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Expected Air Date: 2/16/19
OpeningOur guest today joined the Marines out of high school, then went to Purdue University where he completed a degree in Accounting. While in college he started acquiring rental properties. He’s had some setbacks which you will hear about in a few minutes but today he owns $30 MILLION dollars worth of real estate and he coaches others in the process. What I really appreciate about Mark Dolfini is his thoughtfulness in having you begin your real estate endeavors by first thinking about your life. This is more than your “why”. It’s a process he calls VIP and if you can get your brain wrapped around this, I think it can make a huge difference in your investing career. His name is Mark Dolfini and he will be with us in a few minutes.
How to contact uswww.flippingamericanetwork.com
Facebook.com/flippingamericamedia
Twitter and Instagram @FlippingAmerica
YouTube: bit.ly/FlippingAmericaOnYouTube
Linkedin: bit.ly/FlippingAmericaOnLinkedIn
We now have a profile at houzz.com for what it’s worth.
Call our National Comment Line: 404-369-1018, ext 1. Leave your message or your question.
Announcements:Call 404-369-1018, press 1 and leave your message!
Motivational Thoughts for the dayExpected Air Date: 2/14/19
OpeningThe House Whisperer
Bookmark this show folks, I'm going to give away some of my secret sauce. The number one topic of the strategy and consulting calls we do is Deal Flow. Where can I find the next deal? I get at least 10,000 properties a month into my inbox. Stay tuned - I'm going to show you how.
Master the stuff I'm going to talk about today and you will like a professional Deal Trainer - they will come to you on command. Sit, Stay, do tricks - Deals will be all around you. You've heard me make the preposterous claim that I get 10,000 deals into my inbox and frankly I had never really added them up - until yesterday. Someone asked me to prove it. So I took an hour yesterday and added up the deals that had come in JUST THIS WEEK so far (yesterday was Wednesday). The number was 19,925. Now here's the important part: I have 11 deal sources and at the moment I'm only using three of them. There's no point expending the effort on the other sources right now. But I'm going to share them all with you today because I use at least one method not really available to you. Hey, who said life is fair?
How to contact uswww.flippingamericanetwork.com
Facebook.com/flippingamericamedia
Twitter and Instagram @FlippingAmerica
YouTube: bit.ly/FlippingAmericaOnYouTube
Linkedin: bit.ly/FlippingAmericaOnLinkedIn
We now have a profile at houzz.com for what it's worth.
Call our National Comment Line: 404-369-1018, ext 1. Leave your message or your question.
Announcements:Call 404-369-1018, press 1 and leave your message!
Motivational Thoughts for the dayExpected Air Date: 2/14/19
OpeningThe House Whisperer
Bookmark this show folks, I’m going to give away some of my secret sauce. The number one topic of the strategy and consulting calls we do is Deal Flow. Where can I find the next deal? I get at least 10,000 properties a month into my inbox. Stay tuned - I’m going to show you how.
Master the stuff I’m going to talk about today and you will like a professional Deal Trainer - they will come to you on command. Sit, Stay, do tricks - Deals will be all around you. You’ve heard me make the preposterous claim that I get 10,000 deals into my inbox and frankly I had never really added them up - until yesterday. Someone asked me to prove it. So I took an hour yesterday and added up the deals that had come in JUST THIS WEEK so far (yesterday was Wednesday). The number was 19,925. Now here’s the important part: I have 11 deal sources and at the moment I’m only using three of them. There’s no point expending the effort on the other sources right now. But I’m going to share them all with you today because I use at least one method not really available to you. Hey, who said life is fair?
How to contact uswww.flippingamericanetwork.com
Facebook.com/flippingamericamedia
Twitter and Instagram @FlippingAmerica
YouTube: bit.ly/FlippingAmericaOnYouTube
Linkedin: bit.ly/FlippingAmericaOnLinkedIn
We now have a profile at houzz.com for what it’s worth.
Call our National Comment Line: 404-369-1018, ext 1. Leave your message or your question.
Announcements:Call 404-369-1018, press 1 and leave your message!
Motivational Thoughts for the day"The best thing about any higher education is learning how to learn."
Do you want to grow, develop, and improve throughout your life? I'm pretty sure you do, which is why you are reading this right now. I'm asking you today to commit now to a lifetime of learning. If you were one of those who hated school, please don't think I just sentenced you to a lifetime of boredom. Learning is SO much different than most of what we experienced in school (unfortunately) and is SO much more interesting.
So why is school so boring? There's no simple explanation, but I think it has a lot to do with quantification of progress. That is, we need to know whether the students are learning, and the most objective way to assess this is to test rote memory. That makes it easy to compare the progress of children across a school district or a state but is a measure of only the lowest level of learning.
Enter Bloom's Taxonomy of the Cognitive Domain (He also developed similar taxonomies for the Affective and Psycho-motor domains, but those are topics for a different day). Here's a handy chart, courtesy of Jessica Shabatura and uark.com:
Think of this like a layer cake. Everything up top rests on the lower levels. You need those in order to be able to experience the higher frosting-to-cake ratios at the upper level. (You know that cake is just a hand-held device that allows you to shove icing into your mouth, right?)
The lowest level, "remember" is the easiest to test for and everything else is built on that. It is a simple recall of the facts. Memorizing anything means repetition and this can get tedious. This is where kids start tuning out. But if one does not master at least a good number of the facts, they will be lost when the teacher attempts to move to higher levels of learning.
Don't worry about school any more (unless you are IN school of course). Let's just focus on getting to the higher levels. Let me give you a real estate example:
Note that not every process follows this hierarchy precisely because the types of problems we solve can vary significantly. It is also important to note that you cannot operate at the higher levels without some mastery of the lower levels. If you are struggling to understand something, go back to the previous level and honestly ask whether you have master it. You can't evaluate or create without a solid understanding of the facts, which also means you have to know some facts. A general cannot devise a battle plan without some knowledge of the history of warfare strategy and tactics. A Congressperson may wish to provide a good life for all, but without any knowledge or sense of the 20th century, may propose policies of socialism that echo the policies of totalitarian regimes that led to two world wars and the loss of more than 100 million lives.
Ok, that's this week's political pot-shot. Moving on.
So you really do want to learn. And you want to get beyond mere knowledge to the higher levels of thinking. We don't all learn the same way. Some people do fine with auditory learning. They listened well in school, took notes, behaved in class, studied those notes, and did well on the low level exams. There is almost no correlation between their success in the classroom and success in life afterwards. Life isn't about remembering something for a test. Life is about taking what you know, combining with other stuff you know, and solving the problem in front of you. Many people are NOT auditory learners, but do better with visual input (they might be readers or watchers -- this is me). Other are kinetic learners - they prefer to learn in a more hands on way. They will dive in, take something apart and figure it out. These last two groups tend to be either bored or lost at school and many times end up hating it. But their chances for "success in life" are every bit as high as the auditory learners.
Recently the scholarly literature has started debunking this notion of styles of learning because they can't find strong evidence to prove anyone is inherently wired to learn one way or another. I'm aware of that research but point out that they are making conclusions based on the absence of evidence which is shaky logical ground. I also would point out that whether or not it's genetically coded, people clearly DO develop learning preferences.
I'd like for you to know yourself. This includes understanding how you learn. I for one don't do as well listening to books on tape. Why? I'm a visual learner. When I'm listening to the book, I'm usually unable to NOT be doing something else and guess what? If I'm answering email while listening to a book, I'm not remembering what the speaker said. I know I know, it's a little sad I even try. When I read, the text has my attention as almost much as anything else ever has. I'm not going to say my TOTAL attention, but I do get pretty engrossed in what I'm reading sometimes. If it's good enough I won't hear people talking to me, I won't hear my phone, I might forget to eat. That's just me. You are likely different.
Once you understand how you learn, go with it. Fortunately today there are limitless ways to spoon knowledge into your melon. Listen, read, do - it matters not. You can find a way to learn what you need. Just PLEASE DO NOT allow any negative experiences from your school days to keep you from the beautiful quest for knowledge, beauty, wisdom, understanding, and truth.
Resources on this subjecthttp://psychlearningcurve.org/learning-myths-vs-learning-facts/
https://www.webtools.ncsu.edu/learningstyles/
https://poorvucenter.yale.edu/LearningStylesMyth
http://sourcesofinsight.com/five-thinking-styles/
https://cft.vanderbilt.edu/guides-sub-pages/blooms-taxonomy/
https://en.m.wikipedia.org/wiki/Bloom%27s_taxonomy
https://tips.uark.edu/using-blooms-taxonomy/
Books from this past week:PrayerBook, by Ari Wajnberg. Yes friends, OUR Ari. I get the sense that this touching story is somewhat autobiographical. It's a powerful message of understanding, acceptance, and a desire for lasting peace. The book tells a relatable and gripping story but weaves the message of peace throughout. Peace within, peace with families, peace between religions, peace between countries. Good stuff. You should get it and read it.
The Hero Factor, Jeffrey Hayzlett with Jim Eber. The writers advocate a corporate culture where the people in the company are valued as much as the clients, the stakeholders, and the bottom line. Their view is this not only benefits the employees, but the company is stronger as well. I like the title and the premise but didn't find anything groundbreaking new information here.
Mindfulness, Mark Williams and Danny Penman. There's a lot of buzz about mindfulness these days with surprisingly contradictory research that show that mindfulness may not improve focus or performance. But that's not what this book is about. It's about using the concepts of mindfulness to consciously improve your focus and move you toward unpleasant tasks or relationships. The authors provide a framework of 8 weeks of meditations that should do the trick. I haven't decided whether to give it a try, but 8 minutes a day to improve my ability to get things done would be a good trade. If I try it I'll keep you posted.
$10 Tip:Resist the shiny object syndrome. Master one technique before branching out to others. It's better to grow and scale the one technique than to get stuck trying to do too many things. But always keep your eyes open because opportunities are everywhere and constantly changing. The "thing" you're doing will no doubt change over time and you need to be ready to adapt with the times.
Until next time,
“The best thing about any higher education is learning how to learn.”
Do you want to grow, develop, and improve throughout your life? I’m pretty sure you do, which is why you are reading this right now. I’m asking you today to commit now to a lifetime of learning. If you were one of those who hated school, please don’t think I just sentenced you to a lifetime of boredom. Learning is SO much different than most of what we experienced in school (unfortunately) and is SO much more interesting.
So why is school so boring? There’s no simple explanation, but I think it has a lot to do with quantification of progress. That is, we need to know whether the students are learning, and the most objective way to assess this is to test rote memory. That makes it easy to compare the progress of children across a school district or a state but is a measure of only the lowest level of learning.
Enter Bloom’s Taxonomy of the Cognitive Domain (He also developed similar taxonomies for the Affective and Psycho-motor domains, but those are topics for a different day). Here’s a handy chart, courtesy of Jessica Shabatura and uark.com:
Think of this like a layer cake. Everything up top rests on the lower levels. You need those in order to be able to experience the higher frosting-to-cake ratios at the upper level. (You know that cake is just a hand-held device that allows you to shove icing into your mouth, right?)
The lowest level, “remember” is the easiest to test for and everything else is built on that. It is a simple recall of the facts. Memorizing anything means repetition and this can get tedious. This is where kids start tuning out. But if one does not master at least a good number of the facts, they will be lost when the teacher attempts to move to higher levels of learning.
Don’t worry about school any more (unless you are IN school of course). Let’s just focus on getting to the higher levels. Let me give you a real estate example:
Note that not every process follows this hierarchy precisely because the types of problems we solve can vary significantly. It is also important to note that you cannot operate at the higher levels without some mastery of the lower levels. If you are struggling to understand something, go back to the previous level and honestly ask whether you have master it. You can’t evaluate or create without a solid understanding of the facts, which also means you have to know some facts. A general cannot devise a battle plan without some knowledge of the history of warfare strategy and tactics. A Congressperson may wish to provide a good life for all, but without any knowledge or sense of the 20th century, may propose policies of socialism that echo the policies of totalitarian regimes that led to two world wars and the loss of more than 100 million lives.
Ok, that’s this week’s political pot-shot. Moving on.
So you really do want to learn. And you want to get beyond mere knowledge to the higher levels of thinking. We don’t all learn the same way. Some people do fine with auditory learning. They listened well in school, took notes, behaved in class, studied those notes, and did well on the low level exams. There is almost no correlation between their success in the classroom and success in life afterwards. Life isn’t about remembering something for a test. Life is about taking what you know, combining with other stuff you know, and solving the problem in front of you. Many people are NOT auditory learners, but do better with visual input (they might be readers or watchers -- this is me). Other are kinetic learners - they prefer to learn in a more hands on way. They will dive in, take something apart and figure it out. These last two groups tend to be either bored or lost at school and many times end up hating it. But their chances for “success in life” are every bit as high as the auditory learners.
Recently the scholarly literature has started debunking this notion of styles of learning because they can’t find strong evidence to prove anyone is inherently wired to learn one way or another. I’m aware of that research but point out that they are making conclusions based on the absence of evidence which is shaky logical ground. I also would point out that whether or not it’s genetically coded, people clearly DO develop learning preferences.
I’d like for you to know yourself. This includes understanding how you learn. I for one don’t do as well listening to books on tape. Why? I’m a visual learner. When I’m listening to the book, I’m usually unable to NOT be doing something else and guess what? If I’m answering email while listening to a book, I’m not remembering what the speaker said. I know I know, it’s a little sad I even try. When I read, the text has my attention as almost much as anything else ever has. I’m not going to say my TOTAL attention, but I do get pretty engrossed in what I’m reading sometimes. If it’s good enough I won’t hear people talking to me, I won’t hear my phone, I might forget to eat. That’s just me. You are likely different.
Once you understand how you learn, go with it. Fortunately today there are limitless ways to spoon knowledge into your melon. Listen, read, do - it matters not. You can find a way to learn what you need. Just PLEASE DO NOT allow any negative experiences from your school days to keep you from the beautiful quest for knowledge, beauty, wisdom, understanding, and truth.
Resources on this subjecthttp://psychlearningcurve.org/learning-myths-vs-learning-facts/
https://www.webtools.ncsu.edu/learningstyles/
https://poorvucenter.yale.edu/LearningStylesMyth
http://sourcesofinsight.com/five-thinking-styles/
https://cft.vanderbilt.edu/guides-sub-pages/blooms-taxonomy/
https://en.m.wikipedia.org/wiki/Bloom%27s_taxonomy
https://tips.uark.edu/using-blooms-taxonomy/
Books from this past week:PrayerBook, by Ari Wajnberg. Yes friends, OUR Ari. I get the sense that this touching story is somewhat autobiographical. It’s a powerful message of understanding, acceptance, and a desire for lasting peace. The book tells a relatable and gripping story but weaves the message of peace throughout. Peace within, peace with families, peace between religions, peace between countries. Good stuff. You should get it and read it.
The Hero Factor, Jeffrey Hayzlett with Jim Eber. The writers advocate a corporate culture where the people in the company are valued as much as the clients, the stakeholders, and the bottom line. Their view is this not only benefits the employees, but the company is stronger as well. I like the title and the premise but didn’t find anything groundbreaking new information here.
Mindfulness, Mark Williams and Danny Penman. There’s a lot of buzz about mindfulness these days with surprisingly contradictory research that show that mindfulness may not improve focus or performance. But that’s not what this book is about. It’s about using the concepts of mindfulness to consciously improve your focus and move you toward unpleasant tasks or relationships. The authors provide a framework of 8 weeks of meditations that should do the trick. I haven’t decided whether to give it a try, but 8 minutes a day to improve my ability to get things done would be a good trade. If I try it I’ll keep you posted.
$10 Tip:Resist the shiny object syndrome. Master one technique before branching out to others. It’s better to grow and scale the one technique than to get stuck trying to do too many things. But always keep your eyes open because opportunities are everywhere and constantly changing. The “thing” you’re doing will no doubt change over time and you need to be ready to adapt with the times.
Until next time,
Expected Air Date: 2/11/19
OpeningThe 2019 Trend Report
It's possible there are two destinations in front of you - the place you want to be, and the place the market is heading.The general market direction is due to a variety of forces, none of which are in your control. But what if it is going in a different direction? What if the opportunity lies in an area beyond your expertise? What if your success strategy is based on certain market fundamentals but the market is behaving differently or perhaps even the opposite way for your plan to succeed? In some ways your success in life and business is to find a path to your own ultimate destination that rides along with the market forces that are outside of your control.
Over the past few years if you have been a single family fix and flip investor and your strategy has been to buy anything in the hot area even if your margins are thin, relying on price increases to make your money, you will find that in 2019 this game is up. Starting now, or actually six months ago, you MUST buy them right - no fudging on the margins - or you will rue the purchase day on sale day.
If you are a passive investor in a REIT that owns malls and retail space, you've done well over several years, but the last couple of years have been a kick in the pants. Do you hang in there, knowing that the American retail market is bound to bounce back (and paying attention to the fact that many successful online retailers are now opening brick and mortar stores?).
My point here is simple and it is this: For continued success, you need to pay attention to trends and respond appropriately. Today we are going to talk about the trends we expect in residential and commercial real estate for 2019 and before the show is over, I'm going to make some suggestions about how to respond to trends in general and these trends in particular. So hang on folks...
How to contact uswww.flippingamericanetwork.com
Facebook.com/flippingamericamedia
Twitter and Instagram @FlippingAmerica
YouTube: bit.ly/FlippingAmericaOnYouTube
Linkedin: bit.ly/FlippingAmericaOnLinkedIn
We now have a profile at houzz.com for what it's worth.
Call our National Comment Line: 404-369-1018, ext 1. Leave your message or your question.
Announcements:Trends:
In general:
Specific for 2019:
Legal and financial disclaimer
Call 404-369-1018, press 1 and leave your message!
Motivational Thoughts for the dayExpected Air Date: 2/11/19
OpeningThe 2019 Trend Report
It’s possible there are two destinations in front of you - the place you want to be, and the place the market is heading.The general market direction is due to a variety of forces, none of which are in your control. But what if it is going in a different direction? What if the opportunity lies in an area beyond your expertise? What if your success strategy is based on certain market fundamentals but the market is behaving differently or perhaps even the opposite way for your plan to succeed? In some ways your success in life and business is to find a path to your own ultimate destination that rides along with the market forces that are outside of your control.
Over the past few years if you have been a single family fix and flip investor and your strategy has been to buy anything in the hot area even if your margins are thin, relying on price increases to make your money, you will find that in 2019 this game is up. Starting now, or actually six months ago, you MUST buy them right - no fudging on the margins - or you will rue the purchase day on sale day.
If you are a passive investor in a REIT that owns malls and retail space, you’ve done well over several years, but the last couple of years have been a kick in the pants. Do you hang in there, knowing that the American retail market is bound to bounce back (and paying attention to the fact that many successful online retailers are now opening brick and mortar stores?).
My point here is simple and it is this: For continued success, you need to pay attention to trends and respond appropriately. Today we are going to talk about the trends we expect in residential and commercial real estate for 2019 and before the show is over, I’m going to make some suggestions about how to respond to trends in general and these trends in particular. So hang on folks...
How to contact uswww.flippingamericanetwork.com
Facebook.com/flippingamericamedia
Twitter and Instagram @FlippingAmerica
YouTube: bit.ly/FlippingAmericaOnYouTube
Linkedin: bit.ly/FlippingAmericaOnLinkedIn
We now have a profile at houzz.com for what it’s worth.
Call our National Comment Line: 404-369-1018, ext 1. Leave your message or your question.
Announcements:Trends:
In general:
Specific for 2019:
Legal and financial disclaimer
Call 404-369-1018, press 1 and leave your message!
Motivational Thoughts for the dayExpected Air Date: 2/9/19
OpeningAre we in a Bubble?
How to contact uswww.flippingamericanetwork.com
Facebook.com/flippingamericamedia
Twitter and Instagram @FlippingAmerica
YouTube: bit.ly/FlippingAmericaOnYouTube
Linkedin: bit.ly/FlippingAmericaOnLinkedIn
We now have a profile at houzz.com for what it's worth.
Call our National Comment Line: 404-369-1018, ext 1. Leave your message or your question.
Announcements:https://www.foxbusiness.com/markets/how-to-spot-a-real-estate-bubble
Comment Line calls and QuestionsCall 404-369-1018, press 1 and leave your message!
Emails:Expected Air Date: 2/9/19
OpeningAre we in a Bubble?
How to contact uswww.flippingamericanetwork.com
Facebook.com/flippingamericamedia
Twitter and Instagram @FlippingAmerica
YouTube: bit.ly/FlippingAmericaOnYouTube
Linkedin: bit.ly/FlippingAmericaOnLinkedIn
We now have a profile at houzz.com for what it’s worth.
Call our National Comment Line: 404-369-1018, ext 1. Leave your message or your question.
Announcements:https://www.foxbusiness.com/markets/how-to-spot-a-real-estate-bubble
Comment Line calls and QuestionsCall 404-369-1018, press 1 and leave your message!
Emails:Brian Dally, Ground Floor Funding
Expected Air Date: 2/2/19
OpeningA little over a year ago we asked everyone in our group what were their biggest needs in their real estate investing work. They were:
You spoke -- we heard you. As you may have heard, the Flipping America Network is about to be released in the wild. This is the Buying platform for real estate investors nationwide. Post your property in the FAN and it will be seen by hundreds (we hope thousands) of investors including possibly someone in your zip code. My dream is that one day anyone can jump into the FAN and find a deal.
So that's deal flow.
How about the money?
At this moment, there are literally billions of dollars available to real estate investors. Just in my Atlanta network we get contacted by a new hard money source nearly every week. It is NOT difficult to find. However, it can be a challenge to afford. Wait, if I'm borrowing the money for a project, what is there to afford? First you have to make a downpayment, usually 10-20% of the purchase price. Then you have to pay the loan origination fees up front. On just an average loan this can be $25,000. You will probably have to keep three months of payments in your bank account so that could be another 6-10 thousand. And you have to make those monthly payments. So how many of these can you do at one time? For most people it's ONE. If they can afford anything that's all they can afford. That means if you hustle and finish in six months you can do two projects in one year. If you make 40k in each deal after expenses, it's a decent year. But I bet you're not ready to quit your day job yet.
Enter the Flipping America Fund, working with DT Investments. We are looking nationwide for qualified operating partners who choose to become a part of our family and access funding for their deals. In short -- we put up the money -- you do the work -- and we split the profit. If you have the contracting and management capacity, there is virtually no limit to the number of deals you can do. Your net take away from each deal may be less, but suppose it's 30 thousand instead of 40. And suppose you can do ten deals a year instead of 2. I think you see the advantage.
This opportunity isn't for just anyone. We have to be persuaded that you are a good fit with us. You'll need to demonstrate proficiency in flipping. Although designed for experienced and effective investors, There is a possibility we will fund newer people as well, but there will be more hoops to jump through and possibly a training requirement.
This funding model has always been a part of our vision here at Flipping America but we have been rolling it out carefully, slowly, and with many tweaks to the program while operating at a small scale. We believe we are ready now to scale this and it's about to happen.
My guest today is Brian Dally, co-founder of Ground Floor Funding. Ground Floor is an innovative crowd-funded platform that allows passive investors the opportunity to be involved in the activity of people flipping houses. It's a cool platform and you can make good returns on your money there. We will talk about Ground Floor and it's operations, but in the second segment of our interview, Brian and I are going to announce one of the biggest developments in the history of Flipping America - a joint venture project. In about three months you will be able to go onto Ground Floor's website and invest in the Flipping America fund, which will spread your investment over a number of projects being completed by our Flipping America Operators nationwide. And as we split the profits with our Operators, this return will create a dividend for you. Stay tuned and you'll hear about this incredible opportunity.
How to contact uswww.flippingamericanetwork.com
Facebook.com/flippingamericamedia
Twitter and Instagram @FlippingAmerica
YouTube: bit.ly/FlippingAmericaOnYouTube
Linkedin: bit.ly/FlippingAmericaOnLinkedIn
We now have a profile at houzz.com for what it's worth.
Call our National Comment Line: 404-369-1018, ext 1. Leave your message or your question.
Announcements:Call 404-369-1018, press 1 and leave your message!
Emails:From the publisher's feed