Racking Up Rentals

As Thoughtful Real Estate Entrepreneurs, we only propose deals that are mutually beneficial—win-win's for both buyer and seller…right? Yes, that's true, but this brings up a very important point. Just because we only propose mutually beneficial solutions doesn't mean that we frame the conversation with the seller as being "mutually beneficial." In this episode, Jeff explains that the perfect negotiation is one that does indeed result in a mutually beneficial transaction, but without ever focusing on the buyer's win at all.

To celebrate this milestone 100th episode, Jeff interviews his personal coach and mentor, Greg Pinneo. Greg is a 45-year full-time veteran of real estate investing. He is a national speaker and acclaimed educator of real estate entrepreneurs, and is known for his truly unique and inimitable mix of fresh perspectives on real estate finance, negotiation, philosophy and life. As Greg is known to say, his specialty is "wonderfully disturbing" the people who have the opportunity to listen to his message. In this incredible interview, Jeff and Greg discuss everything from real estate finance, to left-brain and right-brain balance in real estate acquisition, the value of adversity and so much more.

When you're negotiating a deal, is it best to just ask for everything you want all at once, upfront? As Thoughtful Real Estate Entrepreneurs, we believe in the art of "incremental negotiation"—the process of strategically getting a series of micro-agreements, instead of just asking for everything we want at once. Instead of insisting a Seller take one big leap, we often use the skills of incremental negotiation to move them along a series of smaller stepping stones, in the direction of the end result we want. In this episode, Jeff describes the importance of incremental negotiation, and how to do it thoughtfully and strategically.

Is there a role for "emotion" in real estate investing? While many investors take a very rational, logical perspective to real estate, Thoughtful Real Estate Entrepreneurs also understand the importance of the subjective side of real estate—the emotional connection a tenant or buyer has to a property. Properties that speak to the hearts of the people using them are more special and rare—not to mention financially resilient—than those are simply functional and utilitarian. In this episode, Jeff explains the considerable value of buying properties that elicit an emotional connection.

If you're a rental property investor, why would you ever buy properties without cash flow? Does it ever make sense to do so? Most traditional investors answer "no" emphatically; Thoughtful Real Estate Entrepreneurs, on the other hand, see a broader perspective. In this episode, Jeff discusses the scenarios in which it might make sense to consider buying a rental property without cash flow.

Many people these days believe it's impossible to buy properties off-market with seller financing. After all, they argue, "why would a Seller sell you their property off-market when they can get an all-cash offer for a higher price by putting it on the market?" But this perspective, while perhaps understandable, is wrong and limiting. In this episode, Jeff discusses five reasons why Sellers may still very much prefer to sell you their properties off-market, even with seller financing, despite the heated "seller's market."

Most real estate investors look at a potential deal, then look at the resources they have to work with—such as their cash available—and think, "I can only get this deal done if it's within the resources I have available." Thoughtful Real Estate Entrepreneurs, on the other hand, think "how can I negotiate a deal that makes good investment sense, regardless of the resources I personally have to work with at this moment?" In this episode, Jeff discusses how to upgrade your mentality from the scarcity perspective of "I have limited resources" to the abundant perspective of "I will find the resources once I've negotiated a great deal."

Let's face it—most people don't just suddenly dive into full-time real estate entrepreneurship on day one. Instead, we usually start doing real estate on the side of our full-time W-2 jobs. And while for some the vision is to quit the day job and do real estate investing full time, for many others the goal is to build wealth and cash flow while maintaining a rewarding career. In this episode, Jeff interviews Kimberly Kesterke of The W2 Landlord. Jeff and Kimberly discuss the advantages of investing while having a W-2 job, what it means to achieve one's financial freedom number, and what it means to be an active investor while holding down another full-time job.

When the market is hot, prices are on the rise and inventory is low. So the big question is: should you buy in that hot market? Or is it smarter to sit back and wait for things to cool down before jumping in and buying your next property? In this episode, Jeff explains why the "don't buy in a hot market" argument is simplistic and wrong, and he breaks down five key points to consider as you decide to move forward and buy properties in a hot market.

If you want to become a full-time real estate entrepreneur, it comes down to one question: what do you actually DO every day? It turns out that there are several clear, specific things you must do every day or every week—and if you do them, you will predictably be able to succeed in being a full-time real estate entrepreneur. In this episode, Jeff explains the four big categories of daily actions that you must take to become—or remain—a successful full-time real estate entrepreneur.