Personal Podcast Notes (430) Brandon & David's Advice From 2020

BiggerPockets Podcast 430: Best of 2020: Brandon and David’s Favorite Pieces of Advice from 2020 Guests

*Taking risk sounds negative and feels expensive. However, certainty is sometimes more expensive than risk. Removing all uncertainty with your 9-5 job can lower your ceiling. It’s expensive to go for certainty. Your ceiling comes down pretty low. It’s not like you have limitless ability to move forward.

*You always hear “don’t invest in something when it’s at its peak” and “don’t try to catch a falling knife”. So which is it? Invest in sound principles or you will drive yourself crazy trying to predict something that you can’t. Invest when you see an opportunity. Don’t bet on appreciation in real estate. Invest in cash flow so that you still make money when the market takes a downturn. And Have several layers of strategy so that you have multiple ways to make money.

*Create your long-term vivid vision and review it regularly. Where do you want your life to be in 10 years, your family, and your business?

*Regarding using leverage versus paying off your loans. Your business can grow faster or implode faster with maximum leverage, However, the bottom line is you’ve got to have peace of mind at some point in this journey. If you’re always Buying to keep buying, leveraging to keep leveraged, borrowing to keep borrowing, and you don’t ever have it paid off, you don’t have true peace of mind. Figure out how much money do you need to live comfortably if everything was free and clear. At some point, peace of mind is worth a lot of money.

*The Lifeonaire book is about asking “what do I want my life to look like?” And then building your business around that.

*So many people are interested in real estate but they haven’t fully committed to it yet because they haven’t figured out all the pieces. Therefore they never fully commit and never take action. Don’t “decide, plan, commit“ because you will get stuck in the planning phase. Instead, decide, commit, and then figure out how. It’s kind of like jumping out of an airplane and building your parachute on the way (obviously don’t do this!). But you get the idea. You figure out the plan while making mistakes and learning lessons. The first step is deciding, are you going to do this yes or no? Are you pursuing financial independence through real estate investing? Yes, I’m doing it. Are you committed to it? Yes, I’m committed to it. I’m doing it come hell or high water. Now take action and figure out how along the way.