March 13, 2024
Something I’m Reading
Read through all of "10X Is Easier than 2X" by Dan Sullivan and Dr. Benjamin Hardy. This was my second time through it, but sometimes in life, when I know I need to really hammer home a concept in my head, I'll re-read a great book. Definitely gave me some new insight. Huge fan of that book. (In fact, the BetterLife Tribe selected it as the Book of the Month last month in our reading club. Not in the tribe!? What a shame! ;) )
Something I Photographed
Morning coffee with Heather :)
Something I’m Excited About
Excited to get back to work after a week of "Stay-cation." Took the kids last week to one of the local Maui resorts, and while it was fun, I always LOVE coming back to work on big cool things (Like the deals we're buying at Open Door Capital, the tribe we're growing at the BetterLife Tribe, the loan business I'm building with BetterLife REF (Real Estate Funding), and The Fifty.
I’m also hosting another FREE webinar on Tuesday, March 19th at 8pm EST. I’ll be talking about how to go from 2 units to 20 units in 2 years so if you missed the first one a few weeks ago, you can register here.
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: "If you could give your younger self one piece of advice, what would it be?”
If I could go back and give 25-year old Brandon a piece of advice, it would be this: learn to be disliked. The drive to always be liked and the often refusal to have hard conversations because of this need...I could have done without that in my 20s and 30s.
Question: "'What are the most important factors to consider before investing in a self-storage property?”
I've always loved self storage, and recently have gotten hot and heavy into it inside Open Door Capital, adding it into the last couple Funds we've built. So what is important to consider? A few things that I care a lot about:
1.) Population - I want to make sure there are enough potential renters in the area to always have customers
2.) Demand - if an area is "overbuilt" with too much self storage, the demand will drop, as will prices. Ideally, I want all the local storage facilities to be full, so supply is limited.
3.) Value Add - with prices at where they are at right now, and interest rates sky high, in order for a deal to pencil out, I need some sort of "value add component." Usually that means the rents are far too low and they can be raised. Maybe I can add on more storage units. Maybe I can modernize them with updated technology. Either way, I want to be able to get the income higher within the first year
Really - these three tips apply to almost all the commercial real estate I do.
P.S. If you haven’t gotten your REI Summit ticket, this is the last chance to save $800 before tickets go up Friday!
This Week in Lending
Over at BetterLife REF, we're seeing some great rates and terms for our investors!
For the DSCR, on a 30-year fixed loan you can get your rate as low as 6.75%. Of course there are some restrictions and thresholds to achieve this rate, but even in regular soft-quote situations we are seeing rates in the low to mid 7's. Leverage ranges from 70-80% based on your experience and credit score.
On the Fix & Flip Bridge loan we are offering 80-90% LTC with rates ranging from the low 10'a to upper 12's also based on credit score and experience (minimum 680 for credit score).
We also have a full range of Conventional products!
If you'd like more info, would like to run a deal (soft pull on credit), or would like to submit your deal for a formal terms sheet, text REF to (360) 580-4983 and we will get you started!
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 :)