March 6, 2024
Something I’m Reading
This week, I finally finished this short book. I picked up a few months ago, but only made it half way, despite it being incredibly short. Life just got in the way. But finished it. It’s called “The Narrow Road Between Desires”, by the same author and in the same "world” as one of my all-time favorite fiction books, “The Name Of The Wind.” Loved this book, as I do everything Rothfuss writes.
Something I Photographed
Played pickle ball with some great real estate investors.
Something I’m Excited About
Excited for a few days of a “staycation” this week in Maui with Heather and the kids.
Something I Can Answer
I’ll be answering two questions asked by a BTB subscriber. Have a question you want me to answer? Reply to this text with your question!
Question: "How do you manage all your responsibilities without letting things fall through the cracks?”
For years, I hated the idea of org-charts, middle managers, and typical corporate BS. I still do. But I do realize the value in having an organization of people who have cl;early defined roles and responsibilities, and to manage those people inside a SYSTEM so nothing falls through. So I have a lot of systems that make sure things don't fall through the cracks. The two primary systems: eOS (from the book Traction, which is great for my larger companies) and reiOS, which is how I manage my smaller deals and personal ambitions.
Question: "'I’ve saved $50k and I'm ready to invest. What advice do you have on how I should utilize the funds?”
$50,000 to invest... great question. A few things to consider.
First, do you want to be "Active" (and do it yourself) or "Passive" (and invest in someone like Open Door Capital.). If Active, ask youself, "what do I want this $50k investment to ACCOMPLISH." Am I trying to make monthly money NOW? Am I trying to offset taxes? Am I trying to get early retirement? Do I want to keep this working for 20 years and turn into $1M? The GOAL of your investment will dictate what you do with it.
Finally, let's say you want a nice blend of all of that. So you decide to put that $50k into a rental property. If you need 25% down, that means you can buy a roughly $200,000 property. So ... start shopping. Get REALLY good at knowing how to run the math on a $200,000 rental property in your area (or another area you choose to be the best at.)
This Week in Lending
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Something I Recommend
I was always envious of the people who are “ON” 100% of the time. The people who don’t deal with low motivation, doubt, fear of failure, or those endless days of thinking your whole entrepreneurial journey is about to blow up in your face. These people were running circles around me in business and real estate and when I finally figured out what they had that I didn’t – It all made sense.
These people were using a Mindset Coach to keep their eye on the prize and expose them to a higher level of thinking every single day. So when I went to find one of these coaches specifically for real estate investors, all roads lead to Jason Drees. Jason has been coaching me for nearly a decade at this point and has supported my growth from a small time investor to someone with nearly $1B worth of assets under management.
If you’re looking for an edge to accelerate your growth, talk to Jason. You can get a FREE coaching session through this link.
For my health-conscious friends (or those trying to be healthier), I’ve been using MyBodyTutor for years for accountability on my fitness and diet. These guys assign you a coach to hold you accountable, track your food, suggest exercises etc. You can check them out here.
Disclosure: “Some of the links in this post are affiliate links, which means I may earn a commission if you click on the link and make a purchase. However, please note that all opinions expressed here are my own and I only recommend products or services that I have personally used and found valuable."
Your Friend,
P.S. Comment below and let me know your thoughts on this week’s BTB! Please be friendly :)