November 22, 2023
Something I’m Reading
I just finished reading "The Almanack of Naval Ravikant: A Guide to Wealth and Happiness” by Eric Jorgenson. I enjoyed most of the book however, the author has some really insightful things to say around business and wealth and happiness. Though some of it comes across a bit like a billionaire, who has lots of free time, you know, saying, all the things that they now know, but those things didn't actually get them to where they are. It’s a common problem where successful people talk about the trades and habits that they currently do as if that's what got them where they are today so definitely look for that in that in the book but overall, I thought it was good.
Something I Photographed
Heather and I drinking our favorite coffee in the world in front of our favorite little coffee shop in the world in Oban, Scotland.
Something I’m Excited About
I know I keep saying this, but I’m really excited about the BetterLife summit coming up! 2024 is right around the corner and I’m looking forward to helping everyone set their goals and start the year off right. It’s not too late to get your ticket and if you use code: LASTCHANCE at checkout, you’ll get an additional 15% off! Prices increase again on 11/27 so if you’re still on the fence, now’s the time to register! https://betterlifesummit2023.com/
The event is exclusive to Tribe members so if you’re not a member yet and you want to attend, you can sign up for the tribe here. If you’re not 100% satisfied, you can cancel at any time.
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 qualities should every entrepreneur possess?”
I think probably the number one quality that ever entrepreneur should possess or force themselves to possess even if it doesn't come naturally is asking the question how versus can it be done. So like how do we make more money? How do we make this business work? How do we continue to grow? How do we overcome this challenge? How how how how. I would push the how’s. I think that idea of tenacity or resilience by asking how is probably the number most important thing in entrepreneur can have.
Question: "I have the cash, but should I invest my own money or seek financing?”
If you want to reduce your risk dramatically, pay all cash. If you want to grow faster, use financing. That said, paying all cash doesn't necessarily reduce your risk either. In fact, it paints a target on your back for getting sued. So if you're gonna go that route, make sure you get some good insurance and it would also be a good idea to even put on a HELOC (home equity line of credit) on the property anyway, even if you don't use it that way at least it shows up on public data as a lien. Then people will think that you have a mortgage even if you don't so that can help to reduce the risk. So, should you pay cash? I would I would say there might be in between. If you're an anti-risk person but you also want to grow, nobody says you can't put down 50% cash. In fact, we’re doing this with some of the deals at ODC right now. We're putting down 40 to 50% This reduces our risk dramatically which is important at this part of the market cycle. It makes the cash flow better even though the return then is slightly lower. If you have interest in investing with us, text my team today at 678-585-2719.
This Week in Lending
We have been trucking right along in the mortgage industry now for a few months. We’re new to the lending world, but we feel that the experiences we are providing are adding significant value to our investors. Check out this recent review we received from an investor client of ours:
"Working with BetterLife Real Estate Funding for my last 2 refinances was easily the smoothest funding experience I’ve ever had. The application process was straightforward, the offers presented came quickly and I was able to close in about 3 weeks. I’ve recommended BetterLife to multiple investor friends already and can’t wait to get another deal done. They truly have built a company catered to investors. Job well done!”~Brittany
If you’d like to give the BetterLife REF experience a try, check us out at betterliferef.com, and click “Get Funded” to grab an intro call with your Concierge and BetterLife REF Advisor.
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 :)