Always play great defense. Get your personal finances dialed in before you start scaling.
You need to delay gratification now to have a better tomorrow.
Every dollar should have a name, a spot. Every dollar needs to go somewhere. You need to have good defense to win, so you need to make more money than you spend. Must have this financial foundation.
Developing this muscle and making it stronger will help you in so many ways in life.
Wait for the perfect tenant. The tenant will make or break the real estate deal. The tenant is the asset.
You need a ‘stick-to-it-ness’ because things are going to go wrong. Don’t react – breath – think it through and execute your plan. Don’t short cut things on the front end.
Tell me what’s possible, period. Then tell me what you need to make it happen. Don’t think, ‘here’s what I have where can I go.’ Instead, think about where you want to go and backup into that.
*I want to own 2 million in real estate that pumps out $2,000 NOI each month in the next 3 years*
Wealthy MINDSET is how can I afford it. Ask yourself “how” it can get done, then work backwards from there.
Work in your zone of clarity and keep doing it with the end in mind and eventually you’ll reach it. Example is driving through a fog bank, you can see 50 feet ahead of you which get’s you to mile 5, which is your end goal.
When you’re building your bridge from reality island to dream island, you need to build one complete bridge to reach dream island. Don’t continue building multitudes of bridges. Build one bridge to completion or mastery.
It’s only through eliminating options do you truly get progress. Your default needs to be ‘no’ so you can reflect and make the best decisions for your end goals.
Don’t let your ego loose you money.
Does it feel heavy or light? If things are a mental burden, don’t do it. Do things that are light.
Don’t go broke buying good deals. You need to have reserves.
Winner’s track results. Winner’s are made in practice.
Your job is to build a business machine. You are not a piece of the machine, you need to build the systems, people, and processes of the machine. Own the machine you built. Do not be a piece of the machine. Be a quitter – build a system and find someone else to do the job who is better than you at that specific job.