#361: Meet the Mentor Who Changed My Entire Real Estate Journey
Real Estate Investing with Coach Carson
Chad Carson
4.9 • 613 Ratings
🗓️ 16 September 2024
⏱️ 59 minutes
🧾️ Download transcript
Summary
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🎙️ Episode #361 – Chad sits down with his long-time mentor, Doctor Louis Stone, to reflect on the pivotal lessons that shaped Chad's real estate career. From their early days at Clemson University to navigating complex real estate deals together, they discuss the importance of mentorship, strategic financial management, and the philosophies that guide their approach to wealth-building and entrepreneurship.
▶️ Next Episode: How to Buy Rental Properties That Cash Flow in any Economy - with John Schaub
📄 Show Notes:
https://www.coachcarson.com/mymentor/
🎬 Timestamps:
0:00 - The mentor who changed everything!
1:12 - How Chad & Louis met
9:21 - Finding & using the perfect model
15:29 - Free roll of the dice
20:52 - The four "F's"
34:14 - What it takes to become an entrepreneur
36:52 - Types of assets Louis owns
43:09 - Private loans are mutually beneficial
51:27 - Don't lose yourself trying to go "big"
54:49 - "Let a good dog have pups!"
56:54 - John Schaub's investing style
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Transcript
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| 0:00.0 | This is a special episode for me because I'm inviting you to listen in on a conversation with my good friend and mentor, Louis Stone. |
| 0:06.4 | Louis, who I called Dr. Stone, was my last professor in my days at Clemson University, and he also helped me to get started in real estate. |
| 0:14.0 | When I was 22 years old, I would bounce ideas and strategies off him. I would ask him endless numbers of questions. |
| 0:20.3 | He would go look at properties with me, and ultimately, I got money from him to do deals, both as a part off him. I would ask him endless numbers of questions. He would go look at properties |
| 0:21.4 | with me. And ultimately, I got money from him to do deals, both as a partner and as a lender for over |
| 0:26.8 | 20 years. But more than that, Dr. Stone is a thinker. He was my personal Socrates. That ancient |
| 0:33.7 | Greek philosopher used to challenge his students with really tough questions. |
| 0:38.0 | So some of my favorite times with Dr. Stone have been walking on the nature trails that we have |
| 0:42.0 | here in the Clemson area and just philosophizing for hours. Of course, talking about real estate |
| 0:46.8 | and business, but also talking about literature and culture and history and every subject under the |
| 0:52.2 | sun. So you're going to hear one of those conversations. |
| 0:54.8 | It's going to be focused mainly on real estate and business, |
| 0:57.5 | but I hope you benefit from the generous mind of my mentor and friend as much as I do. |
| 1:02.1 | Enjoy. |
| 1:17.6 | So Dr. Stone, I've told lots of stories about when I first met you, actually, all the way back at Clemson University. And I was, and for people who haven't heard this story, I was, I graduated. |
| 1:22.6 | I was a pre-med major. I thought biology was my thing. But I had this little inkling that business and entrepreneurship would be fun. And I took your class, a management class, and my version of the story, I'm going to tell the brief version of my version of story, but I've never heard your version of that story. I think it would be kind of fun. My version of the story is I'm sitting in class, you're just kind of blowing my mind with some of the stuff you're talking about. Not only the topic of the class, but also what you were doing outside of class, you were talking about you're riding around, you're buying properties, you were, it sounded like your lifestyle. I said, I want that. I want to ride around and not have to go sit in that desktop. Absolutely. And then the next story, part of the story was I bugged you a bunch after class saying, how |
| 2:02.6 | do you do this? How do you this? And you're like, Chad, why don't you just, let's go have lunch. And that lunch and being able to go talk to you after class was like a fork in the road for me because I didn't go the other way. I said, I want to be like Dr. Stone. But I'm curious to hear your version of the story because I know a lot |
| 2:18.4 | of people are intimidated to go talk to a person who's more experienced. How did you think |
| 2:24.2 | about it when I was up there just bugging you to come right around with you? |
| 2:27.3 | No, I really enjoyed it. I tried to encourage that because it was a big auditorium class. |
| 2:32.4 | And you know, there's a very little personal interaction in a room full of 100 people. |
| 2:37.5 | And so I was trying to encourage a few people, hey, let's take another, 10 minutes early. |
... |
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