Podcast Summary
Focus on smaller tasks to achieve larger goals: Breaking down larger goals into smaller tasks can make them seem more manageable and achievable, leading to wealth building through real estate. Opportunities for passive income exist through private real estate funds and no-money-down rental property investments.
Focusing on smaller tasks rather than the overwhelming whole can make achieving larger goals seem more manageable. Using the analogy of moving rocks instead of focusing on the entire wall, David Green and Brandon Turner encourage listeners to focus on the next small step in their real estate journey. Whether it's learning a new skill or taking on a new project, breaking it down into smaller tasks can make it seem less daunting and more achievable. This perspective can help individuals build wealth through real estate, even if they're starting from scratch. Additionally, the show highlights opportunities for passive income through private real estate funds and no-money-down rental property investments.
AI: A Helpful Tool or a Potential Threat?: Brandon sees AI as a helpful tool, Eric views it as a potential threat, and they discuss the importance of human connection and critical thinking in the age of AI.
Brandon and Eric, the hosts of the podcast, have differing opinions on artificial intelligence (AI). While Brandon sees it as a fun and helpful tool, Eric views it as a potential threat akin to Skynet from the Terminator series. They engage in a playful banter about the topic before sharing a story. A listener had asked Eric for marriage advice, but instead of suggesting ways to divide assets during a divorce, Eric encouraged him to consider saving the marriage. The listener, in response, used an AI model to generate a message for his wife's anniversary. Eric expresses his concern about people relying too heavily on AI for simple tasks, fearing it may lead to a lack of critical thinking and creativity. Despite their contrasting views, they promise to engage in a "fire round" of questions in the upcoming episode. The conversation highlights the potential benefits and risks of AI, as well as the importance of human connection and thoughtfulness.
The impact of relationships on overall well-being and success: Strong romantic relationships set the foundation for other areas of life, influencing perspective and actions, while focusing on building strong and healthy relationships in all areas can lead to greater personal growth and fulfillment.
The relationships we prioritize in our lives, whether they be romantic, friendships, or business partnerships, significantly impact our overall well-being and success. According to the discussion, having a strong romantic relationship is crucial as it sets the foundation for other areas of life. The person we choose to spend our lives with takes up a significant amount of mental real estate and can influence our perspective and actions in various ways. While friendships and business partnerships can also be influential, they often overlap and intertwine with our romantic relationships and personal mission in life. Ultimately, focusing on building strong and healthy relationships in all areas of life can lead to greater personal growth and fulfillment.
Impact of mindset and people on experiences and opportunities: Mindset and people we surround ourselves with significantly impact experiences and opportunities. Stay focused on present and not let past dictate decisions in challenging economic climate.
Our mindset and the people we surround ourselves with can significantly impact our experiences and opportunities. The speaker shared his frustration with not receiving a raise despite working hard, attributing it to operating at different frequencies with his boss. He emphasized the importance of finding like-minded individuals and running on the same frequency for a successful business relationship. Moreover, the speaker discussed the challenges of raising funds in the current economic climate, with the news and consumer confidence playing a significant role. He highlighted the human tendency to rely on patterns and past experiences, often leading to missed opportunities. The speaker shared personal anecdotes about people's fear of being left and how it affects their decision-making, including investing in real estate. In conclusion, our mindset and the people we surround ourselves with can greatly impact our experiences and opportunities. In a challenging economic climate, it's essential to stay focused on the present and not let past experiences dictate our decisions.
Historically reliable investment despite recessions: Despite recession risk, real estate remains a high-reward investment with potential for quick market rebound
Despite the possibility of a recession, real estate has historically been a reliable investment class, with most recessions leading to growth rather than decline. However, there's a risk of a self-fulfilling prophecy leading to a real estate market crash due to mass panic selling. But just as a beach ball underwater will eventually shoot back up when released, the real estate market could rebound quickly after a potential crash. Additionally, real estate has always been a challenging but high-reward investment, much like jujitsu compared to other martial arts. The popularity of real estate investing, especially with the help of platforms like BiggerPockets, has made it more accessible to the masses, and the fear of missing out on potential gains could outweigh the risk of a market downturn. Ultimately, the best strategy might be to take action and invest in real estate rather than waiting for a potential crash that may not come.
The predictability of appreciation in real estate: Despite challenges in raising capital, focus on expanding reach and leveraging the predictability of real estate appreciation, especially in rents, to overcome obstacles.
While it may be challenging to raise capital in today's market, it's important to remember that appreciation in real estate, including rents, is a predictable trend. As discussed, the value of homes and rents have consistently increased over time, while mortgage payments remain the same. This is what makes real estate a sound investment. Instead of lowering standards or goals, those looking to raise capital should focus on expanding their reach and identifying solutions to overcome the current challenges. Whether it's through advertising, podcast appearances, or applying for more loans, the key is to approach the problem strategically and persistently. Don't dismiss the predictability of appreciation in real estate, especially when it comes to rents. Instead, use it to your advantage and keep pushing forward.
Investing in real estate requires careful debt management: Despite economic uncertainty, real estate is a sound investment. Be cautious with debt, avoid bad debt, and focus on long-term perspective.
No matter the economic climate or the uncertainty in the market, investing in real estate can be both offensively and defensively sound. However, the importance of good debt management cannot be overstated. In the current economy, bad debt, such as riskier loans with adjustable rates or short terms, can lead to significant losses. It's crucial to be cautious and make informed decisions when it comes to financing. Additionally, the fear of investing during uncertain times is natural, but it's essential to remember that there's never a guarantee of a favorable economic environment. Instead of waiting for the perfect moment, focus on finding a strong horse and jockey to bet on and consider spreading the risk across multiple deals or investments. Real estate, unlike other investments, is unlikely to go to 0 if held long enough. So, whether you're raising capital or considering investing, keep a keen eye on debt management and maintain a long-term perspective.
Maturity of short-term commercial real estate debt poses challenges: Be aware of debt situations, shift to long-term, stable investments, and prioritize consistency and stability over high returns.
The coming years may bring significant challenges due to the impending maturity of short-term commercial real estate debt. This debt, often referred to as bridge debt, was accumulated over the past 5-6 years and many borrowers are unable to refinance. Debt is a major concern, as highlighted by financial advisors like Dave Ramsey. To mitigate this risk, it's crucial to be aware of your own debt situation and that of potential investors. Long-term loans with cash flow are more stable and less risky. Some investors, like Open Door Capital, have even shifted their strategy to focus on long-term, generational wealth funds, where deals are held forever and refinanced only when the original investment is returned. This approach significantly reduces risk, although the return may be lower compared to more aggressive, short-term strategies. Ultimately, the key is to prioritize consistency and stability over high returns and short-term gains.
High interest rates create funding challenges for real estate investors: Fundrise's new opportunistic private credit strategy offers high-demand bridge financing on quality assets, allowing top investors to secure funding and investors to earn healthy interest rates. Airbnb can provide extra income, but consistency and patterns in messaging are key for building trust with potential investors.
In today's market environment, high interest rates are causing challenges for real estate investors, leaving some in need of funding. Fundrise, America's largest direct investor alternative asset manager, offers a solution through its new opportunistic private credit strategy, which supplies high demand bridge financing on high quality assets with creditworthy borrowers. This allows top real estate investors to secure the funding they need while investors receive a healthy interest rate. With over $500 million worth of private credit deals completed and an average net interest of 10.8%, this strategy presents a unique opportunity for investors. Meanwhile, for those looking for extra income, Airbnb offers the chance to rent out their properties while on vacation, potentially changing their financial situation as it did for the speaker. However, the speaker emphasizes that metrics like followers on social media, while tied to capital raising abilities, should not be the sole focus. Instead, consistency and patterns in messaging over time are crucial for building trust and relationships with potential investors.
The Power of Attention and Social Media: Expand reach and influence, discover talent, and build a successful business and personal brand through social media. Reflect on biases and potential sources of jealousy to foster personal growth.
Attention is the currency of the future, more valuable than dollars because it cannot be inflated easily. Building a strong online presence through social media is crucial for expanding one's reach and influence, which can lead to opportunities such as raising capital, hiring employees, or making valuable connections. Social media can be a powerful tool for discovering and recruiting top talent. The speaker shares his personal experience of how he built his team and business through social media. He also encourages listeners to reflect on their biases and potential sources of jealousy, as these can hinder personal growth. The speaker's anecdote about Nickelback serves as a reminder that we may be quick to judge or dismiss things based on popular opinion, rather than giving them a fair chance. Overall, the importance of attention and social media in building a successful business and personal brand cannot be overstated.
Neglected areas in life can cause problems if left unattended: Identify and focus on neglected areas in life to prevent issues and obstacles, and be open to new experiences and the influence of mentors
There are areas in our lives, much like our bodies, that we often neglect or avoid addressing, even though they can cause problems if left unattended. The speaker shared a personal anecdote about a spot on the back that is difficult to reach and clean, leading to a buildup of bacteria. This concept can be applied to various aspects of our lives, including business and personal growth. The speaker encourages listeners to identify and focus on these areas, as they may be the source of issues or obstacles. The speaker also mentioned their obsession with jiu-jitsu, which began when Jocko encouraged them to try it and become a regular practitioner. This experience illustrates the importance of being open to new experiences and the influence of friends and mentors in our lives.
Accountability in personal growth: Making a commitment to someone or something increases the likelihood of following through and persevering through challenges, leading to personal growth.
Accountability plays a crucial role in personal growth and development, even in uncomfortable or unfamiliar situations. The speaker shared his experience of trying out jujitsu for the first time, which involved several obstacles such as finding a dojo, being late, and not having the proper attire. Despite feeling embarrassed and out of place, he remained committed to his goal due to the accountability he had to himself and Jocko, who he was a fan of. The speaker emphasized that when we make a commitment to someone or something, we are more likely to follow through and persevere through challenges. This story illustrates the importance of building accountability in our lives to help us grow and improve, even when the journey may be difficult or intimidating.
Showing up and persisting through initial discomfort is key to achieving goals: Consistent effort and persistence, even through initial discomfort or embarrassment, leads to progress and eventual success in real estate investing and other pursuits.
Showing up and persisting through initial discomfort or embarrassment is key to achieving goals, whether it's in real estate investing or learning a new skill like jujitsu. Brandon Turner's experience of joining a jujitsu class despite feeling out of place and inadequate at first, eventually led him to become a dedicated practitioner. Similarly, in real estate, many aspiring investors get discouraged and give up due to fear or early setbacks. But, as Tony Horton encourages, it's important to keep pushing forward and not let embarrassment or fear hold you back. Even the most accomplished investors, like black belt real estate investors, started as beginners. And just like earning a white belt in jujitsu requires showing up consistently, the same applies to financial freedom and real estate investing. Progress may be slow, but every step forward counts. As the Irish man moving a rock fence demonstrates, small consistent actions add up over time. So, whether you're feeling embarrassed on the bench watching others, or feeling overwhelmed by the size of the fence, remember that showing up and taking small steps forward is progress.
Focusing on small achievable steps in real estate investing: Investing in real estate by focusing on small achievable steps, or '20 pound rocks,' can lead to significant progress and maximizing your environment for increased happiness and fulfillment.
Focusing on small achievable steps, or "20 pound rocks," in real estate investing can lead to significant progress over time, rather than getting overwhelmed by the perceived size of the project as a whole. Additionally, investing in real estate has allowed the speaker to maximize their environment, leading to increased happiness and fulfillment. A notable example is living in a high-value property in Hawaii for a lower cost than in other areas due to house hacking. The speaker also highlighted the importance of accountability and friendship in achieving success in real estate investing. A recommended book for further insight is "The Road Less Stupid" by Keith Cunningham, specifically chapter 10, which offers valuable insights on real estate investing.
Lessons from Millionaires Who Failed in Real Estate: Focus on the 'one thing' for mastery and success, learn from failures, and the power of repetition and focus.
Concentrated wisdom from multiple sources can provide valuable lessons for personal and business growth. The speaker shared his experience of learning from a list of lessons from millionaires who had gone bankrupt in real estate. He emphasized the importance of being reminded of fundamentals and focusing on the "one thing" to make everything else easier. The book "The One Thing" by Gary Keller and Jay Papazan had a profound impact on him, and he read it multiple times to internalize its teachings. This approach of drilling important concepts into one's mind can act as a compass and create mastery. Bruce Lee's quote, "I fear not the man who has practiced 10,000 kicks once, but I fear the man who has practiced one kick 10,000 times," highlights the power of repetition and focus.
Mastering skills through consistent practice: Consistent practice is crucial for mastering any skill, like tennis or real estate investing. Regularly engaging in an activity can lead to unexpected challenges and opportunities.
Consistent practice is key to mastering any skill, including real estate investing. The speaker emphasizes the importance of doing something repeatedly to become an expert. He shares his recent experience of starting to play tennis regularly with his wife and how he was surprised by the intensity of the game when he met a professional player. He also mentions his upcoming coworking project in Maui, where he plans to house hack a racquetball court and convert it into a jujitsu gym, allowing members to reserve it for either sport. The speaker also expresses his appreciation for the listener's encouraging nature and his ability to see the best in people while also recognizing room for improvement. The speaker can be found on Instagram.
Exploring Real Estate Investing with Brandon Turner: Brandon Turner's podcast, A Better Life, reached top 40 globally, features live recordings, and offers insights into real estate investing. Find investor-friendly agents via BiggerPockets Agent Finder to achieve financial freedom through time in the market.
Brandon Turner, host of the A Better Life podcast, has been making waves in the world of real estate investing and content creation. His podcast reached the top 40 of all podcasts globally upon launch and features a traveling format where he records multiple episodes in one city over a short period. The live podcast recordings have been particularly popular, with attendees praising the energy and engagement. Turner's vision and productivity continue to impress, making it an exciting time for his audience and collaborators. If you're interested in real estate investing and looking for an investor-friendly agent, check out BiggerPockets Agent Finder to help you navigate the process and find the right local expert. Remember, it's not about timing the market but rather time in the market to achieve financial freedom.
