My Worst Investment Ever Podcast Mark Kohler - Take Ownership of What You’re Doing Wrong
BIO: Mark Kohler, M.PR.A., C.P.A., J.D., is a highly respected Founding and Senior Partner at KKOS Lawyers, specializing in tax, legal, wealth, estate, and asset protection planning.
STORY: Mark and his partner bought two properties to put up on Airbnb. The first property needed just a bit of modification, but the second one required far more. It took them more time and money than expected to get it ready for renting.
LEARNING: Take ownership of your mistakes. If a problem occurs, admit it, step up, and try to solve it—don’t run away or stick your head in the sand. The majority of trouble we face in our lives will be caused by ourselves.
“When you’re pivoting in the face of a disaster or a bad investment, the first thing to do is give yourself some grace.”
Mark Kohler
Guest profile
Mark Kohler, M.PR.A., C.P.A., J.D., is a highly respected Founding and Senior Partner at KKOS Lawyers, specializing in tax, legal, wealth, estate, and asset protection planning.
With a reputation as a YouTube personality, best-selling author, and national speaker, Mark is dedicated to guiding clients through complex legal and financial landscapes to achieve their American Dream.
He also serves as the co-founder and Board Member of the Directed IRA Trust Company and has launched the Main Street Certified Tax Advisor Program to train CPAs and Enrolled Agents nationwide.
As the co-host of The Main Street Business Podcast and The Directed IRA Podcast, he simplifies intricate topics like legal and tax strategy, asset protection, retirement, investing, and wealth growth.
Mark Kohler’s commitment to helping entrepreneurs and small business owners attain success and financial security has made him a trusted expert in the field. He has helped countless individuals and businesses navigate the financial and business world with confidence.
Worst investment ever
Mark and his partner bought two properties in Arizona to turn into Airbnbs. They aimed to modify them over two to three months and set them up on the Airbnb platform. They hoped to start renting them out during the winter, which is a great Airbnb season. The first property was beautiful and simply needed yard furnishings.
At the same time, 10 blocks away was the other property, which they thought would need some minor work, just like the first property. A few weeks later, they realized the property would take a ton of work, but the train had left the station, and there was no turning back. And so the damage began. The two partners added a lot of value to this property, but it was far more than they wanted to bite off and chew. Modifying the property took more time and money than expected.
Lessons learned
- You can make a good investment, and something outside your control happens.
- Take ownership of what you’re doing wrong.
- If a problem occurs, admit it, step up, and try to solve it—don’t run away or stick your head in the sand.
Andrew’s takeaways
- The majority of trouble we face in our lives will be caused by ourselves.
- When you do something wrong, admit it to yourself as a first step.
- If you cause damage to another person, you must amend and resolve it.
- You can’t get help on something if you haven’t admitted it.
- If your process is good and you keep improving, you progress.
Actionable advice
When you are pivoting in the face of a disaster or a bad investment, recognize that it’s not the end of the world, give yourself some grace, look for the silver lining, and get to work.
Mark’s recommendations
If you’re in the Airbnb market, Mark recommends reading Daniel Rusteen’s books. He also recommends his podcast, The Main Street Business Podcast, which has some great interviews about Main Street business and investing strategies.
No.1 goal for the next 12 months
Mark’s number one goal for the next 12 months is to dial in the Main Street business tax pro certification. He wants to have 1,000 members by the end of the year. These are 1,000 business owners, tax professionals, and legal and financial professionals looking for a group of like-minded individuals and tribes.
Parting words
“Don’t give up no matter what.”
Mark Kohler
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Connect with Mark Kohler
Andrew’s books
- How to Start Building Your Wealth Investing in the Stock Market
- My Worst Investment Ever
- 9 Valuation Mistakes and How to Avoid Them
- Transform Your Business with Dr.Deming’s 14 Points
Andrew’s online programs
- Valuation Master Class
- The Become a Better Investor Community
- How to Start Building Your Wealth Investing in the Stock Market
- Finance Made Ridiculously Simple
- FVMR Investing: Quantamental Investing Across the World
- Become a Great Presenter and Increase Your Influence
- Transform Your Business with Dr. Deming’s 14 Points
- Achieve Your Goals