148: Dichotomy of Success- Friday Fundamentals

Hi, loyal Wealth and Freedom listeners. I have a question for you. What have you been learning lately? This could be from podcasts, books, networking, documentaries, or conversations with people who know something you don’t (note: that is everyone on this planet!)? One of my favorite forms of education is reading books. Alternatively, listening to both podcasts and audio books are also great sources I find valuable. Lately, I’ve read:

Wheelbarrow Profits by Jake and Gino
Total Control Financial Guide to the QRP by Damion Lupo
Raising Private Capital by Matt Faircloth
Best Ever Apartment Syndication Book by Joe Fairless and Theo Hicks
The Dichotomy of Leadership by Jocko Willink and Leif Babin (audio book)
12 Rules for Life by Jordan Peterson(audio book)
Success – it’s a common term, and with not so common definitions. Success is something we strive for, talk about, dream about, and even live for. But what we sometimes don’t know is what that success is for each of us. Some don’t have success nailed down to exact metrics, much less ideas. Rather, they might define success as being happy, health, wealthy, etc. Much less, some don’t even have a path to this undefined success. So I encourage you to take some time over the next week and really think about what success looks like to you. Envision your ideal life. Where will you live? Who will be in your life? What will you fill your time doing? What sense of fulfillment will you have? Ultimately, what are your goals in life? Once you have the answers to these, you can start to define success, and map a path to get there. Without doing this, you’ll be a pinball to life, going about with no intention and purpose.

Looking at success as a final destination isn’t necessarily the best approach. Because what is your life in the meantime? Unsuccessful? Well that hardly seems right.

After reading The Dichotomy of Leadership by Jocko Willink and Leif Babin, I’ve realized there are dichotomies to just about everything, including success, and it’s important to understand and embrace these dichotomies. This may seem obvious on the surface, but let’s dig into what these are.

Dichotomy is a division or contrast between two things that are or are represented as being opposed or entirely different.

Success takes hard work. Yes – we’ve all heard this time and time again. However, for whatever reasons, it doesn’t always seem to sink in or we forget about this, and try to shortcut our path to success. We want the easiest path to success. The quickest way to retiring early and spending our days on the beach. But deep down, we know that success doesn’t work like that. Success takes hard work – dichotomy number one.

You might define success as living a comfortable life filled with luxuries, security, and plenty of wealth. But on the contrary the path to success can be quite uncomfortable, insecure, and certainly not luxurious. So you must embrace this discomfort and sacrifices that success will require from you.

You might define success and living an adventurous lifestyle with your friends and family, bringing them along for the ride. But your path to success may require you to outgrow some of those friends, and put aside they’re agendas, goals (or lack thereof), etc. You may have to set out on your pursuit to success alone.

The biggest dichotomy I see people face is one of scarcity now vs. abundance later. Some people define success as being able to retire early. They save and save and save, deferring income, experiences, and life for a later time. They hope that one day they will have success, but for now they continue to work and hope that one day comes. We’ve come to call this a 401(k) in modern day terminology! This is a dichotomy that a lot of people have out of balance. See, you don’t have to live a scarce life now, in order to live in abundant life later. In fact, if you live a scarce life now, you will probably never reach a life of abundance. Understand this dichotomy and find that balance that fits you best. 

You can see that success is full of dichotomies like these. Live intentionally. Live with purpose while understanding these dichotomies.

If you don’t live a life with purpose and intention, then you are at the mercy of external circumstances. Ones that are certain to bounce you around and back and forth like a pinball in a machine. Like with everything, this too is a dichotomy. You can be too set in your ways and your approach to success, blazing though life with tunnel vision, only to find out that tunnel leads to a dead end.

Be flexible in your approach and strict on your target. Define success. Make a plan to get there. Enjoy the journey ahead.

147: Hard Money with Ryan Wright

Ryan Wright – Entrepreneur, Real Estate Investor & Hard Money Lender
Ryan G Wright is the CEO of DoHardMoney.com. Almost 10 years ago, Ryan started investing in fix and flip properties. He soon saw that it was difficult to get funding quickly on these properties, much less from reputable and reliable sources. He saw a need and filled it: he founded Do Hard Money.com. Coming from a background of real estate investing, he understood the needs investors have. He wanted to provide a way for others to grow their real estate investing business by offering short term loans with no money down and no monthly payments. The solution was Do Hard Money, a private hard money company that offers short-term funding for real estate investors.

He began his career in real estate at 21, working in the mortgage industry. The Salt Lake Board of Realtors named him the “Real Estate Rookie of the Year” his first year in the industry. His previous real estate company won “Best of State” for the state of Utah. He was also awarded the State of Utah Young Entrepreneur award in 1996. Having completed hundreds of short sales in his career, he has first-hand experience in closing successful short sales and going through the process from a lender’s perspective.

Key Points
The life cycle of a real estate investor
Your first deal likely won’t be a home run, but do it anyways!
Renting slightly under market to avoid vacancy
Building out separate business ventures from your original niche
Hard money – what it is, when and who should use it
Lightning Questions
What was your biggest hurdle getting started in real estate investing, and how did you overcome it?
Fear as a big hurdle. With the support and confidence from his wife, Ryan was able to get started.
Do you have a personal habit that contributes to your success?
Early to bed, early to rise. No TV, and always learning.
Do you have an online resource that you find valuable?
Sleep Cycle App
What book would you recommend to the listeners and why?
High Performance Habits by Brendon Burchard
Miracle Morning by Hal Elrod
Shoe Dog by Phil Knight
If you were to give advice to your 20 year old self to  get started in real estate investing, what would it be?
Start sooner! Find someone who will help you along your journey. Lear from their mistakes and successes. Stand on the shoulder of giants.
Resources
DoHardMoney.com

Click here for a free digital download of How to Get All The Money You Could Ever Handle: A Real Estate Investor’s Guide To Funding Deals by Ryan Wright

 Visit Audible for a free trail and free audio book download!

Sponsor Details
Check out Commercial Loan Success , using this link for special pricing

146: Challenge over Complacency- Friday Fundamentals

We live in a world that our ancestors probably couldn’t even dream about. Advances in modern technology have changed the way we live, interact, work, etc. We have the world at our fingertips with smartphones and access to a global network of information we call the internet. Our lives are filled with luxuries (whether we think of them as such is another topic), like modern medicine, clean water at the turn of a knob, heating and air conditioning, a wide variety of food available, stable government, stable social infrastructure, security from threats, and the list goes on and on. These are all great things, and we shouldn’t take them for granted. We’re truly lucky to live in the world we do. We are comfortable.

Sounds all good, right? Well, maybe not so much.

These comforts we’re accustomed to have created some unique problems in their own sense. We’re no longer challenged in the ways that we once, as humans, were. If an individual wanted to go throughout life without facing extreme challenges, they could. And many people do. This has some consequences though.

Think of that feeling you get when you accomplish something difficult. That’s an awesome feeling, right? Well, lots of people aren’t getting that. There’s not much sense of accomplishment by turning your thermostat down a couple degrees if your home is too warm.

I personally think that this lack of opportunity for accomplishment is what drives people to work so hard on both their careers and family. Because, what else is there to accomplish? This is not to say, that there aren’t ways in which you can challenge yourself, because there absolutely are! You just have to search for those and purposefully take them on. Let’s look at how you can do that.

“The tragedy of life is often not in our failure, but rather in our complacency; not in our doing too much, but rather in our doing too little; not in our living above our ability, but rather in our living below our capacities.” – Benjamin E. Mays

There are many ways to challenge yourself. One of the best ways to challenge yourself comes from advice from Grant Cardone, which is to set 10X goals. This means set your goals 10x higher, and then follow up with massive action. The act of simply 10Xing your goals causes you to think differently to achieve them. You’ll have to push yourself outside your comfort zone just to attempt to achieve that goal. You’ll force yourself out of being comfortable and complacent.

Setting a 10X goal will give you something difficult to try to accomplish. This, alone, is the root of what we all crave. It’s in our makeup to overcome challenges, figure out new things, and defy the odds stacked against us. The harder the task, the better if feels to accomplish it. Need proof? Just think to a time in your life when you accomplished something difficult and how you felt after. I bet you felt a sense of accomplishment you don’t usually feel.

I’m not a clinical psychologist, and haven’t spent my career researching the effects that accomplishing difficult challenges has on the human mind. But I do know the results of such in my own life have been profound, and I haven’t even accomplished much! I’m just a engineer, real estate investor, and podcast host, trying to figure out my way in life. But these challenges on their own have been enough to push me outside my comfort zone, and cause me to change the way I think.

From setting that 10X goal, it all starts with the first step. Maybe your goal is to earn $40,000 per month in passive income from cash flowing real estate. Sounds daunting, right? You just have to take that first step. Maybe that path looks something like buying a single family home, then a duplex, then a fourplex, then a small apartment building, then a larger, then larger, and you continue to repeat that process.

Many people never challenge themselves, and go through live being complacent. Fear of failure, lack of motivation, and little self confidence keep people from chasing their dreams, and pursing what they want. Don’t let this be you. You are an action taker, and are more than capable of achieving anything you can dream. It just takes lots of hard work and dedication.

So, what will your challenge be? How will you accomplish it? Whatever it is, pursue it with all you have. Soon enough, you’ll look back with a sense of accomplishment.

145: Millennial Apartment Syndicator with Brent Kawakami

Brent Kawakami – Millennial, Engineer, Apartment Syndicator
Brent is currently invested in 450 multifamily units in Texas, Georgia, and Ohio. He started investing in real estate in 2012 buying, rehabbing, and renting single-family houses in the Dallas, TX area but eventually sold these properties to move into multifamily. He is a protégé of Mark and Tamiel Kenney of Think Multifamily, owners of ~3000 multifamily units across cities like Dallas, Atlanta, and Memphis. Brent has a B.S. in Electrical Engineering from the University of Texas at Austin and is a registered Professional Engineer in the state of Texas.

Key Points
From engineer to apartment syndicator
Engineering a life you want
The importance of having a mentor
Evaluating your strengths and weaknesses
Lightning Questions
What was your biggest hurdle getting started in real estate investing, and how did you overcome it?
Lack of experience. Brent looked to people doing what he wanted, and learned from them.
Do you have a personal habit that contributes to your success?
Brent focuses on The Power 5 every day, which he writes in his notebook
Do you have an online resource that you find valuable?
BiggerPockets
Podcasts!
What book would you recommend to the listeners and why?
Getting Things Done by David Allen
If you were to give advice to your 20 year old self to  get started in real estate investing, what would it be?
Start earlier – jump into real estate quicker!
Resources
Commercial Loan Success 

Brent’s BiggerPockets profile

Contact Brent at Brent@hellomultifamily.com

 Visit Audible for a free trail and free audio book download!

144: Automation – Friday Fundamentals

Real estate investing offers many benefits. One, and possibly the most important, is the ability to be passive. Passive income is a bit overstated in many cases. Even though receiving rental income seems passive, there are many things that go into cashing that rent check – education, analyzing properties, managing expenses, etc.

However, real estate investing allows you to build systems and processes to automate certain tasks. Listen as we dive into automation strategies, that allow you to work on your business, rather than work in your business. 

Key Points
Wealth doesn’t matter if you don’t have freedom
Why automation is important
How to automate your business
Dictate, delegate, & disappear
4 Steps to Automate Your Business
Do what you love to do, and outsource the rest.
Select a team – from virtual assistants to general contractors.
Automate – delegate to your team and leverage technology.
Do deals! Put the automation in action. 
Resources
www.jacobayers.com/event for special pricing to Jay’s Live Event Oct. 10th, 11th, and 12th