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About The Guest
Jerome Maldonado is a highly successful real estate investor, business owner, salesmen, coach and speaker.
Over the span of his 20 year career, Jerome has built an eight-figure empire and has mentored people from around the world in sales, real estate, and business.
Over the course of his career he has built multiple 8 figure businesses, bought failing businesses such as Radio Shack, Pier 1 Imports and Modell’s Sporting Goods. Built a team that includes the likes of Tai Lopez and Alex Mehr.
One of the largest Subway franchisees in the nation, as well as owner of beauty salons, juice bars and more as well as a global keynote speaker, business leader, and mentor.
- 09:54 — Overcoming imposter syndrome.
- 23:30 — Recovering after a recession.
- 27:38 — How to find the right business partners.
- 34:17 — How to grow a real estate empire.
- 52:52 — Subsidizing your own skill set.
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What is the Success Story Podcast?
On this podcast, you’ll find interviews, Q&A, keynote presentations & conversations on sales, marketing, business, startups and entrepreneurship.
The podcast is hosted by entrepreneur, business executive, author, educator & speaker, Scott D. Clary.
Scott will discuss some of the lessons he’s learned over his own career, as well as have candid interviews with execs, celebrities, notable figures and politicians. All who have achieved success through both wins and losses, to learn more about their life, their ideas and insights.
He sits down with leaders and mentors and unpacks their story to help pass those lessons onto others through both experiences and tactical strategy for business professionals, entrepreneurs and everyone in between.
Machine Generated Transcript
people, business, building, money, started, scott, buying, work, life, brands, real estate, pay, pivots, speak, invest, capital, compliance, sit, construction, playbook
Jerome Maldonado, Scott D Clary
Scott D Clary 00:00
Welcome to success story, the most useful podcast in the world. I’m your host, Scott D. Clary. That success story podcast is part of the HubSpot Podcast Network. The HubSpot Podcast Network has incredible podcasts for you to check out like remarkable people hosted by Guy Kawasaki, of course, brought to you by the HubSpot Podcast Network. The remarkable people podcast with Guy Kawasaki helps you better understand the changing world with interviews from thought leaders, legends, and iconoclast. If you are interested in business leadership, entrepreneurship, he interviews the best of the best leveraging connections that he’s built over his career. Here’s some of the episodes and interviews that he’s done. He’s spoken to Seth Godin, marketing God blogger author, he’s spoken to Pat Flynn, entrepreneur power podcaster and popular YouTuber he’s spoken to Jen Lim, happiness evangelist and author of beyond happiness you spoken to Steve Blank, author, entrepreneur, and startup whisper if you want to listen to incredibly intelligent conversations with some of the most remarkable people on the planet. Listen to remarkable people podcast by Guy Kawasaki, wherever you get your podcast today. My guest is Jerome Maldonado. He is a highly successful real estate investor, entrepreneur, business owner, salesman, coach and speaker over the span of his 20 year career. He’s built an eight figure empire and has mentored people from around the world and sales, real estate business entrepreneurship. He has done a lot. So he is an author. He’s written a couple books. He is a founder of various companies. Obviously, he’s also a very successful real estate developer and investor. He is an equity owner of retail e commerce ventures, which include Radio Shack, Pier One imports, Mattel, sporting goods and more. He is a serial entrepreneur, like I mentioned, but he’s one of the largest subway franchisees in the nation. He’s also invested in beauty salons, juice bars, and a variety of other assets. So what do we speak about? Well, let’s go through the list of stuff that he’s done. And we sort of touched on everything. So real estate, we spoke about starting off in real estate, what to invest in, we spoke about the different types of real estate, you can invest in how to build a debt free real estate portfolio, how to set up your real estate portfolio for downturns in markets, what’s going to happen with real estate coming out of COVID. So we went into real estate, then we went into investment. So we spoke about how obviously Jerome and his team decided to buy failing businesses such as radio shack, Pier One imports, well, that was modells, sporting goods and more. And then we just spoke about some great business strategy, entrepreneurship strategies, sales strategy, that he’s used to grow real estate portfolios, franchises that he’s purchased, businesses that he’s wanted to scale, including his own personal brand that he’s building out right now. So he’s done a lot. So just a really, really well rounded person. So if you want to learn anything about real estate, about investment about entrepreneurship, about some of the stuff he’s done with like Tai Lopez and Alex Mayer, including buying up Radio Shack, Pier One imports, modell sporting goods, which are just really interesting stories and why they chose to do that. We went into everything so I hope you enjoy it too. This is drone Maldonado, highly successful real estate investor, business owner entrepreneur
Jerome Maldonado 03:18
been reading, I was thinking, Okay, God, I gotta revise this and that. They’re funny week. You know, it doesn’t it doesn’t start quite like that. And it’s been it’s been a journey. Right? And so developing business life. And getting to a place where right now is it’s been a journey to get here, and we’re still moving. You know, we’re still working in facilitating business. I’m in the office every day. I just got back from Phoenix yesterday, where we were undergoing municipal approvals on variances and zone changes for projects. And so, but I come from from just a normal background, I grew up in a regular small Catholic family and in Albuquerque, and, and we were taught just to go out and get get a good education, Scott and, and that’s what I did. I went through I went through through school, I was dyslexic. I struggled in school, and I was never, it was never my forte. But I knew I wanted better in my life. So I went to college, and I was in pharmacy school and in the midst of pharmacy school, I was introduced to a direct sales and network marketing company and i i bullhorn to company and I, I went full force with it. And I took a little sabbatical from school for four and a half years, and I struggled for about three of those four and a half years and about the last year and a half. I really hit home runs with it. And it was because I stay persistent with it. I went broke. I went through some really hard times financially, but they were some of the best times in my life and I got to travel this country being poor and broke and how we did that we extended credit and just went into debt and we slept on people’s couches and and we built a business and I was fortunate enough in my young 20s To make a strong strong six yours in the 90s. That was a great income. Today, it’s a great income. But really a great income is in the 90s. And so the life change, life has its alterations in 1997, the FTC came into the regulation on network marketing companies, our company was one of them, they got shut down, and we were left with zero. And that’s when I came back finished my schooling. And in the interim time of finishing my school, my, my schooling, I opened up a business and opened up a construction company of all things, I didn’t even have any construction experience. But I helped my brother in law school, get a contractor’s license, and I landed up with a contractor’s license. God only knows how, and but I knew how to sell. And Scott, the biggest thing in business is if you can learn how it how the best salespeople in the world sell, and it’s the building relationships, not through actually selling, there’s no like these, all these Zig Ziglar old school techniques. We live in a different society now. Right? So we learned how to build relationships in direct sales and network marketing. And I knew how to go out and build. I knew how to network and I knew how to build a foundation to the business. And I did. And so we did seven figures, our first year not knowing anything about construction, I applied some simple concepts that I learned from from simple books like thinking Grow Rich, employing the efforts of other people, get people who know how to do things you don’t know how to do and implement their their talents. And and so those simple concepts that I was taught at a young age I implemented, and we killed it, we still own that company today. That’s Jake Jacob Enterprises was JM enterprises back then, and we incorporated back in 2001. And we’ve been the same company since 2001. And that company has taken us through through some journeys, for sure. And it’s, it’s been a great, it’s been a great road, we grow the roller coaster of the recession and economic changes, and we’ve pivoted, and we’re still here, we’re still standing, we’ve done extremely well. And we’ve been very blessed. So thankful for that, Scott.
Scott D Clary 06:57
No, I appreciate the story. And and I appreciate your willingness to jump into things because that’s also not easy. You have a personality, obviously, that sort of goes after something. And I just see that in the way that you’ve gone through and gone into all these different ventures. So construction. So yeah, so network marketing was sort of like your your training ground for sales. Pivoting into your own business, construction, construction is really the kickoff point of entrepreneurship and building your own thing in your life. Correct. And then everything else sort of flowed from there.
Jerome Maldonado 07:33
It was, you know, and I never really considered myself, you know, when I was young, my parents always told me that if I didn’t get educated, lined up in construction, so I always have this little pet peeve in the back of my mind that I was I was less of a person for, for being in construction, because my parents told me that, and even when I was making a ton of money, I always kind of when people asked me what I do, and I was talking with business, and I never really owned up to owning a construction company. And it took me years to warm up to, to being in construction because of the stigma that contractors have, you know, being you know, less a fluent, you know, the, there’s that stigma of contractors, you know, that are not reliable, and there’s just all this stuff. And that’s really how we built our company is they said, you know, I’m going to create a business in a blue collar industry where we run it like white collar professionals. And in the, in my whole means behind that madness, when I first opened up was if I if I created a company, or I ran it like a white collar professional. And I acted like a white collar professional, which I was you know, and in, in, in all honesty, my college degree gave that to me because I felt like when I sat across the table, from a client, a business colleague, when I was doing stuff, big governmental jobs, I never felt inferior to them. I didn’t feel like I was that undermined, uneducated contractor, I felt like okay, I’ve got my education, I know how to speak well, I’ve done what I need to do. Maybe it’s not in, in this industry. But it gives me a level of confidence to sit down across the table. And I decided, you know, I’m going to run a white, a blue collar business as a white collar professional, in a white collar manner. And we’re going to, we’re going to go in and we’re going to take advantage of this industry and that is lucrative, which I didn’t realize, yeah.
Scott D Clary 09:17
And that’s a lot of money in construction. I’ve gotta say, it’s a ton of money. Money. So no, I was gonna say, you almost, you almost leveraged like your experience, like you had, you had an incredible imposter syndrome from what it sounds like going into this but like as as, as all entrepreneurs do, like they have this imposter syndrome, like I shouldn’t be here, you know, so you have to get through that in your head. And that’s, I think that’s actually how you ended up being successful is pushing through that. And that’s probably something that I don’t know if you want to speak on imposter syndrome or what your thoughts are on that but that’s something that I’m seeing just from your your story.
Jerome Maldonado 09:54
Yeah, well, I think we all battled different things like that, right? We society labels as is what we’re what we’re What’s respected and not respected and what you know, and we live our lives trying, I think fulfill other people’s expectations and society’s expectations of ourselves. And when you really start hitting a level of success is when you stop caring. I spoke in front of a huge group about two years ago, and I was going to speak on on real estate and business and and then the, the gentleman who put on the Apandi came to me Scott, and he said, Hey, drum, can you do me a favor, these are young professionals just getting going into college getting out of college, they’re just really confused on their direction in life, and want to give them something that they can really hands on to, and move forward with that can help them really, honestly, in their life. And so I did this thing I said, you know, I, I sat there that morning, in my hotel room, and I got a piece of one of my yellow tablet books, I have these all over my house, that these little yellow, yellow tablets everywhere all over my house. And I carry them with me, I traveled with them. And and I sat down I outlined I said you Why do most people not succeed at what they do? And it’s and I thought to myself, Why did I succeed? And I remember moving from Albuquerque all the way to the Washington, DC beltway. And I was living in in Alexandria, Virginia, and I moved out there, because I remember looking at a map, and I thought, Okay, where do we need offices and training centers for the network marketing company I was in. And I had little pins all over, we’re training centers were, and there was New York city of Dubai, way New Jersey, Washington DC, as you know, I’m gonna go so far that I can’t turn around, and I cannot come back home. And I was getting ridicule at the time, by by colleagues, by friends by schoolmates, by my parents, by everybody. And I thought, you know, if I can just get away from all this, I’ll just, I’ll have such a better way of succeeding. And so I sat there that morning, I thought about it. And I said, you know, if people were behind a blindfold, and nobody could see their failures, I bet you anything, that they were trying more stuff, because they would just pick up the pieces and just try again, right, because then that it’s not on public display, they’re not getting judged or not being criticized. And so I’ve got in front of the room, and I did this speech about, you know, when you stop caring about what other people think, and you live your life in a fashion, where you can go in and you act like you are behind blinders, and you stop, and you stop being concerned with other people’s judgments against you, that’s when you’ll truly succeed. And it was at that point, my life where I sit back, and I’ve had many, many instances where I have felt this way. And I think we still go through this even today, you know, when people say, Well, you’ve been successful, why would you go through that? I think there’s a level of, there’s a level of, of acceptance in our mind that we want from people, right? But, but when you stop caring, as long as you’re doing it, right, I tell my children, and I say, Look, don’t worry about what other people think people are going to be judgmental. And if, if you aren’t doing anything wrong, you’re doing things right, and you’re not hurting anybody. You shouldn’t have to worry about what people think. And in fact, when you stop caring about what people think in your life, not on public display anymore, what you realize is that your life becomes less interesting, and they don’t have anything to talk about. And so you just move forward, and then you become a success in your own right, and your own story. And when you can put those blinders on and go through life without worrying about what other people think. And you don’t worry about failing, because if you can pick it up in in, I’ve always said you have your health, you have everything. Because if you have your health, you can pick up all the pieces when you make mistakes, if even if you embarrass yourself, and then you just go move, move forward with things, you know, and you do that if you’re doing things the right way, you know, honestly, epically, so forth and so on. And so, and it was a successful speech, people loved it, I got a ton of feedback from it. And so I’ve always, I’ve always went back to that. And I say, you know, that really is a pivotal path factor to people succeeding is to stop caring what other people think and then just move forward, make your mistakes, you’re going to make them do we’re all human, doesn’t matter who you are, and how talented you think other people around you are, we’re all going to move forward. And we’re all gonna make our mistakes doing so.
Scott D Clary 14:09
That’s, that’s a that’s a good entree. That’s a good life lesson. And that’s something that you know, you brought out of, I appreciate the story and, and just framing that. That’s very, that’s very good advice. So that’s what you that’s what you you know, you you found that while you dove into construction, you built the construction. So after after construction that was sort of obviously what solidified you know, your first your first probably level of financial success in your life. So all the all the things that you’ve worked on, I hear your keynote speaking you’re working on, I think it says over 400 real estate transactions. You work with distressed brick and mortar brands. How do you decide what to work on next? How did your career progressed to the point where even where you are today, and there’s so many different avenues we could take with this so curious where you want to take it. Just want to take a second and thank the sponsor of today’s episode, get abstract. Now, if you’re trying to figure out where to get information from where to learn where to read, there’s so much stuff out there. It’s like information overload. What get abstract does is it finds rates and summarizes top business books, articles and video talks into 10 minute abstracts to help people make better decisions in business and their private lives. I know you don’t have hours to kill, but you still want to learn you still want to upskill This is where get abstract really helps over 22,000 texts and audio summaries in areas such as leadership, finance, innovation, health and science, and many more. If you want to get to the meat of various texts, articles, books, videos, go sign up for get abstract, you can get a free month for all success story podcast listeners, by visiting get ab.li/success that is get ab GE T ab.li/success is going to take a second and thank the sponsor of today’s episode like now today, compliance is mandatory for every single technology powered business from increasing regulatory requirements to customer security questions, wondering how personal and private data is stored, collected and kept safe. Businesses need compliance to scale and grow like makes the entire compliance process simple. Their platform combines automation with built in expertise to help companies get certified close deals and approach compliance the right way. Like it goes beyond simple integrations. Their platform connects to your everyday applications and applies actual human expertise to a robust software that powers compliance. They easily connect to all your applications and create tailored policies based on your business. Then compliance experts guide you through automated workflows designed to help you conquer certifications like sock to HIPAA and GDPR. And Leica is the only compliance solution that offers a true integrated audit solution. No more messy spreadsheets or miscellaneous audit documents, their team of experts manage your compliance audit from start to finish with full progress tracking in the actual app. And Leica is more than a one time solution. So after you set yourself up, maintain 100% that you are always compliant going forward with custom monitors and alerts, compliance is difficult. It’s messy, it’s confusing, but it’s also a necessity. So we all have to figure it out. And it’s hard to unpack the requirements when we don’t know what they mean. Or how do we apply them in a certain way that makes sense with our budget and our stage of growth. So this is what Leica does for you. It removes all the compliance headaches. And again, not just software, but you get access to a full team of specialists that do this 24/7 365. So if you are a business leader, and you are trying to figure out how to be compliant, because again, you have to figure it out. Leica is the only software I’ve ever found. And not just software, but team that fully supports business leaders that are trying to get this done, right. So all success story podcast, listeners get 20% off, like whenever you sign up, but you have to go visit pay like a.com/success. And you will get your exclusive deal just for success story podcast listeners that he YLAIK a.com/success to request a demo and get 20% off when you sign up for like,
Jerome Maldonado 18:40
I live one day at a time. But I but I always work towards the future. And so what that means is, I’m always looking in the future to have my end goal, right, my end goal is solid passive income that I’ve always wanted. But then there’s always end goals, you know, and then we get to a milestone and we move forward with them. But in the interim time, I always I’ve always had this belief that God will lead us in the direction that we need to go and put the right people in there as long as you’re driving forward. And where most people make the mistake, they think, Okay, God just leave me in the right direction. But you got to be driving a vehicle forward. And so construction ended up being a vehicle for me. And, and I’ve always I’ve kind of pivoted into other industries and areas, I’ve done that and in truth be told, you know, all the stuff that we’re doing like I’m doing with Tai Lopez now to me, I would have never thought I would have been in those industries and be working in ecommerce stuff at all. But when 2008 hit, we went through a lot of revaluations in business, right. We I had office buildings that were my buildings, they were being constructed. I had retail centers that were my retail centers that I was developing. I had subdivisions going up that were in my subdivisions that I was developing going up at that time. And thank God the subdivisions were building cash, we were building debt free at that time, but the retail centers and the office complexes we weren’t and those almost pulled me under and we were we get when this happened and they I almost got pulled under financially. We wrote or Tyro for about three to three months. And some people sit back and go, Okay, you know, for you, right? Three months, well, let me tell you those were temperature taking three months, when you go through 1998 till 2008 For a full decade and you make, you’re making seven figures strong and you’re doing, you’re doing well over strong six figures on a monthly basis and revenue and your your income goes back down to five figures on a monthly basis and low five figures. Your temperature gets taken, especially when you have millions of dollars in debt on your books, right. And the income stops with all the it’s outside of your control. So I it took me five years to clean up everything that we went through in the recession. Now we did make immediate pivots. And by in December of 2008, things got really tough. And then all the way till April of 2009. It continued. And so there was a there was a time period there that was very temperature taking by April of 2009. I worked my ass off from December. And I’m always work hard. But December, January, February, March, I think were the four months that I’ve probably worked as hard as I did the first day that I opened up and I was worth about 14 $15 million at that time. And so we weren’t broke by any stretch of imagination, but our money was tied to our capital is tied up in assets. And so I went back to work and I put my head down to the grindstone, and I will I woke up every morning, bright and early. And I went to work with a vengeance. And I started trying to figure things out. That’s that Ray Kroc model is into play with, with real estate, I started buying subway stores. I started opening up beauty salons, I became an Aveda certified the owner and biologic owner and we started opening up businesses in our retail centers. And we started making adjustments. And in and by April of 2009, we had a business plan, and we were functioning and pushing towards our business plan. And we were starting to be able to make leeway into lease being able to pay for our assets, not like leaving ourselves alone. But moving forward. So all the way back to 2012. We continued this process, we slowly started selling off assets that we there were were bad nagging assets that were on our on the on the back of our shoulders, and we started moving and pivoting. And then from those assets that we bought, and we started buying real estate in Phoenix, it grew. And the money that we spent at that time, was so well bested, and I didn’t know at the time that it was going to do this, but I invested about a million dollars into just not even C Class real estate was like D class, it was just, you know, just subpar real estate in the Phoenix area. And that stuff turned into about $15 million worth of assets. Now today’s value from about $1,950,000 investment that I made into just nominal real estate. And then I scaled up, I sold that off 1031 exchange it into an apartment, that stuff is all evolved. And here we sit in 2021. And that apartment complex that I bought from all that that’s that garbage I bought is worth about $15 million today. And that happened just from being able to recognize the pivots, right?
Scott D Clary 23:19
Yeah, yeah. And be and be okay to jump into those pivots and accept them as opposed to just sort of staying par for the course. What with what with what you’ve been doing for the past X amount of years,
Jerome Maldonado 23:30
and, you know, in So in 2018, I started back 2016, I started feeling stagnant. I thought, I felt like I got beat up by the recession. Mentally, I felt like we hadn’t really evolved at the rate that I wanted to we had evolved. But even at that time, I was just it 2016 That’s when I started selling off some of these assets, I still felt like we our net worth hadn’t really grown a lot that our network had, you know, we had, we were making good money. We were making investments, but I didn’t feel fulfilled, I felt like I had just worked to maintain. And so I started feeling this level of this lack of fulfillment in 2016. I told my wife, I said, Man, I go, I’ve worked so hard, I just don’t feel like we’ve evolved to the level that I feel like I should be at what my talents really are. And so in 2016, I started making some some moves, and I started making some changes. And I really started trying to scale again, it’s okay, I’ve got a I’ve got to get bold again, as bold as I was when I was younger. I’ve gotten too conservative on playing it way to save, but I’ve got to be smart about it. And so that’s when I started doing research and I finally I started looking into other influencers. One of my closest friends like a brother to me, he Muric he reached out and said look, you need to look at these influencers. These guys are people that are doing stuff again, who’s introduced me like Grant Cardone and he’s guided so I started investing money to spend a couple $100,000 investing with brand to go to connect growth calm as an investor and in meet people I got a chance to go to the bank I was in the, I got to go into the VIP section with all the speakers and everything. And so I got to start meeting people. That’s where I started meeting Ty, and these guys, and they were speaking, and I paid to play Scott, I said, You know what I’m going to get in, I’m going to get current with stuff, and I’m gonna get bold, again, I’m gonna, I don’t care what I need to do, even if I have to buy my way to the top. Financially, I’m going to do it. So I really just started putting down my credit card and buying $25,000 masterminds and, and just working my way into their inner circle, financial unify in a financial basis. And then I started showing my value, you know, and I thought, if I’m going to do this, I’m going to network my way to the top, and buy my way there and the network show my value. And that’s what I did. I went in there, I offered my assistance, I started helping them with real estate stuff. And, and I did it for free. You know, most people are looking for compensation. I wasn’t looking for compensation, what I needed, I needed that, that social exposure. And, and I needed the people that were already there. And so and so that’s how we did it. And then we I became the CEO of ESR e commerce supporting real estate, we partnered up. And so here we sit today, and there’s a lot there’s a lot of intermixed businesses and, and transactions and relationships that go into all of that. But here we sit. And that’s how that’s all evolved in that push that that decision that I made in 2016. And things have evolved. Scott, we’ve gotten we’ve grown we’ve grown a lot, we have a lot on our books. And we have a lot of transactions and a lot of projects that we have going that we’re undertaking right now.
Scott D Clary 26:34
So I’m curious to unpack every all your your mindset is just very interesting, because I see the vast amount of people that don’t want to pay to play. And I’m not an advocate for against I’m just I’m curious to understand. You made that decision you invested you go to masterminds you’re working with you’re sitting backstage at 10x growth calm with Grant Cardone you meet Tai Lopez and whatnot. A lot of people feel like there’s no, that doesn’t make sense to pay, like you can get there anyway. So or it’s just a waste of money, these people like they’re not going to provide any value for you. So how do you decide what to invest in? Or who to invest in? Because obviously, it’s worked out like it’s, you know, you’re the you’re the the living example of somebody who’s who spent the 2550 100,000 bucks to get in the room with the right people, which in and of itself is a is a is a, it’s something that not a lot of people are comfortable doing. So you did it. You did it strategically. How do you how do you find out who you want to spend the money on? When there’s so much bullshit out there? When there’s so much stuff? That’s a waste?
Jerome Maldonado 27:38
You got to look for the good people, right? Yeah, their actions speak louder than words, documentation. I’ve always been taught beats conversation. So you can you can smell shit from a mile away, Scott. And you really honestly can’t. And so one of the things that I’ve tried to do even to my platform is just let people realize that we’re the real deal. You know, I mean, I’m out here working. We are facilitating millions and millions of dollars of deals. And we’ve worked, we’ve worked from the bottom all the way to the top. And I’ll tell you that I learned years ago, that was the one thing that when I first got started in network marketing, that the young lady that brought me into the business, Angie Lucido, she told me she goes to his drone, I asked her, I looked at Angie, and I go, Angie, I don’t get this business, what do I do, and she goes drone, you need to get trained. And I said, How where and she goes, Look, and she pointed the counselors, there’s a place in different one in Denver is one in Houston, there’s one in Pennsylvania, because even go train, Scott, I drove all over the country. And every weekend, I was getting trained, I was spending $300 a weekend to get trained back in the early 1990s. When $300 is a lot of money for people today, they want to invest $300 into themselves. And I mean, I have a backpack in my closet that I keep. And it’s a reminder, because I opened up that backpack in every single notebook from every single seminar that I’ve ever been to is in that backpack. And then I have every single pass that I that I, every every time I got a little ticket stub from every training that I have. And it’s just a testament to my success, because I was taught years ago that the level of success you reach us through is based on the level of education that you’re willing to go to. And I’ve always been trained, even to the state, I spend money I invest money being trained, there’s people that that know more than I do. I invest in the books, the research, the training, and so it was a no brainer to me at that time. I knew what I needed to do in 2016. I felt stagnant. I hadn’t come up to date with technology with E commerce hadn’t done that stuff. And so I knew that in order to do that, to get to where I needed to go, I needed to get with people that were doing it. And so I did research. I didn’t know anything about Tai Lopez at that time didn’t know who he was, didn’t know who Grant Cardone was through the means of people that I respected. My buddy Rick day started introducing me to some of these influencers. And then I started doing research and there was a lot of noise out there. There really, really is. And so I just I didn’t get it, I ignored the noise. And I just focused on people that look like they had real stuff going on. And so fortunately enough, I just went to the talk to the other people that look like they have the biggest things going on in the industry. And I’ve always said, if you want to learn how to do things, go straight to the top, and surround yourself around them. And so I didn’t waste any time I just went straight to the top. And I started influencing myself around the top influencers in the industry. And I paid to play and I was willing to pay to play and some people see and say, Well, do you have the money? There was a time Scott, I didn’t have jack shit, I didn’t have money. I leveraging credit cards, and I’ll tell you, I would leverage my credit cards to a tee, then I’d write a check from Norwest bank. anybody remembers Norwest bank, it’s been that long ago, and Bank of Boston, I write a check for my north bank account that had zero money in it. And by the time the payment went in, and it bounced, I’d already had the card maxed out. That’s again that some people sit back and go, that that’s, you know that that’s not right. Look, I didn’t have the money back then that I just did what it took to make it. Look, I paid all that back and forth. From time, but But Scott, I just did what it took to be able to get to where I’m at and understood the importance of it. And so for those of you guys seen, well, he had the money to go out and pay $25,000. Ladies and gentlemen, there was a day and age that I didn’t. And I just did whatever it took to make sure that I got the training that I needed. And I really truly believe Scott that the reason I’m here today is because of that. And so it made it was a no brainer to me that I was gonna have to pay and I spent hundreds of 1000s of dollars on stuff, then between 2018 and 2020 to get to the relationships and the business partnerships that I have I’m sitting with right now today.
Scott D Clary 31:37
So I just want to take a second and thank the sponsor of today’s episode HubSpot. And with the holidays in full swing, we’re that much closer to a new year, which means new year’s resolution and we often focus on what we feel we failed that health, relationship finances. But what if we tried something new this New Year, and instead of acknowledging what we failed that let’s acknowledge what we did right, the things we want to continue doing more of the relationships we want to show appreciation for and what if we did that for our businesses, HubSpot is challenging businesses to focus on how to grow better starting with our customer because the HubSpot CRM platform is dedicated to making the connection between you and your customers better than ever how well new tools like native payment links, and recurring payments that directly embed in hub spots quoting tools and emails means seamless delivery, and payment collection custom surveys, easily capture feedback unique to your business, share insights with your teams and help you understand what makes your customers tick. Learn more about how HubSpot CRM platform can help build, maintain and grow your customer firstname.lastname@example.org. I think I think it’s a smart note. And I know that a lot of people that in even in my circle, I know they do pay to play. But I think that it’s two pieces that you have to take into consideration you have to you have to pay, of course, and you have to know who to go after you do your research, do your due diligence, if you want to get in their circle, there’s a good chance that you don’t have access to them. So you know, you’re paying for access. But then you have to you have to have the attitude that you’re going to action, you’re going to action on stuff, like it doesn’t matter. You can pay $25,800 You pay nothing. If you don’t action on anything you’re not getting anywhere.
Jerome Maldonado 33:13
That is and I told my wife that when I said you know, you know what’s sad, I told her as I told her look, we’re going to go in here, I’m going to network with the top and I said take a collective, collective view of everybody that’s part of this. And there’ll be maybe a handful of people that out of the hundreds of people to get involved in this stuff, actually go out and do anything. And, and rightfully so good. We said a few years later, and myself along with a handful of people are the only ones. And I like to sit back and say that I’ve probably been the most proactive out of all of that entire group in regards to those specific relationships and business endeavors. And I know other people who went out and scale their own personal businesses, but my goal was to partner with some of these people and, and help push our brand help push our business. And so I like to say the word probably the one of the more successful ones and do so. And it’s because of being able to take action, push and push and push but show value of what that action is. Right is give back value for those actions and show what we actually know and deliver, you know, to people in value. So yeah,
Scott D Clary 34:17
I agree. Okay, so I guess I will, you know, you mentioned a few things that I would just love to for you to break down not you know, to go into go into as much detail as you want to things that I’m curious about is building building a debt free real estate portfolio, that’s something that I think is difficult people to comprehend what does that mean? How do you do it? How do you get started in real estate that just like at a high level because you’ve lived it your whole life? And then I also wanted to get some opinions on what you’re doing with all these distressed brands and E commerce because that’s also what you’re living right now. Yeah, so just some some very tactical real estate advice for people that are trying to get into the into the game.
Jerome Maldonado 34:59
So I like buying land and building houses, it’s made me a shitload of money, Scott, I’ve made a ton of money, there’s a lot of fix and flip people out there, they’re watching this, and I don’t like the fix and flip game, it’s not my deal. I tried it, there’s just too many variables, the risk factor for the margin returns or are not worth it to me, I can make substantially more money, buying land and building and building houses. And so when you ask about building a get free real estate portfolio, that’s how I did it, I went out and bought a $30,000 piece of land, they’re still out there. Today, I just bought three lots, each of them costing $45,000, in Palm Springs, California, I’m building it’s bought three of them, I’m getting ready to buy another three, we’re gonna have six homes going up in their collectively will make about $1.1 million on net profit between all of those, and it’s something that will have finished out by next spring. And so let me that’s just one little tiny example, right, that’s just one little piece of one little tiny project that we have going on, we’re doing the same thing up in the Seattle area, and we take that money in, I won’t pay taxes in the state of California pay will pay taxes, right, but we won’t, we won’t pay what most people pay in taxes, because we’ll deploy that capital, and we’ll expense it into a larger asset, we’ll take that money, and we’ll deploy it into a larger asset. And so you start off this little piece of land. And I took a home equity line of credit out of my house to build the first the first house that I ever built. And then I had a little bit of money in the bank saved in between the little bit of money that I had the bank saved plus the home equity line of credit, but I took out on my house, I went out and I built my first house cash. And so when I say debt free, I used to use data on my personal assets, which was in the current assets, their liabilities, right? That’s what people make the mistake their liabilities. If you’re, if your real estate and your properties are not making you money, it’s a liability, you have to be making money on it. And so I leveraged my personal real estate, which wasn’t worth a darn sitting there on paid off. And I leveraged that to get started in early years, I had money tied up in it, I had to put big down payments, because I had bad credit in order to get my first house. And so I took that money back out when my credit was was good again, and I deployed it, I deployed it into into an investment and I took that investment instead of paying my house off, I kept revolving that capital. So I built the first house I made an $80,000 profit, I’d saved up a little bit more money in the interim time with my with my construction company. And then I took that capital I went and built two houses cash and and then I made about 90,000 on each of those. And this all happened in the same calendar year. So I landed building three single family homes in the first year and I made about 260 $270,000 net profit plus we have made money in our in our regular company. And then I still have the capital that I have pulled out of my my single family home and the money I had saved and so we had about a half a million dollars in liquid capital. And so I took that half million dollars and built three homes with it. And so and then I just kept evolving and I kept building it and and I did it methodically and I never I never drew on it I just live modestly with the capital that I was building my business with and the capital that I was generating through buying land and building houses I just kept revolving that capital and is grew from half a million dollars to a million dollars to $2 million and continue growing and we kept using that capital to build out subdivisions and we always did a debt free I didn’t even when the recession hit I didn’t have any debt on any of our homes I owed the banks any money. Now our cash producing entities like our buildings, our offices, our apartments those we would never dead on and we still do today and it’s because those are those have passive income they also have internal rates return there there’s different types of capital plus there’s tax benefits to me doing it the way I do it. And there’s a lot to learn it’s a loaded question
Scott D Clary 38:45
Scott. Yeah, no real estate minutes
Jerome Maldonado 38:50
Yeah, but that that’s how we do that’s how we get good that’s how we built a debt free portfolio when the recession hit. I would take that capital I was doing I’ll tell you the best industry in the whole world in real estate is buying land and building houses Scott hands down,
Scott D Clary 39:03
because why why is opposed to multi like multi Rez why? Because that’s you’re the first person I’ve ever met, who doesn’t just buy a whole bunch of doors. And that’s actually I’m really curious about that, why you wanted to build it,
Jerome Maldonado 39:15
we need cash flow, you can go in and buy doors and for the for the average person. There’s an art behind buying apartments, okay, there is there’s an art documented. It’s not just like, hey, I’m gonna go look for an apartment complex, buy it and do it. There’s there’s a lot of moving pieces to it. I know the grant makes me look really, really sexy and really, really simple and easy. And it’s not you know, I’ve been in the business too. I own apartment complexes. I have an office building. It’s a it’s a $16 million project I’m doing in Phoenix right now I’m taking it we’re building out new apartment, a new apartment complex 50 units on the backside, we’re converting another 52 units on the front side of the office complex into multifamily. And then I have a project over in Tacoma that we’re working on. We’re going to build 120 units of multifamily over there. So I know it from the ground up from the dirt all the way to the to the management side. It stabilizing it and owning it as an investor, because I’ve done it and we own it, we own stuff like that. And so you can go out and you can buy doors, and you can raise the capital. But there’s a lot of moving pieces to that whole deal, right? Like I was sitting with, with my business partner, Kyle Mitchell yesterday in Phoenix. And we sat down and sit down, the part I hate the most is raising capital, you know, I hate raising capital. And so I try to do as much stuff with a limited amount of partners is, and I like to have a fluid partners. And I’m going to fluid partner, right? Like, if I can’t raise the capital, I’ll just write a check for and that’s I told Kyle yesterday was he ran short on this. Now I said, You know what, I’m not gonna make a phone call, I hate making phone calls. If people aren’t, are too stupid to invest with us, then that’s their appeal, I’m not going to call them anymore. If they’re that they’re that ignorant, and they don’t want to invest with us, well, then fine, let them keep pounding, pounding their head against a brick wall. If they don’t see the opportunity, I’ll just write a check, you know, and then I’ll just, I’ll just write a check for the difference. And we’ll just fund a deal. And let’s just move forward, because I hate it. I’m not going to bait people for money at this point in my life, I don’t need to, and I won’t. And so if I make an offering out there, I say, Hey, guys, I got this badass project, if you want to work with us, this is my offering to you. And I’m going to do at one time in for those. And I might send out two or three follow up emails. But after that, you’re not going to hear from me, I’m not going to call your phone. If I do. I’m going to call it once. And that’s it. That’s I’m done. And, and then I’m going to fund it. So the whole to answer your question, Scott. The reason I like buying land and building houses, is because if I could teach people to do that, then I can cut out the bullshit of raising capital with people and begging people for money. And I can teach them how to go out and make money. And those good partners that I taught how to make money, they’ll take that money and deploy it into my assets real easy, because they advocate for me, they like me, and they’ll and then I can go with six partners instead of 100 partners and in by the same exact apartment complex. And so the reason I like it is because even when the recession hit, back in 2008, the housing market was just in shambles. I was able to still go out and make profits, it’s the only thing that continue making us big profits. And our profits were substantially smaller. But hundreds of homes I’ve built Scott hundreds of them. I’ve never lost money on even one. I’ve always made a profit on 100% of every single house that I’ve turned dirt on I took out of the ground. And how do you do that? That’s a great business. No matter what the economy has been. I tell people like I have my Seattle project going on right now. And we’re going to make about 250 to $300,000 per dwelling out there. And so even if the market took a shit, Scott, even if the market got to its lowest point, and let’s say it declined by 30 40%. Well, if I keep the 30 40% margin cut on $300,000, I’m still making a couple $100,000 on my, on my on my bills, right? Yeah, I go to Palm Springs, if I’m gonna make $160,000 on that build. And if even if the market took a dump, I can still go out and make $80,000 on that build, it’s still a win. And so that’s why I love it so much. Because I there’s less variables than fixing flipping, I’ve done fix and flipping, and I open up walls and I find problems and then my 30,000 40,000 $50,000 margin goes to a $10,000 margin are no margin at all. And my risk factor goes up. And there’s too many variables in that that unforeseen variables, I just don’t like that feeling of not known. So what I like about buying land building houses is I know the process. I know what I know how to reverse engineer them, I know when I buy my land, but I’m gonna profit at the end. And that’s why I love it so much. I could teach people how to do it. And I could take that capital term look, all the money you make, why pay taxes on it, deploy it into a long term holding, depreciate the hell out of that thing, and pay zero in taxes, now you have an asset, and now you have the cash flow from that sucker coming in. You pay it and you made 100% of your money work for you in your benefit without having to pay taxes, and you’re able to go out and have cash flow. And that’s what it’s about is passive income cash flow in a nutshell. So you know,
Scott D Clary 44:04
yeah, so yeah, that’s that’s that’s, that’s what I want to pull out. I just want to understand the distress brand play because that’s what ties talking about on Instagram on social and like, you know, all these brands that nobody nobody’s heard about in 10 years, all of a sudden, guys buying up these assets talking about Radio Shack about Pier One. So what’s the what’s what’s the play bringing all these companies to e commerce? How did that come about? What was the what was the rationale, the thought process behind that and what’s happening with it. I just want to take a second and thank the sponsor of today’s episode crowd health. Now as we all know, open enrollment is ending soon. It’s time to think about the best health care option for you and your family. And I know a lot of people are still trying to figure out what to do. Now when it comes to healthcare, it’s important that you’re getting your money’s worth CloudHealth helps you with covering medical expenses. It’s a more flexible and affordable health care option without the hassle of Insurance. So while you’re shopping around, don’t forget to head to join crowd health.com/ 99 Find out how crowd health can save you 40 to 60% in health care costs every single year. And just to give you an idea of what crowd health is, crowd health isn’t health insurance. It’s a modern way to pay for medical expenses. Crowd health is a community of people who are tired of paying into a broken system. Being in the crowd health community can save you hundreds of dollars in monthly expenses and put 1000s of dollars back in your pocket. Now you’re probably asking why would I choose crowd health over traditional insurance three main reasons flexible, simple, membership based membership is a monthly subscription starter stop whenever you want. There’s simple transparent pricing that fits exactly what you need to use it all you have to do is scan bills and throw them away. CloudHealth takes care of the rest. Now crowd health is able to offer incredible pricing because of its community of health conscious members. And they put together a special offer just for success story podcast listeners, so get your first six months at just $99 per month. That’s a savings of almost 50% off their standard pricing and a lot less than one of those crappy high deductible plan. Just go to join the crowd health.com/ 99 and enter code success story at signup that’s join crowd health.com/ 99 and promo code is success story enter that when you sign up. Remember, crowd health is not health insurance. It’s a community powered alternative terms and conditions do apply. I just want to take a second and thank the sponsor of today’s episode playbook. Now what is playbook playbook is an app that gets to know your unique financial situation and helps you get the most out of every dollar you save the best part. You don’t have to do any crazy budgeting or change a single thing about your lifestyle. If you’re just making money, but you’re not sure what to do with it playbook is the app for you. For the average user playbook helps boost their net worth by over $1.3 million playbook tells you which tax advantaged accounts that you need, how much money to put into each one of them and automate all of these investment processes for you. It’s rare that you find a finance app that thinks about your finances as a whole. This includes your taxes, your savings and your life goals. It was super simple to set up, I just set up all my accounts. And then I set my preferences as to where I want to put my money and then it’s on autopilot. So I can be investing in my Roth IRA, and my travel fund or my new car fund or my wedding fund, or my kids education fund, all in one spot. And on top of that, because it can forecast where I’m going to be in 1020 30 years, I know exactly how much money I’m going to have when I do want to retire or when I’m going to actually hit those milestones in my life financially, because I’ve set up these automatic contributions. So if you want to get on the road to financial freedom, go to Hello playbook comm slash Scott, you can immediately predict when you can finally stop working you don’t even have to sign up for the service yet you get a free playbook impact it’s going to predict your net worth if you follow the guidelines that they set out for you. So remember go to Hello playbook comm slash Scott, that’s your special link for a free assessment and basically roadmap for your future net worth sign up for playbook today. So you can enjoy financial freedom and beyond.
Jerome Maldonado 48:20
So I can’t take any I can I can’t take any credit for any of that Scott. I just I’ve just been able to live in witness it. Okay. So before I pat myself on the back, I don’t want anybody to be given Jerome alternata. Pat’s on the back for any of that I was just wise enough to say, You know what, holy shit, these guys are have something going here. And I started pulling money out of my pocket investing in buying into them with them. And so and getting capital to help buy them. So I just saw the opportunity. And so the whole thought was, I was in Virginia, and we were looking at it. We were looking at shopping center to buy it was a $450,000 shop a 450,000 square foot shopping center 4040 acre place and tie in are literally climbing up on the roof through the ladders of the entire side of this mall. Right it’s a it’s a mall. And, and, and he’s taking phone calls in the midst of all this stuff. And in the calls that he’s taking are from, from big bankers, you know, equity partners with these with these brands. And so at the time, it was strictly 21 And there was some other ones a dress barn was another one. And, and so he’s negotiating, I had the fortunate opportunity of driving with him from Staten Virginia, over to Richmond Virginia for an hour and a half to the to the airport, sitting in the passenger seat with him talking to the to the to the bankers negotiating these deals. And I just kept saying mandrem If I can get these things, if I can get these things purchased, this is going to be a game changer. And so I had the fortunate opportunity of actually seen him in the negotiation states to see all this unfolded. And we had a whole different business plan. Our our our business model was Not to revolve around these brands, and then they just started unfolding. So everything that we were doing in real estate kind of took a backseat to on to the brands. And so I’ve understood that I’ve been very patient with that partnership because I understood what they were doing. So you take somebody who’s intelligent in online marketing, right? You take somebody like Dr. Alex Mayer, he took Zeus 02 and sold it for $300 million in a private acquisition, and ended it on the New York Stock Exchange. And then we, and then you take something like Tai Lopez, who built one of the strongest personal brands in the world, was spending more on advertising than Coca Cola, right? What is the one point time he was the number one ads ad spender on Facebook, than anybody in the world? And so you take somebody who knows online marketing, and then you take the biggest American brand and what the plays were behind it, we say, Okay, think about how long and how much money it would take for Scott for you. And I just to go out and build a personal brand is as big and as recognizable as paramount importance for Radio Shack or any of these large brands right. Right now that they’re working on Payless shoe source. So you know Payless shoes with that, hopefully, God when by the time this comes out, hopefully I have it under ownership. And in so a lot of these big American brands that have been better not only nation national brands, but some of them are international brands like radio Jack. And so you take this and you think about how long and how much money would take to build it, you take a look at like someone like Kylie Jenner, who you have Revlon and some of the largest makeup companies in the world, and have been around for 30 plus years. And then in one year, Kylie supersedes all of the revenue revenue that they’ve done, and 30 in just one year, because of online marketing. So you think about the strength of E commerce and online marketing. And that’s really where these this display comes in into action. You take the reason that they’re distressed is because of the real estate end of it. They have all this brick and mortar that they’re servicing dead on. And it’s pulling their it’s pulling them down financially, same thing that happened was back in 2008, right. And so they have to shake off all this real estate. But in the interim time, brands are still viable, people are still buying hundreds of millions of dollars is still being spent on these brands, online and in stores. But it’s all the debt that they’ve accumulated, that they just can’t service anymore. And they just never, they missed the boat on pivoting to go to go online, one of the most successful companies that has done this, and it made this pivot is Nike shoes, you know, Nike shoes was struggling financially, they lost the Jordan brand. And then they pivoted and now they’re one of the most successful online shoe brands in the world. And they did it successfully. But most companies haven’t done it successfully, you take a look, you look at old CEOs that are in their 50s or 40s 50s and 60s, these guys don’t know anything about ecommerce. So to get them to adapt and create an online presence has been a challenge for them, they missed the boat. And so tying them are able to come in, pick up the pieces and then put phase one all these brands is to go in and put them 100% online, compete up against like Wayfair compete up against Amazon on some of it, utilize some of those platforms to also help build our platforms on the brands. And then Phase two will be maybe kiosks his little kiosk centers in some small brick and mortars but phase one is just to take the brands 100% online. And in my my partnership it was a ESR was ecommerce porting real estate so any of the real estate, the distribution reasonable distribution warehouses, industrial warehouse space position where we could have on distribution of these products from the from ecommerce deliveries in regional areas where distribution could be done a lot easier. So that’s where that’s where that kind of all came into play. And that’s what they’re doing right now with the with the online.
Scott D Clary 53:52
Very, not very smart. And you know what I’ve actually noticed, just one more one more point on this is that Ty and yourself you’re all leveraging you’re all leveraging your weak spots buy in each other. Right? So Ty doesn’t have the commercial real estate doesn’t have the warehousing and whatnot, you don’t have the marketing. So just speak to me on the on the importance of I guess, like subsidizing your own skill sets.
Jerome Maldonado 54:18
Yeah, you know, it’s, it’s super important. This is that’s what I wasn’t doing pre 2016 I sat down my wife and I said, you know, she goes drum, you’re gonna kill yourself, you’re gonna have a heart attack, you’re trying to do everything yourself, you know. And I had to come to a realization that look, I’m only as good as the talents that I really, really specialize in. You’ve really got to outsource stuff that you’re not that you’re not great at. And I always tried to be great at everything to run all my businesses 100% myself and I did I was really successful. We made a ton of money all the way through 2000 up to 2016. But we in part of this movement in 2016, for me to grow and really take my business my brands to the next level. I knew that I had to partner with the right people. And so in life and business, Scott, it’s super important for you to really focus on what you’re on what your superpowers are, right, what you’re really honestly good at, and figuring out what you’re good at. And then allowing good people just surround yourself with good people that have better talents than you do in other areas that you have weaknesses, and allow them to run. And so my wife complimented me the other day, she goes, you know, because there’s always a work in progress, right? There’s always, you know, my wife knows more than anybody, because we talk every day. And she goes, you know, and I was beating myself up on some stuff going, Man, I need to do this better. I need to work on this, I got to train these sales guys better. This and this, and this are weak spots in our company right now. And I was just really pounding myself on what, where I needed to invest my time to make the company more solid. And she goes, You know, one thing and I’m proud of you, that you’ve done well is you were able to take yourself off the reins of the horses, and allow your park and you’ve been able to create great partnerships, which was your main goal back in 2016. She goes, and I’m proud of you for being able to do that. Cuz that was one of the hardest things for me to do. Scott was to remove myself and allow people to go in and partner with good people. Scott, I got some great partners. I got Raymond’s up in the South, in the, in the northwest, I got Kyle Mitchell, I got a David Carr Bohol at Tai Lopez in an alley in Alex mir. And we got a good collaboration of partners now. And to that collaboration of partners I got, I’m just around just incredibly sharp, smart, and honest people. And people need to realize the importance of partnership. I couldn’t be doing what I’m doing right now. And being as many places in the country with his larger projects that we have going on without great partnerships.
Scott D Clary 56:41
Good advice. Let’s do let’s do some rapid fire career questions to pull out some last insights. And then we’ll we’ll send people we’ll send people to go check out more about you will get some socials and website whatnot. Awesome. Okay. Biggest challenge in your career? How did you overcome it?
Jerome Maldonado 56:56
The mental the mental side of it, I stopped listening to people, I, how do I overcome it through persistence, and ongoing, ongoing, putting myself around good people for a long period of time. That’s been my biggest challenges is overcoming the mental side of things, and not the mindset.
Scott D Clary 57:17
If you could tell your 20 year old self one thing, what would it be?
Jerome Maldonado 57:23
Not to dwell on not to dwell on on things just to continue working, and be consistent and stay positive and everything that you’re doing. And I see my 20 year old self, I was smart at 20. I got to say,
Scott D Clary 57:37
Okay, we’ll go back to 16 when we when are you done?
Jerome Maldonado 57:41
I mean, we’re always gonna go today, right there. Yeah. Right. So, but yeah, 16, I would have told myself that see, my dad told me I think the one thing that my dad told me is, I was a real edgy kid. So I always push the bar. Ethically, everything right, I was edgy. I was, I was always trying to push the bar and my dad out and sat down. And I have come from a good family. My parents are just good people. And my dad told me, drome, you know, we raised you a certain way. And I’m telling you that if you never tell a lie, you never have to tell a story to back that lie. And he goes, you know, just do things ethically. And as long as you do things ethically, and you do things, right. You’ll never have to explain yourself to anybody. And so is this 13 year old kid, moving into the 20 year old kid going through everything that I went through all the ups and downs, trials and tribulations that by far is has helped me with everything. And so I always think I always put myself in is when I’m a bad situation at once. Okay, what would my dad do? Well, he approved if he was looking on my shoulder right now. We my dad approve of it. And, and my dad, fortunately, enough is still with us. And I tell him, you know, and so I run things through him sometimes. And I tried to get some feedback from him. So I always tell people, you know, as a young entrepreneur, just do shit, right? You know, we’re just trying to keep it short cut. There is no shortcut, man. It just takes a lifetime to build this stuff. You know, you know, I’m in my late 40s Now, it takes a lifetime to build this
Scott D Clary 59:01
good, good habits, you’re still young and relaxed. Alright, um, if you had to choose one person had a major impact on your life. Who was it? What did they teach you?
Jerome Maldonado 59:13
Um, you know, I probably give it to my mom even or my dad because my mom was a she’s a she’s a Spitfire for sure. And they’re not entrepreneurs by any stretch of imagination. My mom started as a bookkeeper, and she got into running nonprofit organizations in her later years, and my dad was a 32 year old accountant. But my mom was resilient. When things were tough in life. I’ve gotten a bad car accident when I was 18 years old. And and she’s always the one that makes the most sense, even to this day. You know, when when she was talking even like when she’s talking about pandemic and vaccinations and she looks like she puts perspective on things. And sometimes it’s hard for people to put real life perspectives on things in is is judgmental, is judgmental, and is critical as my parents have been on me through my professional career, steel, the fundamentals, the basics that she’s given me about staying persistent, not letting people tell you what to do. My mom is advocated for that. And she in being able to press through through hard times, finding the good when there’s bad happening. You know, when I got in a car accident, she told me don’t you consider and so she doesn’t feel sorry for you, she doesn’t feel sorry for anyway, she’ll sit back. So you could sit here and solve drum. Or you can find the good out of it because God puts good and there’s good and bad in everything. But if there’s, if you look and you allow God to unfold the good, and if you focus on that, you’ll always push forward and she used to tell me that you want to go on that bad car accident. And, and I always remember that, and I think I have to give that that award to my mom for being that person life.
Scott D Clary 1:00:46
A book or podcast you’d recommend people check out
Jerome Maldonado 1:00:52
a book in general business, one of my favorites is called Rhino success by Scott Alexander hands, that’s where all the rhino stuff on my logo missed from his his Rhino success. It’s a great book. He he uses the rhino as an analogy of what the perfect business person is. And it’s just a great book to read. It’s a short book real short and sweet. But it’s helped me a lot in my career. I think everybody should read that. And then as far as a podcast god there’s there’s there’s so many good ones. I think my favorite is still Joe Rogan, just because it’s so raw. Yeah, I don’t know about the implementation coming out of there. But Joe, Joe still has my heart on those. But you know, Gary Vee his pot, all this stuff with Gary Vee is good for general business stuff of he makes a lot of sense I give him if you go to my YouTube I, I kind of challenge him on some stuff you’re in there about like, he makes comments about young people trying to become millionaires. And that was me. And so I always kind of backlash Gary a little bit and say, Hey, man, that was me. Yeah, that’s what drove me. Don’t take that away from the young entrepreneurs. That’s my only thing with Gary as a term, don’t take that drive away from the young entrepreneurs, because that’s what made me me. And so he always said, you have the rest of your life, be patient, and you do have to be patient. But keep that dry, love, keep that drive.
Scott D Clary 1:02:10
What does success mean to you?
Jerome Maldonado 1:02:13
Success to me is, is it’s an abundance of all areas, I am really family success. If at the end of the day, Scott, I have for my family, the ability to do whatever the hell we want and freedom and flexibility. The money is one thing. But that’s not success. And that’s where most people get confused is that they get tied up and they don’t have money, they get caught up in money. Really, success is about family and I look at my kids and how fast they’ve grown up. And I look at my wife and all the years that we’ve been together and sit back go damn, where does time go. And I worry more about time now than I do the money. And I sit back and say, Okay, I’ve got to, I’ve got to focus on, on balancing my time with my kids, and really appreciating that time that I have with them. And, and so for me, Scott real success comes from being healthy enough to be able to spend good quality time with my kids, my family. And if I if I raise my kids in right way, and they’re able to have successful, solid lives, I’m successful. If I make a ton of money, and I fail my kids and my family, I failed. I failed in life, man, I just I really jacked things up. And so the way I feel right now is like is less about the money. We talk about money in our house. But I talked about my kids more about their futures. And my focus more is about sculpting them. And I feel like if I can get them sculpted to where they have a good life, then I’ve succeeded. And so that’s that’s success to me.
Scott D Clary 1:03:38
I love it. And then most importantly, where do people connect with you social website, all that.
Jerome Maldonado 1:03:43
I’m easy to find. Just My name is in the bottom of the screen. You guys can Google me anywhere on every social media platform. It’s Jerome Maldonado on Instagram. It’s Jerome Maldonado and the number one and you’ll see the same photo same same marketing, same logos everywhere you go to draw maldonado.com You can google draw Maldonado and you guys will find me on real easy to find if you guys want more insight on on how we deploy money tax wise real estate, buy land build houses deploy that into multifamily and passive income. Look as we’re working with people all the time, we have an incredibly solid inner circle of people that we work with. And in a great successful base of entrepreneurs and so loved meet a lot of you guys that are watching the podcast and hopefully getting to work with you guys.