October 4, 2023
Something I’m Reading
I'm just about finished with "The Passage” by Justin Cronin and I'm just loving it more and more. It's such a great fiction book, highly recommend it. There's a second and third book out as well so I'm gonna work through those next.
Something I Photographed
When friends come to Maui… we take ‘em to Maui Brewing Company! (Do you recognize anyone in this picture?)
Something I’m Excited About
I'm getting together this weekend with the entire Open Door Capital team in Scottsdale. Once a year, we get together and we rally all the troops to do some team building, leadership training and celebrate our accomplishments over the past year! Like the fact we just closed on our largest deal to date — a $110M apartment portfolio in Texas.
We have another opportunity right now in San Antonio, The Hill at Woodway Apartments, which is now over 70% subscribed. It’s one of our last deals of 2023 and time is running out to reduce your tax liabilities this year. I know I’ll be taking advantage of the year 1 depreciation benefits before the IRS reduces the amount you can take next year. Join me!
All in all, I’m really looking forward to hanging out and for everyone to remember how much we like each other. It’s going to be a weekend full of building friendships, relationships, networking and all that so I'm excited!
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 a bad habit or something you knew you had to change in your journey to becoming the entrepreneur you are now?”
Staying up late, I would say is a bad habit. I used to love to stay up till midnight or later and powering through like 5,6,7,8 episodes of some really good TV shows like Lost, or 24 early on in my career. But then as a result, I would wake up at you know, seven, eight or nine o'clock in the morning. I would then rush off to work and by the time I got done with work, I’d come home and have dinner and then it was time to watch more tv. I got into this bad habit of continuously binging tv. I had to stop because when you're trying to become an entrepreneur, you have limited time. And so I had to decide what was actually important. To this day, I really have not picked that back up again other than when I'm sick, like once a year. I don't marathon through any shows anymore. In fact, I barely even watched tv anymore.
Question: "What questions should I ask when interviewing an agent?”
1. Have they worked with investors before?
2. Are they full time? I like to work with full time real estate agents.
3. How long have they been a real estate agent?
4. I want to know who I'm going to actually be talking with on a day to day basis when trying to find a house or sell a house. Is it their team? If so, what's their team look like? I don't actually care, I just want to know how they’re structured. If they have a team of people, like an assistant or a transaction coordinator that would actually be a good thing because that means that they run their business like a business and not just a hobby.
I actually created a checklist for this recently within the real estate course I put together for The BetterLife Tribe and you can access it here.
This Week in Lending
This week, we wanted to share a helpful tip in your borrowing experience, which is to focus on building a strong team of professionals around you. At our funding company, we have seen first-hand the power of collaboration and networking when it comes to real estate investing.
By building a team of experts around you, including real estate agents, attorneys, contractors, and financing partners like us, you can tap into a wealth of knowledge and expertise that will help you make informed decisions about your investments. In addition, by building strong relationships with these professionals, you can ensure that you have a reliable network of support throughout your investing journey.
At our company, we believe that success in real estate investing is all about building trusted relationships with the right people. That’s why we strive to be more than just a financing partner to our clients. We aim to build long-term partnerships that are based on integrity, professionalism, and trust.
So if you are just starting out in real estate investing, or if you are looking to take your portfolio to the next level, we encourage you to focus on team building. And if you ever need assistance with financing, we are here to help. Thank you for reading, and we look forward to working with you soon! Check us out at 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 :)