March 27, 2024
Something I’m Reading
Slow Productivity by Cal Newport. Cal is one of my all time favorite authors, having written “So Good they Can’t Ignore You,” “Deep Work,” and “Digital Minimalism,” all of which earn a spot on my “top 100 best books” list. I think this new book from Cal will also make that list - Slow Productivity. The book is about doing less, doing it better, and being more successful by embracing calm, effective work.
Something I Photographed
After 5 days in the wilderness, it was so nice to land back in maui :)
Something I’m Excited About
Just came off a THRILLING few days riding UTVs in the Arizona and Utah desert with my 7-year old daughter Rosie. There were a dozen dads with their daughters on this trip - and I’ll never forget it.
I’m also really excited to do Q2 goal-setting with the members of the BetterLife Tribe (over 1200 members now!) on Monday. If you’re a tribe member, DON’T MISS this time. It’s the core of what we do in the tribe - quarterly goal setting.
The Tribe’s Financial Freedom Hour
On this week’s Financial Freedom Hour, March 28th at 7 pm ET, we will be joined by special guest Mauricio Rauld who is an expert on Asset Protection for Real Estate Investors. He’ll be talking about entity formation, asset protection & estate planning for syndicators.
Mauricio is the Founder of Premier Law Group, and the premier syndication attorney in the country that helps real estate syndicators stay out of jail. He is one of a few lawyers that actually speaks English, regularly traveling around the country speaking to real estate syndicators about how the legal piece fits into the overall syndication puzzle.
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 are the top three values or principles that guide your decision-making, both in business and in life?”
I’m not sure I’ve ever “ranked them” - but if I had to pick three powerful guiding principles for my life, I’ll give you these:
“No Risk It, No Biscuit.” In other words, an incredible life is rarely found by staying safe. You won’t get the girl if you don’t risk rejection, you won’t get the wealth if you don’t risk buying or building an asset, you won’t get the body you want without risking your time and some pain in the gym.
”You Get the Results of What You Repeatedly Do.” This is the fundamental slogan for The BetterLife Tribe and something I coach people on and think about every single day in my own life. Anything I want to achieve - wealth, relationships, health, etc - it doesn’t come magically or because of luck. It’s because of actions performed, and usually its boring actions that I need to do over and over and over to get the results.
“Dig Your Well Before You’re Thirsty.” One of the defining differences between the animal kingdom and humans is our ability to look into the future and make choices NOW that affect our FUTURE. But even with that ability, the majority of the world would rather avoid thinking about their future self, and instead they focus on the NOW only. I’ve been this way too many times. Sleeping in each morning feels good in the moment… but it’s robbing my day of productivity. Avoiding hard conversations can be easy in the moment but it can hurt relationships, business, and my life down the road. Scrolling social media can help me numb out in the moment and get me some nice dopamine hits… but it’s hurting my future mental health and ability to get stuff done. Instead, I’m always thinking about my future self and HIS needs, desires, and potential pain. How can I be kind to my future self? That’s how I motivate myself to continually dig wells before I’m thirsty.
Question: "'What are your raising-capital best practices?”
I’ve raised about $400,000,000 over the past five years, so I’ve got a lot to say on this topic. But I’ll summarize with this:
Have a great deal. It’s obvious, but just know, the better deal you have, the easier it is to raise money.
Be willing to share big. So if that means I have to give a huge share of the profits to my investors, so be it. I’d rather make half the money but do 10x more deals.
People invest with people they know, like, and trust. So you need to constantly be growing your network while simultaneously nurturing those relationships. Social media is great for this, but don’t neglect a good old fashioned phone call.
Present your opportunity clearly, simply, and confidently. Don’t overcomplicate it with a 5,000 row spreadsheet. Instead, explain in simple language why the deal makes sense, how you’ve thought through every potential pitfall, and what the investor would get if the deal goes according to plan.
Invest in your deal yourself. I invest in every single deal we do at Open Door Capital. Why? Because if I’m not willing to invest, then why should I ask someone else to?
This week in lending
Over at BetterLife Real Estate Funding, we have a couple of options to get you all of the information you need AND get you into underwriting at YOUR pace!
If you have a 1-10 unit Fix & Flip or Rental Property, and you just want to get a quick soft quote, we can get you some terms to help you fine-tune your numbers… on a 5-min Soft Quote Call.
If you want to get your deal formally submitted for a Rate and Terms sheet that you can accept and move to underwriting, you can Submit Your Deal and we will have an offer to you within 3-4 business hours if qualified!
If you have any questions during this process just text “HELP” to (360) 641-2412.
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 :)