Behind the Beard | September 22nd, 2021
Something I'm Reading:
I’m reading (or I read…finished it in two days) “Take Back Your Family” by fellow Maui author Jefferson Bethke. It’s a great book about viewing your family as a team rather than a bunch of individuals and how that can shape each person in profound ways. Definitely recommend.
Something I Teach:
I’m putting together plans for my talk at BPCon and I’m going to be talking about this:
There are four mindset levels when approaching real estate investing.
The DIY approach - you do it all yourself
The Project Management Approach - you outsource random tasks but you’re still in charge and hands on
The CEO level - you build a team, culture, and systems
The Visionary - you wish it and it gets done
None of these levels are wrong but it’s important to know what level you’re at so you can be aligned. Know where you are and figure out where you wanna be. More on that at BPCon in a few weeks.
Something Cool I Own:
I recently bought a cool program called Superhuman which helps you manage and go through your email inbox. It’s really intuitive and uses keystrokes and short codes to help cut down the time it takes to manage your inbox (supposedly doubles your speed to go through your emails). Also has some other cool tools and features built in. Been using it for a couple weeks and I really, really like it!
Something I Photographed:
Each week I share a photo I snapped in the previous week. Sometimes serious. Sometimes random and funny. Maybe a selfie once in a while. Just because.
I attended a kid’s birthday party that was pirate themed. I don’t do anything halfway…
Something I'm Excited About:
Open Door Capital Fund 5 is launching next week! As a loyal BTB subscriber (and if you’re accredited), you’ll get early access! So keep an eye out. We’ve distributed preferred returns every quarter for all our prior funds and we already have some awesome parks lined up for Fund 5 so I’m pumped! Sign up for our email list here to be notified when Fund 5 is open for investment 💰
I’m also launching my coffee company, BeardyBrew, on Friday (Sept 24th)! 100% of profits are donated local Maui charities so I’m especially excited for this :)
Something I Can Answer:
Each week, I'll be answering one question from someone on my BehindTheBeard textletter! Want your question answered? Submit it by simply replying to this text!
Question: “Do you have any tips for helping negotiate or “pitch” seller financing?” -Chris
First of all, seller financing is really only ideal for people who have their house paid off. Otherwise, you’re looking at subject to or a lease option. A good technique is to ask people what they plan to do with the money once they sell. If they’re not sure, you can propose the idea of “partnering” together and have them carry the mortgage. I like to use selling a car and carrying the payment as an example - it’s a lot easier to understand for people. For example, you sell your car to your brother. He gets the car but he makes payments to you for a year or two. It’s the same concept.
We have an amazing episode of the BiggerPockets podcast coming out in a week or two with Pace Morby. He spends an hour diving into this exact topic and strategy. Keep an eye out for this episode - it’s one of my favorites.
P.S. In case you didn’t see my Instagram story last week, I announced the winner of my condo giveaway on my Instagram. Congrats to Kevin C for winning! I’ll do some more giveaways down the road so don’t be too bummed if you didn’t win this one
Your Friend,
