Podcast Summary
Discovering transformative books for a successful real estate investing mindset: Two hosts shared how influential books changed their perspectives, emphasizing self-worth and action to overcome self-doubt. They recommend finding books that resonate with your mindset for real estate investing success.
Our mindset plays a significant role in our real estate investing journey. Two hosts of the BiggerPockets podcast, Brandon Turner and David Greene, discussed their "pivot books" that transformed their perspectives and influenced their path to building wealth through real estate. They emphasized the importance of recognizing self-worth and taking action to overcome self-doubt. Brandon highlighted a book that helped him question whether there was something missing in his life and encouraged him to take steps towards getting what he needed. They both believe that real estate investing is an effective way for average people to build wealth, and they aim to teach listeners through their podcast and books. For those starting out, they recommend finding books that align with their mindset and help them develop the necessary mindset for success. Additionally, they mentioned a book sale in the BiggerPockets bookstore for Black Friday and Cyber Monday.
Exploring valuable tools for real estate investors: Leverage platforms like Rent to Retirement, DealMachine, Integra Development Group, and 'Pitch Anything' to streamline lead generation, access off-market deals, and build credibility in relationships.
There are valuable tools and resources available for real estate investors to streamline their lead generation and deal-making processes. Rent to Retirement and DealMachine are two such platforms that offer access to high-quality contact information and filters to help investors find off-market deals. Meanwhile, Integra Development Group simplifies real estate investing through their rent to own strategy, offering immediate cash flow, above-average rent, and built-in equity. Additionally, the book "Pitch Anything" provides insights on developing the ability to get people to see things from your perspective and establish credibility in relationships. By utilizing these resources and applying the concepts from the book, investors can enhance their strategies and achieve greater success in their real estate endeavors.
Understanding and addressing both logical and emotional aspects of communication: Effective communication in real estate investing requires acknowledging and validating fears and concerns while providing logical reasons and evidence to support your perspective.
Effective communication in various aspects of life, including real estate investing, requires understanding and addressing both the logical (neocortex) and emotional (limbic system or "croc brain") aspects of the other person's brain. This means acknowledging and validating their fears and concerns while providing logical reasons and evidence to support your perspective. The book discussed in the conversation, "Influence: The Psychology of Persuasion," provided valuable insights into this concept. In real estate investing, this understanding can help investors overcome their own fears and doubts, as well as effectively communicate with employees, clients, and other stakeholders. For instance, during the Minneapolis riots, the speaker identified a lucrative investment opportunity but was held back by his "croc brain" fearing the financial burden of a large mortgage payment. By acknowledging and addressing these fears through logical reasoning and external validation (in this case, a supportive lender), the investor was able to move forward with the investment. This concept can be applied to various aspects of real estate investing, such as identifying and mitigating risks, negotiating deals, and building strong relationships with partners and tenants. By understanding and addressing both the logical and emotional aspects of real estate investing, investors can make more informed decisions and build stronger, more successful careers.
Heed the advice of experts to avoid financial losses: Trusting experts' advice and focusing on macroeconomic factors can save you from potential losses. Don't micromanage every deal and consider spiritual growth for a broader perspective.
Listening to the expertise and advice of others, particularly in the realm of financing, can save you from potential losses. The speaker shared a personal experience of pushing forward with a deal despite a hard money lender's denial, resulting in a financial loss. Additionally, as individuals progress in their careers, it's essential to trust your judgment and focus on macroeconomic factors, rather than micromanaging every deal. The books "Life in Air" by Steve Cook and Sean McCloskey and "The Ruthless Elimination of Hurry" by John Mark Comer, which the speaker plans to combine in a future discussion, emphasize the importance of spiritual growth and taking a step back to consider the bigger picture.
Exploring the importance of living intentionally: Consider alternative ways to prioritize well-being over societal expectations, like simplifying life, questioning goals, and reflecting on priorities.
The way we approach life and the goals we pursue can significantly impact how we live it. The books "Man's Search for Meaning" and "Voluntary Simplicity" share a common theme that life is more than just accumulating wealth or constantly hustling. They encourage us to step back and consider what truly matters, and to live a life that is fulfilling and meaningful. The analogy of a relief valve on a hot water heater is a powerful metaphor for these books - they serve as a release from the pressure of societal expectations and a reminder to prioritize our well-being. The authors of these books challenge us to question the goal of life and consider alternative ways to play the game. For instance, if the goal is to be secure, then paying off debts may be a better choice than leveraging them for wealth. Similarly, the ruthless elimination of hurry can be achieved through practices like morning routines or extended breaks from the busyness of life. Ultimately, these books invite us to reflect on our priorities and live intentionally, rather than being swept up in the rush of modern life.
Evaluating Priorities and Focusing on What Matters: Consider if there are things in your life that may be slowing down progress towards important goals, and make decisions to focus on what truly matters.
Sometimes it's important to evaluate our priorities and make decisions that allow us to focus on what truly matters most in our lives. The speaker, who has been hosting the Bigger Pockets podcast for a decade, has decided to step away for an indefinite period, realizing that he wants more relaxation and balance. He feels a deep connection with his co-host, David, and values their partnership and trust. The speaker encourages listeners to consider if there are things in their lives that they love but that may be slowing them down or diminishing their chances of success in areas that matter more. This can be likened to building a bridge, where adding too many things can slow down progress towards a goal. The speaker is currently focused on growing his real estate company and ensuring its success.
Understanding the rules of life's games for success: Awareness of life's rules in various aspects leads to informed decisions, personal growth, and better outcomes.
Understanding the rules of the games we play in life is essential for success. These games can be in various aspects of life such as investing, work, or personal growth. The rules can change, and being aware of them allows us to adapt and thrive. For instance, in real estate, knowing the tax code and government policies can help investors make informed decisions. Similarly, in personal development, understanding the rules of happiness and confidence can lead to significant improvements. The book "Life in a Nutshell" emphasizes this concept, stating that we are all playing someone else's game, and it's crucial to ensure we're playing under rules that align with our goals. Additionally, being aware of the rules helps us conserve emotional energy and avoid bitterness when the rules change. Another book that illustrates this idea is "Who Moved My Cheese?" which encourages adaptability in the face of change. Overall, being mindful of the rules in our games can lead to better outcomes and personal growth.
The impact of past experiences and relationships on self-perception and confidence: Reflecting on past experiences and relationships can help identify the root causes of self-doubt and lead to intentional growth, ultimately increasing confidence.
Our past experiences and relationships can significantly impact our self-perception and confidence. The speaker shared how he struggled with feelings of inadequacy and assumed he would always fail, attributing his successes to luck. He linked this issue to his strained relationship with his father and lack of positive male role models. The book he mentioned helped him realize that his feelings of weakness stemmed from an absence of guidance and support. This revelation was freeing for him and led him on a journey of intentional growth, ultimately leading to a career in law enforcement and increased confidence. The speaker emphasized that many men face similar struggles and encouraged listeners to reflect on their own experiences and consider whether they may be missing something essential. He suggested that this book, while not a cure-all, could help individuals identify and address the root causes of their self-doubt.
Focus on 'Who' instead of 'How' for success: Identify tasks to delegate and build a team for optimal success, focusing on strengths and maximizing potential.
Shifting your mindset from focusing on "how" you can do something yourself to identifying and delegating tasks to those who are better equipped to do them is a game-changer for personal and business success. This concept, known as "Who Not How," was popularized in the book of the same name and reinforces the idea that life and business are team sports, not solo endeavors. Instead of asking "how" to accomplish a task, ask "who" can do it. This mindset shift can elevate your thinking and lead to incredible success, as evidenced by the authors' experiences at Opendoor Capital and in their respective businesses. By recognizing your strengths and weaknesses and building a team or delegating tasks to those who excel in areas where you don't, you can focus on what you do best and maximize your potential. This concept can be applied to various aspects of life, from entrepreneurship to personal projects, and can lead to increased productivity, growth, and overall success.
The Power of Collaborating with the Right People: Focusing on who to collaborate with, rather than how to do it yourself, can lead to significant benefits and growth. Finding the right people takes time and patience, but their impact can be profound.
Focusing on who to collaborate with, rather than how to do something yourself, can lead to significant benefits and growth. This approach, known as the "who not how" model, is common in various aspects of life, from music to business. It may involve outsourcing tasks to professionals or finding the right team members to build a successful venture. While it may take longer to find the right people and scale up, the rewards can be substantial. Many successful businesses and individuals have used this approach, and it's essential to remember that giving credit isn't as important as the value gained. The process of finding the right collaborators can be challenging, but their impact on your life and projects can be profound. So, be patient and persistent in your search for the right who's. BetterHelp and Airbnb are sponsors of this podcast. BetterHelp offers online therapy to help you make time for what matters most, and Airbnb allows you to travel and experience new places while saving money. Visit their websites to learn more.
Taking responsibility leads to growth: Embrace self-management, start small, extend ownership to relationships for continuous learning and improvement
Taking responsibility for your circumstances, whether in business or personal life, can lead to significant growth and improvement. The speaker shared how hosting on Airbnb provided him with the extra income and confidence to start his own real estate business. He emphasized that anyone can get started with self-management, even while working a full-time job. He also highlighted the importance of extreme ownership in business, where leaders take responsibility for all outcomes, enabling continuous learning and growth. This mindset can extend to personal relationships as well, where taking ownership leads to better communication and mutual improvement.
Avoiding the trap of selfishness and blame-shifting: Each partner should aim to give more than 50% and take ownership of their actions and mistakes to create a stronger connection in relationships. Reading books like 'Extreme Ownership', 'Traction', and 'The Four Disciplines of Execution' can provide valuable insights and tools for implementing these principles.
In relationships, it's essential to avoid the trap of selfishness and blame-shifting. Instead, each partner should aim to give more than 50% and take ownership of their actions and mistakes. This principle, known as the extreme ownership model, can help bridge gaps and create a stronger connection between two people. It's also important to set an example by taking responsibility for your own actions and encouraging your partner to do the same. By doing so, you can foster a healthier, more fulfilling relationship. Additionally, reading books like "Extreme Ownership" by David J. Greene, "Traction" by Gino Wickman, and "The Four Disciplines of Execution" by Chris McChesney can provide valuable insights and tools for implementing these principles in your own life.
Implementing structured business systems for efficiency and productivity: Committing to principles in 'Traction' and 'Four Disciplines of Execution' leads to reduced workload, better decisions, and long-term success in business, while preventing burnout.
Implementing structured business systems, like the ones outlined in the books "Traction" and "Four Disciplines of Execution," can lead to significant increases in efficiency, productivity, and overall success in business. By committing to these principles and making them a part of your daily operations, you can reduce your workload, free up time, and condition yourself and your team to make better decisions with less energy and effort. These books aren't just theoretical or a beach read, but a practical guide to running a successful business. The authors' advice has had a transformative impact on the speaker's life, and they encourage others to fully commit to the principles and put them into practice, rather than just reading about them. The long-term benefits include not only increased success but also the prevention of burnout.
Timeless Principles for Personal Finance and Wealth Building: Consistently apply lessons from books like 'The Richest Man in Babylon' and 'The Total Money Makeover' for personal and financial growth.
There are various business models to choose from, but consistency is key. A simple and effective book that David recommends for personal finance and wealth building is "The Richest Man in Babylon." This book, with its timeless principles, has significantly influenced both him and Josh Dorkin. Its simple stories and lessons, such as only investing in things you understand and never taking on someone else's debt, have helped David make better decisions. Another influential book, "The Total Money Makeover" by Dave Ramsey, focuses on getting out of debt and living frugally. Although David disagrees with Ramsey's stance on using debt for real estate, he appreciates the advice on financial responsibility. Both books offer valuable insights for personal and financial growth.
Learning from multiple financial experts: Consider various perspectives and apply valuable insights from financial experts, even if their approaches differ.
It's important to learn from various financial experts, even if they have flaws, rather than dismissing them entirely. Robert Kiyosaki's "Rich Dad Poor Dad" and Dave Ramsey's advice have different focuses and target audiences. While Kiyosaki encourages using debt as a tool for building wealth, Ramsey advises against it for those who are not financially educated. Both have valuable insights to offer, and it's beneficial to consider their perspectives and apply them in a way that suits your individual situation. Additionally, it's natural for our opinions and understanding to evolve over time, and growth often means changing our minds. So, instead of attacking or defending specific financial gurus, focus on what you can learn from each of them and create a well-rounded approach to wealth building.
Changes to the BiggerPockets Podcast: New hosts, formats, and topics based on audience feedback. Brandon continues involvement through year-end. Influential books: Who Not How, Traction, The Millionaire Fast Lane. Continues to provide valuable content through interviews, market analysis, and coaching scenarios. Audience feedback encouraged.
The BiggerPockets podcast is undergoing some changes with Brandon taking a break to focus on family and business, while continuing to be involved through the end of the year. The show will feature new hosts, formats, and topics based on audience feedback. Brandon also shared a list of influential books that have impacted him in his personal and professional life, including "Who Not How," "Traction," and "The Millionaire Fast Lane" by MJ DeMarco. The podcast will continue to provide valuable content through interviews, market analysis, and coaching scenarios. Audience feedback is encouraged to help shape the direction of the show.
Finding an Investor-Friendly Agent for Long-Term Real Estate Success: Connect with local market experts through BiggerPockets Agent Finder for guidance, deal analysis, and valuable insights to achieve financial freedom in real estate investing, while managing risks with the help of qualified advisors.
Navigating the changing real estate market can be challenging, but the goal of financial freedom remains the same. It's not about timing the market perfectly, but rather having a long-term presence in it. If you're looking to get started or advance in real estate investing, finding an investor-friendly agent is a crucial step. With BiggerPockets Agent Finder, you can quickly connect with local market experts who can help guide you through the process, analyze potential deals, and provide valuable insights. This free resource is available at biggerpockets.com/deals, and it's an essential tool for anyone serious about achieving financial freedom through real estate investing. Remember, investing in real estate, or any asset, involves risk, so always consult with qualified advisors before making any decisions.
