Ep511: Henry Eisenstein – Get References Before You Hire

Andrew Stotz 00:02
Hello fellow risk takers, and welcome to my worst investment ever stories of loss to keep you winning in our community. We know that to win in investing, you must take risks, but to win big, you've got to reduce it. Ladies and gentlemen, I'm on a mission to help 1 million people reduce risk in their lives. To reduce risk in your life, go to my worst investment ever.com today and take the risk reduction assessment I've created from the lessons I've learned from more than 470 guests. It's time you start building wealth the easy way by reducing risk. Fellow risk takers, this is your worst podcast host Andrew Stotz, from a Stotz Academy, and I'm here with featured guests, Henry Eisenstein, Henry, are you ready to join our mission?

Henry Eisenstein 00:52
Absolutely, thank you so much for having me.

Andrew Stotz 00:54
I'm very excited to have you. And you know, I was going through your bio and looking a little bit about what you've been through in your life. And I'm really excited for you to share the challenges that you've faced, as well as the successes that you've had. And let me introduce some of those successes and challenges to the audience. Henry is a real estate and commercial, real residential and commercial real estate agent and a real estate investor himself, he has personally sold and been a part of over $120 million dollars worth of real estate transactions. This success comes despite being a two time college dropout, and suffering from suicidal thoughts and depression. From the age of eight to 18. Henry inspires others through his speeches on entrepreneurship, sales mindset, and business at colleges and charity organizations around the U. S. Henry, just take a minute and tell us a bit about the value that you bring to the world.

Henry Eisenstein 02:00
So I'm all about transformation, no matter how it looks, you know, and when it comes to real estate, I, I love seeing the transformation of somebody, whether it's going from being a renter to owning something for the very first time, I can touch and feel it or, you know, the transformation of somebody's life of getting their first investment property and being able to handhold them through that process, you know, and make sure they feel super comfortable, and they're aligned with all the right professionals along the way.

Andrew Stotz 02:32
It's a lot that word. I mean, you know, I'm, I'm a little bit older than you, as you can see from my hairstyle. And, and the graininess of my whiskers. But, you know, it's only been I mean, I've been teaching for many years, but it's only been like the last five years, that I've really come to understand the difference between providing information and providing transformation. And I really tried to shift all of my online courses and everything I do to ask answer the question, how is this going to transform someone's life? And if I can't answer that, then it's just an informational course, you know, here's some information. And the truth is, nobody really pays for that. And they don't want that they really need that transformation. So I'm kind of interested with the word when I'm asking about the value you bring, and you're using that word transformation. Have you always been about transformation? Did you learn something about transformation? What can you help the audience understand about the importance of transformation?

Henry Eisenstein 03:36
So for me, you know, the biggest part of my transformation was going through my depression and suicidal thoughts. And then, you know, being able to go through that. And I went through a couple incredible trainings and events that were transformational in my life.

Andrew Stotz 03:55
And when you look at that, and when I look at you now, I mean, you don't you know, you've got success, you've got a lot of things there. What do you think is the key for someone right now? I mean, think about that, you know, someone listening right now, one of my listeners is there, they're fearful. They're afraid, they may be depressed, they may have lost their job, their business may have collapsed. They've lost confidence. What would be something that from your own experience that you would share to say, you know, how can they make it through that and transform as you have?

Henry Eisenstein 04:33
Two things. Number one, life happens for you. Life, life happens for us. You might not, not only not want to hear that, but you also might not realize it in the moment that it's happening to you. And it's very common for a lot of us and I've had it happen to me numerous times where you blame and, you know, No one blames you for being frustrated by it. realize that every time that something has, quote unquote, happened to you, there's a lot of lessons that you, you know, you have an ability to learn and those moments, and it's those learning lessons that allow you to not experience the same thing over and over again, right. And if you don't learn from those moments, it will happen again. Right? If you don't transform from those moments, it will happen again, until you learn from them. That's number one. And number two is your current circumstances or not your future circumstances. You know, and when you can come to the true realization about how real how true that is that statement, and you're able to just continue to find some light, some lesson and then move forward and begin that, you know, forward momentum. Again, it's amazing what you can change in your life. Because I've seen people come from absolutely nothing and create incredible lives for themselves, in every way of the word. Yeah, and

Andrew Stotz 05:57
it's like, some things in life are easier to see, like backwards. So I look at myself here, you know, here I am. I'm in Bangkok, Thailand, live in the dream that I've always always wanted to live in a foreign country and try to make my way. And I've built success. None of my friends from high school, you know, I was like the least likely to succeed. I was, you know, addicted to drugs, I was in a lot of trouble. And here I am at this other end of the spectrum. And then and then when my father passed away, I said, Why don't we bring my mom here. And my mom and I talked to my sister brought my mom. So now, my mom lives with me here in Bangkok, Thailand. And, and I have a good life, with good friends and just a good life. And it's when you look back, it's easy to say, but when you're 16, or 18, and you're looking forward, it's hard to see. So I like to tell people, you know, just trust the right process. Yeah, do the right thing work, get away from bad people get towards good people. Try to take the right steps. Stay honest, stay sincere. And that's what this podcast is about to I mean, it's a sincere podcast, it's real. And then with that, trust, that you never know, nobody would have predicted that I'd be living in Bangkok, Thailand with my mother. I mean, come on, nobody would have predicted that. So hats off to you, Henry Ford sparking that discussion. And I just want to say to the listeners out there, think way, way beyond where you are, because you have the potential to go to places that nobody would even imagine that you could go so

Henry Eisenstein 07:41
life is so long. And it's like, if you look in, if you look, in short enough windows of time, anything can appear negative, not fair. Not good. Right. But if you look over a long enough period of time, it almost always works out.

Andrew Stotz 07:57
I love that. So if you look at a longer period of time, you said wow, okay, actually, that that was meant to strengthen me to face this challenge. So fantastic. A lot of great inspiration there. And I appreciate that. Well, now, it's time to show your worst investment ever. And since no one goes into their worst investment thinking it will be tell us a bit about the circumstances leading up to then tell us your story.

Henry Eisenstein 08:21
Sure, so um, I worst investment ever was when I was looking to buy my first investment property using an FHA loan, just you know, as a primary residence. It was a four family property. And at the time, I did not have the connections that I do now. And the contractor that I was referred to was referred by a friend, sort of a friend of a friend situation. And I just blindly trusted the friend of mine. And everything seemed great. And all I did was trust this contractor blindly. And over what should have been a somewhere between a six and eight week project turned into a six month project, which was initially a $35,000 job turned into a nearly $60,000 experience. And by the end of it, I had about 70% of the work done six months later, and I had to fire him. You know, before the project was completed, because he was still looking for more money, and nothing was being done. Matter of fact, He still owes me a washer and a dryer. And so that all being said, you know, it took me a long time to realize that maybe he wasn't really the best fit for the job. When I was just truly blind trusting this individual thinking that everything he was doing had my best intentions.

Andrew Stotz 09:57
Can you go through the thought process or the feeling process that you were going through the time like, Okay, this is right guy, you know, it comes good recommended, everything's going well, and like this thing, is this right? Okay, let it go. Like there must have been a lot of times that in your gut, you felt like, wait a minute, you know, maybe you could just review that because I know that some of the listeners are in a similar situation, they may be having those feelings right now. And they need to understand that kind of progression that you went through.

Henry Eisenstein 10:27
Yeah, I think that, um, well, first and foremost, I didn't do any due diligence on the individual. You look, I try and I openly trust with my heart to just about everybody. Right? I don't, you know, I don't prejudge, I openly trust everybody. And it's definitely served me well and 99% of circumstances. And when it comes to spending your money, you know, I, I believe now, it's more important to do your due diligence upfront, and, you know, we'll talk more about that a second. But a lot of what, uh, experiences that I had were, when I first met with him, you know, it was a lot less about the job and the actual details of it more than just the cost, how much money he needed right now to get started. And, you know, a lot more about how fast I wanted to move forward. Right? And, you know, I could, I definitely looking back felt the salesmanship very hard. On top of that, what I experienced was, he moved very quick, quickly at the very beginning, which is very common for contractors. And then, within a matter of two weeks, it just immediately overnight stopped. And everything just started taking a much longer and much longer, much longer to complete. Things like permits, were being taken care of. Everything started being on my shoulders. And, you know, again, it was one of the first properties that I ever was renovating on my own with, you know, not my partners, and didn't have access to their contractors. And anyways, it was a lot of blind faith. You know, which honestly, when it comes to that, it's, it's, it really will turn out well.

Andrew Stotz 12:10
So what lessons, how would you summarize the lessons that you learned from this.

Henry Eisenstein 12:15
So going forward, anytime money is involved with a specific professional, I think it's important to get anywhere between, you know, two to four recommendations, at least, realize that most situations, whether you're getting a contractor, or real estate agent, like myself, a financial advisor, and insurance, doesn't matter what kind of professional, if there's a substantial amount of money being you know, that that's the that's at stake. I think that without a hesitancy of a doubt, anybody should be getting those references, you have a few people that you speak to see who you not only connect with, but also who you feel like has truly your best interest at heart has the most experience can see things through a lens through your own eyes. Because listen, a lot of people, you know, they'll talk a big game when they're in front of you when there's a lot of money at stake for their volume. Right. And what I try to, you know, make sure people realize is like, when I sell real estate, I tell people like, you're the only thing that matters to me about you buying a property or showing your home or anything like that is that you have such an unbelievable experience you want to tell the world about it has nothing to do with my commission by commission is an absolute bonus, right? Because when we leave, we know the winning hypothetical, or the transaction is over. I don't like I don't want to just be somebody who you knew for two months, three months, four months. You know, my favorite part is becoming a part of those clients lives for the rest of their lives, being part of their family, I'm invited to their kids birthday parties, and, you know, holidays. And it's like building that connection into the world.

Andrew Stotz 13:46
Wow, some great lessons. And I've been writing down a bunch of things. But just that last part, you remind me of when my mom and dad moved down to Charlotte, North Carolina, they got a real estate agent that helped them a lot. And when they found that house and they moved in that real estate agent also provided them a lot of stuff that helped them to kind of get to the community and Charlotte was really growing at a time. And to this day, my mother, you know, at 83 remembers that agent very well. And she tells me stories about how she introduced them to the community and how that helped them so much. And that's just you know exactly what you're talking about. Um, there's a few things that I wrote down too, as well. There's a great saying that we have in America that I remember, I don't know where it originates from, but it says measured twice, cut once. And so what you're talking about is do that prep work. Those references, you know, I mean, it's so critical. And also you got to keep in mind that some people are crafty, and you ask them for references and they're going to give their friend so you sometimes have to search out references beyond what they recommend.

Henry Eisenstein 14:59
And there's no rush The right there's no rush, like, you know, I was in this mindset. And look, I'm from the East Coast. So, you know a lot of things is very fast paced. So I've learned to just slow down, nothing needs to be handled Today, that same situate, you know, like, whether it's real estate or anything you're doing, right. We'll all be there tomorrow, the next day, the next day, the next day, it's like, take your time, make sure you connect with the right person. Yep.

Andrew Stotz 15:25
And that's the other thing I wrote down is the idea of having good contracts, having good milestones and timelines. So that, because a lot of the way that if somebody is really a really sneaky, what they're gonna make you feel is like, no, no, we didn't agree upon that. No, no, I mean, come on this, this takes more time. And there's more, wait a minute. So I've found a lot of comfort in making sure we got milestones and timelines in our contracts, for contracts that, you know, we're going into and contracts that, you know, on both sides of that. And so that's another thing that I think gets quite critical. And again, I didn't sign

Henry Eisenstein 16:05
a contract at all, there was no contract, it was all a handshake. I don't believe anybody anymore. When it comes to handshakes.

Andrew Stotz 16:11
Yeah, it's interesting, you know, cuz I had a deal in Thailand, where a lady came along, there was a very successful woman, and she asked me to do a deal, and sell a particular company of hers, which was worth about, let's say, 80 to $100 million. And, and we had no contract. We just had our, our word, I sold it. And she paid. I was like, wow, that was pretty impressive. But you know, I didn't know what I was doing at the time. But, and then the last thing I was just thinking about is, remember, ladies and gentlemen, when we're talking about getting references, the thing you also have to say is, are you giving references to your potential clients, or you helping them to get those references. Just the other day I was at I was a former client of mine invited me to meet some other guys. And what that former client said is, to those friends of hers, she said, You need to hire Andrew, because he did this for my company, and you need the same solution. And he can do it for you. And here's exactly what he did, boom. And then she put this information memorandum that I had written for her on the table, and then there's, like, done. So just for everybody out there, focus on these recommendations when you're trying to hire some, but also remember the importance then for your recommendations that are out there, and all that. So those are things that I've taken away anything else you'd add?

Henry Eisenstein 17:34
Yeah, I mean, like, just add on to what you said at the end. I mean, like, look, you know, referrals are the easiest sales in the world. Right? And you don't have to prove anything. Imagine like, you know, if you just treat everybody like gold, and you do the right thing, like you said, you know, and you have that friend who refers you somebody, it's like, there's no selling involved, they innately trust you because you did a fantastic job, right? It's the best type of business.

Andrew Stotz 17:57
Simple. So based upon what you learned from this story, and what you continue to learn what one action would you recommend our listeners take to avoid suffering the same fate.

Henry Eisenstein 18:06
Never, ever, ever get into a contract? Before you sign anything with anybody. Make sure you get multiple references. Make sure like, again, if it's a contractor walk other properties that he's done the work for, if it's a financial adviser, talk to other clients that he has specifically and see the exact returns that they're, quote, unquote, promising you, if it's a real estate agent speak to their past clients. It's like, don't be afraid to ask a tough question like, Hey, can I speak to one of your past clients? Like, you know what I mean? Like, sometimes people just get uncomfortable asking that do not be uncomfortable, it's your money, it's your family's life at stake. You know, it's like, you know, you don't just get to let it go.

Andrew Stotz 18:48
Fantastic. So what's a resource that you'd recommend or that you have for the listeners?

Henry Eisenstein 18:55
Sure. So I have a, a coaching program that I put together to assist people anything, it's really for any type of salesperson, whether it's real estate, you know, we dive into a lot of real estate topics in regards to investing and other things, but any type of salesperson who's looking to scale their business from you know, it's called several 100 to seven figures, such as myself, and I get into the real estate investment world of credit coaching program, because of the course and a weekly coaching live with me. It's called The Ultimate real estate accelerator. You know, definitely would love to have people in the program to show them like listen, like you know, you can have somebody legitimately hold your hand throughout the entire process from wherever you are to multimillion dollar net worth and it does not take you know, you know, any crazy schooling or anything like that, you know, as long as you have the right mentors in your life, you can succeed at an extremely high level.

Andrew Stotz 19:52
And the way to get access to that is to go to your Instagram,

Henry Eisenstein 19:57
Instagram or my even my website, Henry ISIS. dot com. You can literally just google me if you want to DM me on Instagram. I'll make sure if you DM me DM me on Instagram with Stotz. Yeah, I'll give you the discount code for we'll do 50% off for anybody going through your program is typically $2,500. But we'll do it for 50% off for any one of your listeners.

Andrew Stotz 20:18
Fantastic. Well, that's a great opportunity. I'll have the links to that in the show notes so that you can go ladies and gentlemen and take advantage of that opportunity. All right, so last question, what's your number one goal for the next 12 months?

Henry Eisenstein 20:32
I'm wrong goal. We're looking to buy 100 units in my investment company this year. You know, be a massive feat, and I'm excited for it.

Andrew Stotz 20:41
Exciting. Well, listeners, there you have it another story of loss to keep you winning. If you haven't yet taken the risk reduction assessment, I challenge you to go to my worst investment ever.com right now and start building wealth the easy way by reducing risk. As we conclude, Henry, I want to thank you again, for joining our mission. On behalf of a startup Academy I hereby award you alumni status for turning your worst investment ever into your best teaching moment. Do you have any parting words for the audience?

Henry Eisenstein 21:13
All I can say is thank you so much for having me. I appreciate it. And listen, don't be don't hesitate to reach out to the incredible mentors that are you know, like Andrew like myself, we everyone wants to give back. Yep, you know, and it we're one message away from helping you out.

Andrew Stotz 21:28
That's a great lesson, ladies and gentlemen. I mean, you'd be surprised how many people how many times that we reach out to people and we find out they are happy to share a little bit so don't hesitate to reach out and that's a wrap on another great story to help us create, grow and protect our wealth. Remember ladies and gentlemen, this podcast is about one guests. One story, one mission to help 1 million people reduce risk in their lives fellow risk takers. This is your worst podcast hose Andrew Stotz saying. I'll see you on the upside