Podcast Summary
Competing with Larger Investors in a Changing Market: Small investors can thrive in a changing market by staying creative, flexible, and persevering, while setting non-negotiable goals and finding opportunities where larger investors may struggle.
Key takeaway from this episode of the Bigger Pockets Podcast is that when the market turns, it presents opportunities for smaller investors to compete on a level playing field with larger investors due to their creativity and flexibility. The guest, Ed Mylett, emphasized the importance of perseverance and doing "one more" in all aspects of life, which can lead to significant changes not only for oneself but also for millions of people. Ed also shared insights on setting non-negotiable goals and finding opportunities in a changing real estate market, where small investors may have an edge over larger conglomerates. The episode provided valuable advice on approaching sellers and understanding their motivations, encouraging a long-term approach to securing real estate deals.
Persisting through real estate negotiations for the best deal: Secure the best real estate deals through persistence, creativity, and access to reliable leads. Strategies include investing in private funds, Rent to Retirement, and using DealMachine for leads.
Persistence and determination in real estate negotiations can lead to getting the best deal. The speaker shares an example of how he was able to secure a property under contract despite initial resistance, revealing that other supposed buyers were not serious. Additionally, the conversation touches on creative investment opportunities, such as investing in private real estate funds for passive income or buying turnkey rental properties with no money down through Rent to Retirement. These strategies offer potential investors the chance to build wealth and generate income without the typical property management headaches. Another key takeaway is the importance of having access to reliable and comprehensive lead information for successful deal-making. DealMachine is highlighted as a valuable resource for investors, providing unlimited access to phone numbers and contact information for potential leads. Overall, the conversation emphasizes the importance of being informed, persistent, and strategic in real estate investing.
Encouraging others leads to deeper connections: Supporting friends in their challenges can lead to meaningful bonds and shared success. Practice humility and balance while striving for personal growth.
Supporting and encouraging others in their personal growth and challenges can lead to meaningful connections and shared success. The speaker shared his experience of cutting weight in solidarity with a friend, leading to a deeper bond and an inspiring knockout victory. The speaker also emphasized the importance of maintaining humility and balance while striving for success, as demonstrated in his upcoming book, "The Power of 1 More," which provides practical strategies for achieving happiness and success through thought and action. The book was inspired by the speaker's father, who taught him the value of making small improvements in life, and serves as a legacy for future generations.
Our beliefs and identity shape our perception of reality: High performers make their goals important to them, allowing them to become visible in their lives. To change limiting beliefs, one must work on redefining their identity.
Our perception of reality is shaped by our deeply held beliefs and identity. According to Ed, high performers have mastered this principle by making their goals and desires important to them, which in turn, makes them visible in their lives. However, for those who struggle to believe or adopt new ideas, it may be due to a deeply ingrained identity that filters out opposing viewpoints. To change this, one must work on redefining their identity through the strategies outlined in Ed's book. Our beliefs and identity act as a filter, revealing only what we truly believe to be important. To see new opportunities and experiences, one must first believe they are possible and deserving.
The Power of One More: Consistently exceeding small goals builds self-confidence, improves habits, and shifts identity into believing we deserve more.
Our perception of our lives and our abilities is shaped by our identity and the standards we set for ourselves. If we want to improve ourselves and achieve our goals, we need to keep the promises we make to ourselves and consistently strive to do "one more" than what we initially planned. This simple principle, known as the power of 1 more, can help us build self-confidence, improve our habits, and shift our identity into believing we deserve more. By focusing on small, manageable goals and consistently exceeding them, we can unlock our full potential and achieve things we once thought were impossible. It's the small, daily habits and commitments that build our reputation with ourselves and give us the belief and confidence to tackle the bigger challenges in life.
The Power of Past Experiences to Qualify Us for Greatness: Believe in the power of past experiences to shape your future and maintain a positive mindset to uncover opportunities in any market condition.
Our past experiences, even the ones we're most embarrassed about, have the power to qualify us for greatness in our future. This idea was shared through the story of the speaker's father, who was helped by a stranger in his darkest moment, ultimately changing the course of the speaker's family tree and impacting millions of lives. This concept can be applied to personal and professional growth, as well as to markets and opportunities. When it comes to real estate investing, it's essential to maintain a positive mindset and believe in the availability of deals, even in challenging market conditions. The speaker shared that he's been focusing on triple net properties in 2022 due to the shifting demographics and market conditions, but the key to success lies in maintaining a belief in the opportunities that exist, regardless of external circumstances.
Focusing on tenant quality and creativity in deal-making during uncertain markets: In volatile markets, prioritize tenant quality and creativity for successful deals, even smaller investors can compete by being flexible, and buying opportunities may arise from collective market psychology.
During uncertain market conditions, focusing on the quality and reliability of tenants and income streams can be more important than the entry price of a real estate deal. The speaker shares his experience of making successful deals during volatile markets by prioritizing tenant quality and creativity in deal-making. He emphasizes that even in a hot market, smaller or newer investors can compete effectively by being more creative and flexible with their deals. The collective psychology of the market can lead to buying opportunities at great prices when some sellers overreact. The speaker encourages investors to remain calm and focused on long-term value and the potential for creative deals.
Seizing opportunities during market instability: During market instability, savvy investors can take advantage of sellers' panic and overreactions to make deals, demonstrating flexibility and creativity. Using the analogy of jujitsu, investors can recognize opportunities and remain calm under duress for potential rewards.
Market instability, caused by various factors, presents opportunities for savvy investors. The speaker's personal experience of buying properties in Hawaii during a period of travel restrictions and market uncertainty demonstrates this concept. During these temporary pauses in the market, sellers may panic and overreact, creating opportunities for investors to step in and make deals. The speaker uses the analogy of jujitsu to illustrate this concept, emphasizing the importance of recognizing these opportunities and remaining calm under duress. The speaker also highlights the potential advantage of smaller investors, who are more flexible and creative, in such market conditions. Additionally, the speaker's own success in acquiring Walgreens properties underscores the potential rewards for those who are able to navigate market instability effectively.
The Power of 'One More': Being open to one more contact, deal, or opportunity can lead to significant rewards, even in uncertain markets. Maintaining a disconnected perspective can help capitalize on these opportunities when others are hesitant.
Being open to making "one more" contact, considering "one more" deal, or exploring "one more" opportunity can lead to significant rewards, especially in the real estate industry. The speaker shared an example of how making an unexpected call to a realtor led him to sell a valuable oceanfront property for a higher price than he initially anticipated. This concept is not just limited to real estate; it can apply to various aspects of life, including investments. When people hold back due to fear or lack of confidence, they may miss out on potential opportunities. However, being detached from the collective psychology of the market and maintaining a disconnected perspective can help individuals capitalize on these opportunities when others are hesitant. Ultimately, the power of "one more" can lead to unexpected gains and success.
Staying independent in decision making: Successful businesspeople defy collective psychology and trust their instincts, leading to profitable outcomes.
It's essential to maintain a level of detachment and independence from the collective psychology of the market or any external factor when making decisions. The speaker's experience during the initial stages of the COVID-19 pandemic serves as a prime example. Many people were consumed by fear and doom, leading them to sell their assets and go into cash. However, the speaker recognized this pattern and predicted inflation due to government intervention. Although he sold a property at a loss, he used the lesson to his advantage and made profitable deals. The key is not to let external factors define your identity or decisions. Successful businesspeople like Warren Buffett, Steve Jobs, Elon Musk, and even controversial figures like Donald Trump and Joe Rogan have all defied the collective psychology and achieved great success. It's crucial to recognize the value in standing apart from the crowd and trusting your instincts.
Stay true to yourself and maintain emotional control for success: Form your own opinions, control emotions, take risks, and face inconvenience for growth and success.
Having a unique perspective and emotional control are key to success. The speaker emphasizes the importance of forming your own opinions and not being swayed by the crowd. He also highlights the importance of emotional control and being able to maintain composure during times of instability or uncertainty. Additionally, he encourages taking inconvenient and difficult actions, as these can lead to significant rewards and opportunities for growth. The speaker uses the examples of companies like Amazon and Apple, which were formed during economic downturns, to illustrate this point. Overall, the message is to stay true to yourself, maintain emotional control, and be willing to take risks and face inconvenience in order to achieve success.
Finding Off-Market Real Estate Deals with PropStream: To overcome the challenges of finding quality real estate deals in a competitive market, consider using PropStream to access over 155 million properties, search for motivated sellers, and access public record data and accurate MLS sales estimates.
As the real estate market becomes more competitive with rising home prices, interest rates, and decreasing inventory, finding quality deals on the open market can be challenging. To overcome this, investors should consider looking for off-market opportunities. PropStream, a leading real estate data provider, can help by providing access to over 155 million properties nationwide and various search filters to find motivated sellers. With PropStream, investors can also access public record data and accurate MLS sales estimates to make informed decisions. Additionally, therapy can help individuals make time for what matters most and discover their true priorities. When the collective psychology suggests not to invest in real estate during uncertain times, it's essential to remember that these periods often present opportunities for significant gains. Keep an open mind and stay informed about market trends and potential external factors, such as elections, that could impact the real estate landscape.
Stay Calm and Analyze Deals Carefully: Amidst market uncertainty and rising interest rates, remain adaptable, work harder for deals, and execute on good opportunities while considering potential defensive prospects.
Despite the current uncertainty and rising interest rates in the real estate market, it's essential to stay calm, analyze deals carefully, and execute on good opportunities while also considering potential defensive prospects. The experts emphasized that the current interest rate environment is not unprecedented, and there are still deals to be found if you're willing to work harder for them. Human nature often causes people to freeze or panic during market shifts, but it's crucial to remain adaptable and take advantage of opportunities when others are hesitant. One expert even shared a recent deal they closed on, despite the rising rates, by emphasizing the importance of executing on a good deal and not letting fear dictate your decisions.
Buying a 100-Acre Island for Personal Growth and Family Legacy: Successfully bought a 100-acre island for personal development, family legacy, and potential future income. Key to success: clear vision, independent evaluation, and patient negotiations. Plans include building homes, golf course, and hosting events.
The speaker, a successful businessman, shares his experience of buying a 100-acre island in Maine for personal development and family legacy, despite the perceived risks and challenges. He emphasizes the importance of having a clear vision, evaluating the property's worth independently, and being patient in negotiations. He also discusses his plans to develop the island, including building homes, a golf course, and hosting events, while maintaining the possibility of monetizing it in the future. Overall, the speaker expresses his belief in the value of real estate investments, especially in the context of the COVID-19 pandemic and the shift towards second homes, and his desire to leave a lasting legacy for his family.
Unique Perspective on Wealth Acquisition and Long-Term View: Successful investors like Ed Mylett prioritize knowledge, self-confidence, and 'one more' for wealth acquisition. They have a long-term perspective and practice equanimity to overcome setbacks.
Successful investors like Ed Mylett have a unique perspective on wealth acquisition, a long-term view, and the ability to rebuild wealth quickly. Mylett emphasized the importance of acquiring knowledge, self-confidence, and the power of one more in achieving wealth. He also mentioned his favorite real estate and business books, "How to Buy Real Estate with No Money Down" by Robert Allen and "The Power of One More" by himself, respectively. When not engaged in business or writing, Mylett enjoys hobbies like golfing, working out, attending comedy clubs, and going to concerts. He is currently working on improving his meditation practice and learning to say "no" more often. The key to separating successful investors from those who give up or fail is their long-term perspective and the practice of equanimity.
Navigating uncertain situations with equanimity: Believe in your abilities, remain calm under pressure, take action, and trust that you can handle the unknowns to seize opportunities in real estate investing. Find Ed Mylett on various platforms for more insights.
Equanimity, or the ability to remain calm under pressure, is essential for navigating uncertain situations and seizing opportunities. Preparation is key, but it's important to have faith in your abilities and trust that you can handle the unknowns. Ed Mylett emphasizes the importance of taking action and believing in your ability to make a deal a winner, even when things don't go smoothly. He encourages listeners to find him on various platforms, including his website, social media, and podcast, to continue learning and growing. Overall, Ed's message is one of resilience, confidence, and the power of doing "one more" in all areas of life. To get started on your real estate investing journey, check out BiggerPockets Agent Finder to find an investor-friendly agent who can help guide you through the process.
Listen to real estate investing podcasts with caution: Educate yourself through podcasts, but remember to do your own research, consult experts, and consider individual circumstances before investing.
While listening to real estate investing podcasts, such as Bigger Pockets, can provide valuable insights and knowledge, it's important to remember that the information presented is for educational purposes only. Bigger Pockets LLC disclaims any liability for damages arising from the use of this information. It's essential to do your own research, consult with experts, and consider your individual circumstances before making any investment decisions. Additionally, the podcast hosts and guests may have financial incentives, and their opinions may not align with your own goals or risk tolerance. Always approach investing with caution and a critical mindset.
