Podcast Summary
Create Your Own System for Scaling Real Estate Investing: By creating a unique system, utilizing available resources, and taking advantage of opportunities, real estate investors can successfully scale their business.
To successfully scale real estate investing, you need to invent your own system. Michael Gerber, a renowned business author, emphasizes this in his book "The E Myth." Gerbor's insights are valuable for investors, as he's graced numerous bestseller lists. Bigger Pockets offers a wealth of resources, including the podcast, webinars, and forums, all with free information. One such resource is DealMachine, which simplifies lead generation with unlimited access to contact information and phone numbers. Another exciting opportunity is Rent to Retirement, which allows investors to buy new turnkey rental properties with no money down. Overall, the key takeaway is that by creating your own system, utilizing available resources, and taking advantage of opportunities, you can successfully scale your real estate investing journey.
Emphasizing authentic ideas and tax savings in business: Michael Gerber's books gained popularity through word-of-mouth, his business was the world's first coaching firm, and 1031 tax-deferred exchanges can save investors significant capital gains taxes.
Michael E. Gerber, the author of 18 bestselling books, emphasizes the importance of authentic and genuine ideas in business. His books have gained popularity through word-of-mouth, and his business, Michael Thomas Corporation, was the world's first business coaching firm, established in 1977. Another key takeaway is the potential savings from 1031 tax-deferred exchanges, which can help investors save on capital gains taxes when selling properties and reinvest the profits into new investments. 1031 Pros, a company specializing in this area, has helped clients save over half a billion dollars in taxes. For those interested in learning more about investing or taking advantage of tax savings, check out renttoretirement.com or text "rei" to 33777 for information on investing with no money down or visiting 1031pros.com/bp for a discount on 1031 exchanges.
Lessons from diverse experiences: Our past experiences, no matter how unrelated they seem, can provide valuable skills and knowledge for future success.
Michael Gerber's success as a business coach didn't come from an overnight decision or a linear path. Instead, it was the culmination of his diverse life experiences and encounters with masters in various fields. From selling encyclopedias as a kid to learning saxophone from a top teacher, Gerber's early life was filled with challenges and mentors who pushed him to improve. Even when he started his entrepreneurial journey late in life, he had already spent decades learning how to work independently and persevere through difficulties. Gerber's success story is a reminder that our past experiences, even seemingly unrelated ones, can provide valuable knowledge and skills that help us achieve our goals.
Focusing on working in a business instead of working on it leads to failure: To scale a business, invent a system that anyone can follow, allowing you to focus on growth and improvement, rather than being tied personally.
The E Myth, or the entrepreneurial myth, is the primary reason businesses fail. Many people go into business thinking they're entrepreneurs because they know how to do the work, but they're actually technicians suffering from an entrepreneurial seizure. The problem is that they focus on working in the business instead of working on it. To scale what you do, you need to turnkey your business, which means inventing a system that anyone can follow. This allows you to focus on growing and improving the business, rather than being tied to it personally. The persona of the system, not the individual, is what's of value in a business that aims to scale. By inventing a unique system, you can make your business stand out and transform the way it's done, creating value for both yourself and your clients.
Dream, Vision, Purpose, and Mission in Business: Successful businesses require a clear dream, vision, purpose, and mission. The dreamer comes up with ideas, the thinker creates a vision, the storyteller communicates the purpose, and the leader executes the mission.
Every entrepreneur, whether in real estate or any other field, must go through a dreaming room stage to build a successful business. This stage involves having a clear dream, vision, purpose, and mission. The dreamer comes up with the idea, the thinker creates a vision, the storyteller communicates the purpose, and the leader executes the mission. Without these elements, a business may lack direction and struggle to succeed. This concept was emphasized by various successful individuals throughout history, including Martin Luther King Jr., who famously said "I have a dream." By recognizing and understanding these personalities within ourselves, we can create a strong foundation for our businesses and achieve great results.
The importance of mentorship in personal growth: Seek out a mentor or apprenticeship for guidance and skill-building, overcome challenges for great rewards, have a clear vision and purpose, and utilize a structured learning process.
The path to success in any field requires dedication and guidance from a mentor or master. The speaker shares his personal experience of having had dedicated teachers in various areas of his life, who pushed him to be the best he could be and helped him find his purpose. He emphasizes that most people don't have this kind of guidance and therefore don't reach their full potential. He encourages seeking out a mentor or apprenticeship to learn the skills and mindset needed to succeed. This may involve overcoming obstacles and challenges, but the rewards are great. The speaker also mentions the importance of having a clear vision and purpose, and the value of a structured learning process, like the dreaming room he offers, to help individuals discover and pursue their dreams.
The importance of having a teacher or mentor for growth and learning: Embrace your stupidity, seek out experienced teachers, and be open to learning from mistakes to grow and succeed
Growth and learning are essential for personal and business development, but it requires understanding the rules of the game and being open to guidance from those who have more experience. The speaker shares his experience of starting a business and learning the hard way that having a teacher or mentor is crucial for success. He emphasizes that everyone makes mistakes, but the key is to learn from them and continue growing. He encourages listeners to embrace their stupidity and seek out the best teachers to help them become the best versions of themselves. The speaker also emphasizes the importance of being willing to be vulnerable and learn from others, rather than trying to do everything on one's own. He shares his personal experience of starting as a carpenter at the age of 38 and learning the importance of using used tools and seeking out a mentor to help him succeed. Overall, the message is that growth and learning are essential, but they require humility, a willingness to learn, and the right guidance from experienced teachers.
Overcoming challenges with guidance and commitment: Seeking guidance and commitment can help you learn new skills, tackle challenges, and achieve your goals in real estate investing and personal growth.
Learning new skills and taking on new challenges can be daunting, but with the right guidance and commitment, success can be achieved. This was evident in the story of someone learning to maintain a vacation home with the help of a patient mentor. Similarly, in real estate investing, it can be overwhelming to get started, but having a trusted partner or mentor can make all the difference. Tools like DealMachine and BetterHelp can provide valuable resources and support to help investors get started and succeed. Whether it's learning the basics of real estate investing or seeking therapy to improve personal growth, commitment and the right resources are key to achieving your goals. So, if you're ready to take the leap and make a difference, don't hesitate to seek out the guidance and support you need.
Embrace your dreams and commit to them: Dreams are valuable first steps towards self-expression and personal growth. Commitment and dedication are essential to achieving them despite fear and self-doubt.
Having a dream or a goal, no matter how small or seemingly insignificant, is not a waste of time. Instead, it's the first step towards self-expression and personal growth. Merle, who is a master in various fields, emphasizes the importance of commitment and dedication in achieving one's dreams. He believes that we often limit ourselves due to fear of risk and lack of belief in our abilities. To appeal to a master or mentor, one needs to demonstrate not only passion but also persistence and dedication towards their dream. The size of the requirement is measured by the size of the dream, and it won't be easy to go through the process. However, the reward is worth the effort. So, if you have a dream, no matter how small, embrace it, commit to it, and work towards it with persistence and dedication.
Emphasizing the importance of dedication, patience, and understanding in achieving success: To truly succeed and transform, one must be dedicated, patient, and have a deep understanding of their vision or dream. Be willing to learn and grow, even when it's challenging, and focus on making a meaningful impact rather than just seeking personal gain.
True success and transformation require more than just passion or desire. It's about dedication, patience, and a deep understanding of the vision or dream. The speaker emphasizes the importance of expanding one's perspective and being willing to learn and grow, even when it's challenging. He also highlights the importance of being authentic and focused on making a meaningful impact, rather than just seeking personal gain. When it comes to building a business, planning is crucial, but it's also important to go beyond just following a mentor or a set plan. Instead, one should strive to truly understand their vision and goals, and be willing to put in the hard work and dedication required to bring it to life. Ultimately, the speaker encourages a mindset of growth, learning, and making a positive impact on the world.
Foundation for a successful business: To build a scalable business, have a clear dream, vision, purpose, and mission. Focus on the customer's needs, hire passionate employees, and prioritize their aspirations for business success.
Before building a scalable business, it's crucial to have a clear dream, vision, purpose, and mission. These elements form the foundation for creating essential ingredients such as lead generation, conversion, client fulfillment, management, and financial management systems. The focus should always be on the customer and their needs, rather than on the entrepreneur's desires or ego. Hiring employees who prioritize the customer and understand their demographic and psychographic needs is essential for business success. Merle Haggard, a successful saxophonist, only taught those who were passionate about becoming the best version of themselves, emphasizing the importance of identifying and catering to customers' aspirations. Ultimately, a business that prioritizes its customers and helps them become who they're not, rather than focusing on their current state, is more likely to thrive.
A continuous journey of self-discovery and purpose: Embrace the process of growth and hard work to find your true calling, failure is common on the path to success, and explore new experiences to wake up to your potential with The Dreaming Room online program.
Personal growth and discovering one's purpose in life is a continuous journey that often involves exploring various paths and experiences. The speaker shares his own story of transitioning from a saxophonist to a framer, a spirit seeker, a poet, and more, all in pursuit of meaning and fulfillment. He emphasizes that the realization of one's true calling rarely happens overnight and is more likely an exercise in growth and hard work. The speaker encourages those looking to start something new to embrace this perspective and commit to the process, as failure is a common experience on the path to success. He also mentions his creation, The Dreaming Room, which is an online program offered through Zoom, designed to help individuals wake up to the possibility of designing and growing their own practices, businesses, and enterprises.
Inclusivity is key in Michael E. Gerber's entrepreneurship programs: Michael Gerber emphasizes inclusivity, offering various options and teaching individuals regardless of financial situation or location. He also values determination and reads extensively, including 12 books a month.
Michael E. Gerber, the small business guru, emphasizes the importance of inclusivity in his entrepreneurship programs. He aims to reach and teach individuals regardless of their financial situation or location, offering various options from small group dreaming rooms to self-directed, strictly online courses. Gerber also shared his favorite book, "Marketing for Business Growth" by Theodore Levitt, which he considers the most intelligent business book he's ever read. Gerber, who doesn't have hobbies but reads extensively, including 12 books a month, believes that determination is the key trait that sets successful people apart from those who don't make it. Despite having made numerous mistakes, Gerber has remained focused on his mission for over 40 years.
Transforming small business worldwide: Michael Gerber emphasizes the importance of being smart about making it on your own in business and shares his dream to invent a system for small business success
Making it on your own in business is a critical skill that Michael Gerber, author of "The E Myth," believes is essential for success in any country. He emphasizes the importance of being smart about this one thing, and laments that it's not something that is commonly taught. During the interview, Gerber appreciated that the host allowed him to ramble and asked smart questions. He shared his dream, vision, purpose, and mission, which is to transform small business worldwide and invent a system that even a novice can use to succeed. Gerber's books, particularly "The E Myth Revisited," have had a significant impact on many people, including the interviewer, and are highly recommended. The interview touched on newer concepts, but Gerber's timeless advice remains relevant. To connect with successful business owners and learn from them, join the BiggerPockets community at biggerpockets.com.
Find investor-friendly real estate agents: BiggerPockets.com/deals can help you find investor-friendly agents, but remember, past performance doesn't guarantee future results, consult with qualified advisors, and only invest what you can afford to lose.
If you're looking for an investor-friendly real estate agent, you can check out biggerpockets.com/deals. However, it's important to remember that the information shared in this podcast is for educational purposes only. Past performance doesn't guarantee future results, and all opinions expressed are those of the individuals involved. Investing in real estate, like any other asset, carries risk. Before making any investment decisions, use your best judgment and consult with qualified advisors. And finally, BiggerPockets LLC disclaims any liability for damages resulting from the use of information presented in this podcast. In essence, do your research, consult experts, and only invest what you can afford to lose.
