August 17th, 2022
Something I’m Reading
Just downloaded Ed Mylet’s “The Power of One More” on Audible. Although I’m just starting, I can already tell I’m gonna love it.
Something I Teach
Three Tips for Better Marketing
First, understand that no one cares about you or your product or offering or need. They care about themselves. Make it obvious that whatever it is you have - it’s for them.
Second, remember, people don’t buy a drill because they want a drill; they buy a drill because they want a hole. Or even more, they want a hole because they want to hang a photo of their family on their wall so they feel happy when they look at it. So before selling anything, ask yourself, what does your customer REALLY want. Then make sure you are solving that.
Third, people are busy and distracted. You need to make your offering stupid-simple, so much so that even a 3rd grader could sell it. For example, with Open Door Capital, no one cares about me - they care about the money and returns they’re gonna get, so we lead with that. But going further, what they really want is more time with their family, made possible through financial freedom. We make it clear how we help them get there. And finally, we don’t complicate our deals with jargon and 2-hour webinars. Instead we simplify it and say “We buy apartments and mobile home parks. You fund the down payment, we do the rest. We do the majority of the work and you get the majority of the profits. I only win when you win first, and you win bigger.” That's what I market, because that’s truth. It’s simple, it’s about them, and it’s what they want. Financial freedom.
Something I Photographed
Got to ride on a large semi-private jet from Maui to the mainland through Roam Maui. Awesome experience!
Something I’m Excited About
ODC is taking down a $90+ million dollar apartment portfolio which we will be launching soon. Join our email list learn more about this offering before we launch it to the general public. Hint hint…it’s a two apartment portfolio in Houston and Dallas with strong value-add opportunities
Something I Can Answer
Every week, I answer one question asked by a BTB subscriber. Have a question you want me to answer? Reply to this text with your question!
Question: “If you had one year to earn a six figure income, what would you do?” -Julia
Obviously there are a ton of options here, based on tons of factors, but let me give you three. One if you have almost no money, one if you have some money, and one if you have lots of capital to invest.
If I had relatively no money but lived in an area good for vacation rentals, I’d do vacation rental arbitrage. I’d find homes to rent and then sublet them (with the landlords knowledge and approval) on Airbnb. Even if I didn’t live in a vacation rental market, this could be done remotely.
If I had a hundred grand or so, I’d probably buy a mobile home park or a campground. I’d drastically increase the occupancy so it cash flows six figures a year.
If you have $1,000,000 to invest, I’d probably dump it all into one of Open Door Capital’s “Pref Equity Class A Fund” - which would get you almost all the way there with about 5 minutes of work.
More From Me
Links to podcasts I’m on, guests I speak to, or valuable content where you can hear more. These aren’t “sponsored posts” - just more resources!
I recorded a podcast with “The Weekly Juice” recently where I talked through my background in real estate, systematizing my discipline, work life balance, and growing Open Door Capital. Check it out!
Your Friend,
P.S. Comment below and let me know your thoughts on this week’s BTB! Please be friendly :)