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264: Creating Forever Cash with Michelle Bosch

Michelle Bosch
Michelle Bosch is the Co-Founder and CFO of Orbit Investments and a full-time real estate investor since 2002. She has bought and sold over 4000 pieces of real estate and built the 3rd largest land investment and auction company in the U.S., bringing that company successfully into the 8-figure revenues in a matter of 18 months. Through the recession, she positioned Orbity Investments for rapid growth in the single-family and multifamily investing space with over $40M in assets under management. Michelle is also the co-creator of nationally recognized Land Profit Generation Progam focusing on teaching others how to invest in land.

Key Points
One time cash (land flipping) vs. forever cash (apartment investing)
Using income from land flipping to invest in multifamily real estate
Using systems to scale
Lightning Questions
What was your biggest hurdle getting started in real estate investing, and how did you overcome it?
Michelle and her husband, as immigrants to the United States, had to overcome the language barrier at first. They started with an easy to understand asset class – raw land. 
Do you have a personal habit that contributes to your success?
Michelle connects every morning with something bigger than her with breathwork, meditation, and prayer. 
Do you have an online resource that you find valuable?
My Fitness Pal app for tracking meals and exercise
Notarize.com
What book would you recommend to the listeners and why?
Essentialism by Greg McKeown
If you were to give advice to your 20-year-old self to get started in real estate investing, what would it be?
Surround yourself with the right team, and start creating your core values together early. 
Resources
LandProfitGenerator.com

Land Profit Generator Facebook Group

MichelleBosch.com

InFlow Podcast with Michelle Bosch

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263: Goal Setting – Friday Fundamentals

Goal Setting
With the new year fast approaching and less than two months until the end of the year, this is a good time to reflect on your goals for this year and also start planning for next. First reflecting on your goals and progress this year, look back at everything you set out to accomplish and all the progress you made. Recognize how much you’ve accomplished, grown, and learned.  But also look to where you could have done better, made more progress, and where you fell short. This will help you take those lessons learned and apply them to your next year.

Goals, which are probably the most discussed Friday Fundamental topic, are absolutely necessary if you want to live your life with intention. David Osborn, author of Wealth Can’t Wait, Miracle Morning Millionaires, and Tribe of Millionaires, talks about creating his flight plan for his life. This flight plan is a set of goals that he uses to live an intentional life. They’re the set of plans to get from one point to the next.

You can create your own flight plan for your life. By assessing where you are now and where you want to go, you can develop a flight plan to get you there. What this really means is creating goals that will get you to where you want to go.

I’ve learned that setting and achieving goals is a learned skill. My personal goal-setting journey started out with New Year’s Resolutions like so many others do. Then I started setting 10X goals, writing them down every day. This 10X goal setting, inspired by Grant Cardone, is great at creating an extraordinary vision. But I found writing down 10X goals every day, I wasn’t necessarily making actionable progress towards them. These 10X goals were more of an intention than a goal, meaning they were my desired outcome, not the action required to get those outcomes. It’s here I started to realize this difference in goals and intentions.

You might have an intention to be fit with <15% body fat and six-pack abs. This is an intention – the desired outcome. Your goals to get that outcome might be to exercise 5x per week for 30 min, only eat sugar 2 days per week, and keep your daily calorie count below 2000  calories. These are your goals. Your intentions are more results-focused, whereas your goals are actions-focused.

Using the flight plan analogy from David Osborn, let's look at how you can develop your own flight plan. The purpose of having goals is to get you somewhere you are not currently. The first step is figuring out where that is. This is your vision. Your vision is just as it sounds. It's your vision for how you want your life to be. From work/life balance to family, finances, hobbies, lifestyle, travel, etc., visualize as specifically as possible what you want your life to look like.

From there, you can create goals that will get you to that vision. For example, if you want to spend 3 months per year vacationing with your family, completely unplugged from work, then you need to identify some goals that will get you to that point. You might find that you need to earn $10,000 per month in income for 9 months per year so that you can afford that lifestyle. Great! Now we're making real progress here!

Categorizing Your Goals
Once you have your vision crafted, it's time to identify some goals. Breaking your goals into categories is a practice that many high performing people use. You can create categories that fit your life. Some examples are:

Health, Nutrition, and Fitness
Relationships
Spiritual
Personal Growth / Education
Finance
Environment
Career / Business
You can create categories that fit your life how you want. The entire purpose of setting these goals is to live your life with intention however you want.

It's okay to change your goals as you go. After-all, you won't be the same person in a year as you are today, especially when you are on a path of self-improvement. But don't wait to start setting your goals and working towards them. Start now. There's no better time. Give some thought to your vision. Build some goals around that vision, and start taking action. Soon enough, you'll look back on your journey to realize how far you've come.

Resources
David Osborn.com

Wealth Can't Wait

Miracle Morning Millionaires

Tribe of Millionaires

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262: Building a Business Around Your Lifestyle – with Tim Bratz

Tim Bratz  is the CEO and founder of CLE Turnkey Real Estate, a real estate investment company that acquires and transforms distressed commercial and apartment buildings into high-performance investment assets for their own portfolio. Working in real estate, Tim has learned how to build a passive business and create a residual income that allows him to live the lifestyle of his choice. He’s here to educate and empower others to become financially free through commercial real estate.

Key Points
From brokering deals, to learning to invest in deals
Using resourcefulness as the ultimate resource
Building a resume by giving up large amounts of equity partners
Time blocking
Finding money and finding deals – the two most important skills
Lightning Questions
What was your biggest hurdle getting started in real estate investing, and how did you overcome it?
Youth was a hurdle with Tim, getting started when he was in his early 20’s. Tim used that resourcefulness to find deals and find capital, leveraging partnerships.
Do you have a personal habit that contributes to your success?
Time blocking.
Do you have an online resource that you find valuable?
Excel and Google Docs
What book would you recommend to the listeners and why?
Twelve Pillars by Jim Rohn
If you were to give advice to your 20 year old self to get started in real estate investing, what would it be?
Find a mentor or mastermind group.
Resources
Visit Audible for a free trail and free audio book download!

www.CLETurnkey.com

Commercial Empire

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261: Building the Best Team – Friday Fundamentals

Real estate investing is a team sport. You don’t have to look far to see that. Take buying an investment property for example. We’ll walk step by step through the process and look at the team it requires to be a successful real estate investor.

You, the investor, look for an investment property to purchase. Likely, that search isn’t solo. You might enlist the help of a realtor to find on-market deals, or build a direct-to-seller campaign using the help of virtual assistants, local support, and many other creative ways to find those elusive off-market deals.
Once you’ve found the perfect deal, the next step is to get it under contract. Your realtor can help with this process, or if you’re more experienced you can navigate it on your own. Using your state’s real estate commission approved real estate contract is usually a good approach.
Next, it’s time to get the financing process started. You’ll need a good lender who is experienced with investment property loans. Your lender will be able to help you apply and qualify for a loan that fits your investment strategy. They will also help and guide you through the process of getting to the closing table with the title company, and preparing the loan documents needed to close.
Behind the scenes, your title company is doing the heavy lifting, making sure the property has a clear title with no leans, encumbrances, etc. Your title company handles the transfer of the funds, working with your lender to transfer the funds to the seller, only after all the appropriate paperwork has been signed by both the buyer and seller. Finally, you’ll close on the property, and this is just the beginning.
Now you need a solid team to operate the property. You will typically enlist the help of a property manager unless you decide to self manage the property. The property manager will take care of the day-to-day activities from showing and leasing, to collecting rent, handling maintenance requests, and creating monthly P&L reports.
Keeping an accurate record of your finances is crucial. These records will feed into your tax returns and future loan applications. Hiring a bookkeeper can be a huge help in this area. If you’re just starting out, you may manage the bookkeeping on your own. I’ve found Stessa to be a great asset management software that helps me manage the finances in my portfolio.
Taxes are one of the five ways you’re paid as a real estate investor, so it’s important to make sure you’re getting the most out of it as you can. Hiring a good CPA to handle your taxes is critical. Unless you’re a CPA experienced with real estate investments, I suggest you get a good CPA on your team. They’ll be worth their weight in gold, not to mention saving you a lot of liability when you file your taxes on your own. Your CPA will be able to help maximize your deductions, consult on different tax saving strategies, and so much more. Definitely hire a good CPA, and you won’t regret it.
Investing in real estate will sometimes require you to enlist legal assistance. From dealing with tenant/landlord suits to asset protection and corporate setup, specialized attorneys can be an asset on your team. There are many different areas of law, and finding an attorney who specialized in a  specific area you need is important. Ask around for references and find an attorney who will fit well on your team when you need them.
You can scale this team up or down to meet your needs. Each one of these team members will serve an important role on your team. But fortunately for you, this doesn’t mean you have to hire a team of a dozen people full time sitting in your office. You can hire each of these people for a specific task, kind of like a consultant. Other team members you may consider, depending on your specific business are:

Partners
Investors
Syndication attorney
Cost segregation consultant
Property tax consultant
Go Far Together
“If you want to go quickly, go alone. If you want to go far, go together.” – African Proverb

Real estate investing is a journey and one that you will hopefully take far. It’s not a  get rich quick way to wealth. No overnight successes, no striking it rich, and no short cuts. Rather, building a team supported by processes and systems is the key to success. Real estate investing is said to be a people business. It’s not complicated and doesn’t require you to start up the next tech company, design a widely used app or any of that. Is simply requires building or using systems, creating processes, and leveraging the experience of others to build wealth and achieve financial freedom. Starting with yourself, learn as much as you can about investing in real estate, then start building out surrounding yourself with the best team you can. One day you’ll look back at your journey to that very first deal and realize just how much you accomplished with your team.

Resources
Stessa.com

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260: Tribe of Millionaires with Mike McCarthy

Mike McCarthy is an entrepreneur, speaker, and bestselling author, as well as regional owner of the Keller Williams Greater PA Region, overseeing 50 offices
and 8.5k agents who closed over 52k units in 2018 for $14 billion. Mike attributes his success to his own grit, but also to the individuals who have kept him on track. In 2015, Mike was named CEO of GoBundance, a fast-growing peer group of successful men who understand one another’s unique set of needs and hold each member accountable to his own high standards, all in pursuit of helping one another plan, execute and achieve their financial and lifestyle goals.
Since the inception of GoBundance, new members have been added to the tribe each year. Today, membership has grown to over 200.

In addition to serving as co-founder and CEO of GoBundance, Mike is the co-author of Tribe of Millionaires and the founder of FamBundance, a mastermind community for entrepreneurial families. He is also a LEAF Certified Appreciative Inquiry Facilitator, where he designs and delivers high-level group collaborations in high-stake scenarios. His GoBros affectionately refer to Mike as “McLovin,” and he resides in Austin with his wife and two children.

Key Points
How your environment shapes your destiny
A powerful purpose can help you overcome the greatest obstacles
How evolution has wired accountability into our very nature
Discovering your purpose through being present
The 6 Effects from Tribe of Millionaires
Let’s look at a few ways you can grow, change, and control your mindset.

The Influence Effect – Your destiny is shaped by those around you
The Multiplier Effect – The right group of people compounds your efforts
The Accountability Effect – Responsibility to others is the world’s most powerful force
The Authenticity Effect – You find your true self among those you trust
The Purpose Effect – The right people reveal your richest source of power
The Connection Effect – Your life will be measured by the quality of your relationships
Resources
Tribe of Millionaires

GoBundance.com

1LifeFullyLived.org

Connect with Mike at GoMikeMcCarthy.com

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