The Real Estate Way to Wealth and Freedom

Freedom vs. Security Life is full of choices. You have the ability to live your life how you want for the most part. Work a 9-5, be an entrepreneur, travel the world, buy a home, raise a family, adopt a child, marry a spouse, etc. There are so many different ways you can live your life, and it's completely up to you to decide.  When you ask someone what they want in life, you'll get typical answers like health, happiness, prosperity, wealth, etc. Those all make sense. Who wouldn't want those things? But then comes this dichotomy. People want freedom. They also want security. In today's episode we'll aim to dissect each of those two terms - freedom and security - and then compare and contrast them. Security. This seems like a reasonable desire, right? It's natural to want to protect yourself and your family from threats. After all, that's how our ancestors survived generation after generation, and lead us to where we are today.  Often when people talk about security they're referring to financial security just as much as physical security. Financial security could be the ability to retire when you want. It could be job security, meaning you have a stable and steady job to rely on. It could simply mean knowing what to expect in your life tomorrow, next week, and next year. Then we have Freedom. Freedom is another thing that people want. It is one of the principles the United States is founded on. We likely take many of the freedoms we do have for granted. We have the freedom to choose our careers, who we marry, where we live, how we earn money, where we travel, speak freely, discuss ideas,  and so much more. People have so much freedom that they don't even know what to do with it. I have a good friend who travels the world with nothing more than a backpack. He's been abroad for two years now traveling all around the world and picking his next stop based on what type of food he's in the mood for. I'm not kidding. He has what most would call a high level of freedom. Freedom and security are a bit of a dichotomy. On one hand, freedom allows you the flexibility to do what you want, whereas security will provide assurance and safety every day. Think of freedom and security on a sliding scale, with freedom on one end and security on the other. Now take that slide and push it all the way to the security side. There are all different types of ways to relate this, but let's look at a few examples. If we were talking about government, then the security side of the scale might look a lot like communism, whereas the freedom side of the scale might look like total anarchy. I'm not attempting to be political here, but rather show that if you have only one side of the scale then the results look much different from the other side. Or another example is your lifestyle. Slide the scale all the way to the security side and you might find yourself in a maximum security prison. Slide it all the way to the freedom side and you might find yourself without any possessions, job, or money, roaming the world doing whatever you want with absolutely no security. After all, we don't have any maximum freedom prisons that I know of. But we do have maximum security prisons. Now sure, these are quite dramatic examples but you begin to understand what one without the other looks like. Then comes the question, why are we even talking about freedom vs. security in the first place. Well, you have the ability to live your life as free or as secure as you want. It's up to you to decide where to take risks for your freedom, and where you want security. Chances are you probably don't want completely one without the other. Only you know what balance of freedom and security is best for you. Understanding that taking risks in return for some level of freedom will cost you some security is important. So find freedom where you want.

Greg McCluskey is a professional real estate investor with over 21 years of experience. At a young age, his father instilled within him the importance of family, education and entrepreneurship. He started his real estate training after graduating college where he worked for Franklin Covey for 3 years. With limited experience, he purchased three properties in a span of 30 days each returning a hefty profit $88,000, $76,000 and $74,000. This allowed him to quit his job and go on to build several successful businesses such as: a construction company, mortgage brokerage, real estate consulting company, development company and dealt with multiple investments in numerous real estate properties and construction projects. In 2004, Greg was able to flip a total of 104 homes in the Salt Lake area. His success allowed him to expand his business to Arizona, Idaho, Nevada and Massachusetts. His business was involved with over $175 million in real estate. This allowed him to spend quality time with his children where they traveled often together. In 2008, Greg was hit hard by the real estate meltdown. He lost everything; except the people whom he cared for the most, his Children. Their unconditional love and support inspired Greg to use his knowledge and expertise to bounce back and rise above his struggles despite having no money and credit. Greg just exited a project in 2018 controlling over 1,000,000 sq. ft. of residential and commercial real estate in and around Dayton, OH; in addition to 57 properties flipped in the Columbus, OH market. Greg has built a new business, Breakaway Training LLC, where he provides an affordable solution for people interested in learning and mastering valuable skills in real estate without breaking the bank to get an education. Key Points From rags to riches to rags From picking up his first Carlton Sheets course to flipping homes Greg has learned everything he knows in business from coaching girls soccer Finding flip properties in foreclosure Lightning Questions What was your biggest hurdle getting started in real estate investing, and how did you overcome it? Mindset. Greg improved his mindset by reading books, focusing on positive thinking. Do you have a personal habit that contributes to your success? Reading. Greg also wakes up everyday with faith and expectations. Do you have an online resource that you find valuable? Google What book would you recommend to the listeners and why? Being Happy by Andrew Matthews The Servant by James C. Hunter If you were to give advice to your 20 year old self to get started in real estate investing, what would it be? Go get your first property. Just do it. Don't wait. Find a mentor and follow that person. Resources Visit Audible for a free trail and free audio book download! BreakAwayMindset.com Greg's Facebook Profile Greg's LinkedIn Profile

Your Reality Reality - the world or the state of things as they actually exist, as opposed to an idealistic or notional idea of them. Reality is the world we see around us - people, government, society, culture, wealth, etc. Everyone wants to be better. Everyone wants to improve, grow, achieve more success, and create their own reality. Your reality is in your own mind. "Life is 10% what happens to you and 90% how you react to it." - Charles Swindoll Your reality isn't some external factor that is imposed on you. For the most part, you have the ability to determine what your reality is. You can decide how you react to the external environment and influences, and let them shape you as you desire. Our minds are powerful and we are able to take any external action and process it in many different ways. It's the people who choose to process these external stimuli in a positive manner and use it to their advantage, who are the ones who shape their own reality. You can look around and find all sorts of things that reinforce your reality. If you're looking for poverty, then you will find it. If you're looking for wealth, then you will find it. If you're looking for positivity, growth, and opportunities, then you will find it. Our brains are wired to recognize things we are familiar with. For example, let's assume you have a 2004 white GMC Sierra truck. You're out driving around and you notice the exact same truck driving the opposite direction. Why did your brain stop and recognize that one truck out of the hundreds you passed by? This is the same reason that it's important to be conscious of your thoughts. Your thoughts shape your reality. If your thoughts are ones of success, opportunity, wealth, happiness, etc. then guess what your brain will recognize next time you're out driving your 2004 GMC Sierra around? Precisely those thoughts! Shaping Your Reality Once you understand that your thoughts shape your reality, then you can begin to start exercising your mind and filling it with thoughts that will create the reality you want. With so many external influences, it can be a challenge to guard your mind against all of the things you don't want in it. Here are several ways in which you can consciously and subconsciously shape your reality. Surround yourself with like-minded people. This might be the most impactful action you can take. People are social beings, and we are influenced by our friends, family, coworkers, the news, social media, etc. Unfortunately, not all of those people have your best interest at hand or don't realize that their words, actions, and mindset can affect you. Surround yourself with people who make you better, force you to grow, challenge your mindset for the better, and overall make you a better person. These are the people you should strive to be around. Life is too short to surround yourself with people who are constant victims, complain about the way things are rather than take action, and especially those who want to pull you down to their level so they're not alone. Find people who inspire you and want to lift you up. And of course, help others do the same. This habit alone will help you shape your own reality. Meditation. This one area I personally lack in, but strive to get better. Meditation can help you clear your mind and bring to the surface what is really important to you. Meditation is a bit of an art and takes some practice. Try sitting alone in silence and remove all distractions, thoughts, etc. By doing this, you cleanse your mind of all the noise and outside influence, focusing on what you want. Read. I don't know of a better way to grow your mind with knowledge than reading books. Your mind is like a sponge - what you put in is what you get out. If you fuel your mind with valuable content, new material, and that stuff that will shape the reality you want,

Daray Olaleye Daray is a successful Real Estate Entrepreneur and Business Coach. He mentors overwhelmed and unfulfilled employees in the professional world through the process of creating and building a lifestyle business through real estate investing so that they can escape the rat race and live a life of their design. While simultaneously growing his passive income portfolio of real estate assets and business accolades, he’s channeled his burning desire to help others by urging a change in their beliefs about who they are and what type of lifestyle they’re able to achieve with the right mindset, focus, and leverage. When Daray isn’t working, he can be found traveling, trying new cuisines, volunteering at Start of Hope and on his social media platform of choice Instagram. Key Points Trading your time for dollars vs. trading your value for dollars  Burning out working a  9-5 for a Big 4 accounting firm Pursuing your true passions and talents House hacking a 4-plex as your first investment Lightning Questions What was your biggest hurdle getting started in real estate investing, and how did you overcome it? Lack of knowledge. Daray jumps in full fledge when he decides he is going to do something.  Do you have a personal habit that contributes to your success? Daray does things that he likes.  Do you have an online resource that you find valuable? BiggerPockets What book would you recommend to the listeners and why? The 12 Week Year by Brian Moran If you were to give advice to your 20-year-old self to get started in real estate investing, what would it be? Whatever you are interested in, go do that. Take action.  Resources Visit Audible for a free trial and free audiobook download! Connect with Daray Olaleye on Instagram Before the Millions podcast

Big Goals Setting big goals can be overwhelming. Heck, life can be overwhelming. If you're like many people, you probably feel like you're busier than you've ever been. Between work, family, personal life, professional aspirations, business, leisure, and everything else, you have a lot on your plate. And then if you're like a minority of people out there, you are striving for more - more success in your career or your own business, more freedom to do what you want, fewer headaches and distractions, more time with family, and overall better quality of life. It can be overwhelming and possibly even deter you from striving for those things. You could easily tell yourself that how things are now are good enough, or a number of other limiting beliefs. It can be easy to push those big goals out into the future too. After all, you have plenty of time to accomplish them, right? Well, not quite. It will take action now and well into the future to reach those big goals. Each and every day you'll need to do something that puts you closer to reaching them. One Day at a Time One day at a time is really a philosophy on how you can approach anything in life. If you're feeling stuck, or can't see the big picture, or just don't know what next step to take, simply break it down and take it one day at a time. Let look at a few ways you can take things one day at a time. Start small and build momentum. You can't expect to move mountains overnight. Your success will more likely start with small steps that you repeat, pushing yourself past your old limits. Doing this every day, you will start to build momentum. What you thought you could never achieve will become completely realistic. This momentum will grow and grow and you'll eventually become unstoppable in everything you do. Make success your norm with consistent action - When you have one successful day, then another, and then another, you'll find yourself having a successful week, and months. Eventually what you once considered a successful day will become your norm in life. With consistent action, you will change your entire trajectory. Expand your mind - Your mind is what will either promote or limit your growth. Everything you set out to do is mostly a mental challenge more than anything else. You have to believe in yourself and have unwavering faith in your ability to reach your goals. Try new things. Push yourself out of your comfort zone. When you feel uncomfortable you are growing and experiencing new things, which counter to your feelings is a good thing. "What got you here, won't get you there." - Marshall Goldsmith Keep Momentum Anything worth doing will take time and effort. It likely won't come overnight. When setting goals, and reaching for those targets take the long approach. Do something each and every day that will put you closer towards achieving your goals. Build momentum and push yourself to new boundaries. When you have an off day, don't let it derail you. If you set big goals, follow up with consistent and massive action, and never give you, you will undoubtedly reach those goals. So what will you strive for? Resources Visit Audible for a free trial and free audiobook download!

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 Transitioning from a 100+ house portfolio to multifamily investing What to do when an apartment building catches fire during due diligence Buying a 100 unit property as a first-time syndicator Leveraging your team's experience Lightning Questions 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.  Do you have a personal habit that contributes to your success? Wake up early and work out.  Do you have an online resource that you find valuable? Costar   What book would you recommend to the listeners and why? The Millionaire Fastlane by MJ Demarco 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

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. 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.  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.  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.  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 you 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,

About Vinney Chopra There’s a reason Vinney’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 How Vinney was able to raise $7M in 7 hours What you need to do first to have a successful syndication career The power of partnering  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

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 Rhon 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. 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 whos values align with yours, and whom you trust. 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. 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. 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,

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?

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. Evaluating Markets 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. 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. 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? 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. 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. 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. 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,...

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 Starting with small multi-family properties Buying seller financed deals The benefits of joining a mentoring program Exploring multifamily and other asset classes How to find deals out of state Lightning Questions 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. Do you have a personal habit that contributes to your success? Jen has a morning routine where he starts his day with intention. Do you have an online resource that you find valuable? Streak - CRM for Gmail What book would you recommend to the listeners and why? The E-Myth Revisited by Michael Gerber 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

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. Education Network Analyze deals & make offers

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 Why mobile home parks serve an important purpose in our country How to manage properties nationwide using the latest technology Supply and demand imbalances The MHP business model Value add opportunities in MHPs  Fun Facts Mobile homes have a VIN number, just as a boat, car, or trailer would 10% of the U.S. lives in mobile homes Lightning Questions 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.  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.  Do you have an online resource that you find valuable? Bestplaces.net What book would you recommend to the listeners and why? The Snowball: Warren Buffett and the Business of Life by Alice Schroeder 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

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. 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. 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. 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.