had a client that it was a couple, they were going through a divorce, they had to offload three of their properties: once three unit and two single families.
[00:04:40.800 --> 00:04:44.720] I ended up asking them if they would sell or finance it for me.
[00:04:44.720 --> 00:04:49.920] Like I said, I did not have that much cash and they wanted like $20,000 down.
[00:04:50.080 --> 00:04:59.360] I basically raised 15 of those 20,000 from friends, my brother and a friend, and was able to make the down payment that way.
[00:04:59.360 --> 00:05:02.560] And then the owners financed the rest.
[00:05:02.800 --> 00:05:04.400] That's how I got started.
[00:05:04.720 --> 00:05:12.560] Sweet Dash is the ultimate all-in-one business software platform designed to simplify your operations and supercharge your growth.
[00:05:12.560 --> 00:05:29.720] Say goodbye to Tech Tool Overload, and hello to a single unified system that handles CRM, proposals, scheduling, contracts, invoicing, subscriptions, project management, client portals, file sharing, and marketing, all in one place.
[00:05:29.360 --> 00:05:36.040] With Sweet Dash, you'll enjoy one login to streamline your business, saving you time and sanity.
[00:05:36.360 --> 00:05:42.440] No-code automations that put your business on autopilot by slashing manual tasks.
[00:05:42.440 --> 00:05:46.520] The roll kicker, unlimited users and clients.
[00:05:46.520 --> 00:05:52.280] This means you can invite your team, clients, and contractors without worrying about extra fees.
[00:05:52.280 --> 00:05:56.040] But Sweet Dash isn't just about software, it's about community.
[00:05:56.040 --> 00:06:00.520] Their roadmap thrives on user feedback and live support sessions.
[00:06:00.520 --> 00:06:03.880] Ensure you're never alone on your journey to success.
[00:06:03.880 --> 00:06:14.520] Trusted by tens of thousands of small businesses with over a thousand glowing five-star reviews on Capterra and G2, Sweet Dash is a platform you've been waiting for.
[00:06:14.520 --> 00:06:19.400] You can try it free, no credit card required at sweetash.com.
[00:06:19.400 --> 00:06:25.400] That's S-U-I-T-E-D-A-S-H dot com.
[00:06:25.400 --> 00:06:32.280] Sweet Dash, one login, one platform, one low price, unlimited potential.
[00:06:32.600 --> 00:06:34.840] I feel like I had so many mistakes.
[00:06:34.840 --> 00:06:36.040] It's pretty crazy.
[00:06:36.040 --> 00:06:40.920] I didn't verify the owners hid insurance on one of the rentals.
[00:06:40.920 --> 00:06:46.200] And when I went to get insurance after I had bought it, they said, oh, you need a new roof on the garage.
[00:06:46.840 --> 00:06:47.880] I'm like, what do you mean?
[00:06:49.240 --> 00:06:52.040] And then I went back to the owners and like, how did you guys insure this?
[00:06:52.040 --> 00:06:53.080] Which company did you use?
[00:06:53.080 --> 00:06:55.320] And they said, yeah, we just didn't have insurance.
[00:06:55.320 --> 00:06:59.400] Doing proper due diligence is paramount, I would say, in any way.
[00:06:59.400 --> 00:07:03.240] Getting referrals beforehand, doing research on insurances.
[00:07:03.240 --> 00:07:06.040] I've been bamboozled by a website creator.
[00:07:06.280 --> 00:07:09.400] This was a slightly different company, but my land flipping company.
[00:07:09.400 --> 00:07:14.120] I was talking with this Irish guy on X, seemed very nice, said he could make me a website.
[00:07:14.120 --> 00:07:17.120] You know, I send him $2,000 to make me a website.
[00:07:17.200 --> 00:07:18.480] It seems to be going well.
[00:07:14.200 --> 00:07:25.520] And then, next thing you know, I'm sitting at my desk trying to update the website, and he's not responding.
[00:07:25.520 --> 00:07:27.360] I have no idea how to use it.
[00:07:27.360 --> 00:07:30.320] And I've just been bamboozled out of $2,000.
[00:07:30.320 --> 00:07:34.880] My biggest success, I guess I would say, is at least financially that first deal I did.
[00:07:34.880 --> 00:07:40.640] I mean, it was a slight risk, but it has had a huge impact to my overall net worth.
[00:07:40.640 --> 00:07:50.720] I mean, I bought those three properties for 60 grand sight unseen, and now they're all together worth over 200,000 and the cash flow and they're paid off.
[00:07:50.720 --> 00:07:55.520] So great reminder that you never know where a decision is going to take you.
[00:07:55.520 --> 00:08:03.680] I'd say at the end of the day, if you want to scale anything, you need to leverage either other people's money or other people's time.
[00:08:03.680 --> 00:08:08.000] So, with the rentals, I've tried to get good management in place.
[00:08:08.000 --> 00:08:10.240] I think that is very important.
[00:08:10.560 --> 00:08:17.840] I would get a lot of references, do your due diligence on the property managers so they can do the work for you.
[00:08:17.840 --> 00:08:23.200] In terms of land flipping, I started to go to states where I could do most of the research on my own.
[00:08:23.200 --> 00:08:30.000] I've been flipping in Arizona where I can do all the title research myself remotely.
[00:08:30.000 --> 00:08:31.600] And so, that's been pretty cool.
[00:08:31.600 --> 00:08:43.040] And I've utilized a tool called LGPAS for my CRM and sending out mailers so I don't have to physically print out letters, envelope them, and stamp them.
[00:08:43.040 --> 00:08:44.240] It's all done automatically.
[00:08:44.240 --> 00:08:49.360] I just upload a CSV file into LGPASS and it mails the letters out.
[00:08:49.360 --> 00:08:57.040] So, that's been a very useful tool I've used along the way to acquire properties that I then go and sell for more money.
[00:08:57.040 --> 00:09:00.600] I'd say one of the biggest things to get comfortable with is making decisions.
[00:09:00.840 --> 00:09:07.800] And I think to be a good decision maker, it is imperative for you to separate the decision from the result.
[00:09:07.800 --> 00:09:14.760] And there's a famous former poker player, Annie Duke, who wrote a book called Thinking and Bets, where she has this phrase she calls resulting.
[00:09:14.760 --> 00:09:21.240] It's the idea of separating the result from the actual decision because you can play a hand correctly and still get unlucky.
[00:09:21.240 --> 00:09:30.920] So it puts this idea of that there are some parts skills, some parts chance in life, and you have to get comfortable making decisions and being okay with the outcomes.
[00:09:30.920 --> 00:09:38.440] On top of that, I would say it's more important to understand the environment we're operating in.
[00:09:38.440 --> 00:09:52.680] For example, instead of trying to create a plane that flies faster, it would be more beneficial to find the time of day where the weather patterns are in your favor and you have a talent to your back.
[00:09:52.680 --> 00:10:00.600] So I think that goes to the monetary environment, understanding how to use debt, how the government operates in terms of money printing.
[00:10:00.600 --> 00:10:11.000] And I think learning that will be way more beneficial than just trying to make more money, just like working hard because the system is kind of written.
[00:10:11.000 --> 00:10:14.520] But as long as you learn the rules, you won't get slaughtered, basically.
[00:10:14.520 --> 00:10:23.960] If you want to go, I talk a lot about money topics, macro and hard money on my YouTube channel, and that's at JackAllwell5746.
[00:10:23.960 --> 00:10:25.400] And thanks for having me.
[00:10:25.400 --> 00:10:33.400] I hope you enjoyed that episode and were able to take away a valuable nugget of information that you can implement right away in your own business.
[00:10:33.400 --> 00:10:41.400] If you feel your story would be valuable for the listeners of this show, please visit frugal.show forward slash guest.
[00:10:41.400 --> 00:10:46.480] What if your business had a 24-7 sales and marketing team without the overhead?
[00:10:46.800 --> 00:10:52.080] Here's why that matters: 78% of leads go with the first responder.
[00:10:52.080 --> 00:10:57.680] The odds of qualifying a lead drop by 80% after 5 minutes.
[00:10:57.680 --> 00:11:01.840] Only 27% of leads are contacted by a sales rep.
[00:11:02.160 --> 00:11:07.840] 63% of companies take longer than an hour to respond to new inquiries.
[00:11:07.840 --> 00:11:11.760] And 50% of sales go to the vendor that responds first.
[00:11:11.760 --> 00:11:18.720] Businesses that use AI for lead response see a 67% increase in conversion rates.
[00:11:18.720 --> 00:11:28.240] AI-powered chat increases sales by 30%, and companies using AI also reduce customer support costs by 30%.
[00:11:28.240 --> 00:11:33.840] And automated follow-ups can boost lead engagement by 50% or more.
[00:11:33.840 --> 00:11:39.440] And that's why I built an AI automation agency called LeadLoops.pro.
[00:11:39.440 --> 00:11:53.440] LeadLoops texts new leads instantly, follows up after hours, reconnects old contacts, handles Google reviews, recovers abandoned carts, and even a voice bot that answers calls.
[00:11:53.440 --> 00:11:56.880] Basically, it's a tiny army that never sleeps.
[00:11:56.880 --> 00:12:00.560] You can learn more at leadloops.pro.
[00:12:00.560 --> 00:12:08.640] The other thing I want to tell you about is I'm now offering a free marketing report at getafreemarketingreport.com.
[00:12:08.640 --> 00:12:18.800] All you have to do is give me your business information and I check your online presence and send a detailed report in a day or two showing what's working and what to improve.
[00:12:18.800 --> 00:12:23.680] Again, that's at getafreemarketingreport.com.

Prompt 2: Key Takeaways

Now please extract the key takeaways from the transcript content I provided.

Extract the most important key takeaways from this part of the conversation. Use a single sentence statement (the key takeaway) rather than milquetoast descriptions like "the hosts discuss...". 

Limit the key takeaways to a maximum of 3. The key takeaways should be insightful and knowledge-additive. 

IMPORTANT: Return ONLY valid JSON, no explanations or markdown. Ensure:
- All strings are properly quoted and escaped
- No trailing commas
- All braces and brackets are balanced
Format: {"key_takeaways": ["takeaway 1", "takeaway 2"]}

Prompt 3: Segments

Now identify 2-4 distinct topical segments from this part of the conversation.

For each segment, identify:
- Descriptive title (3-6 words)  
- START timestamp when this topic begins (HH:MM:SS format)
- Double check that the timestamp is accurate - a timestamp will NEVER be greater than the total length of the audio
- Most important Key takeaway from that segment. Key takeaway must be specific and knowledge-additive.
- Brief summary of the discussion

IMPORTANT: The timestamp should mark when the topic/segment STARTS, not a range. Look for topic transitions and conversation shifts.

Return ONLY valid JSON. Ensure all strings are properly quoted, no trailing commas:
{
  "segments": [
    {
      "segment_title": "Topic Discussion", 
      "timestamp": "01:15:30",
      "key_takeaway": "main point from this segment",
      "segment_summary": "brief description of what was discussed"
    }
  ]
}

Timestamp format: HH:MM:SS (e.g., 00:05:30, 01:22:45) marking the START of each segment.

Prompt 4: Media Mentions

Now scan the transcript content I provided for ACTUAL mentions of specific media titles:

Find explicit mentions of:
- Books (with specific titles)
- Movies (with specific titles)  
- TV Shows (with specific titles)
- Music/Songs (with specific titles)

DO NOT include:
- Websites, URLs, or web services
- Other podcasts or podcast names

IMPORTANT: 
- Only include items explicitly mentioned by name. Do not invent titles.
- Valid categories are: "Book", "Movie", "TV Show", "Music"
- Include the exact phrase where each item was mentioned
- Find the nearest proximate timestamp where it appears in the conversation
- THE TIMESTAMP OF THE MEDIA MENTION IS IMPORTANT - DO NOT INVENT TIMESTAMPS AND DO NOT MISATTRIBUTE TIMESTAMPS
- Double check that the timestamp is accurate - a timestamp will NEVER be greater than the total length of the audio
- Timestamps are given as ranges, e.g. 01:13:42.520 --> 01:13:46.720. Use the EARLIER of the 2 timestamps in the range.

Return ONLY valid JSON. Ensure all strings are properly quoted and escaped, no trailing commas:
{
  "media_mentions": [
    {
      "title": "Exact Title as Mentioned",
      "category": "Book",
      "author_artist": "N/A",
      "context": "Brief context of why it was mentioned",
      "context_phrase": "The exact sentence or phrase where it was mentioned",
      "timestamp": "estimated time like 01:15:30"
    }
  ]
}

If no media is mentioned, return: {"media_mentions": []}

Full Transcript

[00:00:00.240 --> 00:00:05.600] What if your business had a 24-7 sales and marketing team without the overhead?
[00:00:05.600 --> 00:00:07.200] Here's why that matters.
[00:00:07.200 --> 00:00:10.800] 78% of leads go with the first responder.
[00:00:10.800 --> 00:00:16.400] The odds of qualifying a lead drop by 80% after 5 minutes.
[00:00:16.400 --> 00:00:20.560] Only 27% of leads are contacted by a sales rep.
[00:00:20.880 --> 00:00:26.560] 63% of companies take longer than an hour to respond to new inquiries.
[00:00:26.560 --> 00:00:30.560] And 50% of sales go to the vendor that responds first.
[00:00:30.560 --> 00:00:37.440] Businesses that use AI for lead response see a 67% increase in conversion rates.
[00:00:37.440 --> 00:00:47.040] AI-powered chat increases sales by 30%, and companies using AI also reduce customer support costs by 30%.
[00:00:47.040 --> 00:00:52.560] And automated follow-ups can boost lead engagement by 50% or more.
[00:00:52.560 --> 00:00:58.160] And that's why I built an AI automation agency called LeadLoops.pro.
[00:00:58.160 --> 00:01:12.160] LeadLoops texts new leads instantly, follows up after hours, reconnects old contacts, handles Google reviews, recovers abandoned carts, and even a voice bot that answers calls.
[00:01:12.160 --> 00:01:15.600] Basically, it's a tiny army that never sleeps.
[00:01:15.600 --> 00:01:19.280] You can learn more at leadloops.pro.
[00:01:19.280 --> 00:01:27.360] The other thing I want to tell you about is I'm now offering a free marketing report at getafreemarketingreport.com.
[00:01:27.360 --> 00:01:37.600] All you have to do is give me your business information and I check your online presence and send a detailed report in a day or two showing what's working and what to improve.
[00:01:37.600 --> 00:01:42.800] Again, that's at getafree marketingreport.com.
[00:01:42.800 --> 00:01:45.520] Welcome to the FrugalPreneur podcast.
[00:01:45.520 --> 00:01:46.880] I am your host, Sarah St.
[00:01:46.960 --> 00:01:47.600] John.
[00:01:47.600 --> 00:02:05.880] This episode is what I refer to as a showcase episode, where I feature a bootstrapped entrepreneur and they briefly share their tips, tricks, tactics, techniques, and tools that help them bootstrap their business and the successes and failures along the way.
[00:01:59.680 --> 00:02:16.520] My hope is that each of these showcase episodes will provide at least one valuable takeaway that you can implement right away in your own bootstrap business journey.
[00:02:16.520 --> 00:02:18.120] Now, on to the episode.
[00:02:18.120 --> 00:02:20.120] Thanks for having me on, Sarah.
[00:02:20.120 --> 00:02:21.400] My name is Jack Alweil.
[00:02:21.480 --> 00:02:27.400] I grew up in a very small town in Michigan, about 100 miles north of Detroit, like a thousand people.
[00:02:27.400 --> 00:02:34.280] I'd say my journey or background really started sitting in a math class my junior year of college.
[00:02:34.280 --> 00:02:42.680] I was a math and econ major, didn't really know what I was doing with my life like many people, like, you know, 20, 21 years old.
[00:02:42.680 --> 00:02:54.600] And this class was an interest theory class, and I'd always liked math, but this class, we got to use a lot of different symbols for like calculating present values of future cash flows.
[00:02:54.600 --> 00:02:56.200] And I was like, yeah, I kind of like this.
[00:02:56.200 --> 00:02:59.880] And it was, it was part of the actuarial mathematics curriculum.
[00:02:59.880 --> 00:03:05.640] And part of the appeal to the actuarial profession, I thought, was it was very exam-driven.
[00:03:05.640 --> 00:03:09.000] It seemed like if you just passed the exams, you would get a fair shot.
[00:03:09.000 --> 00:03:17.160] And even at the time, it kind of seemed like you kind of needed to know people to get opportunities in some rounds.
[00:03:17.160 --> 00:03:20.680] So I thought it seemed pretty fair in that respect.
[00:03:20.680 --> 00:03:25.960] So I got into that and I actually ended up moving down to North Carolina in 2015.
[00:03:25.960 --> 00:03:27.240] Didn't know a soul.
[00:03:27.240 --> 00:03:32.520] I had already passed five exams at that point and the sixth one was giving me a lot of issues.
[00:03:32.520 --> 00:03:34.680] And I ended up losing some balance in my life.
[00:03:34.760 --> 00:03:37.880] My work product was on the down, I would say.
[00:03:37.880 --> 00:03:42.520] So, I ended up getting fired in 2016, and I needed to revamp my life.
[00:03:42.520 --> 00:03:44.520] So, I started reading a lot.
[00:03:44.520 --> 00:03:49.360] I still got another actuary job, but I decided to house hack in 2017.
[00:03:49.920 --> 00:03:52.640] And that really made my life a lot more robust.
[00:03:52.640 --> 00:04:00.560] And it felt like I had more freedom to pursue other passion projects and get started really into my real estate journey.
[00:04:00.560 --> 00:04:17.680] I think the story from my life that might be a little more applicable to someone that really doesn't have a lot of money going forward or starting with is after I started house hacking, I started reading a real lot about real estate and some creative financing methods.
[00:04:17.680 --> 00:04:26.000] So, one of my strategies, I was calling property managers, and this does take a lot of time, but it doesn't take a lot of money.
[00:04:26.000 --> 00:04:31.040] So, calling property managers and seeing if any of their clients are looking to offload for any reason.
[00:04:31.040 --> 00:04:40.800] Sure enough, I found a property manager that had a client that it was a couple, they were going through a divorce, they had to offload three of their properties: once three unit and two single families.
[00:04:40.800 --> 00:04:44.720] I ended up asking them if they would sell or finance it for me.
[00:04:44.720 --> 00:04:49.920] Like I said, I did not have that much cash and they wanted like $20,000 down.
[00:04:50.080 --> 00:04:59.360] I basically raised 15 of those 20,000 from friends, my brother and a friend, and was able to make the down payment that way.
[00:04:59.360 --> 00:05:02.560] And then the owners financed the rest.
[00:05:02.800 --> 00:05:04.400] That's how I got started.
[00:05:04.720 --> 00:05:12.560] Sweet Dash is the ultimate all-in-one business software platform designed to simplify your operations and supercharge your growth.
[00:05:12.560 --> 00:05:29.720] Say goodbye to Tech Tool Overload, and hello to a single unified system that handles CRM, proposals, scheduling, contracts, invoicing, subscriptions, project management, client portals, file sharing, and marketing, all in one place.
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[00:06:32.600 --> 00:06:34.840] I feel like I had so many mistakes.
[00:06:34.840 --> 00:06:36.040] It's pretty crazy.
[00:06:36.040 --> 00:06:40.920] I didn't verify the owners hid insurance on one of the rentals.
[00:06:40.920 --> 00:06:46.200] And when I went to get insurance after I had bought it, they said, oh, you need a new roof on the garage.
[00:06:46.840 --> 00:06:47.880] I'm like, what do you mean?
[00:06:49.240 --> 00:06:52.040] And then I went back to the owners and like, how did you guys insure this?
[00:06:52.040 --> 00:06:53.080] Which company did you use?
[00:06:53.080 --> 00:06:55.320] And they said, yeah, we just didn't have insurance.
[00:06:55.320 --> 00:06:59.400] Doing proper due diligence is paramount, I would say, in any way.
[00:06:59.400 --> 00:07:03.240] Getting referrals beforehand, doing research on insurances.
[00:07:03.240 --> 00:07:06.040] I've been bamboozled by a website creator.
[00:07:06.280 --> 00:07:09.400] This was a slightly different company, but my land flipping company.
[00:07:09.400 --> 00:07:14.120] I was talking with this Irish guy on X, seemed very nice, said he could make me a website.
[00:07:14.120 --> 00:07:17.120] You know, I send him $2,000 to make me a website.
[00:07:17.200 --> 00:07:18.480] It seems to be going well.
[00:07:14.200 --> 00:07:25.520] And then, next thing you know, I'm sitting at my desk trying to update the website, and he's not responding.
[00:07:25.520 --> 00:07:27.360] I have no idea how to use it.
[00:07:27.360 --> 00:07:30.320] And I've just been bamboozled out of $2,000.
[00:07:30.320 --> 00:07:34.880] My biggest success, I guess I would say, is at least financially that first deal I did.
[00:07:34.880 --> 00:07:40.640] I mean, it was a slight risk, but it has had a huge impact to my overall net worth.
[00:07:40.640 --> 00:07:50.720] I mean, I bought those three properties for 60 grand sight unseen, and now they're all together worth over 200,000 and the cash flow and they're paid off.
[00:07:50.720 --> 00:07:55.520] So great reminder that you never know where a decision is going to take you.
[00:07:55.520 --> 00:08:03.680] I'd say at the end of the day, if you want to scale anything, you need to leverage either other people's money or other people's time.
[00:08:03.680 --> 00:08:08.000] So, with the rentals, I've tried to get good management in place.
[00:08:08.000 --> 00:08:10.240] I think that is very important.
[00:08:10.560 --> 00:08:17.840] I would get a lot of references, do your due diligence on the property managers so they can do the work for you.
[00:08:17.840 --> 00:08:23.200] In terms of land flipping, I started to go to states where I could do most of the research on my own.
[00:08:23.200 --> 00:08:30.000] I've been flipping in Arizona where I can do all the title research myself remotely.
[00:08:30.000 --> 00:08:31.600] And so, that's been pretty cool.
[00:08:31.600 --> 00:08:43.040] And I've utilized a tool called LGPAS for my CRM and sending out mailers so I don't have to physically print out letters, envelope them, and stamp them.
[00:08:43.040 --> 00:08:44.240] It's all done automatically.
[00:08:44.240 --> 00:08:49.360] I just upload a CSV file into LGPASS and it mails the letters out.
[00:08:49.360 --> 00:08:57.040] So, that's been a very useful tool I've used along the way to acquire properties that I then go and sell for more money.
[00:08:57.040 --> 00:09:00.600] I'd say one of the biggest things to get comfortable with is making decisions.
[00:09:00.840 --> 00:09:07.800] And I think to be a good decision maker, it is imperative for you to separate the decision from the result.
[00:09:07.800 --> 00:09:14.760] And there's a famous former poker player, Annie Duke, who wrote a book called Thinking and Bets, where she has this phrase she calls resulting.
[00:09:14.760 --> 00:09:21.240] It's the idea of separating the result from the actual decision because you can play a hand correctly and still get unlucky.
[00:09:21.240 --> 00:09:30.920] So it puts this idea of that there are some parts skills, some parts chance in life, and you have to get comfortable making decisions and being okay with the outcomes.
[00:09:30.920 --> 00:09:38.440] On top of that, I would say it's more important to understand the environment we're operating in.
[00:09:38.440 --> 00:09:52.680] For example, instead of trying to create a plane that flies faster, it would be more beneficial to find the time of day where the weather patterns are in your favor and you have a talent to your back.
[00:09:52.680 --> 00:10:00.600] So I think that goes to the monetary environment, understanding how to use debt, how the government operates in terms of money printing.
[00:10:00.600 --> 00:10:11.000] And I think learning that will be way more beneficial than just trying to make more money, just like working hard because the system is kind of written.
[00:10:11.000 --> 00:10:14.520] But as long as you learn the rules, you won't get slaughtered, basically.
[00:10:14.520 --> 00:10:23.960] If you want to go, I talk a lot about money topics, macro and hard money on my YouTube channel, and that's at JackAllwell5746.
[00:10:23.960 --> 00:10:25.400] And thanks for having me.
[00:10:25.400 --> 00:10:33.400] I hope you enjoyed that episode and were able to take away a valuable nugget of information that you can implement right away in your own business.
[00:10:33.400 --> 00:10:41.400] If you feel your story would be valuable for the listeners of this show, please visit frugal.show forward slash guest.
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