April 10, 2024
Something I’m Reading
IStill working through "101 Essays to Change The Way You Think" and thoroughly enjoying it. I’m also listening to "The Mind Body Prescription" on Audible while getting in my 10,000 steps on my walks, which is a follow up to his book "Healing Back Pain" that made a big impact on my back and how I think about pain.
Something I Photographed
One of my favorite places on earth to watch the sunset. A little known secret spot on Maui :)
Thanks Alex Felice for the awesome picture!
Something I’m Excited About
Still buzzing off an incredible few days with the guys from The Fifty, a real estate mastermind I run with people who are full-time millionaire investors. SO much value every time I gather with these dudes in person. (If you want to see if The Fifty is right for you, check out this link)
The Tribe’s Financial Freedom Hour
On this week’s Financial Freedom Hour, April 11th at 7 pm ET, we will be joined by special guest Cam Cathcart, my podcast co-host, who will be teaching "Real Estate Negotiation Mastery: How to Negotiate More Profitable Real Estate Deals”. You won’t wanna miss this one!
We’ll be teaching on topics like this and more at the REI Summit May 3-5th in Denver. If you haven’t purchased your tickets yet, be sure to do so before Friday when prices go up! For more info, visit reisummit2024.com
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's the hardest part of delegating?”
You know, we're always hearing about the magic of delegation. It's like the real estate mantra: "Who Not How," am I right? But here's where the plot thickens - most people think they're handing off responsibilities like a pro, but in reality, they're just dropping the ball and calling it delegation. They're actually abdicating, not delegating.
Let me break it down for you.
Delegation, in the world of real estate and business, is like having your team play to their strengths, while you keep an eye on the horizon. It’s about assigning those tasks but still holding the reins—ensuring everything’s ticking like a well-oiled machine. It's golden because it makes things more efficient, helps your team level up by facing new challenges, and lets you zoom out to focus on the big deals, the strategy. It’s about making the most of your resources and injecting some serious motivation into your team by letting them own their part of the process.On the flip side, abdication is like throwing the keys to someone else and hoping the house doesn’t burn down. You’re out of the picture, no guidance, no check-ins. It’s a wild card move that can leave your team hanging, potentially leading to some serious mishaps, and let’s not even talk about the hit your business reputation could take. Total nightmare.
Getting delegation right, that's where the magic happens. It’s not just about offloading your to-do list; it’s about building a powerhouse team that grows stronger, smarter, and more invested in the success you’re all chasing. It’s how you scale, maintain stellar standards, and really make your mark in the real estate game.
So, let's get delegating, not abdicating. Let's build those empires, the right way.
Question: "'When buying real estate using a partners money for the down payment, how do I split up equity?”
Although there are no hard-and-fast rules, I generally try to make things 50/50 whenever possible.
So, if a partner brought the money and helped qualify for the loan, and I was in charge of finding and managing the deal, I'd start with the idea of going 50/50 and try to find a way to make that work.
It's not to say you couldn't do 60/40 or 70/30 or whatever, but 50/50 is just so simple and hard to argue with, so I like to take it from that standpoint and find a way to make it work.
This week in lending
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 :)