453: Live Q&A with Brandon and David: Risk, Partnerships, Inspiration and Opportunity of Real Estate

Mar 21, 2021

Dive into a dynamic session where live questions drive the conversation on real estate mindset! Explore how to conquer perceived risks and keep your motivation strong despite setbacks. Discover the importance of letting go of control and embracing delegation in investment partnerships. Find out how to balance ambition with contentment and learn strategies to make informed decisions amidst overwhelming opportunities. This engaging discussion emphasizes personal growth, resilience, and the power of teamwork in real estate success.

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ADVICE

Location over Price

Buy in an area you know, even if more expensive, to mitigate risk.
House hack to lower the down payment and start investing sooner.

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ADVICE

Agent Mindset

Take ownership of client's success by understanding their fears.
Focus on building a strong client pipeline instead of chasing individual, potentially unmotivated clients.

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ADVICE

Partnerships

Start partnerships small to test compatibility before scaling.
Clearly define roles, responsibilities, and expectations upfront in a written agreement.

Get the Snipd Podcast app to discover more snips from this episode

Navigating Investment Risks in Unfamiliar Markets

03:36 • 3min

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Navigating Real Estate Investment Decisions

06:15 • 6min

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Navigating Real Estate Challenges

12:25 • 28min

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Partnering Strategies for Single-Family Home Investment

40:22 • 4min

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Striking the Balance: Ambition and Contentment in Real Estate

44:24 • 4min

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Gratitude and Real Estate Success

47:55 • 28min

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Mindset Evolution in Marriage

01:15:55 • 9min

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Why Some Companies Make the Leap... and Others Don't

Jim Collins

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Rich Dad Poor Dad

What the Rich Teach Their Kids about Money - That the Poor and the Middle Class Do Not

C.P.A. Sharon L. Lechter

Robert Kiyosaki

The book tells the story of Robert Kiyosaki's two fathers: his 'poor dad,' a highly educated but fiscally poor man, and his 'rich dad,' the father of his best friend who was a successful entrepreneur. It emphasizes the importance of financial education, distinguishing between assets and liabilities, and building wealth through investing in assets such as real estate and businesses. Kiyosaki argues that a good education and a secure job are not guarantees for financial success and provides practical lessons on how to make money work for you rather than working for money.

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This book by Sally McGhee provides practical tips and strategies for using Microsoft Office Outlook to enhance productivity and manage personal and professional commitments effectively. It combines elements of David Allen's Getting Things Done methodology with Outlook tools to help readers streamline their workflow and achieve better work-life balance.

The 10X Rule

Grant Cardone

In 'The 10X Rule,' Grant Cardone introduces the principle of setting targets that are ten times what you think you want and then taking ten times the action you think it will take to accomplish those targets. The book stresses the importance of massive thoughts followed by massive actions, perseverance, positivity, and a domination mentality. Cardone argues that success is not an option but a duty, and it requires a mindset shift to achieve extraordinary results. He emphasizes the need to take full responsibility for one's success, to be obsessed with goals, and to overcome fear and obstacles through persistent action.

Traction

Get a Grip on Your Business

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In Traction, Gino Wickman provides a systematic approach to achieving business success through the Entrepreneurial Operating System (EOS). The book focuses on six key components: Vision, People, Data, Issues, Process, and Traction. It helps business leaders clarify their vision, align their leadership team, solve common business problems, and foster healthy communication and discipline within the organization. The EOS system is designed to help businesses overcome frustrations such as lack of control, people issues, insufficient profit, hitting the ceiling, and feeling stuck. The book offers practical tools, real-world examples, and actionable strategies to drive sustainable growth and improve business operations.

We’re taking a bit of a detour from our regular programming to answer some live questions on real estate mindset! Brandon and David take live questions from investors across the nation on some of the most hard-hitting/commonly contemplated real estate questions and topics such as…

Is perceived “risk” deterring you from making strong financial decisions?
How do you keep the fire going as an agent and investor when you get rejected?
When should you allow team members to take on your roles and processes?
What to do to get over the fear of partnerships?
How do you balance ambition and being content with your success?
How to find inspiration in other people's success?
What to do when there is SO much opportunity but you don’t know what to choose?
And More!

Brandon and David spend some time answering all of the above questions with life lessons they’ve learned in their investing careers. The solution to the problem isn’t always cut and dry, but almost all of these questions come up in a real estate investor’s career, one way or another.

If you didn’t get your question answered in this episode, stay tuned as we may plan to do another Live Q&A in the future!

In This Episode We Cover:

Answers to the top real estate “mindset” questions
Finding your fire and running towards it
Letting go of the “I have to do everything” mentality
Focusing on one thing, doing a great job, and letting go of the rest
Getting your spouse on board for real estate investing/financial freedom
Staying content and grounded while also striving for greater things
And So Much More!

Links from the Show

BiggerPockets Podcast
BiggerPockets book store
BiggerPockets Forums
BiggerPockets Podcast 254: Tim Ferriss on Real Estate, Becoming a Top Performer and His Tribe of Mentors

Click here to check the full show notes: https://www.biggerpockets.com/show453

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