Ep 248: The Million Dollar Insurance Blind Spot: What Real Estate Investors Miss Before Closing

Speaker A: So you talk about a couple of things over here. You said lender, uh, waiver template. Can you guide us? What is that?

Speaker B: Yes. So when you buy a property, your lender is going to send you insurance requirements. We take those requirements, we benchmark that versus other lender requirements. We show data on what we think the replacement cost value should be, not just what the lender says. Um, and so what that is is it's on our letterhead and then we have data that supports it, that speaks their language, what they need to ultimately release, um, those requirements. And it's been very effective and very valuable for people. I mean, it can be the difference between a capital call and a distribution. Um, because pricing and AI right now is super thin.

Speaker C: Hey there and welcome to the Wealth Vibe show, where wealth is more than money. It's a mindset, a movement, and a mission. If you've ever wondered how to build real wealth, how to grow it, protect it, and let it work for you even while you sleep, you're in the right place. Uh, each episode brings inspiring stories, practical strategies, and real conversations with people who are creating financial freedom on their own terms. Just a quick note, this show is for educational purposes only and isn't meant to be legal, accounting or investment advice. And don't go anywhere. We've got a free gift waiting for you at the end of the episode. If you enjoy what you hear, make sure you subscribe. Like, leave us a five star rating and drop a comment. Let's grow together. This is the Wealth Vibe Show.

Speaker A: Most real estate investors know the purchase price, rent rolls and loan comes down to the last dollar. Then they enter an estimated insurance number and move on. What if that number is wrong or the NOI drops? The lender may object and the property value can change even before the deal closes. And at a 5% cap rate, $100,000 increase in annual insurance can reduce the property value by 2 million. So why is insurance still one of the last calls many investors make? This is your host, Winky Lumba, and today we are talking about the insurance decisions that can protect or damage a real estate investment. My guest today is Duffy Wright and owner, board member and real estate practice leader at the Amohani Group. Guffey Halt's multifamily owners understand how insurance affects noi, financing, property value and the ability to grow a portfolio. He's also the host of the TMG M People first podcast and is committed to faith, family, community and mentorship. Guffey, welcome to the Wealth Wife show. I'm excited to have this conversation with

Speaker B: you, Vinka, it's great to be here with you, I'm ready to talk about the sexiest topic, Insurance,

Speaker A: that's super cool, so let me ask you this question, I know a lot of people as a child, they never dream of becoming an insurance agent or just make insurance as their career. Uh, so how did you find your way into this industry and what made real estate the right focus for you?

Speaker B: I was 22 years old and I got married young and I dropped out of community college, and I didn't really have a plan B, I knew some people that had sold insurance and they seemed to do pretty well, so I went and approached them and the Mahoney Group gave me an opportunity and I started cold calling right away, now, why I connected to real estate was because they respected my hustle and they cared about closing their dealers, just like I cared about closing their insurance deal, And I connected with them early on, and from there then on, I really have been hooked in helping multifamily owners and real estate operators understand risk and help them accomplish their future ambitions with their portfolio through insurance.

Speaker A: How long you've been doing it for?

Speaker B: Uh, 19 years.

Speaker A: Wow. Most property owners see insurance on bill they have to pay, so when did you realize that insurance could directly affect an investor's wealth?

Speaker B: Yeah, I was working on, uh, an acquisition in Florida, and it was a $50 million acquisition, it's a good sized property that my client was buying about three days before, and this was early on, this was early on in my, my, my business here about 15 years ago, and my client, the lender required some changes on their insurance last second that increased the premium by $30,000.

Speaker A: Wow.

Speaker B: And the owner called me and was very upset, and this was a good buddy and client of mine, very upset, I had never seen him act this way, and I said, hey, help me understand, like, this is a $50 million acquisition, like, forgive my ignorance, but why do you care about 30 grand? I couldn't understand, right? And he goes, guffey, you don't get it, this is $500,000 that I'm going to have to go raise to make sure this deal closes, because every $15,000 of insurance premium increase equals $250,000 of loan proceeds or the, or the asset value at a 6% cap. So I said, okay, well, that's $30,000. Why don't we negotiate out a few coverages with the lender? I'll create a when a lender waiver template, we were able to negotiate out about $60,000 total, so he Went from thinking he was going to have to come out of pocket 500 grand or not be able to distribute loan proceeds as previously prom having a million dollar windfall for his investors. And it was that experience really unlocked for me what property owners actually value when it comes to the transaction. And that noi and how the value of the asset works fascinated me. And from then on I got hooked and I've been focused on using insurance as an equity lever, working with lending carriers and even clients in strategizing how to increase the noi with insurance.

Speaker A: So what changed and why?

Speaker B: The premium went out so the lender required a higher flood coverage than they originally said they were going to. And they just said, sorry, it's a brand new guideline. And if anyone's worked with lenders, they know that they really like to check a box. They don't really understand the nuances of a deal and so they can be very rigid. And that was one aspect of it. And the second aspect of it was they wanted to increase the loss of rental income. It was not adequate. And there was a few other things that they weren't, that they, or uh, that they were requiring that, that they would never have to pay. My client didn't want to buy terrorism insurance. They thought I don't need that, that got the price down and then a few other things. So that those are the typical things the lender requires. But they want to check a box. They don't understand insurance, they just understand box checking. And so you need someone to help guide you through it.

Speaker A: So what could have the operator done like, you know, from the very get go to avoid this kind of problem later?

Speaker B: Well now our whole process is different because we learn from mistakes like that. I like surprises on my birthday and on Christmas. Not really with uh, a real estate closing. Right. And so now what we do is we have a whole lender division inside of our company that works on lender strategy. And we developed a waiver lender template with Fannie Mae, Freddie Mac and a few other loan servicing companies to speak their language, know the information they need. And now we can really help the owner take control of his insurance program because the lender holds the bag. They have the power. They, you know, they, they do all of that. But then how do you regain control as a property owner with your risk, your asset and your risk tolerance. And so we've been able to navigate that and help um, owners do that through the lender waiver strategy and a template that's been very successful and we keep track like how many times it works and it's really about 15 out of 20 attempts. Pretty regular. Is that it's successful in negotiating things out or down, uh, for our clients.

Speaker A: M. I know. Because the insurance premium going up like this is a big leak actually in the cash flow and the wealth building. Right. So you talk about a couple things over here. You said lender, um, waiver template. Can you guide us? What is that?

Speaker B: Yes. So when you buy a property, your lender is going to send you insurance requirements. We take those requirements, we benchmark that versus other lender requirements. We show data on what we think the replacement cost value should be, not just what the lender says. And so what that is, is uh, it's on our letterhead and then we have data that supports it, that speaks their language, what they need to ultimately release those requirements. And it's been very effective and very valuable for people. I mean it can be the difference between a capital call and a distribution because pricing and AI right now is super thin.

Speaker A: How you said, you know, there's uh, a difference between the NOI and.

Speaker B: Yeah, yeah, the difference between if we save somebody $100,000 on their insurance and then they refinance, they can get those loan proceeds or get cash back significantly. And that can fund, you know, a significant repair that maybe wasn't in the pro forma, uh, or it can fund lawsuits. It can do a lot when you have extra cash, as you know, because real estate, there's uh, it's the most annualized business on the planet. I mean it's cash flow annualized, trailing 12. So something's out of whack in those 12 months. It's like, man, this sucker's a loser. And that then insurance is one of those happy surprises too that you can have, you know, when you're refinancing or doing something different. And what's interesting right now is the property market is getting better. Rates are way down on property, but they're higher on liability. And so just make sure you're working with a specialist that can help not just protect you in the moment on premium, but protect your wealth long term.

Speaker A: Long term. Mhm. And earlier you're talking about the lender strategy. What is that lender strategy that kind of resonate with you guys on the insurance insurance side and how you guys kind uh, of work together hand in hand to make it more beneficial strategy for the syndicators or the operators?

Speaker B: Yeah, we start early and we track and measure everything and we benchmark against our own waivers that we have received. From lenders. So if a lender says, no, we can't do that, we can clearly show them not just what that lending institution has done in the past for us, but what other lending institutions do as well. That lender process and strategy is really important to gain alignment because everybody trusts each other. I mean, they're not going to loan you $50 million. They don't trust you. But getting alignment is what actually moves decisions. Trust gets you in the room, but alignment is actually what moves people together. And so we get aligned all together. Lender, carrier and syndicator, or owner alignment,

Speaker A: I actually like that word. You need to have alignment in every aspect of your life as well in order to go smoothly. So can you give us one example what alignment looks like from the lender side and the insurance side for the operator?

Speaker B: Yes. It's when the operator doesn't hate the lender. No, but what, what alignment looks like is. Everybody is on the same page. So, like Vinca, if I asked you think of a dog, what kind of dog are you thinking of right now?

Speaker A: Bulldog.

Speaker B: Uh, you're thinking of a bulldog, right? I'm thinking of a Great Dane, but somebody else might be thinking of a hot dog. Now, if I reframe it and gain that alignment and get clarity, I could say I want you to think of a dalmatian with three legs and a red collar scooting across the park. Now we're all thinking of the same dog. So what does alignment look like to me? It doesn't look just like communication. It looks like clarity. Mr. Lender, this is what we're trying to accomplish. Owner, insurance, carrier. We may not get everything, but this is our intent. This is why we think it's important. And how can we all get on the same page? I think, I think alignment is so crucial. Yeah, like you said, in every aspect of your life. And a lot of times when we feel depressed or we feel like we have imposter syndrome or that we can't build this wealth, a lot of times it's just because you're out of. You're out of alignment with yourself 100%.

Speaker A: And let me go back to your dalmatian example. Right. So you said there's alignment. You said is as a, uh, red collar and three legs. Right. There still could be misalignment because people might not be thinking about which three legs.

Speaker B: Yes, you're exactly right.

Speaker A: So there are still loopholes. Yes, that's what I want you to share with us. What are the loopholes in insurance and on the lending Side that as an operator I should know.

Speaker B: Um, I think first and foremost an operator shouldn't need or want to be a professional in insurance. So make sure that you're using a broker team that specializes specifically to your business because how do you expect to gain that alignment with a generalist or someone that is for everybody. So I would say first and foremost select a broker team that you align ah with that has the expertise. And then secondly, I would absolutely challenge the broker team and say, are we aligned? Do you understand what I want? Do you understand how that this is, this is actually what I value. Because if the owner doesn't tell the broker what they value, the broker's just going to focus on price, right? And so it's about understanding what each other value. I'll give you an example I once presented to a publicly traded company and I was $2 million cheaper on, on insurance premiums. Well, I thought I had already spent that commission check, right? I thought I was going to win that account. And when I went to uh, for the last appointment, they said hey, we really appreciate your work, thank you for the cost savings and the option. We're not going to go with you. And my, my jaw just like dropped and I was driving home just thinking man, I'm not, I'm so bad at this job. Someone's paying $2 million not to go with me. But I asked them later, I said look, I, I can't move on. I need help understanding why you made this decision. And they told me, they said guffey, we're, we're publicly traded company and we're trying to raise $100 million. The other broker we talked to has relationships with family, office money, with venture capitalist money and they can help us raise a hundred million dollars. So we felt like we, we would pay the $2 million more of insurance for access to a hundred million dollars potential to raise, right? So that's when I started clicking like huh, huh. Value is always in motion. People value different things for different reasons at different times. So when you're talking about alignment, it's alignment on what you value. And if you're helping somebody make decisions like I do, as a risk advisor, I have to know what your future ambitions are. So if I know what your future ambitions are, then I can tie my expertise to your future ambitions, tie my value to your future ambitions. I mean it's sales 101 but if done authentically that now you're co anchored on a future together where the value that I actually can give you is, is tied to Your future ambition. So I know that's a long answer there, but.

Speaker A: No, it's not.

Speaker B: Okay, It's a good answer.

Speaker A: It's not a long answer. It's a really good detailed answer. And I appreciate that. But let me ask you a follow up question on that. So many investors spend weeks negotiating so much back and forth. You know, this is my purchase price, this is the, uh, rough estimate that I'm getting from you. But finally it's going to look something like that. So when they're doing all this exercise, in your experience, what is the biggest insurance mistake investors make when they evaluating the property? Because a lot of times, you know, like you're talking about if you know what their future is going to look like or what they want, you know, these are the big claims right here. What the future is going to look like, what they want, then you can give them what they want. But I can tell you 99.9% of the time, I could be a little bit wrong in the numbers, but 99.9% of the time, people do not know what they want.

Speaker B: Amen. So let me tell you what I. Let me tell you a question that I ask people. And this really isn't to negotiate, it's just to gain clarity. But I say, okay, in order for this transaction to close, or in order for, you know, what does success look like for you in the next two to three years of your business? What is your growth plans? What does success look like for you? And then they can start kind of telling me and talking about what they actually want and what they actually value. It's not about convincing or persuading. It's about just removing what's in the way so what they value can reach this natural conclusion. In a real estate deal, a lot of times, yes, you do have to negotiate. Uh, you do have to go back and forth. But there's people, and you know this, that no matter what, you'll never want to deal with them again after a transaction. You're just like, these people are not my kind of people. I never want to deal with them again. It was a nightmare. It was a headache. But if you're negotiating in good faith and you're just trying to say, hey, what would you feel good enough about to concede on? Because I'm struggling getting here, here and here. And then you're just quiet. I think that's another good way for people to tell you what they actually value. And if you're just there and you need the deal and you're looking at A mirror, and all the attention's on you and what you want instead of looking through a window at the actual human that you're negotiating with or trying to guide. That also creates an enormous amount of friction that stalls deals in negotiations too. So I think having the right mindset, walking into any meeting or any negotiation is the most important piece.

Speaker A: I agree with you 100%. You know, right. Mindset is very important. So let's talk about that a little bit more. How did your mindset help you to get you here, uh, where you are today?

Speaker B: So the hardest thing for me to learn on my mindset was how to attach to the client's best interest and detach from my own commission or my own outcome that I wanted because I'm not a natural empath. Empathy is a skill that I've had to learn and develop over a long period of time. Marriage, kids, spouse passing away part. Not a spouse passing away, sorry, a father passing away. Being on a board, dealing with a lot of different humans, that will help shape you, hopefully to gain some empathy. But what I do is I walk into every meeting, even before this podcast, think I thought, and I do this every time I say I am here to contribute value. Whatever happens, happens. If. If nobody reaches out to me after this podcast or. Or anything like that. I got to meet another human today. All good, right? And so that mindset really helps me attach high and detach low. Because I truly believe, and I know this is a little bit of a leap, but I believe your legacy and your value you contribute is directly tied to what you attach to and detach from. Same thing with your wealth. Like, I think. I think there's a correlation there.

Speaker A: Okay, let's talk about a little bit more the high and low. So in your experience, what is high and low that you're detaching from and trying to attach to? Because in my experience, we are all the vibrating beings and you, uh, are vibrating on different wavelengths. So I understand the wavelengths, the lower wavelengths or the higher wavelengths, but I wanted to hear your experience. You know, what are you trying to detach from or attach to or guiding other people to do that?

Speaker B: Love this question. Everybody knows the smell, commission breath. So people don't like to be sold, but they love to buy. But if you. If there's someone in front of you, it could be a real estate agent, it could be a lender, it could be whoever, and they just want the deal so bad, they have commission breath. And so when they need or want the deal more than you need or want it, um, you can feel that pressure and that actually kills psychological safety and trust.

Speaker A: It's a transactional.

Speaker B: It's a transactional. Yes, transactional. Breath. Commission breath. So that's the first. So what I do is I try to detach from what I stand to gain from it and attach to the person's best interest. And it's not. If you're listening to this and you're a wealth advisor or you're in sales, I'm not saying don't win, don't try to win and don't and don't sell things. But what I am saying is if you learn this discipline where you attach to somebody's best interest and you detach from your own individual need or commission or outcome, you will have that mindset of abundance and you'll ultimately get way more business.

Speaker A: You.

Speaker B: And it's not, it's not detachment is what I call it. It's not apathy. It's the highest form of professional empathy. Because when you can actually guide someone in making the best decision for them and they feel that now you just removed a lot of emotional friction and removed a lot of fear and distrust where now you can actually guide someone and if you're not the best choice for them, you shouldn't want to write them anyways because value that only goes in one direction doesn't last long and it's not worth anybody's time.

Speaker A: I agree on that. I know I heard this multiple times before. Like whatever you need, if you give that out, you get 10 folds back. You might have heard that saying before too, right? Uh, that's how it works. And before the recording, I think we were talking about the business building and you seem like very savvy in that area too. So let's talk about that. How did you build your business? What are the key things that people look for when they are starting, uh, from the very get go to build a business so which can take them to, into their wealth building because this is one of the key wealth building strategy.

Speaker B: Being an entrepreneur, I love this question because I'm in advisory work and it's called a book of business. What you have, it's not called a book of sales. So definitely business acumen and emotional intelligence are two extremely important components if you want to really build wealth and you want to protect that wealth over time and make excellent decisions. It's hard to make good decisions when you're confused, you don't feel safe and you're not confident on alignment. It's also really hard to make good decisions if you have low business acumen and low emotional intelligence. So you have to do the work. There's no easy way around the actual work it takes to put in. But if you do that work over time, that really helps. But you asked a specific question about our business here. We're the Mahoney Group. We're about 100 million top line revenue. I'm, um, I started as a college dropout making $30,000 a year to now one of our largest shareholders on our board. And I would say what actually helped me was the struggle. I was four years stagnant. Okay. Where book of business didn't grow, family life wasn't great. And I can just tell you from personal experience and the listeners that have been through this will absolutely agree, stagnation is worse than failure because failure gives you clarity, failure gives you direction. It's a, there's a villain there, there's Ted talks about failure, and everything's about failure. There's, uh, to get unstuck when you're stagnant, when things are like, pretty good, but they're not terrible. That's what helped me ultimately build the business was deciding to remove things in the way, addition by subtraction. So if, if the people here are listening and they want to know how to build wealth or protect their asset, I would say, uh, addition by subtraction. Remove what's in the way. It's not about adding more things to your plate. A lot of times it's about removing what's in the way. And one of the things I learned during this, this um, time of stagnation and then I'll be done with, with this is velocity is not speed. Velocity is directional movement when friction is removed. So if you don't know where you're headed and you just add more stuff and you don't remove anything, you're going to mistake speed for something that it's not. Could be, could be stagnation. It could be hustling and creating heat and not really creating that velocity. So yeah, velocity is not speed. It's directional movement when friction is removed. And that's really how you guide decisions for things to move faster is by having a clear vision of where you want to go, but just removing what's in the way. Not necessarily pushing, convincing or persuading.

Speaker A: That's true. Uh, and this is a key thing right here that you said, you know, but if, you know, if you're in the right direction, first of all, you know, I heard this jeopardy saying the other day that if you Figure out that you're, as soon as you find out you're in the wrong train, you take the next exit. Right? But it's very hard to figure it out if you're on the right train from the very first get go. Right? So uh, what can you share from your experience regarding that? You know, how can you figure out, okay, I am doing the right thing, I'm in the right lane and I'm just moving in the right direction. That's alignment again. That's alignment question.

Speaker B: Yeah, it is. And I think I would answer that in this way and then we can expound on it. All progress starts by telling the truth. So based on that phrase which I believe in, that's near and dear to my heart, is what you're doing or what the train that you're on yielding the results that you really want or not. Because like you said, a lot of people don't know what they want. They think they want xyz, but then as soon as they figure out what it takes to get there, they're like, you know what? I'm actually good. Well, that's fine. Let's start from the truth and then let's expand on that, right? Because a lot of times when I work with, you know, owners, people buying, you know, thousands of units a year on, on their, on their real estate, I'm just, I'm not trying to save their business like I'm, I'm their insurance advisor. I'm trying to make it even more profitable. I'm just one lever. So when you're guiding someone through a tough decision or you're trying to make the tough decision yourself, you've already come so far. But what does it take now to go even further? And just that next step is crucial. But all progress starts by telling the truth. And if you don't tell yourself the truth, you'll never progress, period.

Speaker A: I think I agree with you. And then you said very key thing here, if you're not telling the truth to yourself. Because the thing is, it's like we're living in a make believe world a lot of time because we are not living up, uh, to our own self, who we are. A lot of times we don't even know who we are. We are just living to that projection, that image that's been created by the society out of our peers or the people around us. So we think that's what me and that's what we are trying to make. All the lies or the truth around that and setting our values around that image to Live up to that image. And I think that's not alignment at all. That's what we're talking about, alignment. And that's very hard to know at that point. You know, what do you want or what you truly want, or are you riding the right train that's going to get you closer to your destination.

Speaker B: Yeah, I love this. Do you mind if I go a little deeper?

Speaker A: Sure, please. I would love that.

Speaker B: So there's two types of validation. You just talked about external validation, which will, it, uh, will bring you nothing but depression, loneliness, and you'll chase and never feel fulfilled. But there's the internal validation, which is powerful, which is what you said when you know who you are. Because the word validation comes from the Latin word validus, which actually means to make strong.

Speaker A: Mhm.

Speaker B: So when you're making somebody else strong, you're validating them, Truly. And how you make somebody strong is validating who they are and expanding on their current goals and things that they want to accomplish. You're not cheerleading, you're not saying, oh, you're amazing, you got so many likes on Instagram, you're great. That's affirmation, that's cheerleading. Some external validation there, not good. But when you're actually trying to make somebody strong in a decision, validation, I think is one of the most powerful forces in the room. And it's something that we do a lot here as we're guiding others make decisions. Because people are afraid to lose their assets, they're afraid to have buyers regret. They want to make sure they're making the right decision. And so validation is something that we use a lot to help people feel strong in their decision making.

Speaker A: Great. So let's move back to our insurance. So I'm going to ask you one golden question. What is the insurance blind spot that could cost a, uh, real estate investor millions?

Speaker B: One is just rolling over for the lender and thinking it's not flexible on coverages to negotiate out. 2 is a coverage called ordinance and law, which is the number one lawsuit that owners sue agents for. And it's basically a separate coverage that has to bring your property up to code in the event of a fire. Those are the two biggest ways that you could lose money. The third, and, uh, this is the most important, and I alluded to it earlier, is to use a generalist, meaning you're gonna get generalist results. So don't be upset if your neighbor is paying less than you and has better coverage than you. If you're using a specialist, like you really have to use A broker team, that's part of your future ambition, that's part of your strategy and that you have a nice three to five year strategy. Those would be the three things.

Speaker A: Great, I love that. So let me ask you one more question before we go to our rapid fire round. And this is gonna be again, reg, the insurance kind of takeaway for our listeners. For an investor reviewing a deal right now, what is the one insurance question they should ask before moving forward?

Speaker B: Get pricing early from your broker team. Don't trust the T12 or the OM. The T12 has been right 0% of the time because your lender may require different things. So the one thing I would do is get your broker team in early. Don't make assumptions on the insurance. You know, oh, it's $500 a unit and then all of a sudden it's $1,000 a unit because you didn't know it was in a flood zone. I would just say get your broker team early in the deal and also

Speaker A: research, you know, if the property is in the flood zone or no. If you need that flood zone insurance or no, that needs to be sorted out early on. You know, sometimes you might get into something later on, you find out, okay, it's in the flood zone and maybe you wanted to get the waiver and don't even get the insurance, okay, I'm paying the less premium. But what if flood happens now? It's going to be good trouble then. So you need to have all your ducks in the row in order to have the right coverage for your property. So earlier, I think before the recording, you told me a very exciting thing or exciting news that you're launching your book on September 1st of this year. So your book name is Attach High. So can you tell us about that book a little bit? How did you come about that? What made you write the book and also tell us the story about your dad. Remember you were telling me how your dad, uh, kind of inspired you to write this book?

Speaker B: Yeah. So my dad passed away in January of 2025. And he was more than just a dad. He was a business mentor, he was a friend. We enjoyed hobbies. But more than that too, I think unconditional love is not unique or for a parent child relationship, but practicing it over a long period of time is. And I was able to have that experience from a young age all the way TILL I was 40 years old. And so Attach High is a book about how to make decisions obvious for others by removing what's in the way. I have a framework called V3. And you're going to have to order the book to understand all the ins and outs. But it's value plus vulnerability plus validation ultimately removes the friction to make a good decision. And how I was inspired to write attach high was I wanted to put velocity behind my dad's legacy because he. He was the ultimate guide for me in making good decisions. I have a sign here in my office that says, what do you. What did you sell today? And that's something he would always ask me, right? Because he wanted to know what I contributed to somebody. What. What problems did I help solve? But one specific story is my sister. I was selling my minivan. So I have four children. And, you know, anybody that has, uh, more than two or three children has to come to ask themselves one day, do we buy a minivan or not? Okay. And we bought a minivan. Okay. We succumbed to the pressure, and ultimately, after that minivan, we had it for five years. But then my sister wanted to buy it. I gave her whatever the book price was, minus 15%, thinking it was a good deal. My dad called me and said, guffey, I hear you're selling your car to your sister. Is she getting a good deal? What's going on? I said, oh, we're taking 15% off the book price. He said, um, I'm coming over right now. Okay, that's interesting. I wonder what he wants. We just remodeled our home. And for my wife and I, it seemed like a fortune, uh, we had spent on it. And I opened the door, and it's my dad there. And he says, hey, here's $5,000 to take off the price. Never tell anybody about it. And, Guffey, I know you do well, but you need to give until it hurts, and then you're almost where you need to be. And so he taught me how to give. And that gift alone is an amazing thing. Now I don't have to decide. It's not hard for me to decide to give to people or to contribute, right? And because of that experience, I then was able to kind of detach from comparison that was all around me and then attach to contribution. And so that was kind of one of the big unlocks for me in. In one of the many examples, he helped me and guide me through decisions. He didn't push or convince or say, you should take more off the price or do any of that. He showed me what it actually looks like. And that was one experience that I had with my dad in the book. I have, uh, other experiences with him, but I have a lot of experiences in the real estate space and ultimately attach high as the title. It comes from two ways. One, attach to the client's best interest, Detach from your own commission. We already talked about that. The second part is about me attaching to a living, breathing version of my dad now that is guiding me through life and detaching from my earthly relationship that I had with him. Even though it was amazing, but it was stagnant, there wasn't. There was no movement and so I had to attach higher. So that's the thesis of the book. How to make decisions obvious for others with a V3 framework. Real stories in real estate in the advisory world. With my dad, with my spouse, with my children, and for the ADHD entrepreneurs. It's only 200 pages. You should be able to get through it just fine. But I'm really proud of it and that's why I decided to write it. And I hope it contributes and collapses time for others that they can get more internal validation and not just chase the accolades that ultimately is going to lead to nowhere they want to go.

Speaker A: Well, congratulations. I'm super happy for your book. I'll wait for a copy when it release. And my dad was the same way too. He recently passed and I can resonate with that. He used to ask me the kind of similar question your dad was asking every month. He was asking every year. So what is your turnaround for this year?

Speaker B: I love that.

Speaker A: I miss him so much. You know, he was my guiding light as well. But anyways, I think we are towards the end of the show and, uh, we're gonna move to our rapid fire round. I'm gonna ask you five questions. You can answer it in one word or one sentence only, Whatever comes to your mind first.

Speaker B: Okay?

Speaker A: Okay. The first one is, are you a morning person or a night owl?

Speaker B: Morning.

Speaker A: Good. If you had a completely free weekend, where would you find yourself?

Speaker B: Around some water fly fishing or at the lake surfing behind a boat. Great.

Speaker A: What is one book you believe everyone should read?

Speaker B: 10x is easier than 2x by Dr. Benjamin Hardy.

Speaker A: Yeah, that's a good one. I have that one too. If you could have dinner with anyone living are no longer with us, who would it be?

Speaker B: Man? Yeah, if it was living, I would say probably Elon Musk. I think he's just such an interesting character. But yeah, definitely would be my dad. If it was someone that's not living, that would just. That would be amazing to be able to do that again.

Speaker A: I know. Uh, that's such a great feeling. So one last Question. What is your wealth vibe?

Speaker B: You know my, my wealth vibe is attach high, detach low. So I love that my wealth vibe is I had no idea that I would become even more wealthy by focusing on contribution, giving value to others and abundance. I was so naive that how much more wealthy I would ultimately become. And I've come a long way, I still have a long way to go but I'm still shocked at how much having that mindset, the giver's mindset and abundance does. So yeah, attach high, detach low. That's my wealth vibe I'm putting out there. Great.

Speaker A: I love that. I think that's your tagline now. You should use that.

Speaker B: Yeah, exactly.

Speaker A: So I thank you so much for uh, this wonderful, wonderful conversation with me today and so much. We learned so much about your business, your personality, your book, uh, in depth. So can you share with us if somebody wants to learn more about your work and you, how can they connect with you?

Speaker B: LinkedIn. I'm very active on LinkedIn and there's not a lot of guffy rights out there so I'm pretty easy to find and have a link to the website. That's for the book for speaking engagements. If you want me to talk about decision making to um, your team and or if you have a thousand unit portfolio and growing, let's connect. Great.

Speaker A: Thank you so much Kafi. Such a great conversation today. So one key takeaway for me or for the audiences today is insurance is not simply an operating expense. It's a wealth protection strategy that can directly affect cash flow, financing, property value and the long term strength of a real estate portfolio. So Guffi, once again thank you for joining us on the Wealth 5 show. For everyone, stay inspired, stay intentional and keep building your wealth vibe.

Speaker C: Thanks for tuning in to the Wealth Vibe show. If you enjoyed the episode, be sure to subscribe and leave us a five star review. And don't forget your free gift. Download the busy Professional's guide to Real estate investing@lumbainvest.com. see you next time with another amazing guest and another powerful conversation.