Ep 049

Unlocking Client Referrals from Attorneys, CPAs, & other COIs and The 24-7 Mindset

With

Wally Elibiary

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Inside This Episode

Today, I’m talking with Wally Elibiary – a leader in the mortgage industry and the author of 24-7 Mindset.

Wally has been in the mortgage business for 20+ years and has a ton of wisdom when it comes to leveraging people, systems, and technology to scale a business.

In this episode, Wally shares his story and the problems he faced in his own company that were preventing him from achieving unlimited growth and freedom. While his mortgage business was considered “successful” he was burning the candle at both ends. Not only that, but he realized that 97% of his business was reliant on referrals from a single lead source, putting his entire business at risk.

As we dig in, Wally’s going to teach you the exact system he developed to diversify his referral network, refine his systems, and scale from a solitary $40 million loan officer to a team that consistently closes $200M in loans.

Oh yah, Wally also only works 24 hrs per week and he takes a minimum of 20 weeks of vacation every single year.

If you want to learn how he did it AND how you can apply a similar approach to your advisory firm, this episode is a must-listen!

3 of the biggest insights from Wally Elibiary

  • #1 Wally went from being a $40 million solo producer to building a team that closes $200+ million in loans annually. Hear how he went from one-man show to scaling his business – without sacrificing his freedom.

  • #2 Wally was only generating 3% of his business from his existing database. Listen to him share the strategy — and the technology — he used to boost that number to 37% by creating a referral network with CPAs, financial advisors, and attorneys.

  • #3 For the last 9 years, Wally has read 50+ books per year. But he doesn’t just read the books, he takes action! Learn his framework for retaining and implementing lessons from the books you read so you can achieve success in every aspect of life.

KEY TAKEAWAYS: 

  • Using books to cover your knowledge gaps
  • Hiring lessons from a billionaire
  • Breaking into the mortgage business by age 19
  • Scaling from a solo practice to a team
  • Speeding up the learning curve for your team
  • How Wally went from $100M to $200M in 2 years
  • Increasing conversions with live call coaching
  • How to get reciprocal referrals
  • Using technology to build a referral network
  • How to implement lessons from books
  • Discipline vs. self-discipline
  • Incentivizing your kids to read books
  • Wally’s top business and life books
  • Designing your lifestyle

HOW TO READ LIKE A CEO | WALLY ELIBIARY

REFERRAL MARKETING STRATEGY FOR FINANCIAL ADVISORS | WALLY ELIBIARY

SELECTED LINKS FROM THE EPISODE: 

PEOPLE MENTIONED IN THE EPISODE:

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MIC DROP MOMENTS WITH WALLY ELIBIARY

  • “When you’re ready to quit, when you’re ready to throw in the towel —  just be committed for one more day. And before you know it, you outlast your fears, you outlast your doubts, and you push through that ceiling of achievement to wherever your goal is.” – Wally Elibiary

  • “There’s no point in reading a book if you don’t implement it.” – Wally Elibiary

  • “So many people go 95% of the way in business, quit, and only settle for 5% of the results in their life.” – Wally Elibiary

  • “If you don’t delegate with a roadmap, the chances of you being successful are very slim.” – Wally Elibiary

  • “One of my morning affirmations that I’ve said for 11 years is this: ‘My questions are piercing. My answers are motivating. My presence is commanding. My success is untouchable.’”

Brad Johnson: Welcome back to another episode of Do Business, Do Life. I’m joined by Wally Elibiary today on the show. Welcome, Wally, how are you?

Wally Elibiary: Hey, thank you so much. Super-duper impressed, you pronounced the last name absolutely perfectly. It’s a tall task to ask.

Brad Johnson: We are off to a good start. It can only get better from here. So, Wally, first off, it’s always fun. We were just talking before we went live here. I know you also do a podcast and we have 74 different connections we all pieced together before we went live here. But John Israel, who’s been on the show a couple of times, was kind enough to introduce us. And it’s always fun. I have this theme in life, great humans connect with other great humans. And just once again, that rule comes to be true. So, what’s your thoughts? I know you’re a growth mindset guy, read 50 books a year. Well, how has that played out in your life, just those connections, and how you see life when it comes to personal growth?

Wally Elibiary: Oh, I’d say, I read a quote back probably 13 years ago that “Show me what you’re reading today and I’ll show you who you will be tomorrow.” And that kind of changes the whole lenses that I look through to look at reading books. And so, when I started realizing, it was an honest conversation with myself, I grabbed a whiteboard and I went through and categorized my life in six areas. And it was like residual income in this category, wealth in this category, time spent with family in this category, efficiency throughout my daily activities or my mortgage business, six different categories. I realize, okay, so I’ve got a lot of gaps in my life where I want to go.

So, I started reading books that help fill those gaps into play. Then I had this idea where– so I’m ADHD, I’m dyslexic, and I have dysgraphia. So, when I read a book, I’m listening to the audiobook while I’m looking at the book and following in my finger. If not, I don’t have the luxury of being able to digest it. So, when I redo that, and sometimes I still struggle with digesting it, I learned back in 2016, 2017, I started reaching out to the authors. And it was pretty cool because a lot of people you just mentioned were people that I’ve met from reading their book, had reached out to them, introduced myself to them, and said, “Hey, I’ve got some learning disabilities and I’m trying to digest any book. You said A, B, and C. Can you elaborate more on that?” So, a lot of my great friends and a lot of my great mentors over the last seven, ten years of my life are New York Times bestselling authors that cared enough to invest in me, one of their readers of their books. So, reading is a huge part of my life.

Brad Johnson: You just reminded me, an author out there, a guy named Joey Coleman. And I remember he was speaking at an event I was at. And he was just saying, “Hey,” as a speaker and somebody obviously that’s poured their life into sharing ideas and concepts with the audience, he said, “It surprises me how few people come up to the stage after you’re done.” And he’s like, “As a speaker, that’s the biggest honor that I said something that hit home and somebody wants me to expand on that.” And I would like to guess that, many of those authors, I’m sure not all of them, that many of them that they’ve seen that it’s an honor of, hey, I put something down to paper that hit Wally and he wants to dive deeper. Have you found they’ve been more open than you would have expected when you reach out?

Wally Elibiary: 1000%. There’s Jeff Hoffman, he’s a billionaire, wrote the book Scale. He was one of the people that reached out and he invited me to do a one-hour Zoom with him and he walked me through his book Scale, and I really hit it off. And I said, “Jeff, I’d love to make a donation to your foundation. If I make a donation to your foundation, can I come follow you for a day?” I mean, this is a billionaire dude, super successful, I mean, Bill, Priceline.Com. And he had me come up to his place in Cleveland and I spent the whole entire day just following him around, going from meeting to meeting to meeting and meeting, just observing. And then we had dinner that night. And I got back in a plane and came back to Dallas. So, it’s pretty neat how some of the most successful people in the world that you think, they were like just totally, they’d be staying off for sure. They’re too good to speak to you. They’re some of the most welcoming, open-hearted people.

Brad Johnson: What was one of your biggest learnings from your day with Jeff?

Wally Elibiary: Stop trying to save people. One of the biggest takeaways I had with him was everybody that he had in his executive team was better than him at his lane. Or a mistake I’ve made in leadership and then also in business is I see someone that I fall in love with and I bring him into my world and I could see that they’ve got some challenges, but I had this savior complex, like, I’m going to save you. And you can be so much more successful if you had my models, my systems, and you realize with him, the great advice he gave me, he goes, “Only hire people today that you know will have a successful year next year without you.” And in a lot of his career, he’s really been able to tack on the people that are on this hockey stick, but he tacks on them in the middle, like with the hockey sticks flat. Then as they’re taken off, they’re helping grow his world and also their worlds from there.

Brad Johnson: I love that.

Wally Elibiary: Yeah, it’s the difference between learning how, like, it’s emerging talent versus proven talent. Emerging talent is not yet. It might be proven in a different industry, but if they enter the mortgage space or financial services space, they’re not proven in that space, but they’re a winner. And another piece of advice he gave, it was like eight executives and seven of the eight executives, so what is it, 85% or so had some sort of collegiate sports leadership career in college, some sort of sport. If it was softball, if it was baseball, if it was basketball, they were some sort of athlete. And it’s just a difference of finding a teammate that understands a team dynamic. You’ve got to work your tail off, you got to put in the work, and then they have a high level of competitiveness. It works well while on business.

Brad Johnson: I’ve seen that theme many times as well. I’m curious, were you a former athlete by chance?

Wally Elibiary: No, no, I mean, I play high school soccer, but I mean, so there are a bunch of– no high school athlete. Yourself?

Brad Johnson: I played college football, but in the world I grew up in, in finance, that was it. There’s always exceptions to every rule. So, I don’t think you say, oh, we’ve got to have former athletes. But there was definitely a trend where some of the most successful were former athletes, for sure. Okay, so let’s go back. Well, Wally, you have a really interesting story. You were not born in the US. You were born in Egypt and came over to the US at a young age. I would love to hear kind of that journey, how that impacted you, and then maybe some of the key milestones along the way that got to where you are, at this point at least.

Wally Elibiary: Yeah, absolutely. I mean, I think, so I grew up in Alexandria, Egypt. Family’s from Cairo. My father worked for Mobil oil. So, when they relocated us to the States, we relocated to Dallas, who’s part of the big oil boom and just grew up here in Dallas-Fort Worth. I knew I had a love for business and a love for money earlier, very early in my teenage years. This is how my senior year in high school went.

And I’d wake up at 5 a.m. and go deliver newspapers, The Dallas Morning News. I get to school by 7:00, 7:15 to get to soccer practice. I’d start, then go to school, get out at 12 o’clock. And I was Schlotzsky’s assistant manager until 9:00 pm. So, I was a senior in high school, working a full 40-hour week. But I was a senior in high school, making over four grand a month, which it got to the point where it’s like, I can do this. Well, I try to go to college. And I think earlier, I kind of broke down. So, I’m ADHD, I’m dyslexic, and I have dysgraphia. So, I have challenge digesting educational, like schoolwork, if that makes any sense.

And then, so the challenge was, I get to college, I try to enroll in the college, and my GPA was so super low that it just didn’t make sense to redo all my intermediate classes. Long story short, I started selling cars when I was 18 years old. I sold cars for six months. And there’s a guy who comes a lot and he’s buying his Mazda Miata, pulls out with his shirt off. He’s got his golf clubs in his passenger seat and he’s got his flip flops. I’m like, “What do you do?” And he goes, “Man, I’m a loan officer. I make $100,000 a year and I work maybe two, three days a week.” I’m like, “Dude, can I be your assistant?” He wouldn’t hire me, but he kind of planted a seed of, like, if this young who can make six figures, like, here I am working bell to bell in car sales, I need out of here.

So, I sell cars for a whopping six months. And I went and found a loan officer that hired me as a loan officer assistant. So, I mean, I started mortgage when I was 19 years old, completely wet behind the ears. I had to have facial hair to make me look older. I’d wear eyeglasses that were complete see-through. They were fake eyeglasses. But it made me look like I was a little more sophisticated. But I just taught myself in the mortgage business and worked my way up from there. But I can go into a little more detail if you like.

Brad Johnson: Yeah. Well, I’ll tell you, I’ve already seen Team Wally. And that is this kind of constant pursuit of something more. Was that your parents? Was that just your hard wiring? Where did that come from? Because that’s like, you’re pretty quick on your feet right there to just call this dude out. You’re like, “Oh, I think this is a better move if I go here versus selling cars for another year.”

Wally Elibiary: No, it definitely wasn’t necessary my parents. Unfortunately, they were not really too super successful in the business space. I think growing up from a Third World country, you come from a poor background and you grow and you move here to the States. And my dad moved to the States when we had the oil boom. But then what happened after that, there’s all crash and there’s a lot of layoffs. And we struggled financially growing up.

So, it was one of these things that, like you always have the new kids at school that have Reeboks or Nike’s, they’re pumping it up and you’ve got the ones, the Payless shoes. And I looked at them feeling like I hated feeling less than. And I never walk around even today thinking I’m better than anyone, but I at least feel I’ll walk around that I feel like I’m equal to them and there’s nothing that I’m lacking. So, as I learned, that made me really successful in business because so many people go 95% of the way in business, quit, and only settle for 5% of the results in their life.

And a mentor of mine taught me that. And it was one of these things that it really ingrained in me. When I’m ready to quit, I’m ready to throw in the towel, man, just be committed for one more day. Just be committed for one more day. And before you know it, you just outlast your fears, you outlast your doubts, and you just push through that ceiling of achievement to wherever your goal is.

Brad Johnson: Good advice. And fun fact, Payless ShoeSource is my first corporate job. And you know how I knew that, which, now infamously bankrupt. But there were two reasons I knew that I was there from– let me think, how old was I? 24, 25, 26, I think. So, I was there straight out of college and there were two, looking back, reasons they’re no longer in business. Number one, no one at Payless ShoeSource corporate wore Payless shoes. Everybody was wearing other shoes besides the ones they made. And number two, they had, I think they called it Store 100, it was their online store. So, I was there 2005, 2006, and the beginning of 2007, and they were like, “Yeah, we’re not going to really focus on that one. We’re going to stay more on the brick and mortar.” So, they took a wrong turn on that one, which probably tells you a business lesson or two.

But let’s go back to you. So, obviously, not only did you climb the ranks on the mortgage side, but at some point, you went from being kind of the assistant guy to the guy leading it to now, you’re running your own brokerage company. So, maybe fill in a few of those gaps. I’m sure there’s some lessons along the way.

Wally Elibiary: Yeah. So, just like I’m sure you guys know who Robert Kiyosaki is. I got a chance to meet him a couple of times, and he mentored me for about three different sessions, but he’s got his CASHFLOW Quadrant. You go from employee to self-employed, then you go through his quadrant. So, I focused on my 20s. So, I broke six figures my first year in mortgage. But in my 20s, I focus, which is in my book, being rookie of the year. Rookie of the year in my 20s. In my 30s, became the star quarterback, then in my 40s, became the head coach. And in my 50s– I’m 45 now, in my 50s, I’ll figure out how to be the owner.

So, if you look at it like, in my 20s, my goal was to be– I knew I was supposed to make mistakes, I knew I was supposed to be new, I knew there was a lot for me to learn. So, if I’m rookie of the year in my 20s, a lot of it is soaking in knowledge, trying different things, and figuring out what’s going to work for me. Once I realized in my 30s, I needed to be the star quarterback, well, that’s when leadership came into play. And I realized in my 30s, I need to build a team around me to be able to help me grow, to scale because being a one-man shop or one-person shop, you run it hours in a day.

And then, now, going from, again, the rookie of the year to the star quarterback, now being the head coach, where I’m leading leaders instead of leading followers because as you’re rookie of the year, you’ve got followers and you’ve got also, say, star quarterback, you’ve got the followers. But when you’re the head coach, you’re leading other leaders. So, that’s where I am in my space today, where I lead other leaders in the mortgage space. I coach other leaders in the mortgage space. And I had to go through that. I mean, I’ve done this 25 years now. I’ve had to go through that progression to really understand what that next level is like.

Brad Johnson: Let’s dive in there, because we were talking before we hit record here, and there’s a lot of similarities between guys I’ve seen really scale large businesses on the mortgage side versus financial advisors that have done the same. And we call it at Triad, we call the model going from the advisor in charge, which to your point, the one-man show, the rookie of the year that the constraint is you. You only have so many hours in the day or week to that next step, which is a business owner or CEO that’s now starting to scale a team to where they can go on vacation and their revenue doesn’t go on vacation, for example.

So, what was the hardest thing where you’re like a go-getter? Obviously, you can tell that from your story to now going to– do you define the star quarterback as leading other mortgage brokers in your model? Would that be kind of the business owner level? As a life coach, I just want to make sure we align the verbiage up the same way.

Wally Elibiary: Yeah. So, when you’re leading other leaders, you’re the head coach. When you’re the star quarterback, you’re leading other followers, right?

Brad Johnson: Got it.

Wally Elibiary: And when you’re the star quarterback, I mean, to say, obviously, your wide receiver or your linemen, they don’t do anything until you say that. They’re following your playbook, right? And when you’re the head coach, the star quarterback has their own decisions, plans, and now, you’re coaching. Say if you’re Bill Belichick, you’re coaching the head coordinator or the defensive coordinator. And now, you realize you can only do so much. You can’t throw the ball to yourself anymore because you’re not in the field, right? You’re there on the sidelines with your clipboard. So, you got to have the models and systems in place that the players follow. And you’ve got to have the technology around that in my space and mortgage space to keep them accountable along the way so they don’t skip steps because then you never get the whole McDonald’s mindset of, like everything, the assembly line of the process. So, I see people try to scale, they end up not having a model and standards around it. And they don’t use technology to be able to keep the humans accountable for the model and standards that they end up diluting their brand. They dilute their brand, the business goes down, not up.

Brad Johnson: Yeah, let’s dive in on the sales side because I think that’s the side where most advisors, obviously, if you can’t sell, it’s tough to scale as an advisor. Very similar to hard to scale as a guy doing mortgages. So, I see that being one of the biggest frustrations. I’m assuming it may be in your space as well, where this advisor kind of grinds it out. It’s survival of the fittest, 10 years and 15 years, and they’re like, okay, time to train the next advisor in line or the next couple. And it’s really frustrating because it’s slower, it takes longer. They screw a few sales up along the way. What are systems or methods you’ve used in your space to accelerate that training curve?

Wally Elibiary: Yeah. So, in my world, there are five steps to a mortgage loan. There’s a lead app. You get a referral, you get them to apply. There is a high-trust interview going through their application, figuring out what they qualify for, goals, and that nature. Then there is the total cost analysis, figuring out their options, going through that. There is a lock call when the contract comes in. And then there’s simply, they want for the closing aspect of it.

So, when I was a solo person, say the rookie of the year, I did all five steps. And when I became the star quarterback, they started doing the first one and they had to graduate from that first one and I did the other four. Then they started doing the first two and I did the other three. Then they started doing the first three and I did the other two, and they never got the opportunity to take the next level until they test it out and prove that they can continuously do that and just keep up the same high level of quality, same high level of conversion. Because when I tracked it of what my conversion rate was from lead app, my conversion rate was from high-trust interview and the milestones. I did not want to delegate an opportunity to a loan officer, they not convert and we make no money.

So, the goal is, hey, if I’m going to delegate to you, here’s a minimum. If I’m at a 90% conversion rate, your minimum standard, not suggestion but standard, is 75%. If you can’t convert more than 75%, then I’m not going to give you any of my referrals. You can go get your own and you can convert whatever you want to your own. But if you want my referrals and my referral partners from my database, there’s a standard you’ve got to hit.

Brad Johnson: I love that.

Wally Elibiary: Yeah. Once I understood that there is you– so many people make their careers. I don’t care if it’s a financial advisor, I don’t care if it’s a loan officer, I don’t care if it’s a CPA, a tax strategist, whatsoever, they make their world so complicated, they make themselves feel like they are so sophisticated or whatever. I try to dumb down mortgages as simple as possible. And it came from a Jay-Z quote that said, “I dumb down my lyrics to double my dollars.” And I made the model so simple, so detailed but so simple, that I’m able to now have technology that keeps them accountable on milestones and conversion rates, and our accountability for conversion rates get emailed out to the whole entire team with a dashboard that the whole team sees. Hey, John is at 91% occupancy, but here, Bob is at 81% occupancy and it’s like a competition gamifying with each other.

Brad Johnson: It’s natural accountability by the group because you don’t want to be the low guy or girl on the totem pole.

Wally Elibiary: No, absolutely not. And then there’s awards for the people that if you’ve got the highest conversion rate, guess what? The next month, Wally’s going to go help you land the next referral partner and help you grow your business. And now, you got another referral partner for your business. They want my time. They want me to go out and go land more, bigger referral partners that they get more business from. Well, to get my time, you’ve got to be the top one, two, or three in the highest conversion rate as a team. You’re not going to get my time if you got the lowest conversion rate, and I’m not going to go out there and help you go get more business just for you to turn around and just waste the deals.

Brad Johnson: Yeah. So, let’s hit that too, because there’s nothing more frustrating than spending marketing dollars to generate qualified leads, and then just those getting flushed down the toilet from people that aren’t ready for them or aren’t following a system to convert. So, let’s just say you’ve got now two or three that have gone through those five steps and they’re all converting at about the same rate. At your point, once you had a team or that next level, did you now take your minimum up to where Wally only works on the big deals? Or how did the scaling go from there once that kind of first step of next sales team was in place?

Wally Elibiary: Yeah, scaling really took off for me in 2019, and I was able to teach all my loan officers all five steps. And I kept the standard at 75%, I did not raise it. And as I kept the standard at 75% and a master at all five steps, what’s great about that is 97% of our business came from realtors. That sounds great. And we’re doing $100 million a year in loans. We’re top 10, the State of Texas and all these accolades and awards. But it was like a rat race every single month. And if the realtors, you’ve got to go do happy hours, dinners, wine, schmooze just to go get referrals, the business had no worth, had no value because I had no recurring income coming in.

So, I realized only 3% of my business came off my database. Well, why? Well, I felt close on, I never reached out to them, right? Unless it was a refi boom and rates dropped like, “Hey, buddy, remember me?” And so, outside of that, I never reach out to my database. So, I created something called an annual mortgage review. And it was actually a mortgage efficiency checkup. So, mortgage efficiency checkup is when I call the client, say, “Hey, I closed your mortgage three and a half years ago on 123 Apple Street. I know I haven’t talked to you since then. I have failed staying in communication with you, but to make it up to you, what I’ve done is I’ve gone through your mortgage and I see some inefficiencies that could help you pay more principal, less interest for less number of years.” And I just simply go through the mortgage statement, help them pay more principal, less interest, and for less number of years, help them re-shop around their home insurance to decrease their escrow account. I help them turn around and dispute their taxes to make sure that they’ve got homestead exemption. If they’ve got monthly mortgage insurance, I’ll turn around and get help and get that removed if they got an equity in the house. So, I’m giving them value.

So, the following year, from 2019 to 2020, I did $150 million. So, I went up $50 million, but what’s super cool about that was 37% of my business came from database, from 3% to 37% came from database. Well, what I realized, there was a gap there. And that following year, how we got to $200 million in loans the following year, so in three years, $100 million, $150 million, $200 million. So, I doubled in two years. And the way we got to $200 million is when I was on these mortgage efficiency checkups with these clients, the past clients, I realized they have gaps in their world.

While they’re doing TurboTax, I’m looking and helping them go through tax. I’m like, “You need to get with a CPA.” Or someone owns a business and they’ve got a CPA but they don’t have a tax strategist, or I put them a half million dollars in mortgage debt and they’ve got $300,000 equity in their house, but then they don’t have a family will or they don’t have a trust, I got to refer them to a family will attorney. Then from there, I turn around and then their taxes are through the roof because they haven’t filed homestead exemption, I’m referring them at that tax speeder company to drive down their taxes. Then also from there, it’s so funny, I did a loan, they had one kid. And now, they’ve got three kids and then they don’t have any life insurance, haven’t increased their life insurance, but they’ve got three kids now and they’ve taken on a bigger mortgage, I’m referring them to a financial advisor so they can update their life insurance and grow their wealth from there.

So, I found out these gaps while I started referring out referrals in 2022 to wealth partners. And the way that I got these financial advisors, CPAs, family will attorneys, and insurance agents is I went to pick up the phone and call the client and do the mortgage efficiency checkups. I helped them identify and self-discovery. They had gaps in their wealth. There was no one there helping grow their wealth. There’s no one protecting their wealth. And I would ask them, I’d say, “Hey, do you have a CPA?” And if they said yes, “Okay, awesome. 1 to 10, what do you rate your CPA?” And if they said 7 or below, “I’m going to call on a timeout. I just put you a half million dollars in mortgage debt. If you don’t have a tax strategist, that’s like a 12 out of 10, I can structure the mortgage the best way possible, but you’re going to be paying too much taxes. You’re not going to maximize write-offs. Are you open to me referring you to my tax strategist? Free consultation, just have a conversation.” Boom. Easy referral. I’m able to send out, number one.

And number two, when I ask them, if I say, “Hey, 1 out of 10, rate your CPA,” they turn around and they say, “It is a 12 out of 10. Absolutely best I’ve ever seen.” And I’m like, “Oh my God, I help 700, 800 families a year for mortgages. Can you put your CPA on a joint email, introduce us together, share both our numbers, and I want to be referring my clients to your CPA on your behalf.” So, I was doing that with financial advisors, then doing that with family will attorneys, doing that with insurance.

It got to a point where it’s like, now there’s 76 different financial advisors that we refer business to, 14 different CPAs, nine family will attorneys, now four insurance companies, not just four insurance agents. And the database goes from 2019 with 2,000 people in my past client database to where I start and do mortgage efficiency checkups for my wealth partners. So, it goes from 2019 with 2,000 people, past clients, to 2020, 11,000 people in my database. But now, it’s got over 28,000 people in my database now in 2024.

So, the way scaling came to me was replacing myself as the loan officers that worked with realtors, gave me back six to eight hours of my day that allowed me to focus on building equity in my business, which was my database. I turned that database into a data bank. I was able to pull referrals out of, refer that to CPAs, financial advisors, family will attorneys, insurance. And out of the $200 million a year that we closed in loans, $81 million of the $200 million in loans come from CPAs, financial advisors, family will attorneys, and insurance. It’s just a much better, more efficient way of doing business. And now, I’m the head coach on the sidelines instead of the star quarterback that’s on the field or the rookie of the year.

Brad Johnson: Love it. I didn’t want to ruin that flow while it was too good. So, couple thoughts because there’s a lot of synergies and similarities with financial advisors here who also, many of them, have a great database because they’ve marketed and worked with clients for 10, 20, 30 years. But from my experience, just like you back in 2019, most of them are not mining that gold. It’s just sitting there. So, if we go back when you freed up the time, so we’re okay, we’ve got kind of the sales team rolling here back to the database, I’m assuming starting out, it sounds like you were the guy picking up the phone and really testing this new strategy out. Was that the case back then?

Wally Elibiary: It was 110% of the case because there was nothing built. So, I had to go. I do it as like this is very simple nine step process of scalability that anybody can follow. And it’s in my book and it’s I do it, we do it, they do it. I had to go do it and learn the best practices and fail forward on it. The we do it is me writing out the scripts, the manuals, the processes, and my team starting to do those with me. The they do it is them doing it from A to Z, me watching them, doing us live, and coaching them live. Then it becomes their responsibility. Now, they’re laying their opportunities, their responsibility, and then you can let go. Well, I feel like so many people just like they think they’re delegating, but they’re truly dumping. And if you don’t delegate with a road map, the chances of you being successful is very slim and the chances of you getting that job back is very high.

Brad Johnson: Oh, it happens all the time. That’s one of the biggest frustrations I’ve seen in our space. I love that. I do it, we do it, they do it. And we call that in our coaching, you let somebody ride shotgun with you and then you flip it, and they drive and you’re riding shotgun. But you were literally listening, like shadowing while they’re making these calls. And then as soon as they hang up the phone, it’s kind of an after-action review where you’re critiquing right there on the spot.

Wally Elibiary: Yeah, we use Salesforce and we connect it to two softwares, one called DialSource and the other one called RingCentral. And there’s a feature in there for the RingCentral that I can be listening to a phone call and I can give verbal coaching, and the only person that hears it is my guy on my side of the fence.

Brad Johnson: Oh, you’re like in their earpiece then, basically.

Wally Elibiary: Correct, yeah. So, it allows them to be, if they’re going down a rabbit hole, I’m like, “Get back on script. Get back on the manual. Get back on the steps.” Or if they gloss over something, I’m like, “Go back, unravel A, B, and C, and then you’ll find gold because they’ll take you in this direction.”

Brad Johnson: So, let’s geek out on cold calling a bit, although these are probably not cold call. So, depending on how long you’ve talked to them, maybe it’s more of a colder call. So, I grew up in the space, day one, learned what an annuity is. Day two, make 100 cold calls. That was how I cut my teeth. Are there certain frameworks that you prefer when it goes to scripting and just simplifying what can often get complicated for new sales guys when it comes to cold calling your sales scripts?

Wally Elibiary: Yeah. I mean, you’re probably going to hang up on me. It’s pretty darn simple, really. It’s get them to like you. My goal is to get you laugh within the first 30 seconds. If I can get you to laugh within the first 30 seconds, I got you. So, get them to like you, add value, and ask for the business. So, for me, to add value, I’ve got to be a great listener. And one of my morning affirmations every morning is that, I’ve said this 11 years, last 11 years every morning in myself, is my questions are piercing, my answers are motivating, my presence is commanding, my success is untouchable.

For my questions to be piercing, I have to be a great listener, I have to be curious, I have to want to learn more. My answers will never be motivating if I talk more than I listen and I don’t ask them to go to the emotional places in the conversation. So, the better listener I learn to become, the more successful I became on those calls.

Brad Johnson: So, I love the try to get them to laugh within the first 30 seconds. What’s your go-to? Do you have one that’s proven over and over that always just gets some sort of reaction?

Wally Elibiary: I have few. I’d probably say, “Hey, are you living the dream?” And there’s usually a small giggle. If they don’t giggle and I say, “Yeah, it’s been a Monday on a Thursday. I’m not living my dream. I’m living somebody else’s dream.” And usually, then I’ve seen a laugh in there. And I always say quirky things like, “So tell me, you having a good day? You having a great day?” And, like, what’s somebody will say back? F-U? Like, it’s not going to be like– no one’s going to say something negatively back that I…

Brad Johnson: It’s funny and it’s an interesting study in human psychology when you cold call. But I have found the energy you bring to a call is typically reciprocated. Like, if you’re having a good time, high energy, smiling, having fun, most people, even if they’re naturally grumpy, will kind of get on board with that. So, I couldn’t agree more.

Wally Elibiary: Yeah, they’ll go on board that for probably the first maybe 30, 60 seconds. But you got to get to value pretty darn quickly. I think, sometimes, people like you, you get them to laugh in the beginning, but then you do more small talk and you got to cut the small talk, like you’re taking up their time. If they don’t see value in you and continue the conversation after 60 seconds or 90 seconds in, the call will be done in three minutes and you’ll never get what you want. So, get to the value.

Brad Johnson: Okay, so I want to rewind because our time is limited. So, let’s get to the point here too, right? So, back to the scaling and back to– so you unlock this new referral source which is through phone calls, right? And basically, mining that database, which then unlocks this whole new referral stream coming from different kind of financial worlds that your clients are in, so estate planning, tax planning, financial planning. We were talking before we went live financial advisors, it’s like the Holy Grail that they’ve gone after for their entire career. It’s like, oh, if I could just find this CPA that just sends me referrals consistently. If I could just find this estate planning attorney. Now, in our mortgage guy, because this is the first time I’ve heard this strategy from your space, how do you make this as a win-win on both sides? Because most financial advisors listening in, they’re sending a lot of referrals to CPAs, estate planning attorneys, but it’s not coming back the other way. So, how would you crack that code, Wally?

Wally Elibiary: Yeah. So, I refer out about 100 or my team refers out about 120 referrals a minimum on a monthly basis. We usually average closer to about 140. So, if I’m referring out 120 referrals on a monthly basis, and the mindset is I get a referral from my realtor, I turn around and take that same referral, refer it to a CPA, financial advisor, family will attorney, and insurance, I refer it out to four different partners. My goal is to get a minimum of two referrals back. If I get two referrals back that can turn around and pre-approved, I can refer one to my current realtor that originally referred to me that client. Thank you for your loyalty. And I can take the other one and go find a new big-time realtor that can refer that preapproved client, too, that I want to prospect.

So, I’m changing the whole thing from being an addition to a multiplication from the jump. So, as I’ve done that and I refer out over 120 referrals, so that means I’m getting back 60 referrals. So, one thing that I keep track is I refer it out over $2 million in commissions a year the last three years in a row, $2 million in commissions a year. One of the first questions I usually get asked when I’m saying that up the stage is that, “Well, how did you track that?” So, let’s just say you start off with a financial advisor, I sit down and you then say, “It’s October,” I’m like, “Hey, it’s October 2023. What I want to understand is, tell me about your goals for 2024.” You tell me X, Y, and Z. “Okay, cool.”

So, for you to reach that and if you’re able to accomplish that ballpark, what is it on a yearly revenue for your business or yearly income you make? You’d say X. Okay. So, it sounds like your profitability per client is, I don’t know, $5,000 for simple math. So, with that being said, what I want to do is I want to be a big part of your success. Tell me about the number one referral source that you have. How many closed transactions or relationships do you get from that number one referral source? I get two or three a month. Okay, so if I’m able to refer you five clients a month, that number one right now is making you, say, $15,000 a month in revenue, five refer you five at $5,000, I mean, I’m able to refer you then $25,000 of revenue on a monthly basis. And if your goal is $1 million in revenue, I just referred you about 25% of what your goal is. Does that make me your number one biggest partner that you can have in 2024? Answer is, a lot of times, it’s not always yes.

All right. So, with that being said, what I want to do is I want to set up a call with you for 15 minutes every Friday. Every client that I refer you throughout the week, the responsibility on Friday is for you to tell me, did you get a hold of John Smith? Did John Smith move forward with you? What did you talk to John Smith about that I can reach back out to John Smith and help him reinforce him moving forward with you? And then on a monthly basis, I want to be able to track. Did I get you those five referrals that you’re able to close or only get you four, and next month, I got to get you six? Or did I get you seven that month and I’ve got two more extra in the bank?

Ten out of ten times, the first question they ask right back is, “Well, tell me about your goals, Wally. Tell me about your goals. What do you want to accomplish? What’s your average risk?” They’re asking or regurgitating the same questions back. And then from there, every wealth advisor, every partner I have, I always gift in the book, Give and Take by Adam Grant, talks about there’s three different types of people in the world – the givers, the takers, and the people that give and take evenly. So, most people don’t know that the happiest person and the most successful person are the people that give and take evenly, not the givers and not the takers.

So, I break that down from an anatomic, hey, here’s my business plan. Here’s the type of avatar client that I’m looking for. Here’s how I can add value to them. And on that Friday call, whoever you refer me with, my responsibility, we’re available to report back to you that, did I convert that client? How did that go? Did I win with that client how to add value such from there? And when we meet on a monthly basis, then we’re going through also my goals from there.

So, what you realize is you flush out people pretty darn quickly up front. If a wallet advisor is saying, “Yeah. No, that’s just too much,” then they were never going to be successful partner from day one. If they were like, “Yeah, let’s do it. I want you to be number one. I want to be your number one,” then you know you guys are equally yoked and you’ll be in great partnership together. And that’s who I built my wealth partners with. I’ve not built the business with wealth advisors that are takers versus only wealth advisors that are givers. So, only give and take evenly.

Brad Johnson: That makes a lot of sense. So, let’s dive in. And I want to make sure I’m not making any assumptions. So, all of this is managed inside of Salesforce as far as where the referral comes from and where you’re redeploying it back out. And then one of the things of how it sounds like you’ve overcome the whole don’t bite the hand that feeds you, such as if I give a CPA referral, this happens all the time in finance by the way, and then I’m like, wait, a month later, CPA nothing. It’s because the CPA is now getting referrals from about six different financial advisors and doesn’t want to make any of them mad. So, therefore, he gives no referrals to anybody.

So, you’re kind of creating an upfront contract of expectation, the give and take, framing it with Adam Grant’s book. But the other hack, how you’ve gotten around that, is you have referrals coming from multiple sources – estate planning attorneys, CPAs, financial advisors. So, now, you can take financial advisor referrals, redeploy to CPAs, redeploy to estate planning, and you’re now not biting the hand that feeds you. So, that’s the other way you’ve gotten around that. Is that accurate?

Wally Elibiary: 100%. And on a yearly basis, you just described Chapter 15 and Chapter 16 of my book. And also, on a quarterly basis, we’ll do a client appreciation event. So, the CPA will gather their clients and do, I don’t know, pictures with Santa, whatever. And then the financial advisor, they’ll do a joint one or the family will attorney will do one with the insurance agent or whatever. And we’re the ones helping structure those. So, now, you’re getting the face-to-face time. Now, you’re getting the referrals back and forth.

But we use two other technologies that really help us stay engaged. And the first one is called Homebot, H-O-M-E, second word B-O-T. And it’s like, imagine your mortgage has a report card and it’s a digest. If anybody wants to know more about it, reach out to me and I’ll walk you through that. But I own 0% of it. I wish I owned it. It’s a phenomenal company product, but it’s a great tool to get with a financial advisor or a CPA for their database to adopt it. And in there, it’s your contact information, the wealth advisor’s contact information. So, we’re digitally on a monthly basis reaching out to.

Now, what I do step further from there is I record a 5 to 10-minute video with each wealth advisor on a monthly basis. It’s me and the wealth advisor, them going through of, like, hey, what’s going on with the new tax strategies? Or what’s going on in the marketplace? Or what’s going on the stock market? Are we in a recession? We’re not in a recession, whatever it is. So, it’s me and the CPA, and we send those out through a technology called BombBomb. It’s a digital video email software. And it goes out to their database of me and the CPA.

So, then my editor cuts those up in reels, and then now, we target them on Facebook and also LinkedIn and also Instagram, targeting me in the CPA’s database. So, now, they’re seeing me all over social. Now, they’re seeing via email with the wealth advisor database, they see me at the client appreciation events. They’re seeing me through the technology for Homebot. It’s engaged their relationships and it’s built this ecosystem where we feed each other. But then, that’s how I have a database of 28,000 households that know me or know of me at least, would welcome a call from me that I could pick up the phone and call, do a mortgage efficiency checkup instead of just you think of like you got 28,000 co-leads, which we do not.

Brad Johnson: So, I mean, the simple– this goes back to the Zig Ziglar quote that everybody knows, “Helping off other people get what they want and you’ll get what you want in life.” So, where I’ve seen a lot of these referral strategies or frameworks or whatever, go wrong is it’s always self-centered. What’s in it for me? You’re really flipping the script and saying, what’s in it for them? And it sounds like, number one, you’re helping facilitate, at a minimum, some form of quarterly client event, where they’re kind of invited with their clients. Now, is your whole team the one organizing and doing all of this, and then you’re just inviting a bunch of strategic partners in? Or are they the ones creating the actual events?

Wally Elibiary: It depends. I’d probably say 60%, my teams handle it, quarterbacking the whole thing, 40% they’re quarterbacking it and we’re sent shotgun on it or invited every single one. There’s only so many hours in a day and usually during the evenings so I don’t want to force my team to always sacrifice their family time.

Brad Johnson: Yeah. But the cool thing is these events are happening. Essentially, you have an invite, most of which you’re going to or at least creating a presence there. You also are plugging them into. BombBomb is very familiar in finance, a lot of financial advisors use it. Homebot was the other one. H-O-M-E-B-O-T?

Wally Elibiary: Yep.

Brad Johnson: And help me understand what that does. So, is that pulling mortgage information on the cost data?

Wally Elibiary: So, think about it like, it pulls the– so you put in four things – a person’s name, email address, phone number, and home address. That’s all you need, right? The only resource you can get access to is through a mortgage lender. And if anybody who’s watching wants help signing up, reach out to me and I can help sign them up. So, it’s imagine, like, so pulls the deed, pulls the amortization schedule from the county to see, like, hey, what’s the interest rate? What’s the note? What’s the loan balance? And also pulls what’s the length of term. It creates an amortization schedule from that.

Then it also identifies what the loan balance is. Then it also identifies from there, it pulls the data from the MOS of what the value of the house is. So, now, it gives your home a net worth. Say, it’s a $700,000 home and you’ve got a $500,000 loan balance, now you’ve got $200,000 in equity in your home. If you want to do a debt consolidation loan, it gives you options right at your fingertips. These widgets were phenomenal. Tells you, gives you options, hey, if you want to do a debt consolidation and you have $50,000 with a credit card debt, you want to do debt consolidation loan, this is how much more cash flow you can save.

If you ever want to make your home into a rental property or the comparables in the area, this is how much you rent out, your house fee, or it pulls data from AirDNA, and from AirDNA, it tells you, hey, if you make your home into vacation rental, this is the average nightly rate, this is the average monthly occupancy. And it calculates that for you. There’s other widgets, hey…

Brad Johnson: Real quick, Wally, real quick there. So, AirDNA, which is what pulls from Airbnb’s rental information? I’m just not familiar with AirDNA.

Wally Elibiary: Yeah, you got it. That’s it. So, imagine like their housing where all the data is. Then also, it’s got widgets to where you can put in, hey, I want to add $50 extra towards my principal. What would that do? Okay, you’ve got 27 years left on your mortgage. It brings you down to 25 years. This is how much more principal and equity you’ll be able to build. This is how much interest you’ll be able to save.

I want to look at options of, hey, I don’t want to refinance, but I’ve got 19 years left in the mortgage, I want to pay it off in 15 years. How much do I have to pay on a monthly basis to pay it off in 15 years? Helps calculate that. So, if they ask for help, they can click a button and our team will pick up the phone and call. But it allows everything house to where everything’s at someone’s fingertips that they can have the educational fortitude to be able to maneuver versus just covering your eyeballs and throwing something to see if it sticks against a wall.

Brad Johnson: Yeah. Wow. Never heard of that software. Sounds pretty powerful. Do you have any idea? In today’s day and world, it’s like, can I connect Salesforce to this and create some APIs where all the information feeds? Does this Homebot have some pretty standard APIs that could feed into some financial planning softwares or things like that?

Wally Elibiary: Yeah. So, I’ve got a programmer and coder on staff that’s Zapier certified. And a lot of our technologies from Homebot to Mortgage Coach to Sales Boomerang to BombBomb to Agent Legend to Salesforce, all of them are connected. If they don’t have an open API, we do Zapier integration, get them all connected, and talk through there.

Brad Johnson: Awesome. Well, hey, I see why you’re generating so many referrals, my man, because that’s pretty phenomenal.

Wally Elibiary: It’s a software that, again, you can only get access to if you’re a lender. So, if anybody wants help signing up, just share my contact information. I’d love to help you sign up.

Brad Johnson: Very cool. Well, let’s go. I’m looking at the time tick away. One of the things that I wanted to get into that thought was pretty interesting when I was just reading your background. And by the way, I know we’ve mentioned your book a couple of times, so 24-7 Mindset: Build a Business That Pays You 24 Hours a Day, 7 Days a Week While Only Working 24 Hours a Week and 7 Months a Year. So, first off, we’re going to give a bunch of those away until they’re gone. So, those that are listening in and are like, hey, what’s this book that Wally keeps bringing up, it’ll be in the intro, the show notes. So, feel free to dive in and we’ll send out some free copies till they’re gone.

But speaking of books, you have gone on this personal growth journey for quite a few years now, of reading 50 books a year and implementing no less than 50 ideas per year that I’m guessing, many of which are generated from those books. So, how did that come to be? Did you meet a librarian back in the day that gave you this idea? Like, give us the background on this and how it’s played out.

Wally Elibiary: No, it’s not a cool story, but it’s a very impactful story. I’m sure you’ve seen him on YouTube or social. Have you heard of Eric Thomas, hip hop preacher, motivational speaker?

Brad Johnson: Yeah.

Wally Elibiary: So, he comes to Dallas back in 2012, 2013. And I get front row seats for the guy. I absolutely just love the guy to death. Huge motivation. And back then, I’ve read 16 books that year. So, he says, “All right, who here loves to read?” And he goes, “Raise your hand if you read more than five books this last year.” So, like, a cocky person that I’m not very proud of but is honest, I don’t raise my hand, I raise both hands and I’m in the front row. So, he goes, “All right. These people who raised their hand, raise your hand if you could read more 10 books. And I guess, raise your hand if you’d read more 15 books.” In that year, I’d read 16. And so I was number one in the room that read the most amount of books.

So, he hands me the mic and he pulls me up on stage and he says, “All right, what’s your name? Tell us who you are.” I did and, like, “Okay, great. You read your 16 books. It’s awesome. Tell us the top 16 things that you implemented from reading those 16 books.” “Ah, ah, ah, ah.” Beyond embarrassed, but it really hit home and it resonated. There’s no point in reading a book if you don’t implement it.

So, I created a model for myself that when I’m reading a book, I write down the top 10 things I want to learn and implement from the book. And then I write that top 10 ahas that I learn from the book. So, the way I take my notes when I’m reading a book is it’s asterisks for an aha, some new idea that I absolutely love or it’s some cool. It’s an open box, like a square if it’s a task that I want to be able to implement. So, then from there, so I’ve got my ahas and I’ve got my stuff I want to implement. So, from there, I…

Brad Johnson: And Wally, you’re just doing this in the margin of an actual physical book as you go?

Wally Elibiary: Yeah.

Brad Johnson: Okay. So, the box is almost like a check mark box so you can go back through sort of deal?

Wally Elibiary: Exactly. So, I’m making that box, I’m able to check it. Then I sit down my assistant, and we take out three highlighters – a red, a yellow, and a green. The green is what I want to implement in the next 30 days. The yellow is what I want to implement in the next 60 days. The red is what I want to implement in the next 90 days. So, it helps me understand, like you can’t– Rome was never built in a day. But one of my affirmations every morning is Rome is I built in a day, Wally. However, Rome was built a day after day after day after day after day. Keep building. And that helps me not quit when things get tough.

So, when I created that 30, 60, 90-day breakdown, I didn’t feel like I had to read a book and implement everything from it from day one, get overwhelmed, and quit. I gave myself a runway to be able to implement. And then from there, my assistant added on my calendar what that week I’m supposed to be implementing to stay on track of the red, yellow, and green and I’m able to track it that way from there.

So, to me, it became a system. And once I learned how to apply systems to reading books, books became easy because you become so much more successful when you implement what you read. Books become hard when you read a book super excited, then you quit and you fail and you feel inferior to what the author wrote that you never succeeded to.

Brad Johnson: So, from that journey, so you said 2012-ish, 13-ish?

Wally Elibiary: 2013 was the first time I read a book a week.

Brad Johnson: Okay. So, which, by the way, 16, you’re not like a slouch at that point, right? But you kind of get called out, like I read a bunch of books, but I really didn’t take the ideas and put them into action. So, that gave me the nudge. And then what took it to 50? It’s like, hey, I’m just going to do a book a week or you start to get the momentum because you were implementing things, it was working. Like, how did you go from 16 to 50? What was the motivation there?

Wally Elibiary: 2012 was when I met Hal Elrod and I really understood, and he spent some time really investing in me for the sake of The Miracle Morning and the investment, what to do, the affirmations in the morning, the mindset, right? 2013 is when I was able to hire a trainer at the gym. So, my design of my Miracle Morning is I wake up at 4 a.m., from 4:00 to 4:45 every morning, reading a book in an Epsom salt bath before I head off to the gym. So, from 4:45 to 5 o’clock, I’m driving to the gym. I’m saying my affirmations in the car. From 5 to 6 o’clock, I’m at the gym with a trainer. From 6:00 to 6:30, I go to cryo, do a Hyperchair, and then come back and get to the house by 6:30. From 6:30 to about 6:45, I’m either putting, chipping. I’ve got a putting green in the backyard and I’ve got a hitting bay upstairs at my house. So, I’m practicing golf. And then I’m using the office every day by, like, say, 7:30, 7:45.

So, in that two, three or that three-hour window, I fed my mind, I fed my body, I fed my spirit. And then I worked out. Like, it got me in the right mindset. Then I go start my workday. So, once I started doing that, it became really easy to read a book a week because I’ve got almost five hours sitting there on a weekly basis, reading a book.

Brad Johnson: Cool. Number one, Hal’s been on the show a few times. Definitely a friend. Met him through Front Row Dads, which we talked about earlier. But I’ll tell you what I love about that. There’s a lot of people that have read Miracle Morning. It’s not a thick book. It’s pretty skinny. But most don’t take it to that extreme. What nudged you to, like, I’m doing this? Because one of the things I took from Miracle Morning when I read it is the firm, I’m not a morning person. It’s like, no, you’re just not a I-didn’t-get-to-bed-early-enough person so I could be a morning person. Was that always you or that completely shifted your mindset? You’re like, nope, I’m committing to being disciplined at night so I can be disciplined in the morning. How did you transition into that Miracle Morning and just following it religiously?

Wally Elibiary: It probably started a little bit sooner than that. Like, we talked earlier, so I’ve got two boys. Brayden’s 18, we call him Brayden the Brave, and Alexander is 16, he’s junior in high school. We call him Alexander the Great. And Alex, I remember he took a martial arts class and he got up to a green belt. And one of the things I learned from his sensei was difference between discipline and self-discipline. Discipline is doing what you should be doing when people are around. Self-discipline is doing what you should be doing when there’s no one around.

And I’m sitting there with raising these two boys and I’m teaching them what that is. I realize, especially when they became teenagers, they stopped doing what I say to do and they started only doing what I do. So, if dad sleeps in and dad easily wakes up and doesn’t read or doesn’t empower himself or doesn’t stretch himself or doesn’t set goals, they’re going to do exactly the same. I don’t know how old your kids are, but mine are 17, 18 now and they’re young men. But they got their own mind, got their own independence. And I realized at a young age that I really had to set the tone, I really had to set the example.

So, every morning, I shoot them a text, “Hey, this is what I learned this morning, this book I’m reading.” And I started bribing them on, “Hey, you want that new skateboard” or “You want that new Xbox. Well, dad will pay you a dollar a page for every book that you read.” So, it’s the average book, 250 pages, there’s 250 bucks. “The only homework that you have is give me the top 10 ahas that you write down,” which I wrote in the book, number one. Number two, “Give me the top one thing that you’re going to implement.” And number three, “Give me the top one thing that you’re going to teach someone else from what you read in the book.”

I’d record a video of them going off the 10 ahas, the number one thing they’re going to implement, the number one they’re going to teach. And then I would send a copy to the author. To also, “Hey, I read your book. This is how my kids read it.” And it helped me get in relationships with some of these authors or I end up posting on social and tagging the author.

Brad Johnson: That’s cool. One of our Triad members, Wayne Wagner, also pays his kids to read books. And that was one of the things Sarah and I, my wife, talked about this year. Actually, our oldest is 13. But yeah, I love that concept because we were all kids once. Like, if my dad would have come to me when I was 13 years old and said, “I want you to read this stack of books,” I’d be like, “Okay, dad.” Here’s another one of those things. But creating an incentive, like I don’t call that bribery, that’s an investment in your children. And I think that’s so smart. I love that idea. How old were they when you wrote this idea to them?

Wally Elibiary: 11, 12.

Brad Johnson: And was it immediately, “Heck, yeah, I’m going to go make some money”? Was there resistance? What did that look like?

Wally Elibiary: I bought our first rental property in March of 2013. And then, I ended up buying nine that first year and then buying 11 the following year. I got the 45 single-family in 2017. And I sold a 1031, exchanged them to apartment complexes. So, now, I own 487 doors, which is 11 apartment complexes. So, when the boys were watching me grow this wealth and grow this, they wanted to invest. I mean, I’m not going to let you tap into your trust fund, but I’ll give you, “Hey, read a book a week, invest, and then you get residual income.”

So, each one of the boys by the age of 13 or 14 had enough money to invest with me. And one gets $187 a month residual income from their real estate portfolio. The other one gets $640 a month. And I’ve got a role with your residual income, you can blow 20% of it. Eighty percent of it goes to savings. So, each one will have right now $11,000 in one savings account. The other one’s got $16,000 in savings account. And they turn 21, the money’s yours. So, I help them understand the road map to increase their wealth IQ, get paid to increase your wealth IQ, implement what you learn in investments, and then the money management of you can blow 20% on whatever the heck you want to blow 20% on, but the other 80% goes into your savings account. And now they’re watching their wealth increase.

Brad Johnson: I love that. Thanks for sharing that. Being a podcast that’s Do Business, Do Life, we talk a lot about not just how to crush it in business, but all of us, I think if we’re true to ourselves, that’s the best investment we can make is the humans we’re raising in our home and how they’re going to show up long after we’re gone. So, love that idea, Wally. I’ll be borrowing a number of those ideas, I can promise you that.

Let’s go to, before we get it off the books, you’ve read a lot. What are the top two or three, and that’s probably tough, I know, but what are the ones that really stand out, like this one impacted me, changed me, and I applied that idea to either business or life? Just love a couple of those if you don’t mind sharing.

Wally Elibiary: Number one period, is called The ONE Thing by Gary Keller, and it teaches you how to have a focusing question, Gary Keller and Jay Papasan. And the focusing question is what is the one thing such by doing it makes everything else easy or unnecessary? What is the one thing such by doing it makes everything else easy or unnecessary? So, every action that I take, every discipline that I have, everything that asks my calendar, it runs through that filter. It helps me prioritize everything and anything. And it also helps me have the self-discipline to say no to the things that I want and say yes to the things that I need. So, that’s number one.

Number two, Jack Reese wrote a book called Positioning and Niching, and it talked about, again, a level of focus. It helped me self-discover that being in mortgage, it’s just a ton of different people, either you got to make a lot of noise to be able to stand out. So, how do I create a niche myself in mortgage? And then I went and found that, okay, John Maxwell does a certification for coaching, so I could be a leadership coach. Then also, Gary Keller himself does a certification for coaching realtors. Brian Buffini was a database certification coach for your database. So, when you got certified to all three of them, and then I started building a niche in the mortgage space of me coaching realtors. I would coach you for free, this is what I’ll teach you. This is what I help you get your case going.

And as I grew their production, I got more referrals, I got more referrals, more referrals. So, from 2011 to 2017, I became just everything and anything, being a real estate coach, real estate agent coach, which helped the mortgage business really thrive because that was the number one referral partner and that helped us get to $100 million in loans. And then, The Rich Dad Poor Dad has to be up there, for sure. I mean, I think that book really changed things. So, if you ask me those three, it’d be The ONE Thing by Gary Keller and Jay Papasan, Positioning and Niching by Jack Reese, and then the third one being, Rich Dad Poor Dad by Robert Kiyosaki.

Brad Johnson: So, anything on the life side? Obviously, I can tell you’re very intentional with your family and your boys based on what you’ve shared already. Was there one on the life side of the equation where you’re like, “This changed my mind on how I parent or how I am a husband”? Anything over there?

Wally Elibiary: So, I golf. So there’s a great book by, I think it’s Dr. Rotella, I think it was called, Golf is Not a Game of Perfect. That really helped me. That helped me go from like a 17 handicap down to a 6 handicap. And it really helped me understand how to have fun and be mentally engaged to golf on the course, but also learn how to score mentally, not just score physically, which gave me a lot of great course management, number one.

Number two, obviously, Miracle Morning, that’s really helped out a massive amount. Obviously, we talked about that. And then there’s one called Loved. It’s part of the series, The 5 Levels of Love Language. That was the one also that really helped me. My wife and I, we’ve had a great marriage and a great relationship. Our relationship took off. Once I learned to love my team and their love language, our relationships took off. And it helps you self-discovery. The more you make it about others, the more they make it about you.

Brad Johnson: Yeah. Thanks for sharing. Well, I’m watching the clock. I know we’re backing right up to a call that you’ve got to hop on. So, first off, I just want to say on my side wall, thank you so much. I’ve loved the conversation flew quickly. Blink of an eye. But last question I want to end with, obviously, this is the Do Business, Do Life podcast. We’ve danced all around it. But if you had to define what does Do Business, Do life mean to Wally, how would you put that into words?

Wally Elibiary: Simply the 24-7 Mindset. The whole point of 24-7 is the– I golf three to four times a week. And if you golf three to four times a week, there’s only 24 hours left in the week to work. I take 20 weeks of vacation a year at minimum. It’s 10 weeks in my family that my sons pick where we’re going on a family vacation. I go five weeks a year and my wife just turning on vacation and I do five golf trips a year. So, if you golf 20 weeks in a year, there’s only seven months left in a year to work. So, I built a business that pays me 24 hours a day, seven days a week, and I only have to work in it 24 hours a week, seven months a year, which allows me to have a very blessed lifestyle.

Brad Johnson: Sounds like you’re doing it by design. I’m sure you’ve probably crossed paths with my buddy, Justin Donald, on Lifestyle Investor at this point.

Wally Elibiary: I have not.

Brad Johnson: I’m going to have to make the introduction because he’s out at Austin, so he’s not too far from you. Him and John Israel, actually, we’re both in Cutco together. So, I’ll have to make that introduction, but it sounds very aligned with his take too. So, Wally, appreciate the time, my man. And I’ll have to look you up next time I get through Dallas for business. So, nice to meet virtually.

Wally Elibiary: Yeah, absolutely. Then I’ll connect with you via email. So, I love to have you on my podcast and then to kind of share more about your space in your world.

Brad Johnson: Awesome. Love to do it.

Wally Elibiary: Cool. Till next time.

Brad Johnson: All right. Wally, we’ll see you.

Wally Elibiary: Thank you.

Brad Johnson: Bye.

Disclosure

These conversations are intended to provide financial advisors with ideas, strategies, concepts and tools that could be incorporated into the advisory practice, advisors are responsible for ensuring implementation of anything discussed is in accordance with any and all regulatory and compliance responsibilities and obligations. TP02243358127

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