All Forum Posts by: Travis Henry

@Bryce Bradshaw Sorry, I know this is a fairly old post, but have you considered using a journal specifically made for goal setting and accountability?

A friend of mine has been using the BestSelf Co. Journal and absolutely loves it. It's pretty short-term - I think three months, so you'd have to buy four if you want to use it year-round. However, if you're needing a little extra push or help staying organized to get something done short-term, I think this is a great option.

Personally, I use The Five-Minute Journal; in the past, I've gone through periods where I'll be really motivated and journal diligently on a day-to-day basis, then suddenly drop off because "I'm too busy" or "I have no time" (all lame excuses, I realize). The Five-Minute Journal literally takes five minutes, with prompts for morning and evening entries. This is a little less about goal setting, but rather a means for daily reflection.

Thanks for sharing your story, Zach! I'm going to make a weightlifting reference here, but I think it applies.

If you look at countries who dominate the sport of Olympic weightlifting today, you'll see a handful of Asian and European countries. With the advent of social media, the rest of the world is now able to see the way these Asian and Euro athletes are training, how they recover, what they're eating, etc. Turns out, they're not doing anything significantly different from any other country! Of course, someone's going to say "you're neglecting all the drugs!", but all the drugs and steroids in the world do not make you good at the snatch and clean and jerk. 

So how is it that these world record-setting athletes, who are more or less following similar programming to the rest of the world, taking similar supplements, and have the same 24 hours in a day that you and I (and the rest of the world) have, are predominantly from a select few Asian and Euro countries?

I don't have the answer. But I do have a theory, which brings me back to your post. For many of these athletes, succeeding in sport is a way out. A way out of poverty. A way out from how their family has lived for generations. In other words, the incentive structure breeds a sort of tenacity and grit. It forges a mindset that says, "tough times don't last while tough people do." It lights a fire that, under no circumstances, can be extinguished.

This is what we see in the best athletes. This is what we also see in your grandfather.

@Joy VanAssche Welcome to BP! I went to school and worked in Seattle for a few years before moving back to Hawaii...one of my biggest regrets was not venturing east to explore the rest of the state! Well, that and not going to a Hawks game.

Anyway, wife and I are planning to purchase our first multifamily unit in Clarksville, TN by the end of the year and, like you, are always looking to connect with like-minded people. We're real estate newbies, so a lot of research, reading, and networking at this point! Please keep in touch!

@Alex Bekeza Thanks for sharing! Number 14 - "Don't Go it Alone" has been a huge one for me; Getting active on BP and building relationships with people who love real estate really gave me the confidence to dive in!

All of these points are very helpful and, like you mentioned, covered in detail throughout the BP forums and/or podcast. Understanding these concepts is one thing, but the key will always be execution. Anyway, thanks again for the quick read!

@Isaac Josey Hey Isaac! Posted this a few days ago somewhere else, so pardon my copy and paste job...

Like many people, I started with Robert Kiyosaki's "Rich Dad Poor Dad." I read this in high school but didn't take much from it. I read it again earlier this year, and it really got me to commit to massive action and to get moving with REI. What a difference a few years can make!

@Brandon Turner 's book "Investing in Real Estate with No (and Low!) Money Down" was extremely helpful, especially in stirring the creativity pot and helping me figure out ways to reach out to my current network to put some money together. Fun fact: I read this entire book in Brandon's voice in my head, which made it 10x more enjoyable.

I've been putting off "Building Wealth One House at a Time" by John Schaub. I've heard a lot of great things about this one, but haven't gotten around to it.

Not a real estate book, but Ryan Holiday's "The Obstacle is the Way" has helped guide my perspective when I hit walls and need to redirect. I'm just getting started in REI, but have been able to apply his concepts to discussions I've had with lenders, realtors, other investors, etc.

The Richest Man in Babylon" keeps coming up on the BP podcast. This one is probably next on my list!

@Clayton Hutton As Jeff suggested, a fair deal is what all involved parties consider to be fair. Since these are friends, you could sit down and have an open dialogue about potential ways to structure the deal. If they're providing the financing and you're "swinging the hammer," a 50/50 split might be a perfectly appropriate option.

Something I just thought of reading your comment "they are more on the time poor end, and are interested in just providing the cash for the deal" - be sure this is truly the case. Are you going to have to run potential renovations by them? Will there be push-back on how you decide to exit?

Set the expectations upfront and, as Jeff mentioned above, have them clearly laid out in the docs to minimize the potential for conflict in the future.  

@Joshua D. 'Good' financial decisions that ruin your marriage may not be good decisions. The best course of action might be to reflect and re-evaluate what's really important here.

@Jordan Troutman Hi Jordan! Like many people, I started with Robert Kiyosaki's "Rich Dad Poor Dad." I read this in high school but didn't take much from it. I read it again earlier this year, and it really got me to commit to massive action and to get moving with REI. What a difference a few years can make!

@Brandon Turner's book "Investing in Real Estate with No (and Low!) Money Down" was extremely helpful, especially in stirring the creativity pot and helping me figure out ways to reach out to my current network to put some money together. Fun fact: I read this entire book in Brandon's voice in my head, which made it 10x more enjoyable.

I've been putting off "Building Wealth One House at a Time" by John Schaub. I've heard a lot of great things about this one, but haven't gotten around to it.

Not a real estate book, but Ryan Holiday's "The Obstacle is the Way" has helped guide my perspective when I hit walls and need to redirect. I'm just getting started in REI, but have been able to apply his concepts to discussions I've had with lenders, realtors, other investors, etc.

"The Richest Man in Babylon" keeps coming up on the BP podcast. This one is probably next on my list!

@Joshua D. My wife and I were in a similar situation a few years ago, as she opened a private medical practice and I was handling all the "behind the scenes" aspects of running the business. The details are not important. What is important is talking to your wife about whether, as a couple and team, your BLUEPRINT matches your LIFE CONDITIONS.

Blueprint - How you think your life should be

Life Conditions - How your life actually is

This is a Tony Robbins concept that I've found helpful not only in marriage, but in business, as well. In short, there will always be tension if your blueprint doesn't match your life conditions. What needs to happen then is (again, as a couple), adjust your blueprint or adjust your life conditions. That's it. You might think your situation is unique and  you might scoff at the fact that I'm making it so simplistic, but just think. Is solving this issue with your wife simple? Not easy, but simple?

BP = LC

Good luck!

@Lucy Tran An interesting thing I read recently, and it might very well apply to your situation, is targeting the fringes in a given market. What I got from it was this: if you see everyone pouring into a market, obviously prices will rise. But what about just outside of that imaginary market "border"? Is it possible to find something reasonably priced with enough meat on the bone to get you excited? Probably.

Of course, the key would be having the ability to identify these fringes and then evaluating properties quickly for good deals!