Podcast Summary
Creating a clear vision for managing rapid growth: Shift from working hard to working smart by developing a clear, compelling vision to guide growth. Utilize resources like Cameron Herold's leadership course for valuable insights.
Managing rapid growth requires shifting from working hard to working smart. Cameron Herold, the author of "Vivid Vision," emphasizes the importance of having a clear, compelling vision to guide growth. In this episode, a BiggerPockets member receives coaching from Herold to help create their vivid vision. This process can be helpful for those who want to develop or refine their vision. Herold's leadership course, available at biggerpockets.com/cameron, can provide valuable insights for those looking to improve their leadership skills. Overall, the episode offers practical advice and inspiration for creating a clear vision to guide growth.
Passive ways for investors to earn monthly income from real estate: Experienced teams offer passive real estate investment opportunities for accredited or high net worth individuals, providing steady income without the hassle of tenants or property management. Options include private real estate funds like PPR Capital Management and turnkey rental properties from Rental Retirement.
There are passive ways for accredited or high net worth investors to earn monthly income from real estate without the hassle of tenants, maintenance, or property management. PPR Capital Management is an example of a private real estate fund that has provided steady income since 2007, with over half a billion dollars in assets under management. Another option is Rental Retirement, which offers turnkey rental properties for little to no money down, allowing investors to receive cash flow and equity with minimal upfront investment. These are just a few examples of how experienced teams can help individuals earn passive income in real estate. For those interested in learning more, PPR Capital Management can be reached at investwithppr.com, and Rental Retirement at renttoretirement.com or by texting REI to 33777. Additionally, eBay Motors offers a solution for car enthusiasts looking to restore their vehicles with guaranteed fit parts at affordable prices. And finally, JB Cline of Minehold Rentals shared his personal growth in the real estate industry, aiming to build a team and eventually start a veteran's nonprofit organization.
Visualizing a future business state for effective team building and communication: Creating a vivid vision of your business three years in the future helps align your team, engage stakeholders, and attract talent.
Creating a vivid vision for your business is essential for efficient team building and effective communication. By describing the size and composition of your company three years in the future, you can align your team, engage your stakeholders, and attract the right talent. During a coaching session, JB discussed having a 1,000-unit portfolio with a fully supported team and an oversight role. This exercise allowed JB to visualize his team, their roles, and the relief and pride he would feel. By focusing on the future, you can make informed decisions about your business today and create a clear, inspiring vision for your team.
Thinking beyond day-to-day operations for long-term strategy: Investor owns diverse portfolio, finds properties through various means, trusts team, and plans to reassess underperforming assets in 3 years
Successful real estate investing involves thinking beyond the day-to-day operations and focusing on long-term strategy. This investor, who owns commercial properties, short and long-term rentals, and even mobile home parks across multiple states, emphasizes the importance of diversification for maximizing benefits. He finds properties through various means, including public listings and off-market deals, and trusts his team to handle the details. In three years, he plans to assess underperforming properties and potentially sell them to reinvest in better opportunities. Despite the challenges in expensive markets like California, he sees opportunities for growth and is committed to finding them. Overall, this investor's success comes from a forward-thinking approach, a strong team, and a willingness to adapt to changing markets.
Defining and Communicating Core Values for Business Success: Define non-negotiable core values early on, deeply ingrain them in company culture, communicate them clearly to team, provide sense of purpose and direction, attract and retain customers, and create a strong foundation for business success.
Having a clear set of core values is essential for building a successful business. These values should be deeply ingrained in the company culture and be non-negotiable. For instance, honesty, quality, and integrity are core values that can guide business decisions and help attract and retain customers. Core values also provide a sense of purpose and direction for the business and its owners. It's important to define these values early on and communicate them clearly to the team. Additionally, having a vivid vision and long-term goals can help drive the business forward and provide a sense of fulfillment for the business owner. For example, using a mobile home park business as an example, the American dream could be a core value, which means providing clean and modern homes for people who cannot afford traditional homes. Ultimately, core values help create a strong foundation for a business and guide it towards success.
Encouraging team members to invest and grow: Successful real estate entrepreneurs foster team growth by supporting individual investments and future ownership.
Successful real estate entrepreneurs not only focus on their own business growth but also encourage their team members to become individual investors and eventual owners. Financing for growth comes primarily from banks, with strong relationships built on a solid track record of successful deals and timely repayment. Team leadership involves direct interaction and maintaining a visible presence within the organization. New River Valley Real Estate, a professional and honest brand, is known for serious business dealings and a strong commitment to following through on promises. The company's acquisitions include both turnkey properties and those requiring renovation.
Revitalizing neighborhoods for long-term business growth: Successful real estate investors expand their business by revitalizing entire neighborhoods, leaving a lasting legacy, and catering to specific markets. They face challenges like building systems, growing teams, and continuing personal growth through learning from industry leaders.
Successful real estate investors can expand their business by revitalizing entire neighborhoods instead of just flipping individual properties. This approach allows them to leave a lasting legacy and cater to specific markets, such as seniors in smaller towns. However, as their business grows, they face new challenges like ensuring their team can make decisions in their absence and continuing their personal growth through learning from industry leaders. These relationships and continuous self-improvement are crucial for long-term success. The investor in this conversation is actively working on building systems, processes, and growing his team to prepare for the future while also seeking knowledge from significant figures in various industries. The relationships with sub-trades are also important and currently in a good state.
Leading with high expectations and growth strategies: High expectations and demanding strategies can lead to business growth, but it's crucial to support and care for your team. Prioritize growth over cash flow, use various strategies, and adapt to changing circumstances. Utilize tools like DealMachine for efficient lead generation.
Having high expectations and demanding a lot from your team can lead to a productive and fulfilling work environment, as long as you take care of those who meet your demands. The speaker shares his experience of growing a business from 2 locations to 50 by being persistent, working hard, and adapting strategies on the fly. In the early days, he prioritized growth over cash flow, using a mix of strategies including buy and hold, cash out refinancing, and recasting. Though he was less stressed in the day-to-day of running the business in the present, he was more concerned about the long-term vision due to the increased stakes and responsibility. A key tool in his success was the use of DealMachine for accessing contact information, which eliminated the need for costly lead generation.
Revolutionizing Real Estate with Technology: DealMachine streamlines lead generation, Vacasa manages vacation homes for profit, Connect Invest offers passive real estate investing, and Integra Development Group simplifies rent to own investing.
Technology and innovative solutions are revolutionizing various aspects of real estate, from lead generation and management to vacation home ownership and passive investing. DealMachine offers a treasure trove of contact information and phone numbers for off-market deals, simplifying lead generation and deal making. Vacasa turns the dream of owning a vacation home into a profitable reality through full-service management and high revenue generation. Connect Invest allows passive participation in real estate investing through short notes, providing fixed monthly income and hassle-free investing. Integra Development Group simplifies real estate investing with their rent to own strategy, offering immediate cash flow, built-in equity, and a foolproof exit plan. Remember, the foundation of a successful business or investment is a clear vision and strong values.
Foundation of a successful business: Focus on core values, purpose, and BHAG for strong foundation. Prioritize people systems for effective hiring, training, and leadership development.
Building a successful business involves establishing a strong foundation based on core values, core purpose, and a BHAG (Big Hairy Audacious Goal). These elements should be deeply ingrained in all aspects of the business, from hiring people to making deals. The first side of the puzzle is focusing on people systems, which includes effective interviewing, recruiting, hiring, training, and leadership development. This is crucial as the people you hire will ultimately be the ones running the business that provides you with financial freedom. The speaker recommends reading the book "Who" by Jeff Smart to improve interviewing skills. By prioritizing these foundational elements, you can build a business that runs itself and generates significant cash flow.
Building a strong interviewing system for effective hiring: Invest in a robust interviewing system, grow leaders through courses, focus on critical few things, and leverage video communications to build strong teams and grow your business.
Effective interviewing is a crucial skill for any business owner or leader, particularly in real estate. The book "Who: The A Method for Hiring" provides valuable insights on building a strong interviewing system to bring good people into a company. While the entire book may not be necessary for every business, the interviewing section is essential. Additionally, investing in the growth of your leaders through courses like "Invest in Your Leaders" can help your team members develop the skills they need to contribute to your company's success. Focusing on critical few things instead of getting bogged down by the important many, and leveraging video communications for building relationships, are other key strategies for growth. By mastering these skills, you can build a strong team, grow your business, and foster meaningful connections.
Building personal relationships with bankers and industry players: Regularly connect with bankers and industry players beyond numbers, attend industry events, and focus on targeted learning to strengthen relationships and drive business success.
Building strong relationships with your banker and other key industry players is crucial for the success of your business. This means going beyond just numbers and economic data, and making an effort to connect with them on a personal level. This could involve regular meetings over lunch or coffee, or even activities like golf. Additionally, it's important to keep learning and tying that learning to your current business goals. This could mean reading books or attending events that focus on specific areas of your business, rather than broad, irrelevant topics. The goal is to make your learning as targeted and valuable as possible. As the speaker mentioned, this approach was more effective than traditional education for him, as it allowed him to focus on topics that directly applied to his business.
Invest in yourself and team for highest return: Delegate tasks, outsource minimum wage jobs, and invest in training for long-term gains. Free up valuable time for higher-value activities.
Investing in yourself and your team, particularly in areas that yield the highest return on your money, time, and people, is crucial for personal and business growth. This means delegating tasks to assistants or outsourcing minimum wage jobs, and focusing on long-term gains through training and development. For instance, spending 30 minutes to train an assistant to do a 5-minute task weekly results in a significant time savings. Additionally, consider geographical location and time zone to maximize efficiency. Currently earning around $200,000 a year from your business, you're effectively earning $100 an hour. Don't waste this valuable resource by doing minimum wage tasks yourself. Instead, free up your time for more meaningful pursuits.
Delegate tasks and invest in team to free up time for strategic work: To build a successful business and relationship with a bank, delegate tasks, invest in team, observe and learn, communicate openly, focus on strategic work, and use technology to automate and outsource.
To build a successful business and relationship with a bank, it's essential to free up your time by delegating tasks and investing in your team. This means getting rid of minimum wage jobs and focusing on strategic work, such as growing your team and improving your leadership skills. To effectively train your team, have them observe and learn from you, and communicate openly about what you're doing and why. Remember, the goal is to have your job get done without you doing it yourself. This will require an initial investment in training, but the long-term benefits of having a capable team will far outweigh the costs. Additionally, make use of technology to automate and outsource tasks where possible. By focusing on strategic work and investing in your team, you'll be able to work smarter, not harder, and scale your business effectively.
Delegate tasks below your expertise and effective hourly rate: Identify tasks not your unique abilities, categorize them, determine hourly rate, focus on strengths, and delegate or outsource tasks below effective hourly rate for time and energy savings.
To be productive and effective, it's essential to identify and delegate tasks that are not your unique abilities or areas of expertise. By creating a list of all the tasks you do in a month, categorizing them based on your competence level, and determining the hourly rate you'd pay someone to do each task, you can focus on what you're excellent at and what brings you joy. Delegating or outsourcing tasks below your effective hourly rate can save you time and energy, allowing you to focus on your unique abilities and growing your business. Additionally, evaluating whether tasks need to be done at all can help eliminate unnecessary work. Creating a vivid vision for your business can bring clarity and focus, helping you prioritize tasks and delegate effectively.
Values-driven real estate business: New River Valley Real Estate prioritizes honesty, quality, personal development, efficiency, teamwork, and communication, fostering a strong sense of community and financial freedom for its team and investors
New River Valley Real Estate is more than just a business; it's a values-driven organization that prioritizes honesty, quality, personal development, efficiency, teamwork, and communication. The company's core values extend beyond the workplace, fostering a strong sense of community and camaraderie among team members. The founder's mission is to create a legacy for the team, investors, and community, with a focus on continuous growth and personal development. The company's commitment to its core values has built a reputation of trust and quality in the community. By focusing on time in the market rather than timing the market, New River Valley Real Estate aims to provide financial freedom for its investors and team members alike.
Find an investor-friendly agent for successful real estate investing: Use BiggerPockets Agent Finder to connect with local market experts for guidance, deal analysis, and confidence in real estate investments.
If you're serious about real estate investing or looking to expand your portfolio, finding an investor-friendly agent is crucial. With the BiggerPockets Agent Finder tool, you can easily connect with local market experts who can guide you through the buying process, help analyze potential deals, and instill confidence in your investment decisions. This free resource, available only at biggerpockets.com/deals, is an invaluable asset for investors at any level. Remember, investing in real estate involves risk, so be sure to consult with qualified advisors before making any moves. BiggerPockets LLC disclaims all liability for investment outcomes, and the opinions expressed in this podcast are solely those of the hosts and participants. To get started on your journey towards financial freedom, visit biggerpockets.com/deals today and find your investor-friendly agent.
