You have to understand how much revenue is this business bringing in today? What is the potential revenue that it can bring in? And then what are those expenses looking like? Too many people are falling in love with the deal independent of what the financials of that deal look like. The only way to, in my opinion, figure out how much you can pay is to back into some type of yield on cost or understand the cap rate or understand the long term internal rate of return.
Patrick Donley sits down with John Plumstead, who is a full-time real estate professional and owner of Gray Line Investments. They talk about what he learned from teaching at West Point’s Center for Enhanced Performance on how to develop and master a mindset for real estate success. How John set a goal to be on the Army football team and became captain of the team.
IN THIS EPISODE, YOU’LL LEARN:
00:00 - Intro
06:34 - How John set a goal to be on the Army football team and became captain of the team.
20:45 - Why owning and operating an ice cream store provided a priceless education.
35:04 - Why having a little bit of a chip on your shoulder can be a good thing.
36:17 - Why he and his partner decided to focus on self-storage.
36:18 - What he learned about mindset and overcoming mental barriers while teaching at West Point’s Center for Enhanced Performance.
41:51 - What real estate books he would use to teach a West Point real estate class.
53:40 - What his goals are for his company, Gray Line Investments.
1:00:49 - What his top tips are for mastering a winning mindset.
And much, much more!
*Disclaimer: Slight timestamp discrepancies may occur due to podcast platform differences.
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