If you just found a good deal but got stuck with legalities, you can’t miss this episode of Uncontested Investing! Logan Fullmer joins Tim Herriage and shares his journey from managing construction in the oil field to finding real estate success through discounted deals. Not too long after starting his real estate journey, Logan saw himself earning over a million dollars on a single deal! Tune in as he talks about how he invested in educating himself about property codes and researching case law and some insights into how curative title work and resourcefulness have helped him take calculated risks between profit margin and margin of safety and closing deals at discounted prices. — Watch the episode here   Listen to the podcast here   How Your Profit Margin Compares To Your Margin Of Safety With Logan Fullmer Thanks for stopping by. Logan Fullmer is with me. Logan, how are you? I’m great. Good to see you. It’s good to see you. Logan is someone I have been watching on social media. You are putting on these big seminars that aren’t typical seminars. It’s to teach people, which I find interesting. Why don’t you take a minute and tell people a little bit about yourself? Thanks for letting me come. This is fine. I enjoy doing this stuff. It’s become part of things I’ve done over the last few years. You get busy working down in your lane and it’s neat to share if I know what else going on. Here I am. I do some educational stuff. I have been anti-guru, and anti-real estate education because there’s a bad name. I do have a very unique component to my business and it always blows people away. I’ve spent more and more time talking to people and giving advice on sharing information online. I’ve gotten literally hundreds of people asking for this content. After a couple of years, I finally decided, “If I can do this, make a little bit of money doing it but deliver what is the best amount of information I can I will do it.” It’s curative title work. This is stuff nobody cares about, except for when you can’t close a deal. The title company says, “Where’s your Schedule C, so and so? You got to fix this.” It’s either simple. The title company might help. You got to call a lawyer or even the attorneys throw their hands up. That’s when I show up. I’ve seen some of your deal numbers. We are going to get into that in a little bit. Some people are like, “Title work.” Why do I care about the title? Do you want to buy property at $0.10 on the dollar? They care about title work. Everybody cares at that point. One of the first things we do every week is what I call the bluff, the bottom-line upfront. What that is? I learned at the Marine Corps. I used to be brief generals. They always said you had to give them the bottle upfront in case there’s a mortar attack or they have to get up and leave the room because generals get busy. What I like to do is I’m going to give you about two minutes and tell the audience the most important things they should be doing, looking at, watching trends they should be following the most important things that in your mind people should be watching in real estate. Two minutes you are on the clock. One of my favorite things to tell people is your profit margin is also a convertible margin of safety. I’ve never heard anybody say it that way but that’s how I think about it. When I go into a deal, what’s most important is to say, “How am I going to lose my money? How am I going to risk principle?” That’s the first rule. If I can measure all my risks, attach dollar amounts to them, and decide that I’m not going to lose any money, then I realize there’s an investment thesis here to build on. From that point, we start talking about maybe making some profit? How’s that going to look? What are the risk components? Can we afford all these things? It’s looking at the margin of safety and the profit margin, which are the same thing. It’s profit when things are going well. It’s a margin of safety when things go bad. It operates together. I look at that with real estate businesses, other businesses through manufacturing businesses or other operating businesses we own now that it came from our real estate. Are you an attorney? No. How can you be smart enough to do curative title work without being an attorney? The way folks do that does a good job in formal education. I struggled in school big time. That’s the most common thing for our guests. I did badly in that format. I took seven years to get a Bachelor’s degree. I got bad grades in high school. I run into problems and didn’t like the answers to those problems. I have a bullheaded attitude of, “I’m going to fix this at all costs.” I had to learn as I got older that all costs aren’t always the answer but you can go deep. I spent the time paying lawyers to teach me how to read the Property Code, the State’s Code, the Tax Code, and the Probate Code and taught me how to research Case Law. Once I realized that’s where these answers would come from, that’s where I started digging. Every time I would have a problem, I would go figure out how to solve it and hire an attorney or attorney team and say, “I need you all to litigate this. Here’s how we are going to do it.” You mentioned something earlier to me about the oil fields. Were you solving problems out there too? No. I was trying to make a living. I had … Continue reading How Your Profit Margin Compares To Your Margin Of Safety With Logan Fullmer