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    Business

    The Real Estate Way to Wealth and Freedom

    Are you interested in Real Estate Investing, but don’t know how or where to start? Are you a young professional or just starting to explore the possibility of investing in cash flowing real estate? The Real Estate Way to Wealth and Freedom podcast aims to help people just like you build wealth and achieve financial freedom through real estate investing, with a focus on investing in apartment buildings. With actionable content from weekly interviews with real estate investors, lenders, brokers, tax attorneys, and other real estate professionals, you’ll have the education necessary to begin your real estate investing journey. Jacob Ayers is a young professional who started investing in real estate at the age of 25. As a real estate investor and entrepreneur, Jacob aspires to help you achieve financial freedom through real estate investing. If terms such as passive income, lifestyle engineering, wealth creation, and freedom resonate with you, then you’re sure to get value from this podcast! If you want to live a life of fulfillment while doing the things you love, then this is the podcast for you!

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    Latest Episodes:
    216: Scaling with Syndication with Rodney Miller Jun 03, 2019
    Show notes

    Rodney Miller

    Rodney is a Texas native currently living and doing business in Oklahoma City. He has owned and operated a wide array of businesses ranging from a chain of medical practices, to a music rehearsal studio and, of course, his current real estate holding company. His real estate business owns and manages over 100 single-family homes, commercial investments, and multi-family properties.

    Rodney shares his industry expertise as the author of two books: Who Wants to Be a Real Estate Success Story? and A Beginner’s Guide to Private Lending. He also frequently speaks at local real estate clubs and hosts round-table discussions on topics involving real estate investment.

    Rodney has purchased over 185 houses since 2003, during which time he has flipped, rehabbed, lease optioned, and rented just about every level of home and commercial property that you can imagine. Rodney’s portfolio also includes a long history of private lending, purchasing under-performing notes and mortgages, and alternative retirement investing using traditional and Roth IRA structures to purchase real estate.

    Key Points

    1. Transitioning from a 100+ house portfolio to multifamily investing
    2. What to do when an apartment building catches fire during due diligence
    3. Buying a 100 unit property as a first-time syndicator
    4. Leveraging your team’s experience

    Lightning Questions

    1. What was your biggest hurdle getting started in real estate investing, and how did you overcome it?
      • The mindset was 99.9% of the hurdle. Rodney surrounded himself with people involved in multifamily.

    2. Do you have a personal habit that contributes to your success?
      • Wake up early and work out.

    3. Do you have an online resource that you find valuable?
      • Costar

    4. What book would you recommend to the listeners and why?
      • The Millionaire Fastlane by MJ Demarco

    5. If you were to give advice to your 20-year-old self to get started in real estate investing, what would it be?
      • Get it together. Take action.


    Resources

    Visit Audible for a free trial and free audiobook download!

    Connect with Rodney on Facebook

    Trident Multifamily


    215: Your Rich Life – Friday Fundamentals May 31, 2019
    Show notes

    Your Rich Life

    Ramit Sethi, author of New York Times bestseller, I Will Teach You To Be Rich, talks about a philosophy he calls your rich life. From the title of the book, you might think it’s filled with get-rich-quick schemes about bitcoin, forex, and a bunch of other terms you may not know anything about. But in fact, it’s just the opposite. It’s filled with sensible tactics to help you control your money, and use it as a tool to live your rich life. The best part is, your rich life isn’t necessarily measured by money alone.

    To many people being rich means having a certain amount of money. That may be $10,000, $100,0000, or $1,0000,000. But rich can mean much more than money. Living your rich life means you are able to do the things you want, when you want, how you want, on your own terms. Your rich life doesn’t necessarily mean you have complete freedom all the time. But it could mean that you have the freedom to take two months off every summer and travel lavishly with your family wherever you want, without worrying about expenses. It could mean that you are able to afford the things that really matter to you, whether that be traveling, clothes, a nice home, etc.

    Your Rich Life is a concept I find a lot of value in when deciding how you want to live your life. It can be a framework for deciding what matters to you and what doesn’t, then taking action around those things that do.

    Deciding What Matters

    “You can have anything in life you really want but you can’t have everything you really want. Decide.” – Peter McWilliams

    Your Rich Life is about deciding what matters to you and doing that. Here are some ways to live your rich life.

    1. First, figure out what really matters to you. What do you value and truly enjoy? What gives you a sense of fulfillment? This is the foundation for building your rich life. You may value luxury, convenience, peace of mind, comfort, traveling to as many new places as possible, spending time with family, a high paying job, or anything else. Everyone has their own interests. It’s important to understand what yours are. Remember, you can’t have everything, but you can have anything. Your rich life is about deciding what matters most to you and living your life around that.
    2. Next, figure out what doesn’t really matter to you. Many people have interests that don’t align with yours, and it can be easy to get wrapped up wanting what other people want. Perhaps you don’t want your friend’s dream job, or share the same taste in luxury cars, or care about having season tickets to your city’s sports team. That’s ok. You are your own unique individual. Don’t worry about keeping up with the Joneses if they aren’t doing what you want and living a rich life you would want.
    3. Cut costs mercilessly on the things you don’t care about, and spend extravagantly on the things you do care about. This is another thing Ramit talks about in his book. It’s ok to spend on the things that you care about, so long as you keep them in check with your financial ability of course. Then, cut costs on the things that don’t matter to you as much. By cutting costs, you give yourself freedom and permission to do the things you love. You don’t spend your time or money doing things just because other people are doing them.
    4. Align your rich life to your goals. If your goal is to let say spend every summer traveling with your family, then build your rich life around being able to do that. Spend your time and energy doing that, rather than getting caught up in something you don’t care as much about.

    Living Your Rich Life

    Living your rich life is about deciding and balancing what matters most to you. When you decide what your rich life looks like, you can begin to build that for yourself. Having clarity about what matters and what doesn’t, will allow you to really focus on what makes you happy, and living a life that you want. It gives you the freedom to stop doing the things that you don’t care about. By cutting costs mercilessly on the things you don’t care about, you are able to spend extravagantly on the things you do care about. So what does your rich life look like? What thing will you focus on, and what things will you let go of? Remember, you can have anything in life you want. You just have to decide what that is and do it. So go live your rich life.

    Resources

    Visit Audible for a free trial and free audiobook download!

    I Will Teach You To Be Rich by Ramit Sethi (2nd Edition)


    214: Scaling with Syndication with Vinney Chopra May 27, 2019
    Show notes

    About Vinney Chopra

    There’s a reason Vinney Chopra’s nickname is “Mr. Smiles”, which is evident even through just hearing the demeanor in his voice throughout this show! He has always believed in individuals’ ability to shape the world around them through positive thought and selfless actions, and he has been a passionate motivational speaker and teacher for over three decades.

    Vinney Chopra came to the United States more than 40 years ago with $7 in his pocket. After earning a Mechanical Engineering degree and an MBA, Vinney decided to leave that world and become a motivational speaker and fundraiser.

    Vinney earned his real estate broker’s license and has dedicated his career not only to mastering the field of fundraising and motivation through speaking engagements and the art of building wealth through real estate investing but more importantly, to share that knowledge and expertise – and his passion for doing good – with others.

    Vinney turned his attention to multifamily investing and syndication a few years after becoming an active commercial real estate broker in California in 2004. He and his team have built his business from the ground up, learning effective techniques, ideas, and concepts and putting them into action. He has done 26 syndications – 12 of them in the last 24 months – and now is able to raise $5 million to $10 million for his offerings in only a few days, in many cases. He is a systems guru (in the best sense of that term!), having designed proven systems of underwriting, acquisition, team building, presenting, syndication and management of multifamily investment properties. Vinney’s companies have controlled more than $172 million in multifamily assets.

    Key Points

    1. How Vinney was able to raise $7M in 7 hours
    2. What you need to do first to have a successful syndication career
    3. The power of partnering
    4. The 5 plates of successful syndication

    Resources

    VinneyChopra.com

    Vinney’s Multifamily Academy

    The Power of Now by Eckhart Tolle

    The Greatest Salesperson in the World by Og Mandino

    The Magic of Thinking Big by David Schwartz

    Check out Vinney’s previous two episodes on the podcast – Ep. 58 and Ep. 155

    Contact Vinney

    Vinney@VinneyChopra.com

    Info@VinneyChopra.com


    213: Partners, Mentors, & Coaches – Friday Fundamentals May 24, 2019
    Show notes

    You Need a Team

    Often times in life it isn’t what you know but rather, it’s who you know. You’ve probably heard this before. This is because, in part, you can’t possibly know everything. Heck, you probably don’t even know half of what you need to know!

    In business, life, and everything in between, there are constantly new challenges you face. Sometimes you don’t even foresee the challenges coming because, well you don’t know what you don’t know. That’s why it’s important to surround yourself with a team of partners, coaches, and mentors.

    Elite athletes surround themselves with coaches, mentors, and a great team. Even young kids have coaches and instructors for sports, dance, band, etc. Growing up, you are surrounded by teachers in school, mentors in your parents, and a team of friends and family. In business, the same should apply. You need a team to help you grow and excel.

    Building Your Team

    It’s important to surround yourself with the right people. As Jim Rohn said, “You are the average of the 5 people you spend the most time with”. You already have a team, whether you realize it or not. There are people in your life who act as your coaches, mentors, partners, and friends. Your team is fluid and will change over time.

    Let’s look at some roles you can consider when building your team. These can be tailored towards your goals, but are a good starting point.

    1. A mentor. A mentor will help guide you and encourage you to reach your goals. Usually, a mentor is more experienced in the same area you are in and knows what you should do in order to get where you want to be. It’s important to find a mentor who's values align with yours, and whom you trust.
    2. A coach. A coach will accelerate your progress and help you achieve your goals much faster. A good coach will help you navigate from where you are currently to where you want to be, with specific and actionable advice. Your coach should challenge you, make you see new perspectives, and push you past your comfort zone. Find a coach who expands your mindset and makes you think bigger.
    3. A partner. Your partner(s) should share your same vision for the future. You should have similar goals and be willing to put in work together to achieve those. But you don’t have to find a partner that is just like you. Actually, you need a partner whose strengths complement your weaknesses. A partnership should be complementary, not supplementary.
    4. A sphere of influence. These are your friends, family members, and peers. Not everyone will support you and promote your best interests, and not necessarily in ill will. Some people just aren’t on the same path as you. Your sphere of influence is your network of people who you surround yourself with on a day-to-day basis. These people will influence you directly and indirectly with their thoughts, actions, and inactions. Be careful who you spend your time with because you’ll be the average of them.

    A mentor, coach, partners and your circle of close friends can elevate you to new highs. They can help you reach new levels of success, and in return, you can help them too. These relationships are all about creating win-win scenarios.

    Guarding Your Team

    Building a team may sound like just another responsibility to add to your plate. It might sound like it will just slow you down, cost you money, and distract you from taking action now. But that is not the case. A team will help you go further in your journey, avoid distractions, focus on the big picture, and grow your mindset. There are some limiting beliefs around partners too. Some people don’t want to partner with other people because that means they’ll have to share the rewards of the business. This is a limiting belief and that should be avoided. A piece of a watermelon is better than an entire grape.

    Like we mentioned, you have a team now whether you realize it or not. Guard that team, and don’t let people into your life who don’t support you and want what’s best for you.

    Surround yourself with people who bring out the best in you, people who care about your success, and people who help you grow. In return, be that same person for others. With the right team, you’ll find yourself reaching your goals, expanding your mindset, and new opportunities you never even imagined opening up. So build your team, take action, and continue to be the best version of yourself.

    Resources

    Visit Audible for a free trial and free audiobook download!


    212: Create Your Story with Jacob Ayers May 20, 2019
    Show notes

    Your Vision

    Do you remember when you were a kid what you wanted to be when you grew up? For me, first I wanted to be a truck driver. Then it was a bull rider – I wore boots, jeans, and a cowboy hat to pre-school, kindergarten, and throughout elementary school. I held my own real-life rodeos with the help of my dog. Then it was an astronaut. I had a poster of Neil Armstrong, Buzz Aldrin, and Michael Collins from the 1969 Apollo 11 space flight and the moon landing. I also wanted to be a veterinarian, an anesthesiologist, and the President of the United States just to name a few more. Luckily, my parents, like so many others, encouraged me to do and be whatever I wanted.

    When we are young we are encouraged to explore, learn new things, and be creative. But eventually, that freedom fades as we grow older. Eventually, we’re expected to bear the normal responsibilities of working a steady job, traditional retirement planning, raising a family, and so on. We quit encouraging people to explore and learn new things way too early in life. At 18 years old you’re expected to know what you want to do for a career when just 2 years ago you couldn’t even drive yourself to a job. Before we know it, we’re slapped with the responsibilities of life, and all that room for being creative quickly disappears.

    “Adults are always asking kids what they want to be when they grow up because they are looking for ideas.” – Paula Poundstone

    You can live your life however you want. Anything you can imagine is possible. You must first imagine that. This is your vision. Your vision is the big picture. It’s the framework for goals and actions. You vision outlines who you want to be, how you want to live your life, and what values you have. Your vision will be your reasons why you wake up every day and pursue your goals. Your vision is what you strive for.

    The more specific you can make your vision, the better. A vision to simply “be wealthy” or “be happy” isn’t enough. Be specific. Use emotionally charged language about how you will feel. Most importantly, write it down. It’s ok if you don’t know exactly what your vision is just yet. Writing it down will help you turn your thoughts into words, and then turn those words into actions. Your vision will probably change over time too. Think big with your vision. Remember, people, overestimate what they can do in a year, and underestimate what they can do in a decade. Look at New Year’s resolutions for example. People set lofty goals only to give up by the time February rolls around.

    A lot can change in 5 years, 10 years, and so on. 5 years doesn’t seem like that long of a time, right? But think back 5 years ago to a point in your life. Look at how much has changed for you since then. I’m sure you’ve grown, learned and experienced new things, and are capable of more now. Your interests, hobbies, priorities, and responsibilities have probably changed some too.

    One thing is certain: whether you changed (for the better or worse) or not, those 5 years have passed. And the next 5 years will pass.

    “It is the set of the sails, not the direction of the wind that determines which way we will go.” – Jim Rohn

    You owe it to not only yourself but to the other people in your life, to be the best version of you. That’s all – just be the best person you can be. Anything less is wasting your potential, and well, there isn’t anything more you can do.

    Living Intentionally

    Your vision serves as a purpose for you to live intentionally. Living intentionally means you make conscious decisions to living your life how you want. As we all know, it can be easy to get caught up in everyday life, being reactive to the things that come our way. If life is a pinball machine, you can either be the pinball being bounced around, or you can be the paddles. Which do you want to be?

    If you don’t know EXACTLY who you want to be and what you want to be doing in 5 years, you’re already doing it.” – Tom Bilyeu

    Who will you be in 5 years? What will you be doing? The answer should align with your vision. Let’s look at how you can create your vision, and then build some goals to achieve that vision.

    Step 1. Create your vision. Ask yourself these 4 questions:

    1. Who do you want to spend your time with?
    2. How do you want to live your life?
    3. Who do you want to help?
    4. How will you feel when you are living out that vision?

    Step 2. Set 10X goals. This exercise comes from The 10X Rule by Grant Cardone. Set goals 10X more than you think you can achieve. Remember, you probably underestimate what you can do in a decade, so shoot for the stars.

    Step 3. Break those 10X goals into 10-year, 5-year, 3-year, and 1-year goals. I know, this sounds like a lot. But you’re really just creating stepping stones to achieve those 10X goals. These intermediate to long term goals help keep you accountable to yourself.

    Step 4. Break your 1-year goals down into 12-week goals. Remember, we can’t leave ourselves to 1-year goals. Remember how successful we tend to be with New Year’s resolutions? Me too. That’s why we need a more frequent reminder of our progress. This 12-week goal is inspired and created by Brian Moran in his book, The Twelve Week Year. Brian outlines some compelling reasons why breaking down goals and actions into 12 weeks periods produces better results than operating on a 12 month year. 12 weeks allows you enough time to accomplish large goals, but it is compressed so as not to give you time to procrastinate. Let’s look at an example. Let’s say your goal is to lose 20 lbs. If your goal is to lose 20 lbs this year, starting January 1st, you know that you have 12 months to accomplish this. You can have that cheeseburger and milkshake in February, knowing you have 10 more months to recover and get back on track. But rather, if your goal is to lose 20 lbs. in 12 weeks, that’s a little more than 1.5 lbs per week you have to lose. No room for milkshakes there. But Brian goes even further with the 12 week year to outline weekly action plans. You track your leading and lagging measures to understand how you are tracking and then project your results. This is a hyperfocused approach to achieving your goals.

    Backing up to our 30,000 ft. view and reviewing our 10X goals – let’s look at something. Let’s say one of your 10X goals is to earn $1M per year in passive and/or business income 10 years from now. Without intermediate and short term goals, you could easily procrastinate that goal this entire year, making no progress towards it. But that’s ok, you still have 9 years left, which seems like forever away, right? Wrong. If you’re not taking steps every day to get you towards that goal, then how do you expect to accomplish such a large feat?

    To summarize these steps – start with your vision. This anchors your goals. Then set 10X goals, and break those down into 10, 5, 3, 1, and 12 week goals. Tailor this approach how you want. Maybe you only make 10, 5, and 1-year goals. It’s up to you. The more specific you get, the more specific you can plan.

    Life the Life You Want

    You can choose to either live the life you want and create for yourself or live the life someone else creates for you. Your vision, reasons why, and goals are simply the tools you use to create that life. Your ideal life won’t happen accidentally. You’ll have to create it.

    “If you can dream it, you can do it.” – Walt Disney

    So what do you want to accomplish in your life? What legacy do you want to leave behind? What do you want to think about when you’re old and reflecting on all the things you did and didn’t do in life?

    Spend some time thinking about these things. You’ll come up with all sorts of ideas, thoughts, feelings, and you can use these to help start building a life you want now. No matter who you are, where you’re at in life, or what you have or haven’t accomplished so far, you are capable of creating any life you want. All you have to do is figure out what that is and do it.

    Resources

    Visit Audible for a free trial and free audiobook download!

    The 10X Rule by Grant Cardone

    The Twelve Week Year by Brian Moran

    The Best Ever Apartment Syndication Book by Joe Fairless


    211: How to Analyze a Market – Friday Fundamentals May 19, 2019
    Show notes

    Location, Location, Location

    When looking at real estate investing there are lots of things you should look at – property type, age, construction type, deferred maintenance, value add opportunities, etc. But none of those is the most important factor. The three most important factors with real estate are location, location, location. Ok ok, I’m sure that’s a joke some realtor has heard way too many times.

    But nonetheless, it’s true. Location is the only thing you cannot change with the property. You can fix it up, tear it down, repaint it, change the use, and pretty much anything else. But you can’t change the location.

    This is why it is important to select the right location of the property, before looking at any other factor. Let’s look at how to evaluate this.

    How to Analyze a Market

    The location of a property is also referred to as the market. Markets can be broken into submarkets and even neighborhoods. Not all properties in Texas or any other state are created equal. Not all properties in a city are the same. Not even properties in the same neighborhood. Think of your home market. There are probably areas where one side of a street is much different than the other side. The same thing applies pretty much everywhere.

    So let’s look at some important factors when evaluating a new real estate market. When evaluating a market we’re concerned with two areas: demographics and economics – essentially, who lives there, how many people live there, and how much money do those people have.

    1. Unemployment rate – the unemployment rate is important to you as a real estate investor because people need jobs to pay rent. But digging deeper, we’re concerned with more than just the current unemployment rate. We want to see a positive trend (or a lower unemployment rate). If fewer people are unemployed, that means more and people have jobs. Simple, right? Great. So we’ll look at the unemployment rate trends and make sure this number is declining over time (typically the past 5 years or so), or at least staying stagnant.
    2. Population growth – the population of the market is important because… well, you need people to live in the market to rent your real estate. Just as with the other criteria, we’re looking at trends. We want to see an increase in population over time, not a decrease. If more and more people are moving into the market, that creates a demand for places to live. So far, pretty simple, right?
    3. Population age – this is another factor that will tell us what’s going on in the market. Think of who fits the demographics of an average renter – typically younger people and elderly people. You can look at the age of the population and see what percentages fall into those typical renter pools.
    4. Job diversity – having many different employers or industries in the market will ensure that no one employer can go under, move locations, or layoff their workforce, single-handedly impacting the market. Think of an area that is dependent on one industry or company. Take Detroit for example – when the auto industry moved jobs and production to other countries, Detroit’s economy took a serious hit. Ideally, we want a diversified market so that no one industry has to support economics and jobs.
    5. Supply and demand – supply is the amount of real estate available, while demand is the amount of real estate needed. If the market has 1 million apartments and only 800,000 people, then it is in over-supply. Vise versa, if a market has 1 million people and only 800,000 apartments, then the market is in short supply. This is a simplified explanation, but you get the picture.
    6. Miscellaneous – here are where we look at things like property taxes, cost of living, landlord-tenant laws, etc. These are things that people consider when moving to the market, so it’s important to understand them.

    If you consider these things when selecting a market, you’ll be well prepared to make an informed decision. This information is readily available on the US Census Bureau at Census.gov.

    The Three Laws of Real Estate Investing

    While the property you select must be in a good market, that alone is not enough to ensure it is a good deal. As Joe Fairless outlines in his book, The Best Ever Apartment Syndication Book, there are three immutable laws of real estate investing:

    1. Buy for cash flow, not appreciation
    2. Secure long-term debt
    3. Have adequate cash reserves

    If you couple these three laws with selecting a strong market you have a recipe for a successful real estate investment. Just like everything else, there is risk involved when investing – this you know. The best hedge against risk is education. Learn as much as you can. Implement what you learn and take action. Use resources like Joe’s book and others, podcasts, real estate conferences, and networking to leverage other people’s experience. Do these things, and you’ll be well on your way to building a real estate portfolio that gives you the wealth and freedom to live the life you want.

    Resources

    Visit Audible for a free trial and free audiobook download!

    The Best Ever Apartment Syndication Book by Joe Fairless

    Census.gov


    210: Multiple Streams of Passive Income with Jens Nielsen May 13, 2019
    Show notes

    Jens Nielsen is the principal Open Doors Capital. He has raised almost $1M for apartment deals and has invested in over 800 apartment units, 500 mobile park lots and over 4500 storage units plus mortgage note funds and private money lending. Jens has strong experience in evaluating deals and assembling a team to renovate and operate the properties. Jens has a long career in IT, giving him strong analytical skills and a great ability to assess risks in complex deals.

    Key Points

    1. Starting with small multi-family properties
    2. Buying seller financed deals
    3. The benefits of joining a mentoring program
    4. Exploring multifamily and other asset classes
    5. How to find deals out of state

    Lightning Questions

    1. What was your biggest hurdle getting started in real estate investing, and how did you overcome it?
      • Fear of the unknown. Jens took action and bought his first deal.

    2. Do you have a personal habit that contributes to your success?
      • Jen has a morning routine where he starts his day with intention.

    3. Do you have an online resource that you find valuable?
      • Streak – CRM for Gmail

    4. What book would you recommend to the listeners and why?
      • The E-Myth Revisited by Michael Gerber

    5. If you were to give advice to your 20-year-old self to get started in real estate investing, what would it be?
      • Take action. Try to find a balance with work and life.


    Resources

    Visit Audible for a free trial and free audiobook download!

    Open Doors Capital


    209: 3 Steps to Your First Deal – Revisited – Friday Fundamentals May 12, 2019
    Show notes

    Imagine this scenario. You are going to climb Mt. Kilimanjaro, the highest mountain in Africa. Standing at the base looking up, you can’t see the summit above the clouds, although you know it’s up there somewhere. Suddenly you realize just how daunting this climb will be. Your mind is racing with thoughts about how you’ll accomplish this feat, what supplies you have, and what dangers lurk ahead.

    Real estate investing is a lot like climbing Mt. Kilimanjaro. But before you ever take that first step, there are things you can and should to to prepare yourself. We’ll lay these three simple things out, and dive into each in detail.

    1. Education
    2. Network
    3. Analyze deals & make offers

    Education is far and away the most important thing when setting out to invest in real estate. If you want to invest, start with yourself. It is bar non the best investment you can make. In today’s world, there are so many ways in which you can gain education. Not so long ago are the days where MBA school was your only legitimate option to learn the world of business. Now days we have an arsenal of platforms at our disposal, from books, to audio books, podcasts, online communities and forums, networking events, conferences, online training programs, and coaching and mentoring.

    Education is a fundamental basic requirement for being successful. But alone, it’s not enough. You’ve heard the saying, “It’s not what you know, it’s who you know.”. That phrase rings true in most things I’ve come across, and certainly in the world of real estate investing. Investing successfully takes a team of skilled professionals, from brokers/agents, to CPAs, attorneys, property managers, investors, general contractors, etc. Without a solid team behind you, you will limit yourself. You’ll need to start identifying these team members early on. Two vital team members I’ve found are the property manager and a CPA. You’ll need these people immediately, whereas the others you can add when the appropriate time comes.

    The next step is where the rubber meets the road. This is where you start putting it all together. All the education and networking in the world won’t do you anything if you don’t put it to action. We’ll look at this step working backwards. If you want to buy an investment property, you have to make an offer on that property. In order to make an offer, you must have analyzed the numbers. Unfortunately not every property you analyze is going to work for you. That means you’ll have to analyse a lot more properties than you make offers on. Not every offer will get accepted, which means you have to make a lot of offers to get that one deal. This whole process can best be summarized as a funnel. You may have to look at 50 deals, analyze 25 of them, make offers on 10, and may only get 1 offer accepted. Hey, if it were easy, everyone would do it!

    These three steps are all you need to get started buying your first investment property. Educate yourself, surround yourself with people who are doing what you want to do, and start taking action by analyzing deals and making offers.

    Some people get bogged down in the details and never close their first deal. Some people want to figure out every minute detail before ever getting started. They’ll create complex business entities to protect assets they don’t have, design logos for businesses that don’t yet exist, write business plans for projects that haven’t materialized, and deliberate over the pros and cons of S Corps and LLCs. While all of these things are important, they shouldn’t stop you from getting started. It’s impossible to know everything. If you wait until you know everything and have everything planned out, you’ll never get started.

    So educate yourself, meet people who are doing what you want to do, and start looking for deals. Soon enough you’ll have bought that first investment property, then another, and another. You’ll develop systems and processes and automate tasks. Your business will snowball, and your portfolio with grow exponentially. Soon enough you’ll reach financial freedom and well on your way to building legacy wealth. The rest of your journey is up to you.


    208: Mobile Home Park Investing with Jefferson Lilly May 06, 2019
    Show notes

    Jefferson is a self-made millionaire, mobile home park investment (MHP) expert, educator, and industry consultant. Park Street Partners owns 17 MHPs coast-to-coast totaling over $32mm in value. Prior to co-founding Park Street Partners in 2013, Mr. Lilly spent seven years investing his own capital acquiring and operating mobile home parks. Before becoming an investor full-time, Jefferson spent nine years in sales leadership roles with several venture-backed startups in Silicon Valley.

    He holds a B.A. from the University of Pennsylvania and an MBA from the Wharton School of Business. Jefferson started and hosts the Mobile Home Park Investors Podcast. He also founded the Mobile Home Park Investors group on LinkedIn – the world’s largest professional networking group focussed on MHPs (3,500+ members).

    Key Points

    1. Why mobile home parks serve an important purpose in our country
    2. How to manage properties nationwide using the latest technology
    3. Supply and demand imbalances
    4. The MHP business model
    5. Value add opportunities in MHPs

    Fun Facts

    1. Mobile homes have a VIN number, just as a boat, car, or trailer would
    2. 10% of the U.S. lives in mobile homes

    Lightning Questions

    1. What was your biggest hurdle getting started in real estate investing, and how did you overcome it?
      • Jefferson was distracted by his job, personal life, etc. He’s now completely focused and disciplined in his search for mobile home parks.

    2. Do you have a personal habit that contributes to your success?
      • Jefferson has mad an effort to hire people to help him out in his business. His goal is to make himself irrelevant to his business.

    3. Do you have an online resource that you find valuable?
      • Bestplaces.net

    4. What book would you recommend to the listeners and why?
      • The Snowball: Warren Buffett and the Business of Life by Alice Schroeder

    5. If you were to give advice to your 20-year-old self to get started in real estate investing, what would it be?
      • Do the same things, but sooner.


    Resources

    Visit Audible for a free trial and free audiobook download!

    Park Street Partners

    Rent Manager – Property management software

    Bestplaces.net


    207: Your Sphere of Influence – Friday Fundamentals May 03, 2019
    Show notes

    Your Sphere of Influence

    “You are the average of the 5 people you spend the most time with” – Jim Rohn

    You are the product of your environment. What you were taught in school, what values your parents instilled in you, what economic environment you grew up in, your place of upbringing and hundreds of other things have shaped you into the person you are today. Every event, accomplishment, failure, etc. have made you who you are. That’s what makes you unique.

    One of the most important factors that influence you is who you surround yourself with. Their thoughts, actions, and mindset will rub off on you, and you’ll eventually become more and more like those other people, as Jim Rohn said. Knowing this, you can begin to look at your own life and see these truths.

    I’m sure you have some qualities that closely resemble your mom, dad, brother, or sister. Maybe you become more and more like your significant other every day. Maybe that close coworker or business partner is rubbing off on you.

    Ok, so this may seem obvious and you might be asking what’s my point. Well, if you want to become someone else than you currently are or grow in a certain area, then you have to look around you and see if your current environment and sphere of influence is promoting that growth or not. If you are surrounded by people with a scarcity mindset, you might never break free and live an abundant life, for example.

    Grow Your Circle

    It’s important to surround yourself with the right people. People who challenge you to grow, push you out of your comfort zone and make you think in ways you don’t usually. If you want to live a positive life, then seek out positive people. If you want to live an abundant life, then seek out people with an abundance mindset.

    There are some great ways you can connect with like-minded people. Here are a few ways I’ve found helpful.

    1. Meetup Groups – there are meetup groups for almost anything you can imagine. Book clubs with pogo sticks? Yep, probably so. Look up a meetup group in your local area and meet people there. From real estate investing groups to cycling, running, and outdoor activities, you can find people who are doing what you find interesting.
    2. Conferences – conferences are a great way to meet and connect with people who share similar interests with you. Often conferences have a cost, so the people there are serious about the subject. I’ve met many great people at real estate conferences including many of the guests here on the podcast.
    3. Mastermind with friends – this is an especially fun one for me. I like to seek out some friends who push me and make me grow and connect with them frequently. Getting a few friends together on a video chat and talking about ideas, goals, etc. is a great way to build your own mastermind community.

    Here’s a little exercise you can do. Simply write down the 5 people you spend the most time with or talk to. Then look at each person and see if they are a good and positive influence on you.

    Guard Your Circle

    Unfortunately, your friends or even family members might not be the best people to let in your sphere of influence. They might mean well, but might not be the best voices or influences for where you want to go. That’s perfectly ok. Think of your sphere of influence as a small group of people who are helping you grow. Not everyone can be in it.

    It’s important to guard yourself against negativity and limiting beliefs. As harsh as it may sound, there just isn’t any room in your life for those things.

    Surround yourself with people who push you, make you grow, and encourage you to succeed. In return, be that person for others too. Seek out positivity, growth, abundance mindsets, and challenges. You’ll be surprised how your sphere of influence positively affects your life.

    Resources

    Visit Audible for a free trial and free audiobook download!


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