Elevate with Tyler Chesser - The Real Estate Podcast for Investing, Mindset and Personal Development E267 Tom Burns - The Required Mindset of Successfully Navigating This Market Cycle
We will never get rid of fear; we will learn how to manage it, overcome it, and use it as a tool. In this episode, our guest Tom Burns will enlighten listeners to go beyond their fears and assess the key components of being a successful real estate investor.
Listen as Tom explains why it is essential to navigate the significant components of what’s happening right now, how you can leverage your fear, and how you can better understand the market-level fear. He also talked about all active and potential development opportunities as well as the perfect components in finding the right person to create deals with so tune in now!
Key Points from This Episode:
- Tom talks about the disconnection between the rise in the interest rate and the cap rates.
- What type of multifamily pricing has existed in the past few months?
- Tom shares about the fear components of investing and the breakthroughs on the other side of fear.
- Why does Tom feel more fearful when investing somebody else’s money than to his?
- How to anticipate navigating the market cycle and what to embody
- Tom shares about reassessing pipeline trimming opportunities: Are those active opportunities or considerations for acquisition for new development?
- How to evaluate the time horizon for some of the potential development opportunities
- Tom talks about the components that allow people to be nimble to take advantage of those opportunities and to make sure they are not taking inappropriate risks.
- Humility: what exactly about this trait that creates a successful long-term investor and how you can further develop yours.
- What are the key components that allowed Tom to be successful?
- What are the perfect components in finding partners in creating deals?
- Difference between the right money and the right people, and the wrong money and the wrong people
- Why raising capital is not a sale
- Tom talks about the Rich Life mastermind
Tweetables:
“Courage is just fear overcome.” – Tom Burns.
“And perhaps, we get to the point where the pendulum swings and there's almost too much fear, which then creates those opportunities. ” —Tyler Chesser
“That just because the result was good, doesn't mean that all of our decisions along the way were optimal “ - Tyler Chesser
“Revenge is just an empty box. But you wanna move forward. And moving forward sometimes has required us to swallow our pride and just move on.” -Anonymous
“We overestimate what we can do in a year. We underestimate what we can do in 10 years and they wanna get started right away with how do I grow a big group to raise money.” — Bill Gates
Links Mentioned
Presario Ventures: Private Equity Multifamily Real Estate Firm Austin
About Tom Burns
Tom is an entrepreneur and an orthopedic surgeon in Austin, Texas. He is currently a physician for the United States Ski Team and travels worldwide with them. He has over 25 years of real estate experience with multiple asset types. In addition to co-founding and managing a free-standing full-service hospital, he has acquired and developed $400 million of real estate locally and internationally.
Dr. Burns is a principal of Presario Ventures, a private equity real estate company in Austin, TX. He is listed in the acknowledgment section of Robert Kiyosaki’s book, Rich Dad Poor Dad, and is the author of Why Doctors Don’t Get Rich, a personal finance guide for people who want to live life to the fullest. He is a sought-after speaker and coach and is frequently featured in nationally circulated print articles and popular real estate-oriented podcasts. Tom has been financially independent for a decade. His mission is to help people create financial independence so they can enjoy life and all the joy that comes with it.
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