March 20, 2024
Something I’m Reading
Picked up a new fiction book that was recommended a few times to me, The Lies of Locke Lamora. I'm about 20% through it, and really enjoying it. It feels like ... a medieval version of Oceans 11.
Something I Photographed
Heather took me on a one day vacation over to the island of Oahu to surf at Waikiki Beach.
Something I’m Excited About
I’m going on a daddy/daughter ATV camping trip in the Grand Canyon with Rosie this week! Really looking forward to hanging out with her and all the other dads and daughers!
Also, my friend Cam’s company is hiring part-time real estate coaches. If you have done a fair amount of single family real estate through flips, wholesales, and holds and interested in the opportunity, you can learn about it here.
The Tribe’s Financial Freedom Hour
On this week’s Financial Freedom Hour, March 21st at 7 pm ET, we will be joined by special guest Camron Cathcart who will be teaching How to Build a Deal Pipeline, 100 leads a week.
Camron was a broke pastor when an unfortunate medical event occurred with his kid, which forced him to find new ways to provide. He made $60,000 his first month investing, and just 3 years later, flips 100+ homes a year remotely from Maui where he currently resides with his wife and children. Camron's flip and wholesale business nets him over $1M a year in income, while he also holds 50+ doors in his portfolio.
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: "What has been your biggest “a-ha” moment?”
I remember reading a book when I was 20 called "The Unofficial Guide to Real Estate Investing" and in it, the authors lay out a spreadsheet of how an individual could build serious wealth over a 10-15 year span through real estate. It's one thing to hear people say "real estate can make you a millionaire" but when I read it in a spreadsheet format in that book, something inside me just clicked and i "Got It." That helped me BELIEVE that I really was going to be a millionaire.
Question: "'Should I start a company to invest with, rather than continuing investing in my own personal name?”
If you're going to buy a piece of real estate and it's a residential property - such as a single-family house or duplex - AND you plan to use a normal bank loan for it - then you are likely going to have no choice but to buy it in your own name, rather than an LLC or another company structure. The bank simply requires it. Now, after you buy it, you can transfer it INTO an LLC, which is typically what I have done and most investors I know will do. There are some risks that the bank won't like this, but it's never happened to me or really anyone I know. The benefit of the LLC is that, when properly set up, it can shield your other assets in case you get sued from a tenant at that property. Now, if you're buying a larger commercial property with a commercial loan... then it's the opposite. I will always buy it in a company structure, usually an LLC. The bank is totally ok with it, in that case.
Of course, the annoying answer is "talk to your lawyer and CPA" so... yah, do that.
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 :)