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Rank #74 in Investing category

Business
Careers
Investing

Cashflow Diary™

Updated 1 day ago

Rank #74 in Investing category

Business
Careers
Investing
Read more

J. Massey, real estate investor, entrepreneur, sales coach, instructor, master facilitator of Robert Kiyosaki’s CASHFLOW™ 101 games and creator of Cashflow™ Diary, offers free training courses for new and experienced investors. Break through the clutter of learning real estate and business investing and become a successful entrepreneur. Listen to beneficial strategies to improve your skills in prospecting, placing offers, closing deals, buying, selling, wholesaling, fix & Flips, rehabs and much more. By way of Cashflow™ Diary, J. Massey basically gives away current industry strategies by simply teaching what he does daily as a real estate practitioner. Start Learning For Free Today.

Read more

J. Massey, real estate investor, entrepreneur, sales coach, instructor, master facilitator of Robert Kiyosaki’s CASHFLOW™ 101 games and creator of Cashflow™ Diary, offers free training courses for new and experienced investors. Break through the clutter of learning real estate and business investing and become a successful entrepreneur. Listen to beneficial strategies to improve your skills in prospecting, placing offers, closing deals, buying, selling, wholesaling, fix & Flips, rehabs and much more. By way of Cashflow™ Diary, J. Massey basically gives away current industry strategies by simply teaching what he does daily as a real estate practitioner. Start Learning For Free Today.

iTunes Ratings

166 Ratings
Average Ratings
154
4
3
1
4

Great host, great show

By Maze Decker - Apr 12 2019
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J. Massey is one of the best hosts I know, plus he invites awesome guests. Their topics and conversations are always interesting and it doesn't get me bored at all. Super helpful tips too. Recommended

Great Host and Guests

By Lucas Marshall - Jun 25 2017
Read more
Wealth of knowledge can be learned listening to the Host and guests on this podcast!!!

iTunes Ratings

166 Ratings
Average Ratings
154
4
3
1
4

Great host, great show

By Maze Decker - Apr 12 2019
Read more
J. Massey is one of the best hosts I know, plus he invites awesome guests. Their topics and conversations are always interesting and it doesn't get me bored at all. Super helpful tips too. Recommended

Great Host and Guests

By Lucas Marshall - Jun 25 2017
Read more
Wealth of knowledge can be learned listening to the Host and guests on this podcast!!!
Cover image of Cashflow Diary™

Cashflow Diary™

Updated 1 day ago

Rank #74 in Investing category

Read more

J. Massey, real estate investor, entrepreneur, sales coach, instructor, master facilitator of Robert Kiyosaki’s CASHFLOW™ 101 games and creator of Cashflow™ Diary, offers free training courses for new and experienced investors. Break through the clutter of learning real estate and business investing and become a successful entrepreneur. Listen to beneficial strategies to improve your skills in prospecting, placing offers, closing deals, buying, selling, wholesaling, fix & Flips, rehabs and much more. By way of Cashflow™ Diary, J. Massey basically gives away current industry strategies by simply teaching what he does daily as a real estate practitioner. Start Learning For Free Today.

Rank #1: CFD 443 - Getting Started and Staying Started in Real Estate Investing

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Whitney Nicely went from no investments (or strategies) to 19 houses, 19 apartment units and 7 chunks of land in less than three years all bringing monthly money to her bank account on autopilot. She has traveled the United States speaking on stages, teaching her simple strategies, and meeting with other successful real estate investors- and still buying houses the way she teaches others. On this episode, she shares how starting something like real estate can seem scary from the outset. When you focus on your seller and buyers, that takes the pressure off you. Your goal in this life should be to help as many people as you can, keep your efforts small, personal, and smooth.

Jan 25 2018
44 mins
Play

Rank #2: AHP: Debts, Chaos, and Cashflow

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Jorge P. Newbery is on a mission to help Americans crushed by unaffordable debts. He is Founder and Chairman of American Homeowner Preservation LLC and AHP Servicing LLC. AHP crowdfunds the purchase of non-performing mortgages from banks at big discounts, then shares the discounts with struggling homeowners. AHP Servicing LLC will bring social responsibility and a willingness to do the right thing to an industry often devoid of caring, compassion and basic human decency. On this episode of the CashFlow Diary Podcast, Jorge explains that the most important thing is to take that first step. Then the second step, then the third step. List the steps and take the first one. Don’t look all the way to the finish line, work on getting through the first mile. Break it down into achievable bites that get you closer to your goal.

Apr 12 2018
42 mins
Play

Rank #3: Credit Unions Are The Solution You Didn’t Know You Needed

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Mark Ritter is the CEO of MBFS and an expert in credit unions and business lending. His primary role at MBFS is overseeing the strategy of helping credit unions assist members with business needs and consulting with credit unions on planning the delivery of services to their membership. 

In 2002, Mark started Members 1 st Federal Credit Union's business lending program as "one person and a desk" with no policies, products, staff, systems, or business members. That program grew to be one of the top ten in the nation in the number of loans and balances outstanding for federal credit unions. In addition, Mark developed a participation program that grew to one of the top buyers and sellers of credit union business loans in the eastern United States. He has done extensive work with branch retail staff, business lending operational and sales staff, and credit unions to educate and train them on the merits of business lending.  

Podcast Highlights

  • Who is Mark Ritter? 

Mark always tells people that he is a blue collar guy in a white collar world. He grew up in a town called Burwick in Pennsylvania and despite being a marginal football player he found himself with the opportunity to work for the Penn State football team. Without that chance he would probably still be working in that small town. In many ways he can attribute that one thing to getting him to where he is today.

Mark remembers his father talking about their credit union fondly and that has always stuck with him. Once he got older and looking for new areas to work in he thought again of the credit union space. In terms of superheros, Mark considers himself like Aquaman. Aquaman has a number of non obvious superpowers but they are quite useful when you need them. 

  • How are credit unions different?

When you walk into a credit union you’ll see a lot of the same features that you would at a bank. The difference is in the underlying structure, credit unions are a cooperative business that focuses on building relationships and doing what’s right for people. The shareholders and stakeholders of a credit union are the members of that union, and in some ways they are similar to mutual insurance companies.

Credit unions were originally created for businesses, and since then there has been a revolution in what credit unions were capable of that has lead to them really taking off. 

Credit unions can be friendlier when it comes to fees, and terms and conditions on the financing they offer because they are considering what is best for the membership of the union instead of just the shareholders.

One out of every three people have an account with a credit union. They are generally smaller institutions when compared to banks but even then they are still managing many millions of dollars. There are twice as many credit unions in America as there are banks, but getting the word out is one of the main challenges.

Most people want a relationship with their financial institution and with credit unions that’s possible. The numbers are the same for everybody, where credit unions excel is in the qualitative analysis of a loan and taking the story into account.

  • Where do credit unions operate?

Most credit unions prefer to lend within their region but there are some that will consider a wider area. If a customer comes to Mark with a need for financing in another area, they would recommend another credit union to work with that’s closer to home.

Everything that a credit union does in internal to their own portfolio. They lend against their own money but they also love to work cooperatively with other credit unions. For larger loans, there could be multiple credit unions participating in the loan without the borrower even realizing.

Credit unions are insured the same way that banks are insured, so there is pretty much no downside to working with a credit union instead of a bank.

  • Why did you go from football to credit unions?

The community bank of the local area is going away and the trend is towards super sized corporate banks. Mark looked at the credit unions as a career path because their value systems were the same as his.

  • Credit Unions and Real Estate

Credit unions operate in many different markets at every different price point. They work with individual investors, sophisticated investors, and major developers. When credit unions first began they were limited to their lending limits to 12.5% of the portfolio, but legislation recently passed made it so that small 1 to 4 unit properties don’t count against that limit. That has really opened up the possibilities for real estate investors to work with credit unions.

Since they take into account the borrower’s history and experience into the loan, credit unions may be a good lending partner for the more difficult short term rental market. They also take into account the income value of the property instead of just the appraised value. Residential rental lending is nearly a third of Mark’s company’s business.

Most of the lending that a credit union does is recourse lending that requires a personal guarantee, but they do some non recourse lending for bigger investors.

  • Mark’s Takeaway

Follow your dreams. Don’t do it for the money. Do it to fulfill your life goal instead. A business is a great way to build and take control of your own destiny. If you’re one of the two thirds of the country who aren’t members of a credit union, they may be the kind of financial institution that you have been looking for.

Links:

mbfs.org

Member Business Financial Services on LinkedIn

Thank you for listening! If you enjoyed this podcast, please subscribe to the show on iTunes and Stitcher Radio!

Sep 06 2019
43 mins
Play

Rank #4: CFD 409 - Investing Like The 1%

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This episode shows you how to duplicate the results of some of the most successful entrepreneurs in the world and invest life the top 1%.

Scott Picken is a South African-born real estate investor and entrepreneur. He is the co-founder of Wealth Migrate, a fintech company that offers real estate investments on its online marketplace through crowdfunding. He began offering real estate investment solutions at the age of 26 when he founded International Property Solutions.

The Huffington Post named Wealth Migrate as one of the top 60 real estate crowdfunding solutions in the United States in 2014.

Podcast Highlights

  • Who is Scott Picken?

Scott Picken has always loved building things. Scott built an extension onto his family’s house at the age of 13. This lead to his passion for building businesses and technology.

  • Building Something Tangible Versus Something Intangible

If you want to be successful, do what successful people do.

The amount of money you can make in the business world is proportional to the amount of value you can add.

  • How Did You Go From 13 Year Old To Wealth Migrate?

After missing out on a major opportunity during the 2008 crisis, Scott decided to build a platform that allowed people to access the capital that the institutions could as well as the knowledge and expertise to invest globally.

  • Using The Wealth Migrate Platform

No matter what happens to business and technology, the fundamentals never change.

  • What Are The Top 3 Mistakes That You’ve Made?

Systems unlock the potential for your business.

The people you know and like don’t always make good team members, it can make having difficult conversations even harder.

  • Scott’s Takeaway

Nobody learned how to swim by reading a book, at some point you have to jump in the water.

What doesn’t kill you makes you stronger, it’s not a case of if, it’s a case of when you will make mistakes. The important trait to have is persistence.

Links:

https://www.wealthmigrate.com/

http://www.ipsinvest.com/

https://en.wikipedia.org/wiki/Scott_Picken

Thank you for listening! If you enjoyed this podcast, please subscribe to the show on iTunes!

Sep 28 2017
51 mins
Play

Rank #5: 90 Days To 5k: Passive Income Real Estate Investing

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Edna Keep, author of Multiple Ways To Wealth: Creating Your Prosperous Lifestyle and real estate investment teacher, has a deep understanding of what investors want in a deal. As a former financial advisor, Edna helps connect investors with everyday people who want to create true passive income for the long term.

Edna’s team has a portfolio of $60 Million they built in less than ten years on primarily multifamily units and primarily with none of their own money. Her process is proven, which she now teaches through coaching and her Mastermind groups.

Edna lives near Regina, Saskatchewan between Calgary and Winnipeg with her husband Warren and teenage daughters Desiree and Dhani.

Podcast Highlights

  • Who is Edna Keep?

Edna recalls a teacher that once told her she was very social and if she could only channel that ability, she would inevitably become successful, despite the fact that she was barely passing his class!

Whenever Edna has a challenge, she tends to call her key people and brainstorm with them, she prefers to think on her feet. Her natural curiosity and desire to get to know people is one of her unexpected super powers.

  • Hope and Regret

It doesn’t matter how old you are, tomorrow is a new day. You can always start being an entrepreneur now.

Edna was 48 when she started in passive income real estate investing and she didn’t intend on becoming a full time investor. She actually walked away from her mutual fund investment business because she felt that real estate was such a great option.

  • Where did the courage to make the leap come from?

Edna originally had a decent job and made a good amount of money but she was extremely bored. She wanted more and had to do correspondence courses because she didn’t have extra money for school. The common thread in Edna’s experience is constant education and always being willing to try new things plus the desire for more.

Edna always wanted to be financially free and being a financial advisor was the vehicle that initially got her there. Eventually she was down to working one day a week while doing passive income real estate investing part time

Edna has a history of taking a chance, but she believes the key is taking a chance on yourself. Don’t try to do everything yourself, the most successful people have coaches that help them work through challenges.

There is a four step process to success and the final step is teaching what you know to others.

  • What have you learned about mindset?

You are always beating yourself up for what you’re not, but literally everything in the world is learnable.

School is not as important as an education. We have a great schooling system, but we have a poor education system.

Edna always loved learning as long it was something she was interested in. A lot of people think education is limited to the traditional school, but there are a number of resources online you can access very easily.

You have to get to know yourself to understand what you will be good at. What did you do as a kid that you loved, and is there a way to turn that into a business?

  • Why bother coaching passive income real estate investing?

People were always asking Edna how she had been so successful in such a short period of time, and she realized that it’s all about the steps you take and the systems you set up. She started helping people achieve what she has and it’s one of the most fulfilling things she’s done.

Reference: Multiple Ways To Wealth: Creating Your Prosperous Lifestyle, Edna Keep

  • Edna’s Takeaway

Watch the Masterclass and take some action. Argue for your greatness, not your limitations. The voice in your head can stop you but you can change that voice. If Edna can do it, of course you can too!

Links:

ednakeep.com/90daysto5k

ednakeep.com/cashflowdiary

Thank you for listening! If you enjoyed this podcast, please subscribe to the show on iTunes!

Sep 10 2018
43 mins
Play

Rank #6: Lisa Phillips On Affordable Real Estate

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Lisa Phillips is the founder of Affordable Real Estate Investments and #1 bestselling author of Investing in Rental Properties for Beginners: Buy Low, Rent High. After her second layoff and a foreclosure in the bloated Las Vegas, NV real estate market, Lisa found herself alone and halfway across the US from her friends and family with no job. She was left with a 35k condo and only enough money to renovate the place doing the work herself to stretch her unemployment check. It not only gave her a solid foundation of repair maintenance and costs, but also a taste of how owning real estate could be affordable and profitable. After purchasing four more rental properties around or under 30K in OH, MD, and VA, Lisa is now focused on doing one thing she loves to do: showing EVERYONE how they too can affordably start investing in real estate for high profits and cash flow.

Podcast Highlights

  • Who is Lisa Phillips?

Lisa Phillips was born in an impoverished situation but has a strength and conviction that the world can be a better place. Everyone has a need for a house, but there is another process that goes into turning a house into a home, which is one of Lisa’s innate talents.

Lisa was born and raised in Las Vegas and saw the real estate market in the area and thought it was going to the moon. After getting laid off, Lisa had to move to Ohio to find a job that paid a similar salary to what she was making before, which she needed to covering the mortgage on the condo she had purchased. One of the main lessons she learned from that experience was to make sure the average rent of the neighbourhood can cover the payment in case you need it to.

While living in Ohio, she was laid off again after purchasing a small condo and realized that low priced and affordable homes are a great protection in times of recession and uncertainty.

  • Saving Money For Real Estate

When you’re single you choose what level of savings you want to achieve. Once you have a family it becomes much harder to save the same level because your dream of frugality may not be theirs.

  • Courage

Courage comes from being true to who you are. It comes from acknowledging your soul and not letting other people tell you how you live your life. Listen to your own internal intuition and guidance, don’t ignore it.

Lisa noticed that every time she didn’t listen to the voice in her heard, she tended to regret it so she had some practice with it. It can be very hard when everyone around you is going in one direction and your intuition is telling you to go the other way but Lisa found that the more she listened to her soul the more she came out ahead.

Optimism and confidence in yourself to figure out something for yourself or ask for help are two other tools that will help you succeed. You can weather through the storm.

Lessons learned can help you when you get burned. By having such a negative experience with her first real estate purchase, Lisa learned a lot about the economics and math of the whole process and that helped her with her future deals.

  • Why do you help people?

Lisa felt that even though she doesn’t have a massive portfolio of properties she still had some knowledge that other people could really benefit from.

Inspiring people and creating a culture of responsibility are big reasons why Lisa continues to talk to people about her real estate methods. She knows that it doesn’t take a huge number of properties to change the way you think about life and allow you to do things that you always wanted to.

If even 10% of the people in the world had the financial ability to spend most of their time doing the things that they really love, the world would be a different place. Sometimes you just need to see someone else do it before you realize you can do it yourself.

Reference: Investing in Rental Properties for Beginners: Buy Low, Rent High, Lisa Phillips

  • Lisa’s Takeaway

First get really clear about what you want and why you’re doing it. Then talk to yourself in your head about what that vision will do and what it’s going to be. Don’t tell anyone else until why you believe it. Do the research so you can minimize the risks and then choose the path to get you there. Start acting. Have your daydream sessions and then make them fun. Find a coach and talk to them about what you want to achieve, invest in people that can help you.

Links:

affordablerealestateinvestments.com

youtube.com/user/affordablerei

Thank you for listening! If you enjoyed this podcast, please subscribe to the show on iTunes!

Feb 11 2019
40 mins
Play

Rank #7: Fearless Wealth and Living The Undiversified Life

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RC Peck, sits at the intersection of money and human behavior. For over 20 years he's helped people hear what their money is trying to tell them. His struggle with dyslexia, watching his parents' life savings get embezzled, and his background in Neuro-Linguistic-Programming (NLP), taught him to question the obvious. He now uses his ability to see what others can't see which brings clarity and insight to a world that is often described as confusing and overwhelming. His fearless wealth message is clear. Listen to your money. It's trying to tell you how to get the life you want.  

Podcast Highlights

  • Who is RC Peck?

The first answer that came to RC was a time when he was in 7th grade and taking martial arts. He was able to buy throwing stars for $2 and take them to school and sell them for $8, it was just something made sense for him to do. It just came naturally, he saw the excitement in others and the opportunity became obvious.

RC didn’t know that he was dyslexic until his 30’s, all throughout school RC felt like he was smart but his teachers and test scores told a different story. This lead him to pursuing more creative courses like art, something that came easily to him and that he excelled at. He thinks of his dyslexic journey and sees a lot of people going through the same process, but with their money. There is a form of investment dyslexia that is holding people back.

When RC’s parent’s life savings were embezzled when he was 19, that was when he realized that something was wrong with the investment world. The biggest investment mistake in the world is the belief that “I trust and like fill in the blank!” People trust anyone other than themselves to grow their money.

  • Where does the idea of diversification and fearless wealth come from?

Diversification is an idea from the 50’s, from academia before there were computers as we know them today. The idea of diversification is not inherently wrong, you will still eventually get to where you want to go, but there are probably better options depending on what your goal is.

We are never given the choice to not diversify because it is so common place we never even question the idea. Doing things that go against the mainstream current can be scary, so people rarely look at their assumptions and the common wisdom around investing.

There are only two things that humans can not tolerate, the first thing is not belonging. The second is not knowing the rules. A good parent can be much stricter, as long as they are consistent with their rules. People can even feel “good” about losing half of their investment portfolio value, as long as everybody else is losing too. People with investment dyslexia know there’s a problem, they just don’t have the words to describe it.

  • What are the words that will set us free?

The stock market is an idea that is loaded with negative emotions. When you read a headline that screams “Market Crash!”, your brain is interpreting that as a real, tangible threat. But if you look at an image of a graph of the stock market, you’ll put the whole thing in context and that can shortcut your brain’s fight or flight reaction.

We are not taught to think visually, we are taught to think in words and sentences and the whole time your brain is bringing up associated images that is driving your life. When in doubt, zoom out.

We are under attack, not by animals with claws, but from people who are paid very well that know that if they can make you angry or scared.

Simple and easy are not the same thing. The defense and offense for fearless wealth is simple but not easy. You start with an image because that will rewire your brain. It can prevent your brain from going into panic mode, and can prime you to push toward your goals. To be successful in any area, you have to dissociate yourself from the immediate surroundings.

When you achieve this rewiring you become a bigger difference maker in your community and family. People are unaware of how much of your time and attention that is being sucked away from unnecessary anxiety. Your life is broken down into three parts: your health, wealth, and relationships. If your wealth isn’t taking up as much time and attention, that leaves more for the other areas of your life.

You don’t start nine companies and hope one of them works out. You start one and focus on that. You don’t marry seven people. We don’t diversify in most areas of our lives and that’s what fearless wealth is all about. 

  • RC’s Takeaway

Notice that the voice has always been there, it’s not going to go away. Those who are waiting for the voice to be different before they do the training, it will never happen. If you want to jump to the front of the line, jump on a call with RC and start thinking visually with your money. You will never have to trust and like RC because you will be able to verify your results yourself.

Links:

fearlesswealth.com

Thank you for listening! If you enjoyed this podcast, please subscribe to the show on iTunes!

Jun 10 2019
46 mins
Play

Rank #8: CFD 430 - The Principles Of Real Estate Investing

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Erik Stark is an Expert Real Estate Entrepreneur, Educator, Marketer, Ubercool Dad and Dedicated Husband of 13+ Years. Erik has purchased hundreds of properties, created masterful marketing pieces, shared the stage with the top real estate and personal development educators, helped thousands of people improve their lives and continues to pour his life into people, friendships, disciplines, breakthroughs and growth.  

Podcast Highlights

  • Who is Erik Stark?

If you want to know who Erik really is you have to observe him, not just listen to his words.

Erik originally went to take the test for his Real Estate license right out of high school but after being told there wasn’t enough people in the class and the test was cancelled, he believed that Real Estate wasn’t for him. He later went on to work in an automobile detailing shop where he met up with a friend that convinced him they should go into the Real Estate business together. In the first eight months in business, they closed 35 deals and generated just under a quarter million dollars in profit.

  • What was it like when you realized you could make that kind of money?

The biggest breakthrough in Erik’s business life was when he realized he learned a new skill that he could take it wherever he went.

  • Principles of Real Estate Investing

“The man who chooses his own principles can gladly choose his own methods throughout life.” Ralph Waldo Emerson

Success and entrepreneurship is not about what’s quick and easy. It’s about a systematic approach to testing and improving your process.

  • What are your top three principles?

Stop chasing an opportunity and work a strategy instead. Focus on lead generation. Focus on your vision and don’t abandon it for something new and shiny.

There are a million ways to make money in Real Estate, but when you strategy aligns with your values that’s when you create something very special.

Once you have a team that can execute, your job becomes generating leads to keep the team working. Taking lead generation to the next level is how you can stand out in the marketplace.

Everyone questions their path every once in awhile. When you know your “why”, it will lead you to the right path towards greatness. You will never outearn your personal growth.

  • What is it in your vision that helps you push through?

There is no growth without trials. Get comfortable being uncomfortable. There is risk no matter which path through life you pick.

  • Erik’s Takeaway

You have to find something bigger than yourself that is going to help you keep it together when the negative voices start talking. Break it down to its core so you know exactly why you’re pushing so hard. With regards to Real Estate, learn it from a street level that is close to home. Have as many conversations with buyers, sellers, and lenders of Real Estate that you can.

Links:

realestatewhileyoudrive.com

therealerikstark.com

Thank you for listening! If you enjoyed this podcast, please subscribe to the show on iTunes!

Dec 11 2017
42 mins
Play

Rank #9: The Slicing Pie Model of Funding Your Company

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Mike Moyer is the author of the bestselling books Slicing Pie: Fund Your Company Without Funds, and the new book Bird's Eye Business: A Primer on How Companies Work. He is an Adjunct Professor of Entrepreneurship at Northwestern University and the University of Chicago Booth School of Business. 

Moyer is an entrepreneur who has started a number of companies including Bananagraphics, a product development and merchandising company, Moondog, an outdoor clothing manufacturing company; Vicarious Communication, Inc, a marketing technology company for the medical industry; Cappex.com, a site that helps students find the right college; College Peas, LLC which provides publications and consulting on college admissions; and Trade Show Samurai, LLC a company that teaches trade show exhibitors how to capture lots and lots of leads. 

In addition to his experience as an entrepreneur he has held a number of senior-level marketing positions with companies that sell everything from vacuum cleaners to financial data services to motor home chassis to luxury wine. He has taught entrepreneurship at both Northwestern University and the University of Chicago.  

Podcast Highlights

  • Who is Mike Moyer? 

Mike got the entrepreneurship bug in high school, he wanted to be a veterinarian and was keeping and healing animals in his backyard. One day he found himself as the owner of 24 baby rabbits and had to do something with them, so he took them down to the state fair. His aunt suggested that he sell them for $25 each and he sold them all in a matter of hours. That put him on the path to starting his own clothing manufacturing company in college and a number of other companies since then.

Mike pivoted from the veterinarian career path due to poor grades and his parents subsequently refusing to pay for his schooling. Instead of finding a job Mike started a clothing company to pay for his education and he ended up selling the business after he graduated. 

Mike values both education and practical experience. Education saves you a lot of time doing your own work and Mike spent much of his time split between startup companies and established companies. A combination of all three has been very useful in building Mike’s later businesses.

  • Real Jobs, Real Companies, and Startups 

At a real job you’re getting paid for your work and that’s pretty much it. With a startup you are basically betting on the future of the company, and until that company starts generating revenue and profit it doesn’t qualify as an asset.

With a bootstrap company the way you get started in the early days is by not paying the bills. What this means is that for an employee who would normally be paid $100,000 a year they are basically betting that salary on the success of the company. For those employees, their share of the equity in the company should be proportional to the size of their bet, the challenge is that it's very hard to know the value of the entrepreneur’s idea.

In the grand scheme of things, a person capable of execution is comparatively rare to the accessibility of capital in the beginning stages of a business. 

An idea is simply an intention to do something. Without the actual value created through production, the intention isn’t worth anything. 

  • Slicing Pie And Your Business

People are much more accustomed to negotiating fair market value rather than future value. When it comes to equity, it can’t be determined accurately until the company is either funded through Series A investing or it reaches the breakeven point. Mike has created a framework named Slicing Pie that businesses can use to figure out the fair valuation and equity share of all partners.

Slicing Pie uses a tool called a Slice that essentially marks the fact that a bet has  taken place. When someone is just contributing capital to a company the framework accounts for the after tax and scarcity of the cash by giving the person four Slices for every dollar contributed. The point is to provide the right incentives and alignment for everyone participating. By allocating Slices over time you can prevent everyone’s risk from becoming unbalanced.

Slices are like poker chips, all they do is keep track of the bets. They help determine ownership until there is either valuation or cash flow. 

  • Slicing Short Term Rentals

Slicing Pie is a financing tool for short term liabilities. In that scenario the unknown variable is the ability of the operator to make the venture work. With short term rentals the operator should be assigned a salary, so if the business breaks even after 60 days and starts being cash positive, the balance of Slices will be pretty lopsided towards the person who contributed the capital. 

In real estate, since we’re dealing with relatively known entities it usually makes more sense to use debt financing as opposed to equity. When you do equity financing, the cash is what matters.

Slicing Pie can also apply to other expenses that you can’t pay, like a lawyer’s fee. You can take that fee and assign it a Slice value that gives the person a share of equity. The beauty of the Slicing Pie model is that it’s a universal one size fits all model for the allocation or recovery of equity.

  • How do you determine the value of the entrepreneur’s time?

The way you pay someone in the real world is the same way you would pay them with Slicing Pie. Once you start paying the operator a salary, the remaining is profit and would be reinvested into the business or paid out as a dividend to the shareholders according to the Slices allocated. With Slicing Pie, the investors shouldn’t be upset that they’re getting diluted down because the value of their bet is still represented properly.

Once you’re faced with fairness, the only thing you have operating for yourself is your willingness to be a jerk.

The origin of the Slicing Pie model came from personal experiences on both ends of a deal for Mike. Traditional equity splits fail at a rate of 60-80%, which means your odds are pretty high that you will end up fighting with your co-founders.

You should always be projecting forward into time with your business but that is still just a variable until it’s real. Until the day you can pay everyone in the business, the bets keep happening. 

There are three reasons someone won’t use Slicing Pie: they don’t get it, they aren’t willing to learn it, and the third reason is they do get it but they still want to take advantage of you. In the third case, if your deal is good you should walk away because you will find another investor that’s interested. Sometimes walking away is your best option.

Reference: Bird's Eye Business: A Primer on How Companies Work, Mike Moyer

  • Mike’s Takeaway

The first thing is to figure out is if you’re getting what you deserve to get. If not, you’re taking an unnecessary risk to benefit somebody else. It’s easy to figure out if you’re getting screwed or not by adding up the contributions, and that will teach you if you should keep going with that company. Make sure the job you’re in is compensating you what you should be compensated, if not you should find something else. 

Links:

SlicingPie.com

Thank you for listening! If you enjoyed this podcast, please subscribe to the show on iTunes and Stitcher Radio!

Sep 09 2019
56 mins
Play

Rank #10: Building A Legacy That Lasts

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Mike Cobb is the co-founder & CEO of ECI Development and President of Gran Pacifica. He has been named among the “100 Outstanding CEOs in Central America” by leading Central American magazine Mercados & Tendencias. At the height of a successful career in the computer industry, Mr. Cobb left to pursue more pioneering opportunities in the emerging real estate markets of Central America. In 1996, he and his business partner formed a company, Exotic Caye International, to provide loans to North Americans purchasing properties in Belize, Honduras and throughout the region.

As the need for capital outstripped the supply, the mortgage company was converted to an international bank under the jurisdiction of Belize. It continues to provide mortgage services, but has expanded its services to encompass the full realm of financial products. Mr. Cobb also saw the need for a regional real estate company that would serve the Baby Boomer consumer with a North American standard product for the next 2 decades. He led the group into real estate development and created a holding company for several properties including a resort on Ambergris Caye, Belize. In August of 2000, Exotic Caye purchased 3.5 miles of Pacific Beachfront property due west of Managua, Nicaragua.

This master planned community hosts world class infrastructure, homes and condominium units. In February of 2006, the ECI Development group acquired 1100 acres and 3 km of coastline in Costa Rica, setting the stage for expansion into this popular market. Most recently they merged their Belize property with a much larger parcel and have begun to develop 200 condominiums units on Ambergris Caye, Belize. Additionally, Michael has spoken at hundreds of international conferences about real estate financing and development.

Podcast Highlights

  • What has been happening since we last spoke?

Mike bought his very first rental property at the age of 30 in Belize, he wasn’t originally planning on buying a property but he was vacationing there and decided that he wanted to come back often. The property didn’t knock it out of the part but it gave Mike a place to start investing in other properties and start a business.

He has since purchased properties in Nicaragua, Costa Rica, and Panama with other deals on the go. Mike discovered a group of people he refers to as digital nomads that can work from anywhere that have a huge interest of living all over the world.

  • Globalizing

More and more people with children are picking up and moving overseas. It’s becoming more common for families to look outside the traditional paradigm and raising children in bilingual education systems.

In many cases, people in their 50’s are buying properties with the anticipation of using them as a retirement investment. For families, more people are just buying homes in other countries because the process is much more achievable now than it has been in the past.

Mike’s passion is in getting the word out. He is always shocked by people that say that all their net worth is tied up in the United States. Asset class diversification and building a legacy is very important to Mike and he tells people that the world is a big place with lots of areas to invest in.

  • Building A Legacy

There are major economic cycles that normal average people do not talk about, and the generational cash flow cycles that Mike loves to discuss are the ones that only the billionaires are really paying attention to. Building a legacy this way is something that the British have been doing for the past 200 years.

As strange as it may sound, timber has been the playground of the billionaire set for a long time but it doesn’t have to be exclusively for the ultra rich. Just take 10% of your investable net worth and turn it into a generational cash flow cycle. Timber is powerful wealth stewardship tool precisely because it is not liquid like other investments and you don’t have to commit to hundreds of acres to make it happen.

There is a lot of wisdom in taking the monthly cash flow cycle and turning it into a generational cash flow cycle.

You don’t need to know everything about timber in order to take advantage of it. Mike interviewed and hired a forestry company to manage his investment so that he doesn’t have to.

Even with a generational cash flow cycle, you can pace it out every single year so that after the first 25 years it can actually become an annual cycle.

  • Nicaragua

Mike had an opportunity to purchase 2500 acres of Pacific coastline property in Nicaragua that he couldn’t pass up. This has enabled him to expand his vision to developing communities instead of just properties.

  • Mike’s Takeaway

The best part of the generational cash flow cycle is that it can’t be messed up, your kids have to wait.

Links:

cashflowdiary@ecidevelopment.com

Thank you for listening! If you enjoyed this podcast, please subscribe to the show on iTunes!

Dec 06 2018
44 mins
Play

Rank #11: CFD 274 – How I Did My First 117 Units of Property and Beyond

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In this short Cash Flow diary podcast episode I talk about a few of the basics, like how I did my first deals (because I get the question all the time), how to raise capital and how to generate leads. What you’ll learn is to do things in a certain sequence, which will help get others to enroll in your process. It’s like planting your lands in preparation for a harvest. You have to plow the land, prepare the soil, seed it, do a few more things to keep cultivating and nurturing your crops… and finally get to the harvest. (In real estate transactions, the close of the deal is your harvest.)

In this episode you will learn about the importance of conducting the III interview (triple “I”) with everyone you want to work with. That’s because you want your buyers, investors and sellers to be in total alignment with your goals, mission and vision. If they don’t fit you can’t force them to fit. If you do, you’ll be sorry at some point down the road.

You’ll also learn how to generate leads wherever you go. Whether that’s at Starbucks or the mall or in line at the grocery store. Again, it’s like planting seeds. You don’t just plant in one spot. You spread them around so you get a big, healthy crop.

If you want a better look at generating leads in the real world, you need to check out our Lead Machine Video Course. If you do, you can actually begin generating leads minutes after taking the course! It happens all the time. (It gives you all my offline lead-generation strategies I used when I was starting out as an investor and strategies I use even today!)

You will want to take notes as you listen to this episode. It is taken from a recent Periscope session I did on lead generation. We are archiving these videos in our member area, so if you are a Cashflow Core Member you can go watch it and take screen shots of the graphics I drew in this one! (BTW, you’ll hear my kids in the background. They have taken the role of my official “heart monitors” because we’re trying to reach a million hearts on Periscope by the end of the month.) Learn more. LISTEN NOW.

May 16 2016
36 mins
Play

Rank #12: The Science of Getting Rich

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David Neagle is the bestselling author of The Millions Within: How to Manifest Exactly What You Want and Have an EPIC Life!. He is one of the architects of the coaching and personal growth industry, and has spoken or worked alongside Bob Proctor, Marianne Morrisey, and Tony Robbins.

Podcast Highlights

  • Who is David Neagle?

David was a person that was truly confused about the meaning of life. He came from a place of dysfunction in childhood and sought the answers to his questions from his teachers, parents, and mentors but no one could answer him. He ended up venturing on his own and turned into a curious kid on the wrong path in life.

He could really relate to the idea of “I don’t like what I am doing, but I don’t know what to go do.” At some point, David made the decision to follow the desires of his own heart which put him into a different emotional state, and his results soon changed as well. He wanted to set up his life so that he could do what he loved, with the people he loved.

  • Why do we feel like we need permission?

We are raised to believe that we need permission in order to advance in life. Permission is subconsciously linked to security which is something that is vital to human beings. The proper role of a parent is to turn over the power to make decisions to their children as they grow over time but many dysfunctional families end up with children taking care of the parents instead.

We live in a world of conflicting ideas and information, without a set of core values to guide us through life we begin to look for others to guide us and tell us what we need to do.

  • Questions About Suffering

Are we meant to suffer? David had a near death experience when he was younger that completely changed his perspective on life and brought a sense of urgency to his life.

David was working six days a week and couldn’t earn more than $20,000 a year and felt stuck. He was emotionally and physically exhausted while on the job one day that he had a complete breakdown and asked for direction. He received the answer “change your attitude” and decided to act like he loved what he did, do every job to the best of his ability, and treat everyone with respect from then on. Within 30 days he went from $20,000 a year to $62,000 and realized he was on to something big.

Your attitude determines your altitude.

  • The Science of Getting Rich

For years the book The Science of Getting Rich had been around David but he always thought it was a book about economics, that was until many people told him he had to read it. After reading The Science of Getting Rich in a single afternoon, he realized that it contained the answers he was always looking for.

Once he got clarity, David was able to make positive changes to his life much faster. Lack of clarity is the primary obstacle in people’s lives.

There is so much conflicting information in the world and if the information you discover conflicts with the principles you were raised with, it creates an internal battle. Until that battle is resolved, it’s impossible to get clear on your life.

  • Where did the courage to teach others come from?

David was waking up in the middle of the night for six months. Every night he awoke with the thought that if he wanted to live his dream, he had to leave, but he didn’t understand what it was that he had to leave. He called his mentor Bob Proctor who told David to just quit. He learned that the decision always comes first.

You always get what you need when you need it. You will not replay a pattern in your life that you haven’t experienced before.

To grow you have to acknowledge the desire in your heart. The conflict that comes in for a lot of people is they believe that’s irresponsible. There is a lot of uncertainty in people’s mind about how resilient they are.

When you connect the result to the action and the thought, everything in your life changes. True wealth is the awareness to manifest whatever you need in life.

Reference: The Millions Within: How to Manifest Exactly What You Want and Have an EPIC Life!, David Neagle

  • David’s Takeaway

The first thing is to change the concept of who you think you are. When you hear the voice that tells you about all the things you did wrong in the past, it shapes your concept that you are flawed. Making mistakes is not a flaw, it’s how we learn. Embrace the idea of making mistakes and growing rapidly. Step into your purpose. Make a solid decision to take an action on something which creates momentum and opens the door to the next decision. Opportunity often shows up as misfortune or temporary defeat, when you make the decision to focus on what you want your awareness will expand and then it becomes a process of saying yes to the things that will move you forward.

Links:

davidneagle.com

Thank you for listening! If you enjoyed this podcast, please subscribe to the show on iTunes!

Nov 08 2018
44 mins
Play

Rank #13: CFD 259 - How to Become A Real Estate Entrepreneur

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We are always learning new things and trying new things so we can become bigger and badder in whatever we are doing in life and in our professional lives. When we have a business we need to keep trying new things with our marketing. This is a critical factor in building your presence in the world and online. 

At Cash Flow Diary we have been trying a few new things to spread our message and presence. One thing is Periscope. So in this unique episode I lift the audio from a recent Periscope session to cover the topic of how to become a real estate entrepreneur. 

If you’re new to Cash Flow Diary and are just learning about what we do here, this episode should be very helpful to you. I recap my path to becoming the businessman and investor I am today. You’ll also learn that I’m a father of a few very active children, cuz you’ll hear them from time to time in the background. 

I can give Periscope two thumbs up. It’s fun, it’s easy to use and I can record literally from anywhere. What’s also cool is that I can interact with people in real time because the questions flow in, I see them and get to answer. What’s better than that? 

Another thing you will get a glimpse of is the chaos of my world when I’m at home with the kids! So if you have ever told yourself that you can’t get into real estate investing because you have children and too much chaos, I’m going to have to call you on it. That’s just an excuse. Of course, to fully appreciate my response, you need to head over the ABOUT PAGE on this site and watch a short video about how my life has changed since I first started as a wholesaler and then moving into a buy-and-hold real estate entrepreneur. Learn more. LISTEN NOW. 

Mar 24 2016
39 mins
Play

Rank #14: Achieving The Lifestyle You Always Wanted With Turnkey Real Estate

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Jeff Schechter, aka “Shecky” has had the entrepreneurial bug his entire life. He started his first business right out of college, and over the years been involved in numerous businesses ventures. His love for real estate investing began in the 1980’s, when he rehabbed 5 of his own residences, before the term “house-hacking” even existed.

Since those early days of torn up kitchens and bathrooms, he’s bought and sold many properties, and is an active investor to this day. In addition to investing, he operates a private consulting practice. He thrives on helping people realize their full potential...not just in business and investing, but in all aspects of life.

Podcast Highlights

  • Who is Jeff Schechter?

Jeff remembers getting the question “what do you want to be when you grow up?” and always answering “rich”. He always knew that he wasn’t destined for a mainstream career after dabbling in many different things including dropping out of college. Shecky is a diplomatic rebel at heart.

Whenever someone tells you what sort of path you are going to follow, it’s not going to be truly you. A rigid defined path restricts the room you have to discover who you really are.

There is a lot of talk about following your passion but the reality of the situation is you have to go out and try a lot of things to figure out what works for you. As you get better, it becomes much easier to be passionate about what you’re good at. Hone your craft and it becomes easier to find your passion.

  • The Courage To Fail

Not being married gave Shecky the ability to be a little more risky than he otherwise may have. That being said, if you are married with kids that doesn’t mean you’re off the hook.

Failure is not a negative, it is a necessary stepping stone to success. Your other option is to live a life of quiet desperation. In the age of the internet, there are no excuses. Whatever you want to do, you just have to learn it and you can do it. It’s much easier now to be an entrepreneur than ever before.

Before the internet, you had to shell out a lot of money to reach people and network. Starting a company required plenty of overhead, money, and effort. Now you can create a business with almost none of that, the barrier to entry is willingness, not money.

The willingness to “figure it out” can be your greatest resource. There are always ways to hack the system if you are thinking like an entrepreneur.

  • Turnkey Real Estate

The two arenas in the world that build the most wealth is network marketing and real estate investing. There are a lot of different angles to real estate investing that can make it very exciting.

You have to understand what your specialty is.

Jeff found his business partner Jack by working with him as a client. He approached him with an idea for a turnkey real estate business that took on a life of its own. There has since been a long period of evolution in the business and it had undergone many separate transformations.

Property management became a major hurdle for the business and the investors and ended up becoming another service Jeff had to offer. There were a lot of obstacles that had to be overcome before they could offer true turnkey real estate.

Financing was one area that Jeff didn’t need to explore due to picking the market of Indianapolis. With cash flowing properties, it becomes very easy to refinance and use the money to purchase more investment properties.

  • Jeff’s Takeaway

You have to learn to separate the intellectual conversation that is going on in your head with the feeling of the soul conversation, sometimes that means meditation or just being quiet. Do your due diligence before making a decision, you have to not only be convinced intellectually, you have to feel good about it. Listening to the intellectual voice that says you probably can’t do something will lead to you to stand still, and you learn nothing new standing still. Failure can teach you the lessons you need to learn to achieve 10x more. Feel the fear and do it anyway. The more you do things you’re afraid of, the easier they become.

Links:

www.highreturnrealestate.com

Thank you for listening! If you enjoyed this podcast, please subscribe to the show on iTunes!

Nov 26 2018
47 mins
Play

Rank #15: CFD 374 - Cashflow Is King; Real Estate Investing For Cash Flow - Kevin Bupp

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Kevin Bupp believes there's a smarter way to build wealth. The most successful commercial real estate investors in the world have learned to leverage their multifamily and commercial properties to create a steady stream of passive income.

Links mentioned in this episode

May 01 2017
55 mins
Play

Rank #16: CFD 395 [REPLAY 023] - How to Produce Passive Income, Find Leads, and Build a Team in Real Estate

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Would you believe me if I told you that you are capable of purchasing a property and  selling that property without having to have any earnest money in as little as seven days? Listen now, as J. Massey teaches a live audience how making assumptions limits your possibilities and opportunities to learn, grow and get paid.

Jul 24 2017
40 mins
Play

Rank #17: How To Wholesale Real Estate For Fun And Profit

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Brad  Chandler  has  successfully  flipped  over 2,100  houses  since  2003.  He  is currently  the  CEO of  Express  Homebuyers  –  a  real  estate  investing empire  that  does  more  than  200  deals  per  year without  his  assistance.  Brad  wrote How  to  Wholesale Real  Estate  for  Profits  Without  Bank  Loans to  help others  achieve  their  real  estate  investing  dreams.

Podcast Highlights

  • Who is Brad Chandler?

When Brad was ten years old, he parents divorced and his family was facing down going into public housing. His experience lead him to reading How to Buy Real Estate With No Money down and it inspired him to make real estate the foundation of his education. After living paycheck to paycheck for a few years, he met an investor that purchased his neighbour’s house and he opened Brad’s eyes to the world of flipping houses. Eight months later he managed to find his first deal.

  • Wholesale Real Estate Myths

When people think of real estate, they think of banks and capital heavy investment. They don’t realize there is another way to do it.

Most people who dabble in real estate give up too easily. You have to develop patience in the face of desire, the mindset is key. Mindset is the difference between people who achieve the success they want and those who give up. Luckily you don’t need an expensive degree to change your mindset.

Not knowing what you are doing shouldn’t stop you, a growth mindset allows you to figure it out as you go along. You may not know the answer today but you will find it if you look for it. It comes down to what you want in your life.

  • Walking Away

Brad always wanted his business to work for him instead of him working for his business. The secret is simple, people and systems. If you build the people, the people will build the business.

The easiest part of the wholesale real estate business is selling a deal. If you have a true deal, you will always find a buyer.

Everyone’s problem in the wholesale real estate space is finding the right people. Brad takes his time to hire and fires quickly. If you feel the need to hire someone, it’s already too late and you should have hired them long ago.

A poor hiring decision will cost you ten times the person’s salary. Take your time to find the person who is the right fit.

Brad’s passion is marketing and by bringing in the right people, he has been able to focus on marketing his business and it’s now one of the most highly trafficked websites in the investing space.

You must have a website in this day and age. SEO and pay per click advertising are the two main strategies that Brad has used to crush it online.

Brad has always had a passion for teaching and seeing the low quality in the real estate investing space lead him to create his own coaching business to help people start and scale real estate business.

Reference: How  to  Wholesale Real  Estate  for  Profits  Without  Bank  Loans, Brad Chandler

  • Brad’s Takeaway

Download your free report from the link below. If someone is doubting your path, make them sit down and watch the video. There are only a few different areas that you need to understand in order to succeed in real estate and the rest is just busting your butt and making it happen.

Links:

bradchandler.com/cashflowdiary

Thank you for listening! If you enjoyed this podcast, please subscribe to the show on iTunes!

Aug 06 2018
38 mins
Play

Rank #18: The Self Made Mindset

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Nely Galan is the Former President of Telemundo and creator and producer of the FOX series "The Swan." She was the first Latina President of Entertainment for a U.S. television network and an Emmy Award winning producer of over 700 television shows. She founded The Adelante Movement to empower and train Latina and multicultural women. She is the bestselling author of Self Made: Becoming Empowered, Self-Reliant, and Rich in Every Way.

Podcast Highlights

  • Who is Nely Galan?

Nely Galan is an immigrant, her parents fled Communist Cuba to the United States. Many of the people that have left Latin America or countries in the Caribbean have a lot of trauma and are often grateful just ot be somewhere else. Nely had to be her family’s translator, therapist, and accountant all by the time she was 5.

Her superhero moment happened when she was in the seventh grade. Her parents realized that she was great in school and put a bet on Nely. When you see your parents struggle to provide for you, you become a very empathetic person. It was then she decided that she had to figure out a way to help her parents and she began selling Avon out of her locker to help pay for her schooling.

  • Would you consider your history as an immigrant to be your unique advantage?

Being an immigrant has given Nely values that most people in America have forgotten. She is self reliant and believes that she can do anything she sets her mind to. She also has a perspective that most people don’t about the state of the world.

Nely feels like there is an immense divide in this country, and people need to be compassionate to people who journey to the US in order to better their lives.

Nely was once accused of plagiarism while in her sophomore year of highschool and it was then she discovered that being empowered can change your life. Acting like a victim will not solve your problem. This experience actually became the springboard for Nely’s career working as one of the youngest editors at a magazine and getting into television.

  • Getting Into Real Estate

When you take a risk and do something from your pain, it can be the greatest decision you make and have the greatest impact.

Making decisions with limited information is much easier when you are empathetic to other people.

While working as employee #1 at the television station that would become Telemundo, Nely noticed that the owners were very interested in owning the building they were working out of.

Asking someone to be your mentor is very off putting, instead put yourself in the life of mentors you want so you can overhear their conversations and understand how they operate. Put yourself in the path of opportunity.

Not everyone is an entrepreneur day one, but if that’s what you want to do treat your job as if it were your business and think about what you would do. You can fast track your learning if you pay attention.

When you make money, don’t waste it on bling. Buy real estate instead, someday the real estate will be worth more than your business. Work your business, but real estate is historically one of the best investments you can make.

  • Responsibility

Just because Nely’s career worked out really well, that doesn’t mean she thinks college is a waste of time. Nely went back to school when she was much older and she realized that despite her success, one of the things holding her back was that she never really lived through all the phases of her life. Going to school allowed her emotional self to catch up with her intellectual self.

If we don’t see people like Nely who have succeeded, it’s harder to see ourselves succeeding as well. Nely discovered her mission and realized that she had to change the family system of multicultural families, and to do that she has to change the world.

Reference: Self Made: Becoming Empowered, Self-Reliant, and Rich in Every Way, Nely Galan

  • Nely’s Takeaway

We don’t finish things because we see people and see a grand vision, but life happens in baby steps. Next Sunday, take one thing out of your closet and sell it on eBay or Amazon. We all need a side hustle of at least one hour a week. Start there and put that money away and save up two years of salary. Break down your yearly goals into weekly goals and then daily steps. It’s amazing what you can get down in  a year. The most important thing you can do is build wealth.

Links:

info@becomingselfmade.com

becomingselfmade.com/mastery

Thank you for listening! If you enjoyed this podcast, please subscribe to the show on iTunes!

Dec 03 2018
46 mins
Play

Rank #19: CFD 340 [REPLAY 274] – How I Did My First 117 Units of Property and Beyond

Podcast cover
Read more

In this short Cash Flow diary podcast episode I talk about a few of the basics, like how I did my first deals (because I get the question all the time), how to raise capital and how to generate leads. What you’ll learn is to do things in a certain sequence, which will help get others to enroll in your process. It’s like planting your lands in preparation for a harvest. You have to plow the land, prepare the soil, seed it, do a few more things to keep cultivating and nurturing your crops… and finally get to the harvest. (In real estate transactions, the close of the deal is your harvest.)

In this episode you will learn about the importance of conducting the III interview (triple “I”) with everyone you want to work with. That’s because you want your buyers, investors and sellers to be in total alignment with your goals, mission and vision. If they don’t fit you can’t force them to fit. If you do, you’ll be sorry at some point down the road.

You’ll also learn how to generate leads wherever you go. Whether that’s at Starbucks or the mall or in line at the grocery store. Again, it’s like planting seeds. You don’t just plant in one spot. You spread them around so you get a big, healthy crop.

If you want a better look at generating leads in the real world, you need to check out our Lead Machine Video Course. If you do, you can actually begin generating leads minutes after taking the course! It happens all the time. (It gives you all my offline lead-generation strategies I used when I was starting out as an investor and strategies I use even today!)

You will want to take notes as you listen to this episode. It is taken from a recent Periscope session I did on lead generation. We are archiving these videos in our member area, so if you are a Cashflow Core Member you can go watch it and take screen shots of the graphics I drew in this one! (BTW, you’ll hear my kids in the background. They have taken the role of my official “heart monitors” because we’re trying to reach a million hearts on Periscope by the end of the month.) Learn more. LISTEN NOW.

Jan 02 2017
36 mins
Play

Rank #20: The E-Myth Entrepreneur: What Every Small Business Owner Needs To Hear

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Michael E. Gerber is the founder of Michael E. Gerber Companies and E-Myth Worldwide. He has had nearly 100,000 business/coaching clients over his career and has consistently been called “the World’s #1 Small Business Guru” — the entrepreneurial and small business thought leader who has impacted the lives of millions of small business owners and hundreds of thousands of companies worldwide for over 40 years.

He is the #1 New York Times' bestselling author of The E-Myth Revisited: Why Most Small Businesses Don't Work and What to Do About It, Awakening the Entrepreneur Within: How Ordinary People Can Create Extraordinary Companies, The E-Myth Revisited: Why Most Small Businesses Don't Work and What to Do About It, E-Myth Mastery: The Seven Essential Disciplines for Building a World-Class Company, The E-Myth Real Estate Investor: Why Most Real Estate Investment Businesses Don't Work And What To Do About It, The E-Myth Contractor: Why Most Contractors' Businesses Don't Work and What to Do About It, and the new book The E-Myth Chief Financial Officer: Why Most Small Businesses Run Out of Money and What to Do about It.

Podcast Highlights

  • Who is Michael Gerber?

Michael didn’t find his path in life until he was 41 years old. His brother-in-law owned an advertising agency and was working with a high tech client that was having trouble converting the leads they were getting for them. He wanted to bring in Michael to help even though Michael believed that he didn’t know anything about business. The conversation started off pretty strangely, since Michael truly didn’t know anything about that client’s business, so he just started asking questions. That was how he discovered that just because someone owns a business, that doesn’t mean they understand what business is. That was also when Michael realized that he did know something about business, and that is that selling is a system.

Working with that first client was the beginning of Michael’s business, although he didn’t think about it that way. The more he worked with them, the more he realized how critical what it was that he was doing for them. It went beyond sales, it was transforming the way they thought about the business of business and the purpose of them being there.

After a moment of clarity in a McDonald’s, Michael realized that the idea of the system is what’s missing with every client he had been working with. The trouble was Michael’s brother-in-law didn’t see his business the way Michael saw all his client’s businesses. He could never truly take in what Michael was saying to him, this lead to him bringing someone in to replace Michael named Tom Travisono. After working with Michael for a couple of weeks, he decided to join him and they started the first business development coaching company on the planet.

  • Technician vs Entrepreneur

The truth is when you start a small company, you are doomed to misunderstand what the reality of starting a small company is. That’s why the majority of small companies fail. 1 out of 10 businesses will reach their 10th anniversary, but that doesn’t mean they’ve succeeded. They’ve just persisted harder and longer than others.

You can’t learn everything that must be known to operate a successful company, but your company needs to. The question then becomes “what is it that I absolutely need to know to start my company right?”

  • The E-Myth Dreaming Room

The absolutely critical role that you need to fill as an entrepreneur is that of the founding entrepreneur. Not the person that sells real estate, the person who designs, builds, and launches the company that sells real estate.

At the heart of the entrepreneur there are four critical personalities. If you are going to play the entrepreneur game, you need to understand the rules if you want to win. We are born to create, and the creator is the entrepreneur. An entrepreneur is composed of the Dreamer, the Thinker, the Storyteller, and the Leader.

Before you set out, you have to set the foundation for what you’re going to do. The Dreamer says “I have a dream”, the Thinker says “I have a vision”, the Storyteller says “I have a purpose”, and the Leader says “I have a mission.” Until you understand those four things, you don’t have the substance you need to launch your company.

  • Are these systems built for today or for the future?

A company is a product for sale. The eightfold path is the method that Michael teaches that deals with both where you are today and where you intend to be five years from now.

The first step is the dream, then the vision, purpose, and mission. The following step is the job, which is the client fulfillment system. Then comes the practice, which is the client acquisition system. The next step is the business, which is what Michael defines as seven turnkey practices. The final step is the enterprise, which is seven turnkey businesses.

Every person that has a creator within, all their job is to go to work on their life in a way that transforms it and creates the systems that enable them to replicate themselves successfully.

When Michael first started his company, he and his business partner spent three months talking about it. Those three months produced the dream, vision, purpose, and mission.

Reference: The E-Myth Chief Financial Officer: Why Most Small Businesses Run Out of Money and What to Do about It, Michael Gerber

  • Michael’s Takeaway

Let go of your doubts and concerns, and go to RadicalU.com and enroll. Michael Gerber has gone through everything that small business owners could theoretically go through. Go to work on your company of one instead of in your company of one. Waking up the entrepreneur within is the primary work every single one of us must do to understand why we are here on the planet. Enroll at RadicalU.com and begin the journey.

Links:

freebook.michaelegerber.com

radicalu.com

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Jun 06 2019
53 mins
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