Brandon Turner is the janitor at BiggerPockets.com, stumbling around in the dark looking for stuff to clean up. He also writes books. And he's a slumlord. Jokes aside, this episode goes over the books that all real estate investors should be reading as well as Brandon’s adventures in mobile home park investing.
Today’s book is “High Performance Habits” by Brendon Burchard. Brandon has been devouring this book and talking about it every chance he gets. This book isn’t specifically a real estate investing book, however it covers topics that are applicable to real estate investors such as staying on track with your business.
“Most books tell you ‘hey you’re a moron, do these things’ but what I like about this book,” Brandon tells, “is that it tells you you’re already doing well, here’s how to make it work for the long haul.”
One of the biggest risks with real estate investing is how volatile the market can be. While it’s been a good 5 or 6 years for real estate so far, what would happen if there was another housing crisis? How would your business be able to handle that? That’s where the lessons in this book come in. Knowing how to build a long-term successful plan for your real estate investing business will keep you on top, even if the worst should happen again.
“When things are going good we tend to ease off the gas a little bit,” Brandon says, “That’s when people get burnt out and quit. This book shows those high performers who maintain that status for years and what they do differently.”
There are six things that Burchard identifies in the book that will keep your business successful; threes personal habits and three social habits. They are…
- High Performing People Seek Clarity (they know what they want)
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- High performing people are looking for the clarity of what they want. The problem with a lot of people’s mindsets is that they either don’t know what they want in life, or are too vague about it. “I want to be rich.” Ok, how rich? How do you want to go about doing that? What will you do once you’re rich? There are too many variables. Being clear on your goals and what you want to achieve will keep you focused in your efforts to do so.
- Not just to be an energetic force, but to make sure you’re energizing yourself the right way. A lot of people get slowed down by the food they eat without even knowing it. Making sure you’re body and mind are healthy first will give you the energy you need to accomplish your goals.
- Have energy
- If you don’t have a need to do something then you probably won’t get around to it. You have to want it, but you have to need it, too. Brandon tells us the story of when he was first married and working in a minimum wage job. His wife had to drive with her head out of the window in the cold because they didn’t have the money for a new car. That was the moment he knew that investing in real estate wasn’t an option, it was a necessity for his family.
- Raise Necessity
- “This one’s kind of obvious, so I won’t spend much time talking about it,” Brandon jokes.
- Increase Productivity
- Everything you want in life, you have to get from other people. You need to know how to work with people and be around them in every capacity. When you’re working on a deal you’re never alone in the process. You have to talk to the sellers, the buyers, the title companies, the contractors, your own team, lawyers, and so on. Because you have to work with so many other people, you need to create an influence in that sphere. Let them know that you’re a good investor to work with and foster that business dependency.
- Develop Influence
- High performing people are bold and chance takers. The more confidence you show in your real estate investing business, the more people are going to want to work with you and be around you. If you’re taking calculated risks, then you’re pushing your business onto the next level.
- Demonstrate Courage
What books are you reading? What books do you suggest? Let us know in the comments! And don’t forget to check out the BiggerPockets Podcast and website to learn from more active real estate investors!