Famous Four! How Would YOU Answer?
Mindy JensenPro Member
BiggerPockets Money Podcast Host · Longmont, CO · Member since 2014 · 7k+ posts · 10k+ votesFamous Four! How Would YOU Answer?
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Rental Property Investor · Erie, PA · Member since 2018 · 6k+ posts · 9k+ votes
8y1. Rich dad poor dad
2. Book of Proverbs in the holy Bible . You might say that a book like the Bible isn’t investor or RE related but if you study it daily you would be amazed the principles and business practices that can be found that are applicable today
3.hiking .bowhunting , driving my sports cars
4. Everyone is raised with a certain mentality about money . They have subliminally an internal set financial thermostat in their mind and recede once they hit it . In life People actually set their own limitations and bars to their finances wether they realize it or not . The motivated person willing to take risk and break the bar frees his mind and breaks through the money barriers he was taught all his life . He will make it work no matter what setbacks or roadblocks are in his way . A mentally driven man cannot be stopped and will succeed because an act of his will can’t permit failure
35 Replies
- Rental Property Investor · San Diego, CA · Member since 2013 · 3k+ posts · 4k+ votes8y
Originally posted by @Adam Carl Birgenheier:
4) Two fold. First is that people who fail, quit, or never get started is that they see real estate investing as an ends, rather than the means of financial freedom. By that, I mean that those people ignore the singles, and only try go for the homerun deals.
Most "investors" I meet at local meet ups have never gotten started because they are waiting for that perfect property to appear where it is turn-key, under market value, and will produce $200 p/door and at least 15% COC ROI and they do not need to do anything and can just lay on the beach and collect monthly checks.
The thing to me is that you need to hit consecutive singles and grind your teeth in order to get that home run ball. In other words, buy properties, work your butt off, and be able to make sacrifices while living frugally so you can actually get started in real estate.
My first property broke even for the first couple months, but guess what, I loved every second of it because I learned SO much about real estate that books/seminars etc would have never taught me. Not only that, but that 'single' led me to my next deal. And that second property that broke even as well, allowed me to now close on my third property here in the following deals.
I LOVE REAL ESTATE. I am not going to be a millionaire because of real estate. But real estate will allow me to have the financial freedom to where I can focus on myself and become a millionaire by focusing on other means. That is the disconnect that most 'investors' do not understand. Brandon Turner, Josh Dworkin, and gang did not become successful because of real estate, they became successful because real estate allowed them have the financial freedom to focus on themselves and their businesses.
I loved this answer. I used to go to investor meetups but alwasy found that I was the only one that ever did deals. People would ask me "How do you get started" and I'd say "Get started!". It's been my same 2 word reply for a decade now. And I bet 90% of the people I told that to are still going to meetings, like you said, and looking for that deal that'll never happen.
I also love when people look at a property I own and say "That's a goldmine!". Yea, it' is. But it started as a shitmine. No one sells a goldmine. At least not a price that's worth buying. You gotta make your own goldmine.
And also (OP) don't think you're not going to be a multi millionaire. If you're starting early and grinding, once you get a few deals you'll be shocked at how fast deals start coming. I have 1,000 units and $750k of rent roll. And it started by buying a second townhome when I couldn't decide which of two I wanted to live in (I bought the second and rented it out for more than my expenses, the rest was history) - Rental Property Investor · San Diego, CA · Member since 2013 · 3k+ posts · 4k+ votes8y
Originally posted by @Rod Smith:
1. Rich Dad, Poor Dad
2. The Bible as a guide to life. Millionaire Next Door as a mindset.
3. Reading, tennis, spending time with my family.
4. As Gary Keller says in Millionaire Real Estate Investor, "Anyone can do it but only a few will. Will you?" I think it is a mindset. Too many people see real estate investing as complicated or risky. They have heard horror stories of others who have been forced into being a landlord when a home wouldn't sell. The inertia required to get started in real estate investing looks insurmountable so many people allow a perceived risk to convince them not to try.
Another great answer. I really hope those looking to get started read your #4 and the other one I quoted 4-5 times to let it sink in. Well done.
- 8yJay HinrichsBusiness MemberReal Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
1. started rich dad could not get past the second chapter thought who reads this stuff.
2. I fall asleep reading business books.. so have never read one.
3. Travel aviation flyfishing.. want to start golfing again and skiing again.
4. forgot what 4 was.. will have to come back to that one.. OK got it.. what separates successful re folks and non.
I have no clue.. but I do find the harder one works at it the luckier they get.. And it sure helps to start off with a nice earning job and some cash to operate..
- Rental Property Investor · Pittsburgh, PA · Member since 2018 · 6 posts · 2 votes8y
1. Rich Dad, Poor Dad
2. From Good to Great, Jim Collins
3. Golf, riding my Harley, family, grandsons, fitness
4. Surrounding yourself with a team of professionals (PM, attorney, realtor, CPA)
- Brownsburg, IN · Member since 2018 · 21 posts · 6 votes8y
1. The Book on Flipping Houses J. Scott and not purely RE but Richest Man In Babylon by George Clason.
2. The Bible - I have not heard this on the podcast, but there are so many teachings on money and its uses to help society, and that all that I have been given isn't from my own doing, and should be used to help others and glorify God
3. Family, Fly Fishing, Skiing
4. Self Discipline, optimism, and humility - i strive to stay teachable. The military taught me to be comfortable with being uncomfortable, if your not uncomfortable than your not growing.
- 8yJana CainPro MemberEnrolled Agent · Richmond, CA · Member since 2016 · 225 posts · 148 votes
I love that you asked this!
1. What is your favorite real estate book?
Flipping Confidential: The Secrets of Renovating Property for Profit In Any Market by Kirsten Kemp. I was a huge fan of her flipping show, Property Ladder, which was my first intro to the whole flipping thing. I have read Rich Dad, Poor Dad, and nothing about it moved me to want to invest in real estate. Go figure.
2. What is your favorite business book, non-real estate?
The Start-up of You by Reid Hoffman. Fantastic book for viewing your life (and your job) like a business.
3. What are your hobbies?
Working out (HIIT addict), cooking (eating?), gardening, and all things equestrian.
4. What do you think sets apart successful investors from those who give up, fail, or never even get started?
First, limited beliefs/thinking. I come from a "you must be rich to invest in real estate" background, surrounded by those who doubt you can be successful [in REI] if you don't have piles of money. I'm of the "If you think you can, or you think you can't, you're right" camp (thank you, Henry Ford), and I think I can, so I'm looking forward to the journey. Second, laziness. The amount of due diligence involved, regardless of your niche (BRRRR, flips, wholesale, notes, etc), is not for someone who doesn't enjoy a challenge. I think failure comes from surprise at how hard it can be.
- 8yDan H.Pro MemberInvestor · Poway, CA · Member since 2015 · 7k+ posts · 8k+ votes
1. What is your favorite real estate book? Landlord on Auto Pilot. Author had the misfortune to be invested in Detroit but it does not mean that there is not a lot of good content in the book.
2. What is your favorite business book, non-real estate? Rich Dad, Poor Dad: What the wealthy teach their kids that the Poor do not.
3. What are your hobbies? Real estate, hiking, camping, fishing, Watching child compete in anything and everything.
4. What do you think sets apart successful investors from those who give up, fail, or never even get started? Huevos Grande. I think most people are too timid to start. They find any excuse to not start. Prices too high. Prices coming down. Too busy. Not enough money. Do not know what I am doing. Cash flow is not good. Appreciation is non existent. Cannot convince spouse. They are all excuses for not starting but many apply to most everyone when starting. Yet they somehow started and often have been quite successful. So why do some people have every excuse? I believe they are afraid to bet on themselves and their knowledge to the extent that is often required to invest in RE.
- 8yJohn FranczykPro MemberWholesaler · Racine, WI · Member since 2015 · 143 posts · 84 votes
1. Real Estate Book: Rich Dad, Poor Dad got me into this, so I'd have to go with that.
2. Business Book: Pitch Anything by Oren Klaff. It took me a while to understand that even though I'm buying property in an RE transaction, I'm more of a seller to the extent that I am selling my ability to close on a property quickly. Klaff's book includes good strategies on getting into the mindset of a counterpart in a deal.
I also like Sun Tzu's Art of War for the same reason.
3. Hobbies: Travel, working out, reading, writing.
4. What sets apart successful investors: I think you have to treat RE investment like a business and establish business processes and structures. Those processes and structures keep it from being a one- or two-off thing, and prevent the successful investor from chasing the latest new idea or concept. I've met a lot of investors who get in with the idea of wholesaling, then suddenly they're looking at note investing, then rentals, and then maybe lease options, etc. without ever finding their investor identity. I think that a business structure and plan eliminates those distractions and establishes a path that creates repeatable success.
- Tucson, AZ · Member since 2017 · 8 posts · 0 votes8y
1. The Millionnaire Real Estate Investor by Gary Keller
2. The Success Principles by Jack Canfield
3. Yoga, Continuing education about mindset, spirituality, fitness, holisitc health, wealth building
4. Investing in proper education, having great mentors, grit, having a strong purpose in life
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