December 27, 2023
Something I’m Reading
I'm reading Ben Hardy's “Be Your Future Self Now”. I’m really enjoying it and it’s a great read for this time of year. Speaking of Ben Hardy, the BetterLife Tribe has a book club and they’ll be reading his other book, 10x Is Easier Than 2x soon. If you’re a Tribe member, be sure to join the book club for some awesome recommendations.
Something I Photographed
Rosie was super interested in Heather and I setting goals for 2024, so she wanted to also set some. So this is us, setting goals for her!
(Her number one goal: to buy a guinea pig…..)
Something I’m Excited About
I’m really looking forward to "My $968 Million Goal-Setting Framework for Real Estate: An Action-Based Event to Scale to the Next Level” goal setting event! This Framework is exactly what helped me scale Open Door Capital bigger (and faster) than I could have imagined. It’s enabled me to establish BetterLife and give away hundreds of thousands to charity.
I truly believe this is the #1 most important digital event I do each year. If you’re a member of the Tribe, it’s free. If you’re not a member, we’re charging $25 and all profits will go to charity. It’s going to be on Thursday, January 4th at 4pm ET. If you’d like to join me and set yourself up for success in 2024, you can register here. Hope to see you there!
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 book has inspired/helped you the most in business?”
I would probably say from a tactical standpoint, the book Traction by Gino Wickman was hugely influential and really helped organize Open Door Capital and helped it grow to where it is today. The book Four Disciplines of Execution also played a huge role in that. And of course, Rich Dad Poor Dad, and it’s mindset around finances was huge.
Question: "Is it possible to invest in real estate with $10,000?”
The short answer, yes. Here are three strategies you might want to consider.
1. $10,000 could get through a lot of education, networking connections, by going to conferences, reading books, taking some courses, etc. So you may want to just use the majority of that just to become better yourself.
2. You could use that money as a down payment on a house hack where you buy a small multifamily property, live in one unit and rent the others. If you can get a loan for 3.5 percent down, great!
3. Take the 10k and use that for marketing. Find a great deal and then partner with someone. They bring the downpayment, you bring the deal, and then you manage the deal and you both just split everything down the middle. However you decide to split is up to you but 50/50 is what i’d recommend. That would be a nice way to use 10k.
This Week in Lending
Struggling with scaling your portfolio because you’ve tapped out your Fannie/Freddie options?Conventional loans are now out of reach because of your DTI ratio?The power is in the product… time to shift to a DSCR loan!With our DSCR product, we can…
Finance based on the cash flow, not on your DTI.
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Fund vacant properties using forecasted rents (based on market rents).
Fund STR’s, MTR’s, and LTR’s
Go as low as .75 DSCR!!
If this is something you’re looking to get more information on, grab a call with a BetterLife REF concierge, and let’s get you started! Go to www.betterliferef.com and click “Get Funded” to get the ball rolling!
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 :)