BiggerPockets Money Podcast - 240: The Biggest Takeaways from BPCon 2021 | Live Host Panel from NOLA

Episode Date: October 15, 2021

Marching along Bourbon Street last week was a parade with some of the best real estate investors in the world, celebrating another successful BPCon, ready to take on the world. Throughout the past week, attendees of the conference heard from world-class business leaders, investors, and authors, learning about everything from running a business to short-term rental markets, to self-storage, and more. On this live episode, your BiggerPockets Money host, Scott Trench, is joined by Brandon Turner and David Greene, hosts of the BiggerPockets Podcast, Ashley Kehr and Tony Robinson, hosts of the Real Estate Rookie Podcast, and Liz Faircloth and Andresa Guidelli, hosts of The Real Estate InvestHER Podcast, plus special guest Esther, who has a widely impressive portfolio herself. You’ll hear the hosts talk about topics like how to connect with fellow investors, future trends influencing the real estate market, what’s working today (and what isn’t), plus a live version of the Famous Four and Fire Round.  If you weren’t able to make it to this year's BPCon, plug into this episode and get on the waiting list for next year! In This Episode We Cover What’s ‘firing up’ the hosts of the BiggerPockets Podcast Network? What investors can do in today’s market to ensure wealth tomorrow Future trends that allow investors to profitably pivot  How BPCon helps connect investors, reshape ideas, and build wealth How do you vet partners before you go in on a deal with them? The top characteristics that contribute to your success as an investor  Why you should definitely be at BPCon 2022  And So Much More! Links from the Show: NPR (National Public Radio) Kevin Leahy's BiggerPockets Profile Mark Ferguson's InvestFourMore Wendy Papasan's LinkedIn Profile Noah Evans's LinkedIn Profile Rickey Rodriguez's BiggerPockets Profile Your First Real Estate Investment Podcast: How to Recover from the Great Recession and Leverage Creative Financing to Fund Your First Deal Joe Asamoah's BiggerPockets Author Profile AJ Osborne's Personal Website Steve Rozenberg's BiggerPockets Profile InvestHer's Partnership Question Guide Meetup Hal Elrod's Personal Website Dave Ramsey's Personal Website Cashflow The Board Game Matt Faircloth's BiggerPockets Author Profile BiggerPockets Calculators The Real Estate InvestHER Community Learn more about your ad choices. Visit megaphone.fm/adchoices

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Kickstart your well-being journey with your first audiobook free when you sign up for a free 30-day trial at audible.com slash BP money. Welcome to the Bigger Pockets Money podcast show number 240 live from BPConn 2021. Hello, hello, hello. My name is Mindy Jensen. And this is the only time you're going to hear my voice on this episode. My daughter tested positive for COVID right before I was getting ready to leave for the conference and I stayed home to take care of her instead.

This episode was recorded live at Bigger PocketsCon 2021. from New Orleans and is a super fun episode featuring Brandon and David from the Bigger Pockets Real Estate podcast, Ashley and Tony from the Real Estate Rookie podcast, and our very own Scott Trench. I hope you enjoy this episode. And remember, BiggerPockets.com is the place to go for real estate investing information and education without the hype. What's going on, everyone? This is your host, Brandon Turner, host of the Bigger Pockets podcast here with my co-host. Mr. David. Oh, I got to come up with a good one. It's harder than it looks, isn't it?

I don't think I've done this one yet. It's a little cheesy, but I like it. Mr. David, the green machine. Green. What's up, man? How you doing? I'm doing great after that. Yeah, good.

Good. Good conference so far? Oh, this has been a blast. Anybody have any good time? All right. Well, today is a live Bigger Pockets Real Estate podcast recording where we are going to have a conversation about, guess what? Real estate. Shocking, I know. That'd be a good way to end this conference. It's been

amazing so far. We've got to meet so many cool people. I got to really interact with a ton of you guys. I think I've taken four million selfies, and then I've taken some pictures with you guys as well. It's been awesome. And I'm going to start this thing actually before we get too far into this. Just introducing everybody. I think we'll go that way. Unless, should bring up Esther first? Let's do it. Who won the client? It was Esther, right? Not yet. You want me to wait? Okay. All right. Kevin's the producer.

Kevin's in charge. Kevin, you use your arms. Oh, sponsor? All right, fine. I like reading the sponsor. All right. So you guys have never seen any read a sponsored ad before.

This is a big moment right here. You guys ready for this? All right. Today's show is sponsored by Beardy Brew Coffee. I'm just kidding. No. This is beardybrewer.com. All right, let me ask you all a question.

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with Asset, it's time to get on with today's show. So, David, what's up, man? What have been up to lately? I've been. Anyway, let's move on with this. I'm kidding. Yes. Oh, can we bring up Esther now?

Now, is it okay, Kevin? Thank you, Dad. All right, Kevin, oh, this guy. Can we get up a round of applause for Kevin real quick? Yeah. So, true story. Before I welcome Esther to the table, I just want to tell a quick story about Kevin.

So years ago, I was getting a little bit burned out, a little out of alignment with the admin side of the podcast, but scheduling people and doing this work. And I said to Mindy Jensen, who was helping, I said, oh, Mindy, we got to get some help in here. I said, you know, we need, like a producer or like an assistant or something from like NPR who can come and just like help us. And she said the words, and we'll make fun of Mindy. We'll never get somebody from NPR to come help us. And an hour later, I get an email. and the opening line said, hi, I'm Kevin, I'm from NPR,

and I love your show, and I wondered if you guys need any help. I literally hired him in my head that second. I was like, it's to be. So anyway, Kevin, I love you. You're awesome, man. That said, I would like to introduce a special guest today on the show, a guest that I've had the pleasure of talking with a couple times walking around today and yesterday, and it's been amazing to get you know you the little bit,

so I'm excited to get through any more. So today's guest is Esther. Round of applause for Esther. Come on up. Esther, is your mic on over there? I don't know. Let's find out. Check, check, try it out. Is that mic on?

I don't think it's on you. Try it to happen. Oh, yeah, turn it on, maybe. There's a little switch. It goes out. Hello, hello? Hey, there we go. All right, we're going to go down the line

and I'll get some introductions to everybody, so we'll introduce you in just a minute. But for those who are listening to this, and we're not in the room, we did an auction for a hero's home a little bit ago, and Esther is the grand winner of a podcast guest appearance today. So congratulations to you. All right.

So let's move on with a quick introduction round, and then we'll get into the dirty details of real estate. So David Green. Actually, I'm going to play a little game here. Instead of just saying who you are, I'm going to say who somebody else is. Let me say who you are, too. So say who your name is.

And then I want you to say somebody you met in this room. And if you're in the room, you can stand up. If not, if you see them, you can point them out if you want to. But just somebody you met, maybe you remember my name. Maybe you can just point out and be like, guy in the shirt. and that will work too. So I'm going to start and take the easy one. My name is Brandon Turner, and I met Esther here at the Bigger Pockets Conference. Hi, Esther. Hello, hello. It's a pleasure meeting you

and everyone else. All right. All right, David. We'll let you go next. I met Mark Ferguson, the Invest for More investor, who I have seen affiliated with Bigger Pockets for years now. He's kind of one of the OGs on the site, but I was never actually able to meet him until the day. It's awesome. Good stuff. Me? I am Indrae. I am the co-host of the Realty Investor podcast, and I had the pleasure to meet Maria Frimstone. She is one of the co-authors of the book, the only woman in the room, and we have known each other for a couple of years, so it was really pleasure to meet you in person, finally.

All right. Hi, my name's Liz. I've got the pleasure to meet Wendy Papason. I've connected with her a number of times. She's spoken for a number of events, and it's just so cool to, like, meet her. And something she told me about was creating a mission statement. I just went up to her. It was so nice to finally see her and say, thank you so much for that suggestion, and like creating a personal mission statement. So it's neat to meet people virtually when you can meet them in person. My name is Ashley Kerr.

I'm the co-host of the Real Estate Rookie Podcast. For those of you that watched it on YouTube, you know it's really nice that I'm out of my closet that I record in. So this is great. I met Noah Evans, and I actually met him the night before the conference because me and my friends were homeless, and he let us stay in his Airbnb, and now we have a group text going where we might be doing a deal together. Yeah, Noah. What's everyone? My name is Tony Robinson, Asher's co-host for the Real Estate Rookie podcast.

I met Ricky Rodriguez this week. I don't know if you're in here, Ricky. We have met online. I actually interviewed him on my old podcast. before I joined Bigger Pockets, and he's just got really, really great energy we've always connected. So glad to finally meet you in person, brother, wherever you're at. There's so many heads out here. I can't find you, but happy you're here, man.

I'm Scott Trench, I'm the CEO of Bigger Pockets and co-host of the Bigger Pockets Money podcast. And I met Dr. Joe Asamoa. So I had a great long conversation with him today. It was a pleasure to meet him and Thorold with all he's done and contributed for Bigger Pockets. Fantastic. Hi, I'm Esther Rises, Loew, I'm following E.J. AJ Osborne for a while online. He's a wonderful human inside and out,

and it was a pleasure of meeting him here for the first time. Yeah, he is. Hey, Esther, tell us a little about yourself. What do you do? And how long have you been in real estate? What do you do in real estate? I'm a speech-language pathologist. I got involved in real estate about three and a half years ago,

for many reasons. Number one, I'm a mom. And as a speech-language pathologist, I was working with children, and then coming home to children. That was too draining. It was time to see some adults. in my life. In addition, I'm a massive extrovert, and I figured what better job to go into

than commercial real estate. I don't have to go back to school for this, so this was really exciting for me to jump into. There are other reasons as well that I decided to hop on board. It's been three and a half years, and I am not looking back. It's been a wonderful journey. I started as a realtor and the residential end, moved to the commercial space. About a year and a half ago, one of my clients that I sold a property to had asked me to help them find the JV partner. That threw me into the capital raising world. I've raised over

40 million in the last year and a half, and I took it now to the next level and started a private equity fund. In addition, I also transacted as a realtor, over $400 million in commercial real estate in the last three and a half years. And even more so, my husband

started noticing what I was doing, sending out properties to investors, and he's like, why don't you send them to me? So this started about a year ago. He was always involved in real estate, but right now he's like peddled to the metal involved in real estate. He started purchasing a lot of properties. He is now my biggest clients.

And we are set to hit $1 billion assets under management within the next year. That's awesome. How many of you all want to hear Esther, come back? back by the way and do a whole episode on the real estate podcast. We do that. All right. We'll make it happen. Obviously, you're in this as well, but I want to hear that full story. I want to go an hour and a half deep on that one. That's cool. All right. So with that said, I'm going to give a quick preview of what we're going to be doing today for the next, I think they gave us three and a half hours. So it's going to be great. That's a joke.

We got, let's see, hold on. They give me cards. I normally don't have cards. I'm not used to the card thing. All right, here we go. All right. So here we go. All right, so here is the plan for today. We're going to do a little panel discussion. We're going to talk about real estate, some of the things like what's firing people up, what's working right now in this market, what do you think is happening in the future, where do you think things are going, what they think about my beard, all that good stuff is coming up. We're going to do a live fire round.

So we're going to actually have questions from y'all. That's going to be fun. We're going to give away a big prize. I'll talk about that a little bit later. And then we're going to do Famous Four with a twist. You'll see what that is in a little bit. and then we're ending with a bang. We got a special surprise at the very end,

so stay till the very end. It's not going to be that long. What time are we at right now? Five o'clock. How long do I got, Kevin? 6.15? Okay, 615. So we're going to make it happen.

With that said, let's get you to do this thing. That's that little sound right there right before we get into the actual interview. All right. What's up, everyone? All right. So I want to start by doing a dance up for TikTok. I'm totally kidding.

question I want to start with is I want each person to go down the line. We won't do all these like down the line because those panels are weird. But I do want to start by just addressing like what's firing you up right now. I love that question. What fires you up? You know, we talk a lot on the podcast. Don't follow the fire. So like what's firing you up right now?

What are you choosing to be passionate and to suffer over right now? So David Green, what you start us off? I think helping other investors funding deals has got me really fired up. I started the one brokerage this year. We've been helping people who don't really understand, like, where should I get started. Lending is usually the best place to get started. You have to find how you're going to get the money. And then I, at least, I build my strategy around how I can get financing.

So sometimes people come and say, hey, what do I do? I'm going to do this? Am I going to do that? And they come up with something they like. And then they go talk to a lender and they realize, oh, it's not something I can do. It's very discouraging. So helping other investors sort of consulting with them, giving them a strategy based on the knowledge that I have that I build up and helping them get financing and then continuing in

Jiu-Jitsu because we can't do a podcast without talking about that. That's true. That's true. What I like about that is it is incredibly humbling. So in my life, most of the time, people are looking up to me. They're saying, David, how do I do this thing? And they look at me like, you know, I'm on a pedestal. But in Jiu-Jitsu, I am a nobody. And the 16-year-olds in that class are like, this is pathetic who let him in here. So it's a really good ego check. It's good for helping me relate to who the people that work for me or are doing a deal with my team, what they're feeling. You forget that when you get over it. Like I'm 10 years ahead of or behind, however you put it, those emotions that come with like buying a deal and being afraid of it.

And so I feel all the same emotions when I'm getting choked out by somebody or trying to learn a move that's really difficult. And I think that that's been good. Awesome. And Jessa? For me, it has been a syndication project with a social impact. leveraging our strengths, giving returns to our investors, but also helping women in transition. It really fires me up more than anything else. That's how I choose to spend my time and I can't think about anything else but helping other women to get a, you know, moving forward with their lives in a safe place that is really meaningful to me and that couldn't fire me up more. What's been firing me up lately is like making connections.

I love making connections between people. A lot of folks I've been talking to, even at the conference, they'll be saying something about Denver or wherever they are located and go, I know someone who can help you. And I feel like sometimes we do this business alone. We try to figure it out all on our cell and by ourselves. So I just love connecting people and making people's roads a little easier because sometimes you just try to do it all yourself.

And it's just not as easy when you're doing it yourself. So that just fires me up on a daily basis. When I can connect people and they can help each other and they can work together, it just gives me a lot of joy. For me, it's definitely the podcast. Tony and I are in a very unique and grateful position because there is nobody more excited about real estate than somebody that's just getting started. And we get to talk to those people every single week. It's been, what, three weeks now since we've last recorded a podcast. And it's almost like, we crave it. Like we were just talking last night, but we get to come here and talk with you guys,

so that is filling that void that we need. But every podcast that we record, we get those rookie investors on who just got started and they have so much energy and so much motivation. And like we draw off of that. So I think we're really lucky that we get to do that and hopefully inspire a lot of you guys too to stay motivated. It's a great answer.

So I think what's firing me up right now is continuing to scale our short-term rental business. I actually spent some time with Brandon a couple weeks ago in Maui and helped me kind of clarify what the future of my business looks like. So I think having a really crystal clear picture of what your future looks like can fire anybody up, like no matter what that picture is. So now I've got that picture in my mind and now I'm just trying to assemble the team that I need to make it a reality. But that's what's driving me right now. So I'm going to ask a question here. Who here thinks they're going to be financially free inside of 10 years from today?

Pretty much almost everyone here. Who thinks they're going to be financially free inside of five years? Three years. One year. All right. So inside of 10 years, and in some cases along a sliding scale, nearly 100% of this room or 85, 90% of this room feels like they're going to be financially free. That is unlocked human potential.

And that is what gets me fired up every day to do what we do here at Bigger Pockets. And you can see that continuing to grow bit by bit, week by week, thanks to the great efforts of our team here at Bigger Pockets and all of the folks we have on this panel and this podcast here. So I just get up every day trying to do that and continue to drive that incrementally forward. And that excites me. I love helping people, whether it's education-wise or financially giving advice. So the more I have, the more I can help in any way. That was another factor in inspiring me to start my fund, is that I am able and able people to teach them that investing in real estate,

is very beneficial and all the benefits that come along with it. So I love educating. And another thing that gets me fired up are my eight beautiful children. Every day I love being a role model to them and showing them, you know, that anything is possible. Yeah. Isn't that awesome? Eight kids? Wow.

All right. So that's what's firing you up right now. And I want to shift a little bit and talk about what's working right now, specifically now in the real state space. I don't want to start with Scott, actually, because you're the one that's probably most analytical guy I know. You actively listen to economists for the fun of it and read books on that stuff. And so, I'm wondering, Scott, from your perspective, what you're seeing, and you're seeing the whole bigger pockets community, you're seeing the real estate world at a level no one else really sees. Where are we at and where we headed? I'll stop, I'll start from the top

down with that, and I'll try to condense this to two minutes on that. I think, you know, we just had a 90-minute talk about the state of the economy and a lot of good news, I think, for real estate investors. But if I have to boil it down from another angle, I'd say it's 2021. Where do you go right now for return? Do you go to the stock market, which is at a really high valuation? Do you go to cash with inflation looming on the horizon? Do you go to Bitcoin? Do you invest in bonds with interest rates at all-time lows? And so if you want to take an opposite lens, from the optimism we heard yesterday, you can say, what's the least bad option that you have right now? And I think real estate and being able to borrow fixed debt at long-term yield,

and, you know, Jay Scott has mentioned this is that debt might be the best asset in the environment that we may, a lot of us may expect over the long-term with that. And so, you know, considering to buy real estate is a part of my personal investing strategy, of course. And recently, I and my business partner purchased a higher-end duplex with higher-income tenants because if I drill it down even further, I like the Denver market, and I think that there's a rise of these higher-income renters coming gradually bit by bit over the coming years. And so I've been specifically going into that. But I'm probably the least advanced investor on this panel at this point with my small Denver portfolio. So I'm interested to learn from you guys.

Anybody else want to comment on that? I'll think you have a couple other perspectives on that. where we had any, David, you want to throw in your thoughts? Yeah, just take this with a grain of salt because none of us know, and it's very easy when you listen to someone you respect to think, oh, they say that, so I'm going to go do it. We don't know. But I will tell you that I'm putting my money where my mouth is, so to speak, when it comes to this.

I'm watching what the government is doing when it comes to just continually creating stimulus every single time we get into a problem. And I don't know what's going to happen, but I think it's reasonable to expect that we can expect more of the same. That's going to keep happening. The last words I heard was that we're creating a $3.5 trillion stimulus package, but it's okay. It won't cost you anything. We're just going to raise the debt ceiling and print the money.

So when I hear that, I don't get angry about it. I mean, you can have your opinions of if it's good or not, but you can't stop it. So the question becomes, well, what do I do to position myself if this is going to happen? And I think that it will create inflation. I can't see how it couldn't create inflation. We're adding this much money to our economy, and we already have a housing shortage that might continue to get worse because it's very difficult to build property. So from that perspective, it makes it, it gives you a very big target when you're investing in real estate. It makes it

much easier to not make a mistake or to not lose money when you're getting billed out by appreciation. So you're also competing with cash flow for everyone else that wants it. It's not just us at this conference that want real estate. Venture capitalists want real estate, hedge funds want real estate, the information age and podcasts like this that put this information out to the masses, and every year more and more people get into this, which is great for us that are investors, but it's also not good for us that are investors because everyone else is hearing the same thing. So what I've done is I've just expanded my time horizon of what I expect when it comes to how the property performs. So when we used to say I want a 12% cash on cash return year one,

I'm now okay to look at a five-year perspective and say, well, what can I expect after five years, how will this property be performing, or even three years in some markets, rather than just waiting for the perfect deal to come along and everyone else is grabbing it before it becomes the perfect deal. Let's talk about this. Future trends. Like what trends do you guys see happening? Like I said the other day I was talking on a panel. I said I like to look for 30 year problems. So like where is the world headed to that we can get in the way of? I think I use the metaphor of like when you're hunting for whales out in the ocean. Like you don't go to where the whales are. You go to where they're going to go. You look for them and they're moving and you try to cut them off.

I don't actually mean hunting by the way. I just mean paddleboard to that. and then shove the paddle into their blowhole. It's great. Totally cute. That's a joke. It's a joke. I just love that vision of like, like, I'm like, yeah, like just. Just sounds so much fun.

All right. So where, like, what problems do we see in the real estate market that if we get into now, we may be able to head off? Maybe Liz and Justin and Jastel, what do you guys, do you guys see anything in particular that we should be thinking about? getting more into. I know it's a long-term solution. What project or property do I want to buy, but what local problems can I solve? For us, we're also doing a lot of ground-up construction right now, because most people are looking for current assets. We're saying, where are the eyeballs,

and how can we do something different in the markets that we know? And so that's the other part, is that you're solving the affordable housing along with how do we keep our investors active in what we're doing, because deals are harder to find, and then how do we really create that issue in that particular area. As long as you're doing that, you can't go wrong. I don't think you can, you can't miss on that. But in every area is a little different in terms of what a four-will means. And you want to add on that? You feel like she covered it. Well, she spoke very nicely about that. I think that I like the part that what can go wrong, right? Things can go wrong with single families, things can go wrong with small multis and large apartment. So I encourage you to

really think about your partnerships before you get into, you know, to one. Really understanding what are your short-term, long-term goals, and then your partner and then together, we recorded a podcast on partnerships. It is a big deal. So,

before you say, hey, you like syndication. Yeah, I like syndication too. Well, okay, let's talk about the name of our LLC at the end of this conference. Really get to know the person. We got to know each other for two years before we did our first deal.

So dating before getting married is something that we highly recommend. That's good. All right, so let's talk about, there's some people in this room maybe who are not as experienced as others. Maybe just getting started. How many of you done less than three deals total? Like, okay. Wait to be here, you guys. Yeah, you guys are awesome.

So it's probably, for those listening to this right now on, you know, watching us on YouTube, it's probably, I don't know, a quarter of the room maybe. And so for those people, I want to start actually throw it down. to Esther first. Like you said you're an extrovert. So tonight we're going to go out, we're going to go out and I'm sure we'll hang out with people. We'll see people at the restaurants, the bars, whatever.

And then we leave here. We go home. We go to real estate meetups, whatever. What advice do you have for people that are getting started, maybe they're newer on their journey to like get out there and meet those people that they can connect with and network with and try to build the business together? You don't have a lot to offer in the very beginnings. What can you suggest? So I'm a

massive extrovert married to the most introverted person. My advice to everyone is just be yourself, be your true, genuine self, and people will be attracted to you based on you trying to be you. Don't try to be the next person. Everyone can work themselves, but be them. Don't try to be someone you're not.

That's really good. Ashley, get through that one of you as well. Ashley, Carrie, you're only people that, in every circle I go in life, you're in that circle. You're already in that friend group. That's just because I'm stalking him. That might be because you're stocking me. But everybody loves Ashley.

Everybody loves all you guys. But Ashley has a special place and everyone's hard. So how do you do that? How do you make everyone want to take you under their wing? I think you said you tricked Steve Rosenberg into coaching you. Like what? How does this, how do you do that? Probably because they feel bad for me.

Well, one thing is sliding into people's DMs. So the first time I ever went to a meetup, I didn't know anybody in my area. So I looked like on the little meetup.com to see who was actually attending. and I found some of those people on Instagram and I messaged them and it just gave me a face so that when I got to the meetup there was somebody I could look for and go talk

to right away instead of just walking into a room and not knowing anyone. So definitely trying to connect to someone before you go to a conference or a meet up so that you have that person to meet with before. That has definitely helped me. Can I add something that Ashley does really well?

So Ashley's really good at connecting other people. I don't know if you know this about yourself, right? But it's like every time that I'm with Ashley somewhere, she's like, oh, Tony, come meet this person. Oh, you know, come meet this person. Like, I'm looking at this table that's in front of me right now. I'm like almost everyone here I know because of Ashley. And it's like everywhere that she goes, she's not just focused on who she can connect with, but how can she be a connector of other people?

And I think that goes a long way as well. Thank you. Can I just say something? Well, for all the introverts right there, raise your hand. Where are you? See? There you go. So I want to share something for the,

The extroverts, think about it, they wake up every day with tons of no coins. So every time they connect with somebody, they get a coin. And at the end of the day, they had a ton of coins, and that is like energy. So Liz, you see, she talks, talks with a lot of people. And at the end of the day, she is full of energy. For us, introverts, every time that we talk to somebody, we give away a coin. So we are like, whew. So think about it.

When you go to those events, be mindful. of that the day before. Give yourself that time, by yourself, whatever, it's a bathroom, in the shower, or whatever you want, to really go to those events charged up. And give yourself some breaks also. So you can recharge during the conference and be present when you're meeting other people. I love that. I really like that. Tax season is one of the only times all year when most people actually look at their full financial picture, including income, spending, savings, investments, the whole thing. If you're like most folks, it can be a little eye-opening.

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Catherine Newton, Sarah Michelle Geller, and Elijah Wood. Ready or not two, here I come, only in theaters March 20th. Get tickets now. So we don't have a lot more time for about this section, of the podcast. So I want to move to one kind of final question. You know, we are obviously on stage here and we've got big mouths and so we get on podcasts. But we're just real estate investors like everyone else. We're all on the same journey. It's one thing I love about real estate. Isn't it

fun? We're all on this like journey, this hike, this path and like I might be a little bit further than some or some might be a little bit further than me, but we're all doing it together. And this is such a testament to that. So with that mind, knowing that we're just real estate investors all trying to build our personal portfolios and trying to build better futures for ourselves, that you took this week, that you heard here or conversation, or maybe just a reminder to you of like, oh, yeah, I need to do a better job of that. What's something that you, that occurred to you this week that you can, I guess, take going home? Who wants to start? Maybe you got a good one. I will. Well, going back to Stocking Brandon, this is what day eight together or something.

And one thing that Brandon said to me was, he basically what your talk was today about the carpet store. What would you do if you wanted to stretch carpet? And he did that with me and really made me realize that I need to focus more on one thing instead of spreading out. And I know that I need to do that. And so I did. I'm going to focus on campgrounds and RV parks. Good job. Thanks. Yeah, for me, Hal Arad was just a really great reminder. I'm familiar with the miracle morning. I do my morning meditation. But the one thing I used to do that I haven't been doing consistently is visualization. And I loved his point about not just visualizing the end, but the process. So like I said, my husband and I have been heavily involved in multifamily syndication,

but one of my goals is buying a vacation route. I really want to buy my first vacation by the end of the year. So I see that, but then I haven't been thinking about all the steps that I need to do. And then I've gotten just really excited about, okay, I need to find a partner, you know? And I just leaving this conference reminding me of, like, think about all the steps, but not just that I have to do it all myself. I need to help get some who's and get some support and then make it happen and I'm going to make it happen. So you got my word by the end of the year.

There you go. Well, let's want to go next. Who's got one? I can add one piece to that. And this is more so for, I think a reminder for all of you guys in the audience, people always come to us as like the podcast hosts and think that we're like, you know, providing an insane amount of value. And obviously, there's a lot of smart people up here. But, you know, at the end of the day, like, all we're doing really is like asking the questions to, you know, the guests. right to some of you that have already been on the show. So I think as much as you guys are,

you know, coming to us, you know, in the middle of the sessions and asking for advice, like, you will probably get just as much value, like, if you turn and talk to each other. So, you know, when I was up here early this morning, I encourage you guys to communicate with each other and talk to each other, but, like, really take that to heart. Like, you will probably meet someone in this room that could change your life. Like, my life changed at a meetup. That's how I started investing in short-term rents. I met a guy that was investing in Pigeon Forge, and I followed him there, and it literally changed my life. So just a reminder to all of you that, you know, the people that are sitting next to you are the ones that can really kind of change the trajectory of where you're going.

Esther. Howell was discussing about accepting your situation that you're currently in and moving on. I try to live my life by that, but it was a great reminder to just, you know, accept whatever situation you're put in and that there are no excuses. Like, keep going, keep moving, keep pressing on the pedal. Scott. Yeah, for me personally, I think it's a reminder to do more real estate investing. You know, I'm almost way too conservative, I think, in my approach, and it's been a couple years, and I could buy a couple more properties next year.

And it was a reminder, all the economic signals are pointing to that, and that's the core thing, so I need to get more active there. And then I would just, you know, I would just echo Tony's comments there. The power of this community is not any one individual's thoughts, but the fact that there are 1,000 people, 1,500 people here who are often achieving success. and completely conflicting philosophy, short-term versus long-term, and it all can work, and you just need to gather that information from a variety of sources to inform your approach.

Awesome. Interesting. For me, with deeper connections, I really have a pet peeve when people say, hey, what's your name? And then the next question is, how many doors are you on? It doesn't get them anywhere, so I refuse to answer that. So I rather have more meaningful conversations to get to know the person, what the person's goals are. How can I support them instead of them getting to know about me? Like, how can I support you?

So tell me about you, who you are, what you care about. So, and then I can share what I'm doing, my behaviors and not my doors. I'm not my thoughts. I am not the number of doors that I own. My value is not tied to that. neither yours. So I like more meaningful conversations and I got to have this and I'm very grateful for all the people that I talk to. Awesome. David Green. Yeah, it's very similar to Andresa. When Brandon and I are at these

conferences and probably everybody on this stage, we don't get to attend a lot of the speakers. We're mostly trying to make sure you guys all have a really good experience and pump you up however we can. So I don't think I got to hear very many people speak. But I did have a moment in the middle of the chaos where Brandon and I were kind of recharging. And I think the seeds you planted sunk extra deep because of that exhaustion, or the defenses that you have that say, I can't do that, I got too many things to do. You weave it right through all that. And you actually told me that what you think my highest and best use would be is to partner with the people that are the best of the best at the best of sourcing capital. They're doing great at apartment investing or

mobile home park investing or they have something going on that's already really good. And I need to be partnering with them and sort of adding like gnaw to their engine. And that is a thing that I've noticed that I definitely do better when I'm jumping into something someone else has started than when I'm trying to build that campfire myself. So my big moment came from a conversation that you and I had in between a bag of almonds and catching our breath. He was eating the almonds. I was eating the M&Ms. I'll say this. I was on a panel with Steve Rosenberg who I know I had to head out already, but Steve Rosenberg earlier today said to me, well, not to, said to everybody, but I really took this to heart, was just that he had this, this B do have formulas, B times do equals

half. Am I saying that right? Yeah. I think so. Yeah. B. And you're saying like, people see the have. They see the result, whether that's, they see the financial freedom, they see the Tesla, the private jet, whatever it is, like you see and you're like, I want that thing. And so then they're saying, what do I have to do, I'm going to do the thing. And then they do the thing or they try to do the thing, and they just can't seem to get the half. They can't get what they want. And he was saying that's because the be,

in other words, who you are matters so much. And that combined that was something, David, you said, you were talking to a 13-year-old, like, teenager here earlier, and they asked the advice, what advice do you give a 13-year-old? You said, do hard things, like run towards those hard things. And what I just kind of combine those two together and realize, like, that, when you run towards, hard things, when you run towards the difficulty things.

Like, I was thinking, lately I feel like I've been kind of coasting a little bit. And it just started me thinking, I guess that's what I'm going to take out from this is a thought of what's the next hard for me. And maybe that's, honestly, I mean, I know what it is, is becoming a better leader to my team. Like, I'm not good at certain things that I should be because they're hard.

And so I've been kind of avoiding them, but I need to be a better person, a better leader. And therefore, that's what I'm going to take from this. So awesome, guys. thank you for that. Now, we're not quite done yet. We still got a little bit of time yet. So I want to shift over to the Magic Cube part of today's podcast recording. Yes, there is a magic cube. It is a microphone in a foam cube. So that means it is time for the fire round. It's time for the Fire Round.

That's pretty good, right? All right. So for today's Fire Round, we're. We're going to have you guys ask some questions. Do we have two mics or just one mic? Two mics. All right, what's that? Right there? All right. Hello.

All right. So we're going to actually give you guys the opportunity to ask some questions. Now, we do want to preface this with it's, we want to get as many questions we can in. So we're going to, like, pull a Dave Ramsey here. If you've ever asked Dave Ramsey a question or you ever see Dave's show, the people ask a question very directly because they've been prompted to. So I just encourage you to think, if you're going to ask a question, just think, how can I put this in one sentence? and then ask it. Now, if the microphone's not picking up, it means it's upside down.

I think you just got to flip it upside down. What side's up? There's like four little white dots. That means up. So, if you're near the microphone right now, who would like to ask a question to anybody? You can ask you to the whole group, or you can target a person individually.

Who wants to ask a question? I think we got you. When you're vetting partners, what kind of questions are you asking? Veting partners. What are you going to take that one? I'll start. You should ask to look at their financials.

You want to make sure that they have a strong foundation with their personal finances or any other businesses they have. And with a partner, it doesn't mean that they have to have a lot of money, but that they know how to manage the money that they have. So looking at their tax returns, their credit score, any financial information, they'll give you a financial statement and just going through those, even bank statements. So definitely uncovering that and seeing how well they manage their own finances. Anybody else want to jump on that one? We'll do a couple answers each. I'll answer it. I talk to a few people here at this conference,

and you can get very much into the tasks sometimes with people. Like, what do you want to do? What do you want to do? I like to say, where do you want to be in five years? What brings you joy? Because if those answers can't be answered, if you will, then nothing else really matters. You know, I want to help anyone I partner with.

I want to help them achieve their goals. And I want to see them in their full joy, if you will, versus, okay, you do that. that I do this. That's a ton of transactional. Great partnerships are not transactional. They're deeper than that. And also listen to the podcast that we record about partnerships that we share a little bit deeper. And I think there is a PDF at the end with specific questions that we shared. Cool. All right. Question. Out of all the deals that you've done, what's been your favorite and why? Can I start this one?

My favorite is the fourplex that I bought for my daughter Rosie the week she was born, just because it's such a cool idea to buy a property. For those who don't know, it's you buy a property for your kid. You put it on like a 15-year mortgage. And you don't even need a cash flow. You don't even need, you just got to hold on it. If you can hang on until it's paid off to zero,

that property's worth one, two, three, $400,000 by that point. And so, yeah, I love that deal because of what it's going to teach Rosie and Wilder. Are you guys? Anybody else? Yeah, I can talk about. mine. Mine was the first short-term rental that I ever purchased. Before I got into the short-term rental space, I was doing long-term rentals. And the first long-term rental I bought, I think we were making like 150 bucks a month in profit after paying the department manager and all that stuff.

Our first cabin, we grossed $143,000 in the first year. And we netted, I think, 80 grand on that. So, like, that was like the best deal I think I've ever done in my life. I haven't done that since. So it was like a one-off. But yeah. Anybody else? Yeah, I'll go. Um, my best deal is my mission. excuse building that I have my liquor store in, and I bought it for $20,000. Two years previous to that, the owner had wanted $90,000. I was very patient, which is hard for me. And I got him to sell it to me for $40,000, but I had to take a duplex. So I ended up wholesaling the duplex for $20,000 and ended up with this property for $20,000. Took on a partner to do the rehab, and we put $70 into it,

so we're all in at $90,000, and it appraised at $220,000. So that was my, I'm a favorite. My baby. I'd say our favorite project was about five years ago, we were kind of growing very steady, like literally a fourplex, a sixplex, like we just added two units. And then we kind of shot up to like 50 units, and it felt like a really big stretch for us. And the gentleman who's selling it wanted 3.9. We offered 3.2 and said, he said, nope, I'm going to get my offer. I'm going to get my number. See you. And it's really hard when you start to. We always hear don't fall in love with properties, right? And we really like this property. We just really did. And I was hard as just to let go.

The numbers worked where we were, and we said, okay, it's not meant to be. And six months later, his loan was come and due. He was more motivated. His first buyer fell out of the deal, and we were able to buy it. We came up a little bit, about 3.3. But it was a great lesson about just staying your ground on numbers, especially in this market. Really be mindful of not overpaying and getting into the throws. I've got to get a deal.

I've got to get a deal. Get the right deal. Don't just get properties to get property. properties so you could check it off the list. So I just thought that was a great lesson and that had never happened before. So it was a really good reminder, especially in the market up today. Yeah, very cool. All right. Another question. What we got right here? Is it possible to raise money if you're not an accredited investor? Is it possible to raise money if you're not an accredited investor? Yes. Yes. Also, what's your favorite submission? Yeah, you can raise money if you're not a

credit investor, you just can't put money, and I'm not a lawyer, so whatever. You just can't put money into a syndication of a certain type unless you're accredited. But yeah, if you're not accredited, you can still raise money. That's right, right? There's no lawyers in here yelling at me. Yeah, okay. All right. Kind of a follow-up to that raising money. If you're starting your first fund and you're raising money from friends and family, which a lot of people do, how do you get over that mental block of losing your friends and family's money if the deal goes sideways? And is it better to refinance them out of the equation so you can take a sigh of relief or keep them in long term maybe at a smaller percentage or something. That's a great question. I've been asked that before.

I like that a lot. You want to cover that one. Liz, I know you do some syndication stuff. Yeah, I mean, you know, our first private money partner, if you will, was my father, you know, and he loaned us $30,000 and that's how we bought our first property. We put everything in writing. We treated him just like you would treat anyone who was in a handshake. He was just because he was my father. So I think that's number one is you want to treat your friends and family as it's that you don't know them. And you also want to go over the risks. This is what can happen. You know, things happen in this business.

We don't all have control over. And I think as long as you put your investor, your family, or friends, above your needs, that's critical. So you're raising money, you don't come first. Now, you don't shouldn't take a hair, you know, you shouldn't not make money, of course. But they're lending or working with you as an equity partner, their needs come first. And I think as long as we've had to do it where certain deals don't work. out the way you want them to. We've made it up or made them whole on another deal. So unless you're in this for the long term, don't forget that. You're on the long game. You're not doing one deal and you're

out, right? You're doing this to the long game and you're doing the right thing by people. You can't go wrong. Even if it means you have to shuffle some things around, reduce your equity, whatever you need to do to make them whole. Like you would do a friend or someone you just met. They both should be treated the same. Esther, do you have any thoughts on that? Yes, before introducing any investors to any deal, you want to do as much due diligence as possible. I always start with a conversation with the sponsor. For me, the sponsor is more important than the actual deal. I want to talk to them.

I want to see what kind of person they are. Next time I'm going to check their track record. I want to see what they have done. After that, I would love to get a referral from someone that had invested with them before to see, you know, what type of, how they receive their returns and, How was it dealing with that person? Following, I'm going to actually look at the deal. I hired an underwriter that's going to look at the deal,

a third party, besides for the underwriters that came from the sponsor, and I'm going to check every single detail of that deal thoroughly before introducing it to any investor. And personally, as a fund manager, I invest in every single deal that I raise for. So I really have to like the deal on the sponsor. Yeah, that's cool. All right.

So if you have a 10-year-old, and he's already read Rich Dad, Poor Dad, Richest Man in Babylon, and Miracle Morning, and Eat That Frog, what would you recommend that you read next? If I could get a few options, I'm not sure. How old? He's 10. Ten, all right. Yeah, that's awesome.

So, book recommendations for a young one. I would say he listens to the Real Estate Rookie Podcast. He does. He does. David, what do you think? Any books in mind? Is 10 too young for extreme ownership? No. But Joccoe's got the young. He's got the teenage books too, though. Jock. Yeah. Edit out the cussing in extreme ownership.

You can give that stuff. It's just such a good book, man. Like, there's very few ills that extreme ownership is not the medicine for. Really, really, really. It's difficult, but it is such an amazing habit if he gets into it 10 years old. to learn to look at the world from what could I have done differently or better. It's just massively empowering. And that's what you want, as him to be developing confidence to try new things and fail and say, okay, I learned and get back into it instead of thinking, well, I guess that's not for me. It didn't work out.

Scott, what about you? What do you think? What do you think? What's a good book for a young Hurston to read? I was thinking, like, I don't know another book outside of those five that you listed there. But I think that two skills, we can go back to yesterday to Brian Balliow's presentation and talk about learning that second language. I thought that was really good advice for a lot of parents. I'm not a parent, but that's something that I would be really interested in.

And I think STEM and specifically computer science. So if we're already thinking about building wealth, the understanding of how programming and building systems like that will work would be another leg up that, you know, if you can acquire that in your teens, it's going to follow you for the rest of your life. What about Set for Life? Step for Life is great. As well, you know, you can always plug.

I'll plug that. So if you want a copy, you never find me. One thing to add there. So it's not a book, but I played the cash flow board game with my son. And that's really cool at that age because they're old enough to start to understand some of those concepts. And, you know, they've learned about assets and liabilities in like a real world kind of sense. So, yeah, really recommend it. Awesome.

Yeah. There is a book called The Board Game. One thing that I would say is spend one-on-one time with him, make him memorable for him. make his special time with him. That's going to set you both in a very specific journey. As he grows, his confidence in you and vice versa. That's strong. I'm a little offended.

Nobody said the multi-family millionaire. Volume two. All right. Other questions. Where's the box? Where's our magic box? Right here. Right here.

To add to that, I would say the wealthy guard. Let your son read that book. Oh, yeah. That's great one. So good. All right. So my question is, at what point do you think the government's kind of going to step in to help solve the affordable housing crisis by, you know, providing more Section 8 programs and things like that? Yeah, good question. What do you guys think?

When's the government going to step in more? I'm going to try answering that in a roundabout way here. I think that those programs, many of these types of programs appear to already be reasonably funded here. And I think that we should be cognizant as a community of landlords that affordable housing is going to get worse. If we're right, and we think that what we just heard yesterday from an economic perspective is going to come true, it means rents and prices are going to continue to climb. That's literally the bet that almost everyone in this room is making. And so I think that's really important to keep your reputation front and center as that happens, because that can create

problems downstream if we're right and more wealth accretes to landlords through inflation with that. And so I think that the answer is affordable housing is not likely to get solved. Prices are likely to go up. Rents are likely to increase. And that is the investment that we're making. And we need to be cognizant of that and be fair, equitable and treat people right as we're building those businesses. How's that? Does that work?

Yeah, that's really good. Yeah, sometimes it's easy to get, not excited, but maybe excited. like we're so well, we're in such a good spot in this room because we are, I think we most of us believe, as we learned again yesterday, we're in just such a good spot right now in, in the economy and we're in real state, it's going to do awesome, but it's just important to, yeah, remember that 90% of the Americans are not in that spot and life is likely just going to get worse for them. So, yeah, being just remembering that. I can try to give you some form of practical answer. That's impossible. We don't know when the government's going to say we're

going to do it. What I would be watching for is when it's covered in the news heavily. Because the way it typically works is the news talks about it. People agree with it. Pressure makes its way to politicians. Politicians feel like they have to make a decision. And then that decision is made in whatever direction the current political leader is drawn towards. So it probably won't happen until you see people get really mad about it. When I start seeing that is when I will expect, all right, it's one matter of time now before they expand the Section 8 program or create some stimulus package where they're going to try to build more housing.

That would make sense right now. I'd like to see something like that. But that's the closest answer I could possibly give you to when that would come about. Another question. Where's the matchbox? All right. All right. Hi.

So my question is, as a rookie, how can we be more appealing to hard and private money lenders if we only have one deal that we've acquired through traditional finance? net. Rookie host, one answer that one? Yeah. So just let me, if I can take a step back, right? Like, I think so often people that are new, they undervalue

how much knowledge and skills and abilities they actually have, right? So if you've done a deal, like, you're ahead of like 99% of the people that haven't done a deal, so you have some kind of value. If you're going to private money, and actually I was talking with Matt Faircloth earlier today, because you wrote a book, Raising Private Money. So if you haven't read that, I would definitely encourage you to do so. But just detail out what you did on that first deal and how it was successful for you.

And if you can present that to people, it's going to resonate with somebody. Will it resonate with everybody? Probably not. Right? Some people are going to look at you and say, hey, I'm not comfortable with that, but there's going to be someone in your network or your extended network that says, hey, I like what you did. I believe you can do it again. And that's going to give you the kind of road path to move forward with. What would it look like if you showed up with a professional appraisal that you've already paid for handed to them with confidence? A scope of work written out by a professional contractor saying what it would cost. A three-minute video from that contractor saying, I am John contractor, and I will do this deal

with this scope of work for this much money. And then maybe like the backing of somebody that you had done a deal with before. I think the way you present it is just as much or more important as the actual experience. When we say we're looking for experience, it's just a shortcut to try to figure out if somebody knows what they're doing. That's all that it really is, right? So you're taking away the need for them to try to figure out if you know what you're doing by presenting yourself as someone who does.

I love that answer. Yeah, the sentence, like, how you do anything is how you do everything, I live my life by that. And that's why, like, if there's a spelling error in our PPM, like, I'm sure there is, but it really, really bothers me because I don't want a lender seen, like, oh, they're sloppy with their spelling. There must be sloppy with their investment. So if somebody came to me and wanted me to fund their deal, if they brought me, that? Like, I am a hundred times more likely to fund their deal. I don't care about how

much experience to have. I've had hard money lenders tell me the exact words. Branded, if more people put together the detailed reports like you do, I would fund way more people. Like, I had my first hard money lender say that back years ago. That's what actually led to us making the bigger pockets calculators is I was like, oh, well, maybe we should just systematize this and make it so everyone can make nice looking reports. So, yeah, being professional, I think is huge. All right, let's do, I think we have time for like two more, maybe? where's the match box? Which personal characteristic or trait

do you think is most contributed to your success and how is it done so? I have no idea where that box was. Back here. Oh, okay. Can you ask that again? I was looking at every. No problem.

Which personal characteristic or trait do you think is most contributed to your success and how is it done so? Esther, once you start? Were you asking Brandon specifically? No, everyone. All y'all.

That's, for me personally, just learning to stay present at whatever task I'm doing, whether it's being a mother or working or writing or everything else I do in between, it's just staying present to the task at hand and doing that to its fullest and being super committed to whatever you take on. Scott, let's just run down the list. I like this question. I think I would describe it in one word of, I think I'm coachable, whether that's reading or learning or absorbing feedback in one-on-one mentorship.

I think for me I have like almost an insatiable curiosity when I decide to try and do something. Like if I have a goal in mind, like I'm going to try and read and learn and watch everything I can about that topic. But then I have the, I think the discipline to actually start taking action as well once I've learned all of those things. So it's served me well. For me, it's building stuff. I like to create businesses. I like to figure out how to do that. And then once it is built, I get bored.

And I like to give off the day-to-day operations. But I used to work for investor, and I helped him build a lot of businesses. And that was where I really excelled as to putting all the moving pieces and parts together and then getting it all to form and stack and to work well. So I'd say that was my strength. I say for me is being tenacious but doing it in a kind way. So, you know, from my sales experience to starting our business, I just am super tenacious. I don't give up, but I do it in a really nice way.

So that's what's just work for me. For me, it's integrity. What I think, what I say, and what I do are aligned. And I expect the same from the people that I surround myself with. I think Brandon Turner and I, part of the reason we became good friends was we both have, we get easily frustrated with things that are not done at a level of excellence. I think we both just have a drive. I don't know exactly where it comes from in each of us.

I couldn't answer that. But we like to be really good at whatever we're doing. And so when you're always striving to be excellent, it forces growth. Like it's impossible to not grow if you're always trying to be the best all the time. And so I've just backed my way into opportunities that I didn't see coming because I sort of outgrew the shoe that I was in and another opportunity was right there. And I'll just say I'm lazy. like that's the truth like I just try to find the quickest way out of every task I have to do

and there's that famous quote right of like if I had like Bill Gates I think or someone said you have to like if I wanted something done I'd hire a lazy person yeah I'm just incredibly lazy I would just prefer to not do anything ever and so it just makes it I'm always trying to find it faster and better and more efficient way to do it all right last question right here so you guys give us tons of value as well as the other speakers this week, we just entered quarter four. So what's something you folks are attacking here, whether it's personally or professionally? Let's start at the end. We'll do one more rundown. We'll call good on this part.

Esther, what are you tackling right now? I need to learn how to delegate a little better, personally. I'm a perfectionist, and things are moving really, really fast, so it's hard to find the right people to hire and to learn how to delegate. That's something I'm working on. Okay. We're working on a couple of leadership team hires at Bigger Pockets. And then personally, I am working on a new fitness goal here in Q4. I have a certain body fat percentage of trying to hit. We've got a goal to get to 1,000 short-term rental units by the end of 2020. And if we're using Brandon's framework earlier, I'm like in the architect's seat, so I need to start filling in those other seats that help me get there.

For me, it's building a team. I just hired an acquisitions manager that will start in a month. and then a bookkeeper. And I'm also coming out of the closet. I just got under contract, a property that will be my new office. It's 30 acres with two cabins on it. And the one cabin has big, huge glass sliding doors like Brandon's see shed. But instead it overlooks a beautiful pond. So, I mean, almost just as nice.

Wait, can we clarify it? But I'm going to turn it into my office. Can we clarify the coming out of the closet part? She records her podcast in a closet. So this new property is where she's going to be. recording her podcast. I'm putting in my office and a podcast studio. Thank you very much.

And a few things on the horizon. You know, from an investing perspective, we're starting a fund, which is really excited because it's going to be a little more diversified. We're working with operators. We've always been the operator we've worked with, so to speak. So that's exciting. From an investor perspective, we're building our team,

you know, and that's exciting to support us in different ways of supporting women in this business. So those are the two things really, you know, pumping me up. letting go and not having to do everything myself and some of the things the rest of the host have said. Yeah, the real estate investor community has grown organically to a level that we hit a ceiling and now it's time to take to the next level and get coaching and advice for other people that living on a different platform in a different world. They see things in

in different ways. So going back to being coachable, coming from those folks that have done what we're looking to do so we're able to serve more women. This is such a good question. Even with all this time to think of it, I have an hard time.

I think I'm probably going to take a page out of Brandon's book from the advice he gave me. I'm looking to hire an asset manager to help manage the properties that I've already bought, not a brand new person, which is typically where I always start with. It has to be someone with some experience. And then hiring loan office.

officers to help more people that want to get loans to be able to buy real estate. As well as what you mentioned is a person who's already really good at sourcing deals, finding deals, putting money into play, and then coming in and seeing what I can do to amplify the success that they're already having. I'm excited about the new Brandon Turner coaching program, $89,000. Run to the back of the room now. No, I'm working on an idea of a foundation I mentioned earlier, a way to raise money. I have this cool idea.

This is the summary in 30 seconds. I'm like, man, syndicators like myself, like we could take a $50 million, raise a much money to buy it for $50 million, sell it five, 10 years later for $80 million. That's just normal practice for a syndicator. But let's not forget, that just made $30 million out of nothing. So I thought, well, like, what if I just dedicated like one out of every 10 deals I did to do that? And we just like buy them in our portfolio, manage them, raise the money from, instead of

investors, we're raising it from donors. Donors get their money back at the end of the deal. But we just create tens of millions of dollars out of fines. by repositioning real estate, which I'm pretty excited about this idea. So I've got to work through the, obviously, a million things with that. But that's going to be coming here at the probably Q1 of 2022. I'll be working on that. So all right, thank you.

That is the end of the fire round. Big round of applause for these guys, if I could. And thank you to all of those who asked a question today. And for those who did not get a question, guess what? Later tonight, we're going to be out hanging out. We're going to be in the bar. on Bourbon Street, maybe in the hotel. Ask your questions, and we are not the only ones that can answer questions.

You're like, ask the people around to these questions as well. You'll be shocked to hear the wisdom in this room. The combined wisdom and knowledge in this room is just insane. So with that said, we're going to move on to the next section of today's podcast, and that is, oh, here we go. All right, all right. Got to move the card here. We got the prize to give away.

So we're going to be giving away one night with David. I'm just kidding. All right, we're going to be giving away. So, 55,000 going once. All right, so we have an awesome prize to give away. We've had hundreds of people actually already applied to this. We announced it a while back on the podcast. The prize is a coaching session with somebody that I really, really look up to.

I mentioned earlier during my keynote this morning. I mentioned it pretty much every session. I think I mentioned it every podcast for the past 50 years. the book Vivid Vision by Cameron Herald made such a massive impact on my life and many other people as well. So here's the deal. Let's hear from Cameron. Hi, I'm Cameron Herald, the author of Vivid Vision and founder of the C.O. Alliance, the only vetted peer group for chief operating officers and other sections in command.

I've been coaching business leaders for more than 25 years, including Fortune 100 CEOs, and now I'm excited to sit down with you as well. Together we'll map out your own Vivid Vision for your business and help you. help you identify the projects that need to happen to make it come true. And we'll record the session and turn it into an episode of the Bigger Pockets Real Estate podcast. Congratulations. I'm looking forward to working with you and all the conference attendees there in New Orleans.

Have a blast tonight. I hope you get a lot of value out of the episode when it comes out. Awesome, right? That's going to be fun. You guys ready to see it? Here, see both? Who won? You guys ready?

All. Drum roll, please. That was like a real drum roll. That was awesome. All right. The winner is J.B. Klein. J.B., are you in here? There's J.B.

What's up, man. All right. Come on up here. I'm going to give you a mic. All right. Check, check. Is that thing on? Check, check.

There we go. All right. J.B. Question number one. What does your business look like right now? Right now, it's a little bit insane. Massively growing in such a short period time and I can't keep up with it.

What is it that you do? Mainly buy-hold rentals. I started off with single families and then some duplexes and then last month I got an apartment complex of 18 units. A month after that was a package of

five small multifamily's totaling 17 units and a whole bunch of renovations and a flip and it's a little bit more than I can handle. All right. So, this is a good time for this? So where is your business headed?

Where do you see yourself in the next three, five, ten years? Where do you want to get to? I want to get to the point where I can grow a team and support a team where they can live full time just working on the team and not have to do anything else. And I can maybe take a little step back. And I do have a personal mission for five years or later. I want to start a veteran's nonprofit organization. and thank you.

So I'm hoping it's something that's what I want to do with my life. I've personally lost friends. I know a lot of other veterans that struggle in many different ways. Suicide prevention is the big one. I've lost, honestly, more friends back home than I have in the field. So that's what I want to do with my life. but it's hard to do that if I have to do something else just to live. So this is my avenue, hopefully, to build something great,

leave it to the team and they can do great things, then I can focus on this. I love that, man. Gary Keller, I once heard him say something like, and it was on the podcast with Jay Papasan, he said something like, financial freedom is when your bills are paid so you can do what you were put on this earth to do. And I love that.

Like, that's what, it's so powerful. like we were meant for more than just, you know, the grind. So very cool, man. Last question. What are you going to do to, what are you going to focus on when you meet with Cameron? Do you have any idea? What you want to focus your efforts on? I do.

I think just trying to build a team, how to get more efficient. The systems like you always talk about and just how to manage everything well and maybe start sleeping at night. Sleep is good. All right. Give it up for J.B. Klein. That's up, man. Thank you.

All right. Thank you. All right. Look at this. I think it's almost time to get out of here, but we do have one more segment of the show. Are you ready for this? Are you guys all ready for this?

Do you guys remember what's coming? I did lose my voice a little, and I lost a higher register, but we're going to try it. It's time for the... Famous for... Very good. That was like a group effort. This is great.

All right. This is the part of the show where we ask the same questions to every guest, every week, just to see what they got to say. But since this conference is not about us, this conference is about you, we're going to have a little twister. We want to hear some of your answers to the Famous Four from earlier this week. So check this out. Famous Four. I read a whole bunch of them, but I guess if I had to come off the top, anyone that's short. Burr.

Rental property investing by Brandon Turner's. a pretty good book. The Burr book by David Green. The Millionaire Real Estate Agent by Gary Keller is still a really good book that holds up really well. So far is the 10x rule by Grant Cardone. So my favorite business book from this year was this book called The Molecule of More. And it's all about dopamine and how the human body interacts with it and all that. So I absolutely love that book. and take everybody should take a read and understand how your brain works a little bit. I know it's cliche,

but it's got to be rich, dad, poor dad. I wouldn't be here today if it wasn't for that book. I just finished Brandon's second multifamily millionaire book has been really helpful and really useful with underwriting and raising capital and all those things that people need to go to the next stage. So there's a book called the Warren Buffett Way, which talks about the principles of how Warren Buffett invest.

Warren Buffett Way by Robert Hacksstrom. It's a good one. Time blocking and just being consistent in my schedule. That's a habit that I'm working towards in my life and my business. The biggest habit of trait I'm working on right now is delegation. I'm trying to get skinny. I'm training for a full Iron Man in May. A consistent wake-up time.

Right now I'm currently trying to work on organization and kind of thinking who can help me accomplish my goals rather than how I'm going to do it all myself. Courage. Grit. Courage, I guess, or just, I get, well, grit, really, to just get rejected and then just get back up and do it again. Being okay with failure and just being able to push through all those obstacles, no one ever invest in real estate and doesn't make mistakes.

Every single person in real estate has made a mistake. You've got to be able to take a risk. It's all up here, mindset. All right? That was cool, right? That was edited really well. I like that. I had not seen that.

All right. All right. So what I want to do is I do want to spend a couple minutes going through some of the famous four questions. We don't have to all answer all the questions we be here for an hour. But I am wondering, what are you all reading these days, business book-wise or real estate book wise? Anyone want to shout out a book that they've been reading? Astor. The Power of Now by Eckartoli. Power of Now. I just saw that on Audible and I was going to grab it, but I didn't. I will. What else? People have been reading. I'm reading a book called Who Says Elephants Can't Dance by Lewis Gersner. Who said elephants can't dance? That's right. What's that?

IBM. It's about the IBM, him taking over IBM in the 90s and 2000s. All right. I recently read Never Split the Difference. I think Chris Voss is the author. That was a really good one. I have no idea what the title of my book is that I'm reading.

It's something that's about a poker player that wrote it, a world-class poker player, and she talks about reading people and how you can use that in business. Thinking in bets. Thinking in bets. That's what it is. Annie Duke, thinking of bets.

Yes, Annie Duke. favorite. I'm currently reading Rocket Fuel and something that we're doing together is we read similar books depending on where we are with our business. So it's neat to do with partners or team members. So we're both reading it and then coming back and saying, where are you on that? It talks a lot about visionaries and integrators and how to like build together. It's a neat book and I'm really enjoying it. Yeah. I listen to a lot of books because then I can go through them quicker. So I finished listening to Rocket Fuel and starred the 12 pillars. by Jam Roth, I guess.

Rom? Don't remember. Twelve billers. 12 pillars. We really all did go right down this line. I was really hoping that wouldn't have to answer this. I'm not reading any books right now because I'm trying to write them. Might drop.

I just finished a book that made a big impact on my life. It's called The Ruthless Elimination of Hurry by a guy named John Mark Comer. That's all about just, it's a, he's like a, a, he's like a, a, a church pastor out of, I think, Portland, but it's all about how just in our world today, we're just so fast-paced and crazy and busy, and it's affecting our lives and our kids' lives and everything. And so it says, like, what if we just slowed down?

And he had this great line in there. He said, the opposite of love is hurry. And I never thought that. It didn't make sense when I first read that. The opposite of love is hurry. And if you think about it, like, you can't hurry love. Like, if you want to show your kids love, it is the opposite of hurry.

It is slowing down and spending time. So I've been doing a lot of the practices from that book, like taking a whole day with no cell phone. And like the kind of a miracle morning, that's a big part of it as well, having a morning time. We're just like quiet and alone, reading and meditating. So anyway, ruthless elimination of hurry was a great one for me.

Last question, I'll skip through habit and trait because I don't know what to get us out of here. What separates successful, really, state investors from those who give up, fail, or never get started. I'll probably have to keep this a little bit short, but we'll run down the list. Again, why don't we start with Esther one more time? What do you think separates people? I think it was Hal yesterday to discuss five-minute rule of something bad or negative

happens in your life. You're allowed to sulk for five minutes, and then you're ought to get up, brush yourself off, and move on. I think getting started, taking that first action, getting the first deal. Yeah, I'd agree. Just being action-oriented, I think that's the biggest part. Being creative and not just even when you're getting started, but to keep continuing to grow or to pivot or transition is not being okay with not doing the same exact system

or the same exact thing and changing how you do your business model and being okay with that and being okay with change and kind of always be reevaluating. I would say continuous personal growth. Every moment, every month, looking at yourself in the mirror and going, what's working and what's not, getting really honest with yourself and saying, I want to do this better, so I could be a better version of myself. If people really focused on being a better version of themselves, they'll be a great investor, and they will move through and make things happen. For me, freedom of time, if you're looking to become financially free and then have freedom of time after that, I will ship that. start buying people's time right now, two hours per week, whatever you can do. Freedom of time comes first, and then you'll become financially free much faster.

I think it's expectations. That's what we can say. A deal or not a deal is just based on whatever expectation you had of what you would expect. And so I think a lot of new investors struggle with comparing what they hear Brandon doing or what they heard on a podcast from nine years ago or whatever the guests that we're bringing on that are obviously successful. that's where they're talking is then you think I'm supposed to go do that. And that's not the case at all. I think that having objective, reasonable, long-term expectations will take a lot of the fear and the worry out of what stops people from moving forward.

I think it's luck. Just kidding. I think that, I think successful people are aligned in their, number one, their passion, in their suffering and to their vision, in their mission. in their actions and in their emotion. Because in order to continue this long term, to be persistent, I really think you've got to be aligned. And so I think those people have that. So this has been fun.

I want to do one more activity real quick just because I asked a question earlier today that said, hey, how do we know who here at the event is into this thing or that thing or multifamily or flipping so we can connect with them? And I'm like, I don't know. It's not really, I mean, go to a session. But here's what I want to do. I'll do a quick practice. We're going to get a little exercise, a little blow.

pumping for just two minutes. It's going to be short. All the way you do is stand up if you are into, meaning when I say into either you are currently doing it or you want to do it. Let's go. We'll start with house hacking. House hacking. Into that kind of thing right now. Look around. Find somebody you're going to connect with later. Make eyeballs with them. Like, I'll wink at them. Just kidding. That's weird. All right. Sit down. House flipping. And you can stand multiple times. House flipping, stand up. Look around. If you're in it, you want to get into it. Look around. These people are house flipping right here. All right, have a seat. Small multi-family.

You're into small multifamily investing. Wow. All right. Look at that. A lot of small multi. All right, have a seat. What about just like rental houses? You can stay standing if you want. Rental houses. Look around. All right. How about have a seat? How about like commercial real estate? commercial. It could be any kind of like industrial, commercial, you know, retail, some kind of big commercial real estate or small commercial real estate. All right, look around. All right, have a seat. All right, next one. Let's go, what am I missing? Large multifamily. Larger multifamily. All right. Very cool. Have a seat. Am I miss anything vital in there? I mean, I'm sure there's more. Vacation rentals. Short-term rentals, short-term rentals. I know there's obviously a million things we could hit here. All right, look around. These are your people.

Connect with them. Yeah, all right, have a seat. All right, thank you guys so much. This is awesome. This has been fun. I would love to keep doing this for, like, more hours, but I want to go drink. So we're going to get out of here. David Green.

As usual, would you like to get us out of here? Oh, you want me to keep going? Oh, they're going to give me another couple of minutes. All right, good, because I really wanted to do this. Here's what I want to do. This is cool. I wouldn't get a chance to do it earlier. So do me a favor and stand up.

up everybody. Everybody stand up. All right. I'm going to have some people. I'm going to call some people out here. And this is not a negative thing in any way, shape, or form. But if you have done, I'm going to say this, if you've done less than five deals total, like less than five deals, or you own less than five units, sit down. You've done less than five deals, sit down, or own less than five units sit down. All right. So you people all own at least five units or you've done at least five deals. It can be flip wholesale, whatever. All right, same thing.

Except this time we're to go, let's go 20. 20 units or 20 deals you've done. 20 units or 20 deals. There's a lot of people here have done a lot of stuff, right? Let's go, I'm going to keep the 20 deal thing because that's still pretty significant. But 20 deals or 100 units. Have a seat if you've done less than 100, you have less than 100 units. less than 20 deals.

All right. Look at these people. Yeah, a round of applause for these people. He's been in it a while. Yeah, great. All right, so the reason I wanted to do this and sometimes it's hard to find out who's here to learn and who here is the boss. Like, you're like, you know what you're doing.

All right? And then obviously there's people, remember the whole in the land of the blind, the one-eyed man is king. That's true. But these are some people who have been killing it. So look at them, figure out who you're going to go up to later, and you're going to talk with them.

Sorry for you guys. I just put you all in the spot. You're all going to be blown up tonight. But these people are legit. And, yeah, this is awesome. Thank you. All right. All right.

All right. All right. Well, he says we got a couple more minutes. I got a movie I want to play, but they haven't cuted it up yet. So we're going to stall for a couple minutes. I'm going to go back to the famous four questions. Habit or trait you're currently working on in your life. Habit or trait.

You're currently working on in your own life. And just go ahead and warn you guys, I'll start. I am a jiu-jitsu. be too obvious. I am going to start running again. I used to run and I stopped running. So that is a trade. I've just started picking back up again. I want to get good at running long distance. I had that time where I'm just like in the zone for an hour, hour and a half where I can just zone out. You know, when you go for like a jog or a run or you're getting a massage or whatever, you don't have your phone and you're just thinking, like you ever notice like the first like hour of that is kind of

scattered. Like you're not really thinking a lot of deep thoughts in there. You're just kind of all over the place. This problem is happening, this problem. But the longer you do that for, the longer you have that silent time for, you start your thoughts, which are like this, they start compressing maybe into one or two issues. And then they start getting really focused onto something that matters. In that moment, and usually for me, it's like an hour in is when I start thinking the really important stuff. And that time is when most of my good, ideas have come from. People like, you know, applaud me or, you know, talk about how I'm a visionary. Like, I'm only that way sometimes because I deliberately set that time in my schedule each week

to think for an hour and a half at a time. And that's when all that stuff. And that's when the big problems get solved. How many of you have to agree to that? Raise your hand. That that time is valuable. All right, put your hand down. How many have you had that scheduled on your calendar every week? All right. Some of you do. For those who didn't raise their hand, I want to encourage you, that time. So anyway, habit of trait in my life is I want more running time because running time for me is thinking time. The entire month in Maui came during a run, that entire idea that I'm running with right now, running with. It all came from a run. So that was funny, right? Come on. All right. David Green, habit or trait? Doing more speaking and becoming a better speaker.

Wow, that was way shorter than mine. All right. It's part of being a better speaking. Oh, I am an integrator. I'm not a visionary, although I need to understand the vision, but I am integrator. So there's a lot of things going on

inside my head that I need to have nothing time. I need to schedule time with myself to do nothing. And it's so difficult for me to do that. But I don't cancel myself, even if it is half an hour for me to sit down, Monday morning or in the middle of the day at a bench at the park and just watch the birds. Yep. And then the ideas start flowing and my stress level goes down pretty quick and introverts. We need that quiet time to recharge. So I have on my calendar otherwise I won't do it. It might sound simple, but I'm, I'm being

more consciously aware of my breath and breathing. So if I get riled up or I'm moving so fast in a day or I'm switching from mom mode to business mode to wife mode or whatever mode, I'm really being conscious of like my breath, bringing more oxygen to my brain and just being really conscious of that. I think I've done that, but I'm like really trying to be like mindful if I'm in the moment of angst, just to really be like, Liz, breathe. So. Mine is getting hobbies. So, So when I was younger, I used to snowboard, I used to do archery, I used to do all these things. And then I found real estate, and that was more fun than doing anything else. So for like five years, six years, that's all I did.

I would rather work on my business than go and do anything. And so this year I've tried to kind of rediscover things and have fun. So, you know, I'm getting my new snowboard this year. I bought a motorcycle, and I picked up wake surfing. But I think it's just I need to learn that there's things outside of real estate and things that my family can do with me too, that they can be involved in. So that's a big thing for me is learning how to have fun. And actually, when I was first a guest on the Bigger Pockets podcast, that was the hardest question that I was asked was, what is your hobby? What do you do for fun?

And I did not have an answer for that. So now I do. I think the biggest thing for me, and this is something that I'm always, was trying to get better at is just being more presence or just kind of being presence in the moment. I think a lot of people that are entrepreneurial by nature have really active minds and they're always thinking about the business and what they can do to get better. And sometimes, you know, a whole day can go by and you realize that you didn't even really like look anyone in the face because you're just like thinking so fast. So for me it's just kind of slowing down and like

enjoying this moment with, you know, 1500 people, you know, all of us in the same space and just really, really, you know, soaking all that in. I love that answer about being present. I need to work on that as well. But I would say it's routine. There's been, you know, with my schedule, it changes so drastically week to week, depending on how things are going,

and I need to bring a better semblance of routine. So I think starting the day after tomorrow, I'm going to start doing the miracle morning with that based on howl's discussion. Well, my fund became starting my private equity fund. That's my new hobby. I'm a goal achiever. I love setting goals. I'm achieving them. I'm super a go-getter and I like to see where I can strive to next. So that is really my new hobby. But my number one priority is my kids and my husband. So I do my best to be an awesome

mommy and spend time with each child, take them separately on vacation here and there and just give them their time of day because they're the most important job I have. Awesome. Hey, how many of you guys all have kids? Like, let's go, how many of you have kids under, let's call it, like teenage and lower? Okay, a lot of you do. I'm going to cheat and I'm going to give one more answer about something that I'm working on right now. I realize that I'm really bad at, and I blame me like TikTok and Instagram, but I have a hard time staying focused for a long period of time. But my son doesn't. My daughter doesn't. Like they can, like, my son will swing in a swing for, ever, right? So I would push him for five minutes and be like, all right, I'm done with the swing. And he's like, no, I don't want to be done with the swing. And I'd pull him out, he'd be all mad. I'm like, no, we're going to go do something else. Right? So I have a game now I play. The game is, can I outlast wild man? Like, can I outlast him? And rosy. In other words, I will not end an activity until he ends that activity. If I can outlast him and he gets done

and bored and he moves on, then I win. And if not, then he wins. And I'm competitive. And since doing that, man, I sat and pushed him in his little like swing for an hour and a half the other day. Oh my God. I was so bored after like five minutes, but you should have auctioned that off. You're pushed in a swing by Brandon. I will push you in a swing for 30 grand right now. I'll push you in a swing. Anyway, it's been, it's been, it's one of the hardest things to push a kid for 90 minutes straight when my mind just wants to go do something more effective or sit and play Playto with my daughter. Uh, joke up, but we don't get those times back. Like, we don't get it back, right? Like that's, like, that's the most important thing.

So that's my encouragement to all of you guys to go home. Yeah. So that said, speaking of time, like that? What? No, I'm not singing that song. Oh, man. All right. Speaking of time, we are out of time now.

So we're going to get going here in just a second. I just want to end this, the same way that Scott started it. Scott said that it's easy to, go to a conference, get excited, and then go home and not change anything. I just want to encourage you all make this your pivot week, make this your pivot year, and change your life. You guys can do it. So thank you guys very much. Now, yes, you can talk about you. You guys are awesome. Thank you so much. Before we get out of here, we do got one more video. Is that correct? Oh, it's right. David, that's got to take out the podcast. I don't let you leave it. It's the only reason I have a job.

All right, I'll let you take it out. Here you go, man. For the BP podcast lineup and Brandon, the architect Turner. This is David Green, signing off.