Transcripts (34)

450: How Your First Time Home Buying Decision Affects Long-Term Wealth with Scott and Mindy

BiggerPockets Real Estate Podcast

  • 65 views
  • about 1 month ago
  • 01:10:49

First-time home buyer? At some point, all of us were. How do you make sure you’re getting a great deal, how should you pay for it, and what can you do to make sure it’s a purchase that will help you grow your wealth. In today’s episode, you’ll hear from Scott Trench and Mindy Jensen, hosts of the BiggerPockets Money Show. Their new book, First-Time Home Buyer, shows how to buy your first property in a way that sets you up for long-term success.Most people see their primary home as an investment, but that isn’t usually the truth. Housing is a cost, and like many costs in life, we should try to minimize it when we can. Having a lower housing cost can allow you to invest more of your money, build up safety reserves for repairs, and have the financial bandwidth to live with less stress. Scott and Mindy debate cash flow vs appreciation, how much you should put down on your home, and what kind of liquidity position you need to be in to find success in your purchase and future endeavors. Even if you’re not looking to build a rental empire, this is a fantastic book for anyone who is looking into buying for the first time. Don’t know about equity, title insurance, or other real estate terms? No problem! First-Time Home Buyer has you covered. In This Episode We Cover:What will 2021 hold for real estate investors and first-time home buyersIs appreciation or cash flow a better metric to measureHow to have a primary residence that sets you up for long term wealth The 5 steps to finding a great deal on a primary residence Looking at the market even when you’re not ready to buyWhat people get wrong when they buy a homeAnd SO much more!Links from the ShowBiggerPockets ForumsBiggerPockets MoneyBiggerPockets Money Podcast 165: How ‘Finance Ninja” Daniel J. Mills Started at $30k a Year and Grew a US Rental Empire from JapanCheck the full show notes here: http://biggerpockets.com/show450

449: How Emails Are Constantly Destroying Your Productivity with Cal Newport

BiggerPockets Real Estate Podcast

  • 51 views
  • about 1 month ago
  • 01:14:48

We’ve known for a long time that humans aren’t great at multitasking. Once distracted, our brains find it hard to let go of the new information we’ve just learnt or seen. This is why the constant onslaught of emails, messages, texts, and phone calls could be killing our productivity and creativity. Cal Newport, author of A World Without Email, has seen this first hand.Cal discusses something he likes to call “Hyperactive Hivemind Workflow”, which is essentially what happens to our brains when we’re constantly being nudged by electronic messages. When you’ve got your head down and are working hard on an important project, just a simple glance at an email can spin everything out of whack.Here’s the thing, this is happening to all of us, all the time. We are constantly monitoring our emails and messages, and by the mid afternoon, we’re out of energy. We’ve exhausted all of our cognitive resources. But isn’t it productive to check emails and respond to them quickly throughout the day? This is what Cal refers to as the “fool’s gold of busyness”.Luckily, there are some ways to get us into a more productive state, without having a barrage of emails in our inbox. Cal talks about efficient meetings, Kanban boards, restricting ad hoc communication, having office hours, and being intentional with your time and attention. While these small email responses may seem like just a minute here or a minute there, they actually eat up a huge part of our work life.In This Episode We Cover:Why we need to limit our intake of email, messages, and other communication throughout the dayGetting your team to be less ad hoc about communication and more intentionalHaving a “process and procedure first” mindset when starting a businessUnderstanding what the “vital tasks” are in your businessKnowing your cognizant footprint and having intentional attentionAnd So Much More!Links from the ShowBiggerPockets PodcastBiggerPockets book storeBrandon's InstagramDavid's InstagramBiggerPockets Podcast 330: How to Ditch Distractions and Get WAY More Done With Cal NewportClick here to check the full show notes: https://www.biggerpockets.com/show449

448: The Lazy Person’s Guide to Financial Freedom in Less Than 10 Years with Dion Mcneeley

BiggerPockets Real Estate Podcast

  • 79 views
  • about 2 months ago
  • 01:05:11

Busy people tend to be...busy, and often, real estate investing is one of the things that they “just don’t have time for”. If you feel that way, listen to today’s guest, Dion Mcneeley as he describes his own system for buying real estate the “lazy” way. Dion was a police officer and a truck driving instructor, taking care of his kids as a single parent, and struggling to get ahead. He went from $89,000 in debt to becoming debt free and financially free, thanks to the help of rental properties, in just 10 years. After buying his primary home, Dion heard of success in owning rental properties, so he decided to move out of his house and into an apartment to see if he fit as a landlord. He rented the house to his friend, who later moved out without notifying him. Dion tried to make landlording work with another tenant, but ended up being underwater on the house payments. This is when he found BiggerPockets and read Rich Dad Poor Dad. What was Dion’s mistake? He wasn’t running his rental properties like a business. After upgrading his processes, he went on to buy and house hack a duplex. Then he bought another duplex as an investment, and another one, then another house hack duplex. Within just 6 years, he had 7 units and was raking in $2,700 a month in pure cash flow!Dion talks about the mistakes he made, why he prefers side-by-side duplexes, how he’s located his properties for maximum asset protection, and goes into his amazing strategy for getting tenants to sign longer leases and raise their own rents. You can check out Dion’s Youtube channel or find him on the Real Estate Rookie Facebook Group!In This Episode We Cover:Why being lazy can be a benefit when building systems for real estateHow to use your job and your rentals to achieve a 100% savings rateThe benefit of side-by-side duplexes as opposed to two-story duplexesMaking sure that your procedures are easy so they can be repeatable Getting tenants on longer leases and higher rents with the “Binder Strategy”Spacing out rentals so you have a large pool of tenants to choose fromAnd SO much more!Links from the ShowBiggerPockets ForumsBiggerPockets Podcast 276: Early Retirement ($10k/Month) by Age 35 with Bryce StewartBiggerPockets Podcast 443: 10 Ways to Learn Anything Faster with Jim KwikBiggerPockets Podcast 356: 30+ Rentals (in a Pricy Market) Through BRRRR and Section 8 with Joe AsamoahBiggerPockets Money PodcastBiggerPockets Business PodcastBiggerPockets RookieRookie Podcast 51: 18 Deals in 2 Years AND a Full Time Job with Kevin ChristensenCDS Rental Calculator AppBiggerPockets Rental CalculatorZillowTruliaWells FargoGuild MortgageBiggerPockets Facebook GroupCheck the full show notes here: http://biggerpockets.com/show448

447: Create Your Dream Life in 3-5 Years Using Vivid Visions with Cameron Herold

BiggerPockets Real Estate Podcast

  • 71 views
  • about 2 months ago
  • 01:26:06

What do you want out of life? What do you want to accomplish in the next 3-5 years? When asked this question, most entrepreneurs give a pretty simplistic answer. Something like “Oh, we’ll get more clients by this time next year” or “I’ll buy two more houses and then I’ll be happy”. How often do we sit down and paint a picture of what we want our life to look like? Today we’re discussing Vivid Visions with their creator Cameron Herold.Cameron is a veteran in the business world, he likes to say that he was “groomed” by his entrepreneurial grandparents and father to become a success story. By the time Cameron was 21, he had a full-on business that had 12 employees, and at 22 he bought his first rental property. He later became a franchisee for College Pro Painters and was so successful that he went on to coach new franchisees.He’s partnered with hundred-million dollar companies, grown and sold businesses for millions, coached the CEO of Sprint, a monarchy in the middle east, has written 5 books, and runs the Second in Command Podcast, where he talks to successful COOs. Cameron is someone who clearly has accomplished a lot and has a TON of wisdom to share.Cameron has serious knowledge on business management and talks about the importance of the CEO and COO relationship. Cameron describes how a COO needs to be a partner to the entrepreneur (the CEO) and operate as the ying to the CEO’s yang. If you’ve heard the terms “the visionary and the innovator” from books like Traction, this is exactly what Cameron is talking about.If you’ve been wondering where the idea of a “plan” or “vision” comes into play, Brandon, David, and Cameron all discuss their “Vivid Visions” and how it’s led them to success in their life. Cameron coined the term “Vivid Vision” because most entrepreneurs were simply writing down a 1-2 sentence mission statement instead of creating a vision of what they wanted their company and future to look like. This vision not only helps you build a life you want by design, it also entices great executives, employees, and partners to join you on your path to that clear and decisive “Vivid Vision”.In This Episode We Cover:How Brandon found out about the “Vivid Vision” and how it has changed his worldview since creating oneWhy Cameron decided to coach COOs as opposed to CEOsThe importance of having a COO or 2nd in command that you trust and believe inWhy your job postings should scare those who aren’t ready to take risks and growWhy entrepreneurs have such a hard time when letting goHow to create your “Vivid Vision” in 7 stepsWhat a great “Vivid Vision” looks like, what it includes, and how to structure itAnd So Much More!Links from the ShowBiggerPockets PodcastBiggerPockets book storeBrandon's InstagramDavid's InstagramBiggerPockets Business Podcast 39: Creating Your Vision and Achieving Massive Success with Cameron HeroldBiggerPockets Podcast 230: Real Estate Investing as a Side Hustle with Grammy-Winning Producer Seth MosleyBrandon's Vivid Vision (photo)Second-In-Command PodcastVivid Vision WebsiteClick here to check the full show notes: https://www.biggerpockets.com/show447

446: Pivoting the Goal and Swapping Doors for Cashflow with Kyle and Lauren Clugston

BiggerPockets Real Estate Podcast

  • 52 views
  • about 2 months ago
  • 01:04:14

Have you ever had analysis paralysis? Maybe you have it right now and that’s why you’re listening to this episode! Kyle and Lauren Clugston would call that “productive procrastination”, and the only way to get out of it is to move forward! They should know, it took them over 3 years before they made their first move in real estate investing! In college Lauren stumbled upon Brandon’s old blog about real estate investing. As she read, she gained more confidence in the craft, and knew that real estate was what she wanted to do with her money. She then started trying to convince her partner, Kyle, that real estate investing was the way to go. As someone without an investing background, Kyle was hesitant, but took a leap of faith which paid off!Now they're BRRRR-ing their way through New Jersey, with single family and multifamily properties throughout the state. Lauren and Kyle had to learn a lot before they became the real estate success stories they are now. Things like doing inspections, estimating rehab costs, getting financing, setting up systems and procedures, and getting legal documents prepared were at one point a great challenge to Lauren and Kyle. Now, they’ve got them down!Lauren and Kyle lay out everything they wish their former selves had known, and go through the things that early real estate investors should worry about, and the things they definitely shouldn’t lose sleep over. This advice could save months, weeks, or hours off of your deal analyses and might be just the thing you need to get out of analysis paralysis! In This Episode We Cover:Why house hacking is such a great strategy for new investorsFocusing on the right metrics, whether it be cashflow or unitsDefining your specific roles as partners and investors The importance of weekly meetings with your teamSetting up your real estate to run like a business, not just a hobbyHow to put together an “invest with us” packet for private lendersAnd SO much more!Links from the ShowBiggerPockets ForumsGrant CardoneBiggerPockets Youtube ChannelBrandon's Old BlogBiggerPockets WebinarsBiggerPockets Rehab Estimator CalculatorBiggerPockets Podcast 398: 22 BRRRR Properties in Under 10 Hours Per Week with Tarl YarberBathroom Example (file)Check the full show notes here: http://biggerpockets.com/show446