29 Aug 031: Why an entrepreneurial mindset is so critical if you want to be a successful real estate investor, with Brandon Turner
Want to find out some of the critical things you need to know if you want to be a successful real estate investor?
Check out the latest Hooked On Startups episode with Brandon Turner!
In this episode we discuss the approaches that really work if you want to be a real estate investor.
Is it possible to get into real estate investing with very little money? Brandon has some great suggestions about leveraging what you have for the knowledge and information that you want.
We also talk about how having a ton of capital in the bank can actually work against you rather than in your favor.
Don’t forget to subscribe to the podcast!
Brandon is an active real estate investor, author, musician, and entrepreneur.
He is also the co-host of the most popular real estate podcast online, The BiggerPockets Podcast, with more than 40 million downloads.
He’s written several popular real estate books, including The Book on Rental Property Investing, the #1 real estate investing book in Amazon.
He lives (and invests) in Western Washington State, alongside his wife Heather and new baby girl Rosie.
1:16 – Background on Brandon and his Bigger Pockets Podcast.
2:06 – How he got into real estate investing and why he pursued active investing.
4:14 – Being raised by a “garage sale mom” and learning to always get the best deal possible
4:44 – What led him into real estate and entrepreneurship.
6:06 – Finding his first real estate deal and how he decided to pursue this long term.
8:59 – The mechanics of raising capital for his first deals.
9:49 – Managing the different mentalities of people who want to get into real estate investing.
12:24 – Looking at some of the times Brandon has been tripped up on deals.
14:08 – Advice for people who are looking to get into real estate and part of the mission of Bigger Pockets.
17:27 – Applying internship and apprenticeship ideas to learning about real estate investing.
19:11 – Revisiting the learning stage at various times when entering new asset classes like mobile home parks.
21:01 – Some of the general business development principles that still apply to real estate investing and how having available capital can be a liability.
22:51 – The tradeoff of knowledge and experience for investment capital; three things Brandon identified that you need at least two of to be successful in real estate.
24:41 – Two analogies to describe Brandon’s philosophy on creative investing.
27:05 – Looking at real estate as a business and finding the parallels between other industries.
30:52 – Talking about Brandon’s books and writing from his experiences.
32:34 – The concept of dead space and how it relates to getting things done through daily consistent action.
36:32 – Advice Brandon would give to his 21 year old self.
37:18 – Some things Brandon and Matthew have gotten out of David Allen’s Getting Things Done.
39:19 – The rapid fire questionnaire.
Resources and Links Mentioned:
The Book on Rental Property Investing and The Book on Managing Rental Properties
The E-Myth by Michael Gerber
Rich Dad Poor Dad by Robert Kiyosaki
The Lean Startup by Eric Ries
Getting Things Done by David Allen