May 3rd, 2023
Something I’m Reading
I just started a GREAT book! It’s called The Road Less Stupid by Keith Cunningham. I’ve been told by many people over the years that this book is phenomenal, and a few chapters in, I agree.
Something I Photographed
I’ve been traveling a lot recently and I’ve come to notice that deplaning is like a race to see who can stand in line the longest.
Something I’m Excited About
My team at Open Door Capital snagged the Texas 3-Pack - our new multifamily portfolio in Austin and Houston - at an enormous discount ($24M+)! By taking over the seller's existing loan we locked in a 3.8% fixed interest rate for 7 years!
In this market, a lot of RE investors are waiting on the sidelines until prices and rates improve, but if you're an active investor aiming to put deals together, loan assumption is a great way to win right now! It takes time and effort but is a gold mine if you can find it. Begin now - network with other investors, learn more about how it’s done, and start talking about it with potential sellers.
We just opened the Texas 3-Pack for investment and are over 50% subscribed. Check out my video over at odcfund.com/texas3pack to learn more about why I love this one!
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: “How do you know when it's time to leave or outgrown a company, position, role to move on to the next thing?”
I base almost all these types of decisions on my happiness, and the happiness of my family. What I mean by that is that I don't base it on whether or not I could grow more and I don't base it on whether or not I want more money. I base it on the question “How happy am I at this spot?” If I'm happy there, and if I'm learning, growing, feeling fulfilled, and more importantly, if my family feels happy with me there, then I'm likely going to stay in that position. However, if there's unhappiness or a feeling of discontent for too long, I'm going to want to change. There's a great quote from Steve Jobs and he says “I have looked in the mirror every morning and asked myself: "If today were the last day of my life, would I want to do what I am about to do today?" And whenever the answer has been "No" for too many days in a row, I know I need to change something.”
Question: "How do you approach negotiating deals with clients or with partners?”
I strongly believe that negotiation is about finding a win-win solution that benefits all parties involved. When working with partners and clients, I approach negotiations with the mindset that there is always a way to find a mutually beneficial solution.
I also like to ask people “In a perfect world, what looks good for you?” I’ll share what I want and then ask them what they want and then we'll work backwards to find a spot in the middle. For example, when negotiating equity with a partner on a flip, I might start by expressing my ideal outcome, which could be getting 80% of the profits while they get 20%. However, I also want to understand what would make them say "Yes, that's what I want" today. This could be a 50-50 split, which would be a win-win scenario for both of us.
By approaching negotiations with a mindset of collaboration and understanding, we can create mutually beneficial outcomes and build strong relationships with our partners and clients.
P.S. If you want the answers to questions like this and real estate investing tips about investing in an unstable market, I'll be hosting a free webinar on Monday. You can register for free here!
Something I Recommend
Many of you know of my performance coach, Jason Drees. Jason has been my coach now for over 5 years and has helped me personally overcome some limiting beliefs, scale my business, and hit some crazy goals. He’s hosting a free workshop to help with goal setting and mindset growth. You can register for the workshop and learn more here.
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 :)