10min chapter

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818: From 16-Year-Old Skater to Investing in “Cash Machine” Kmart Conversions w/Mikey Taylor

BiggerPockets Real Estate Podcast

CHAPTER

Lessons Learned and Success Strategies

Tips and strategies for achieving success, including setting financial goals, maintaining consistency and discipline, avoiding lifestyle inflation, and finding a unique niche in a competitive industry.

00:00
Speaker 1
Well, okay So we on our storage before the part it's gonna be hard to give you any of that That's been an open-ended fund and we brought investors in at so many different stages. Yeah It's gonna clean number. It's gonna vary got it. Yeah, all
Speaker 2
right So I understand you've got four things that you have learned in the past that you can narrow down to share with our audience Can we walk through those?
Speaker 1
Yeah? We can I would say the first would be Starting with the end in mind and this happened to me from my mentor He asked me about my financial freedom number when I was young and I had no idea what that meant Mm-hmm and so what he said and which ended up becoming very important my life was you have to know what your goal is So that we can actually find the path to get there that was huge for me So trying to figure out what our angle is and then find the best path to get there is really important to do from the beginning Mm-hmm. I would say to Consistency and discipline like that has been the model for me any time I've ever tried to like hit a grand slam It's it's gone nowhere if I just focus on singles and doubles. I've done really well So that's been a a big model for me three. I was life soundflation is probably the big one I think this is something we all fall victim to as we start. Yeah, so called life stop creep So I like so creep. Yeah, I saw creep as we start making more we spend more it's like we all fall victim to it But if we can control how much we're spending we start making more this actually gets us to our financial freedom go faster So it's actually really really important to hold that discipline and then for I would say how to make yourself stand out Or the separation factor when you know we talked about how we did it with St. Archer We found an industry that was saturated had a lot of people doing breweries and especially San Diego And we figured out how to take an idea out of kind of the red ocean scenario and put us into blue It's gonna describe what you mean right now. Yeah, so basically When when you're starting something in an industry that's saturated. It means competition is everywhere. It's very difficult That's a red ocean. That's a red ocean. Yeah blood in the water. It's saturated, right? What what you need to understand is you don't always have to reinvent the wheel and you don't always need to create something new You can find an industry that's saturated and actually create a spin-off that then create separation and puts you in Blue Ocean scenario what I like about that actually is you're going into an industry that has proven demand Right, you don't have to like build it and hope they come But then you can create something that makes you different than everyone else and then it feels like you are one of which is the blue ocean Which is the blue ocean? That's where you ultimately want to be so with St. Archer that would be the ambassadors and social media With our company now, it's actually a similar model. So
Speaker 2
so yeah for your brewing company You knew people want beer red oceans have proven it people like to drink beer But you don't want to have to go say here's why I'm better than Budweiser or something So instead you create a marketing plan that nobody else is doing so you've got this whole blue ocean of people wow that's so cool I've never seen that before
Speaker 1
rather than how do I make a better commercial than the Clyde's Dale horses for Budweiser? Correct So you know how that applies to everyone if you're gonna start something or get into doing something you have to ask yourself Why would somebody go to me versus anyone else you have to have that one thing that separates you and it's a really Important test and why I think business plans are so important is it forces you to figure out what that is so that you actually have a fighting chance To have something
Speaker 2
successful. I like it man. This is some really good
Speaker 3
stuff for it for the end So one was start with the end in mind to discipline and consistency three lifestyle inflation don't let it creep up on you and for
Speaker 2
Make sure you stand out have a way to stand out from the competition Absolutely If you guys would like to learn more about how to have consistency in discipline check out episode 810 where we just interviewed Greg Harten he's actually Tom Brady's performance coach and he talked about this very stuff And I'm like you know what this is good because now when Mikey teaches you how to make millions of dollars You can use Greg's information to help you get there. Oh, that's
Speaker 3
good. That's good. Meanwhile I'm gonna be swimming over here in the green ocean
Speaker 2
You're getting so much better at this. It's like your fourth call back to the green very nice I'll have to describe what a green ocean is
Speaker 3
Awesome, well if people want to learn more about you Connect invest do all that kind of stuff. Where can they learn more about you?
Speaker 1
Okay, so My social media is just Mikey Taylor our company is called commune capital That's the same on all the accounts at commune capital our website commune capital calm And then yeah reach out. Let's uh anything you need I try to provide any type of information that I've been given to anybody who wants to hear it Mikey is the the king of tiktoks and insta real so go check those out. He's always got nice spicy hot takes
Speaker 3
Meanwhile David David maybe we rebrand you instead of David green 24 David green.
Speaker 2
I just don't know That's what my audience is looking for you're trying to turn me into an infant Or a goofball with every single one of your ideas. Well at least put on the propeller hat about you There we go. I'm gonna change anything. You think David green 24 is okay. Yeah, I appreciate you saying that I wouldn't change any of your first three guests that we had today were like why is that your social media? It's boring. It's dumb. You need to change it. Okay, then we asked Alex and Layla Hormos. They're like no It's just you who cares. I know you're done with the Hispanic accent. Hormos. See But he's he's not Hispanic. I know you were just like Alex
Speaker 4
You know what I think I
Speaker 1
think your name very It fits your boring personality. It's your personality. Well, no, that's I wasn't going boring I was going to say that no I was going consistent Trustworthy wise. I was actually going a different direction You know what you're gonna get I absolutely know what I'm gonna get you're somebody that I could count on I know if I would call you'd be there I
Speaker 2
think that name represents so having met me for the in person for the second time now Do you feel like the version of me that you hear in a podcast is the same as a version of me that you get in real life? 100% Yeah, yeah,
Speaker 1
you see what you get. That's that should be the motto behind your name.
Speaker 2
See what you get I like the other 23 David's that came before me 24th David.
Speaker 4
Is it you see what you hear you get what you see? You
Speaker 3
get what you get. I'm
Speaker 2
often nervous. Oh a fat is it you eat what you kill or you kill what you eat I'm often wondered about that one too. I've heard about the time
Speaker 3
don't do the crime if you can't do the time That's what my dad always said that's
Speaker 2
what he said. Mm-hmm. You're dead.
Speaker 3
That's the only thing he ever said though is weird
Speaker 2
That was his favorite English phrase So
Speaker 3
if you want to get David's for your content go over to David Green 24 And you can follow me over at Rob built on threads on Instagram on YouTube and everything in between go check out our threads And are you on threads Mikey? I am all right go look at what's your thread Mikey Taylor Mikey Taylor David Green 24 and Rob Built
Speaker 2
and let us know in the YouTube comments who has the most interesting threads of the three of us Not that it's competition. We just want to hear the sake of this podcast. I guess it is Rob's gonna win this one before I know that you want to compete with a professional skateboarder and anything That's true. Do you do skateboarding lessons? Can people reach out to you? Any videos of you skating through a vacant Kmart doing a kickflips and what else what other I'd campaign when you
Speaker 1
were running for councilman, right? No No, we stayed away for that. No,
Speaker 4
but there are clips of me doing and with other skaters doing tricks in the brewery Before politics is skateboarding mesh wonderfully. There's never any any animosity between those two groups right last question I want to ask you we've interviewed Rob Deardek on the show How did you and him ever run into each other in your skateboarding careers? Rob Deardek is probably my biggest mentor throughout my whole career Actually going to a gala with him right after this tell them that
Speaker 1
we said I be right there Have you guys interviewed him yet?
Speaker 4
We did we said I'm with a straight Rob is the man Rob
Speaker 1
is the absolute man He's been one of my closest friends since I was 16 years old. He completely mentored me through my career He's been huge. Yeah, so if you remember is doing the podcast. I will I'm gonna seem seriously and I don't go to the gala All
Speaker 2
right, you like
Speaker 1
pretty things. That's all you ever talk. I'm going right like a suit and times
Speaker 3
I'll go to I'll go to men's warehouse. You're going there with 500 bucks. You leave a king
Speaker 2
This is the stuff he's good at Rob is the man. Yeah, Rob is absolutely the man
Speaker 1
Rob Deardek is my mentor through skateboarding Right Rob does his show Rob becomes an entrepreneur incredibly successful I feel like I've been chasing him my whole career
Speaker 4
and you just keep setting the bar higher, right? He's the worst guy to chase So never gonna catch that guy
Speaker 1
I want to start my first business in Archer and I'm you know me and Paul and Josh my partners and I was like, okay We're gonna build this out. We're gonna pitch this to Rob Rob is gonna be an investor. He loves us He supports us so we build out our business plan We go to the fantasy factory we pitch Rob on our idea, right? We're gonna do this brewery This is how we're gonna market. He's looking to the business plan and he looks us and goes You're telling me other brands. Don't market There's no marketing. There's no brand like yes, and goes you're wrong But no dude, but that's true. He goes absolutely wrong like Rob he grabs the business plan crumples and up Throws it into the trash and goes do not do this company if you raise money from others you're gonna lose everybody's money Right heartbroken heartbroken, right? We leave I'm so defeated my freaking mentor Just told me we shouldn't do it right three and a half years later. We sell it right he hits us up at me I'm so proud of you guys, etc Fast forward to a year ago Right I hit I talked to Rob right Rob. It's time. He's like what do you mean? It's time like it's time for us to have that talk about my company now But you come here as an investor and he goes let's do it right? So we have him scheduled for like let's say a Thursday Monday I'm prepping the whole team this guy is going to destroy
Speaker 4
us if we do not nail everything right you kept that crumpled paper It's framed in your office. I was so hot guys I
Speaker 1
walked everyone through the pitch Monday Tuesday Wednesday and basically met it made everybody aware if we fumble it He will destroy us right we get through the pitch on Thursday, right? Give him the whole deal I'm like prepared we finish it's silent right Rob's looking it was on zoom. It's looking he goes
Speaker 4
Right Rob could be extra and he goes
Speaker 1
That was one of the best pitches I've ever heard right. I love this. We're gonna talk tomorrow I hang up the phone screaming in the office. We did it I was like one of those just like you're the the student Lived up to the the mentor. That was a that was a fun experience.
Speaker 2
I was about a year ago But you're not done. You're I can tell us what happened tomorrow. No
Speaker 3
That's the next part.

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