August 3rd, 2022
Something I’m Reading
I’m rereading for the second time this year The Ruthless Elimination of Hurry by Jon Mark Comer. When I read it the first time, it really impacted me to the point of shutting down a lot of the stuff I was busy with in life. I’ve been feeling the busyness creep back in so I decided to reread it. I’m only one chapter in and it’s already rocking me again.
Something I Teach
Yesterday I did a webinar with four real estate investors I look up to - Ken McElroy, Robert Helms, Feras Moussa, and Neal Bawa. The last question I answered in the hour long webinar on the economy was how should people move forward in terms of uncertaint? When we don’t know the future (specifically when we fear harder times ahead), there’s four things you want to be:
Be smart. Study. Learn. Lean into mentors. Keep an open eye on what’s happening and seek to learn about it and from it.
Be nimble. Be adaptable and willing to change. Know that what worked yesterday might not work today or tomorrow.
Be specific. The more general you are and trying to do everything, the harder it is to become the best. In difficult times, the best survive and everyone else flounders.
Be bold. If you have the other three down, don’t be foolish but move forward with boldness. Will you always hit a home run or even score a point? Not always but difficult economic times build incredibly successful people. So don’t be scared.
Something I Photographed
Saw Jack Johnson in concert last week- incredible show.
Something I’m Excited About
I finally made it back to Maui! I’ve been gone for a month so I’m excited to be back and enjoy the tropical breeze again.
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: “You mentioned on KenMcElroy’s podcast last week the importance of forming a partnership in order to learn from them. Do you have any resources, tips or suggestions for the best way to structure and pitch a partnership like this?”
I’m a big fan of forming partnerships because you don’t have everything needed to succeed and other’s often don’t either. But when you come together, you build synergy and can accomplish great things. Open Door Capital is a great example of that - one reason we thrive is because of the partnerships we have in the company. Ask yourself what skill set and expertise you can bring to the table to bring value to your partner and lean into that.
I believe partnerships should happen naturally. The friendship should develop first with someone. Date before you get married meaning find ways to do a deal or two together before forming a big partnership. Make sure you have the legality of the partnership figured out. Involving a lawyer is well worth the cost to prevent relationship issues down the road. Finally, partner due to complementing skill sets, not out of convenience. Don’t partner with a friend just because they’re a friend. Partner with a friend because they bring a skill set to the table that you lack.
Your Friend,
P.S. Comment below and let me know your thoughts on this week’s BTB! Please be friendly :)