July 19, 2023

Something I’m Reading

My friend, Greg Smith, just published his first book “No Locked Doors”. It’s a phenomenal read on how to create opportunities out of problems we face.

Something I Photographed

Signing docs for a mobile home park purchase while sipping a beautiful cappuccino.  This was a good morning.

Something I’m Excited About

The Marriage Retreat is coming up in two weeks in San Diego and there are still a few tickets left https://bettermarriageretreat.com/. I am really excited to work on my marriage because it's so easy to get caught up working in it. I'm looking forward to taking time away from life to spend a few days with my bride and to grow deeper in my relationship with her.

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 should you look for in a mentor?”

Look for someone who's not necessarily famous for teaching the thing you want to learn, but somebody who is experienced in doing the thing you want to do. While this is important, make sure they are also the kind of person you want to be. You want to find somebody who exemplifies the kind of person you want to become in life, along with doing the actual task that you want to do. An example would be to not just pick somebody who teaches real estate investing to be your mentor, because they sell a course for it online. Pick somebody that you say, hey, this is a person I want to be like, and they're doing the same thing that I want to do whether it’s multifamily, flipping, etc. It also doesn't matter if they have a course or not. What matters is that you’re going to learn from that person. Now, if that person also has a course then great, but make sure that the most important thing is that they are currently doing what you want to do and they are the kind of person you want to become.

Question: "What are the benefits of investing in a real estate syndication?”

A syndication is a model where a bunch of investors pool their money together, and then invest in a deal like an apartment complex, mobile home park, self storage facility etc. together. The limited partners are those people who supply the money, while the general partners are the people who put together the deal. Open Door Capital is an example of a syndication. For example, we've raised money from over 1500 investors, limited partners, and then we, the general partners, go out and find the deal and manage it. You know, buy the deal, do all the work, 100% of everything. Then the profits are split at the end. So what are the benefits of investing in syndication? It's literally the most passive way to invest in real estate. There's almost nothing you have to do but wire some money, sign a paper, and then that's about it. Now on the downside, you're giving up control. So if you're somebody who has either A. no money, or B. you’re a control freak, you should not do syndication. But if you're somebody who has money to invest and you don’t care about control, syndication is a phenomenal way. At the end of the day. I believe that you can make more money investing in syndications and do it passively than you can if you are trying to do it actively. In other words, the returns that we provide, I believe are better than most investors can get on their own. We typically take somewhere between 20% and 30% of the profits on a deal. But we can also get deals that are way better than 20% and better than most people can find on their own because we've got an entire team of people, some of the world's best at finding deals, vetting deals, managing deals, etc. So, the benefits are typically less risk, less work, and more passive.

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. The first step in hitting crazy goals is identifying them. Jason and his team are providing a complimentary impossible goal setting session – to help you uncover the impossible target you should be aiming it. Here is the link to get yours.

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 :)