April 24, 2024
Something I’m Reading
I’m currently reading a book called “How to Tell a Story” and it’s from a bunch of authors in the Moth Organization which is a group of authors dedicated to the craft of storytelling. I figure whether I’m raising capital or trying o give a speech on stage, storytelling is so integral to what I do that I’m learning how to professionals do it.
Something I Photographed
Heather and I about to get some “Lagree” on ! (It’s like Pilates… on steroids.)
Something I’m Excited About
Really excited about the REI Summit coming up in 10days! It’s not too late if you still want to go! You can get your tickets here.
I’m also really excited about going to Seattle in July to mastermind with a bunch of millionaires. (Are you a millionaire? Want to join? Check this out!)
Financial Freedom Hour
This week I’m going to be teaching “The Seven Step Guaranteed Success System”. Basically, it’s my system on how to think and process tasks in order to drive success as a guarantee. Don’t miss it! This Thursday at 7pm ET.
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 is your process for making big decisions?”
I tend to make big decisions slowly, and probably weigh options way longer than I need to. But ultimately, I remind myself of three things:
1.) Most decisions are reversible, even the big ones.
2.) With most decisions, it’s more important THAT I decide than WHAT I decide. Indecision is a decision in itself, and it rarely helps anymore.
3.) I’ll likely never know if I picked the right choice or not (Like, if I had chosen to invest in Sober Living instead of Mobile Home Parks… would I ever know what the alternative life would have been? No, so why obsess about it.).
Then, I weigh my options and make the best choice given the information I have.
Question: "' When investing long distance, what is the most important factor to consider?”
Before I started Open Door Capital and had a team to help me (in other words, it was pretty much just Heather and myself) I bought two different out-of-state investments at the same time. One was a 24-unit apartment complex outside Cincinnati, and one was a 50-unit mobile home park in Maine.
One of those (the MHP) did fantastic and made me a ton of money, the other (the apartment) floundered miserably for 18 months until I sold it for the same price I bought it for. So what was the difference?
With the mobile home park, I had a partner in the deal with “boots on the ground” to manage it (Ryan Murdock.) SO my answer to this question: undoubtably it’s having a good manager, but even more important than just a good manager, it’s trying to find a manager with enough incentive to care.
This Week In Lending
Right now we are serving up 30-year fixed loans with interest rates that are competing head to head with conventional loans!
If you have an urban single family home that's cash-flowing, that is the MOST important factor in getting great rates and terms for your loan! DTI is NOT a qualifying piece of this product.
If you want to run your deal either as a purchase, a rate and term refi, or a cash-out refi, pop over HERE and submit your deal. This is a soft-quote application only. There will only be a full credit check upon agreement to proceed with the offered terms.
If you have other questions, check us out at www.BetterLifeREF.com
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 :)