|
That weird array of orange, purple, yellow and red is quite something. Beautiful sunrise to wake up too (even if getting out of bed to see it was rather difficult).   And the sunsets despite being behind the city, aren't too bad either. Especially when girl is with me : )  
Comments
Will motivation strike you out of the blue to find the perfect career you will be passionate about?
Almost certainly not. This is the case Cal Newport makes in his book So Good They Can't Ignore You, which I reviewed for our YouTube channel here. In short, motivation FOLLOWS action. You get good at something and then you become inspired about it.
It hit me to review this book when I saw this tweet from Brad Stulberg,
This is key point that Cal Newport makes in his book. The quote comes from comedian Steve Martin, who said the key to success is simply "to be so good they can't ignore you." Instead, unfortunately, Newport notes the standard advice that is so pervasive even Steve Jobs gave it,
“The key to occupational happiness is to first figure out what you’re passionate about and then find a job that matches that passion” (pg. 4).
This however, is backwards. As Newport notes, motivation comes AFTER you become good at something. Action comes first, then inspiration. For example, he notes one study where,
“…They studied players who had all spent roughly the same amount of time—around 10,000 hours—playing chess. Some of these players had become grand masters while others remained at an intermediate level… [It turned out that] Hours spent in serious study of the game was not just the most important factor in predicting chess skill, it dominated the other factors. The researchers discovered that the players who became grand masters spent five times more hours dedicated to serious study then those who plateaued at an intermediate level” (pg. 81-82).
I've certainly noticed this in my own life. When I stareted at the guitar, I didn't enjoy it. No inspiration struck me. It was when I finally could play something that resembled a song that I started liking it. Sames goes for real estate. I had no natural draw to houses, but when I got the hang of it, I got inspired by it.
The idea that inspiration will just hit you and then you should follow your passion is quite dangerous. It persuades people to wander around waiting for motivation. It makes people not fully engage with what they are doing because they "haven't found what motivates me yet." If that's your attitude, you'll be waiting until you die. In that way, this book is great. Unfortunately, like Mindset, it is, more or less, just that one great idea. Luckily, this one is shorter than Mindset which better justifies it only having one great idea. So I give it four stars. A short book worth reading. 
Previous Book Reviews
Mindset by Carol Dweck (Video) Great by Choice by Jim Collins and James T. Morten (Video) I've been writing a lot for Think Realty lately and my newest piece takes on out-of-state real estate investing, which despite its risks has become more and more popular these days. As a general rule of thumb, you should always buy where you have boots on the ground all else being equal. Indeed, even if not everything is equal, you should lean toward buying where you are at. In fact, if you can get properties to cash flow where you live, you should really buy where you are. Please check out the article (as well as our video on the same topic).
Lumber prices have finally started to go down, but the insane price fluctuations for lumber deserve some explaining. I had already done so on our YouTube channel and for BiggerPockets. This time, I give an explanation for Inman, Many mills simply went offline when the pandemic started, and then they only reopened gradually. Indeed, the main reason that lumber prices are starting to (slowly) come back down to earth is because the mills are mostly back up and running at full steam again.
With investing (and life and general) there will always be regret. Either you should have bought before the runup or at the trough or sold at the peak.
And even if you bought perfectly... well, then you should have bought more! The key is to remember that regret is part of the game going in. Understand you will make mistakes and there will be things to regret right from the get-go. Make sure to focus on the wins and always remember: Regret is a choice. In this video for Phillip and my YouTube channel, we explain why and how to conquer regret:
Previous Episodes
-How to Positively Resolve Tenant Disputes (Property Management) -How to Manage Collections and Delinquency- A Guide to Due Diligence for Buying Houses - How to Find Banks for Your Investment Properties - A Crash Course on Building a Buy and Hold Real Estate Business - Is the Economy on the Edge of a Cliff??? How Should Real Estate Investors Respond? - An Introduction Into Buying Portfolios -Why Buy and Hold is So Powerful - In-House or Outhouse Management - Moving to California? - Doing Maintenance Right - Should You Accept Pets in Your Rentals? - Grading Real Estate Calculations - Why Real Estate Depreciation Can Make You Money - All the Ways You Can Finance Buy and Hold - Inflation is Already Her - Why is Lumber so Expensive? - How to Invest Out-Of-State (if you must) - Cryptocurrencies Are Godawful (...at being currencies) - The Dollar is Not Going to Hyperinflate. But this will happen... - The Lockdowns Did Not Work. Stop Doing Them. - The One Trait that Separates the Wealthy and the Indebted Regret is a terrible thing. Indeed, it's a waste. One of the biggest things most people should regret is wasting time with regret. (Although, of course, they shouldn't regret that because regret is a waste of time.) My latest article for BiggerPockets (and latest video for our YouTube channel by the way) covers this very topic: How to defeat regret when it comes to real estate investing. Get this clear in your head: If you are investing, you will always face regret. Fully accepting that premise makes it much easier to deal with regret when it comes.
Please check out the full article here. This time in Grandview. Our second "strip mall." Yes, it's only 5200 sq. ft., but it's still a strip mall and once again, buying strip malls makes me feel much more awesome. This one is three units, two-leased for total of $2000/month and the third is 2800 sq. ft. restaurant with quite the bar set up. Also a likely tenant lined up as she had been waiting to lease until the work was finished but the seller got tied up with the city (get your permits people!) We still need to vet the potential tenant and I know restaurants are tough, but we can always switch it to retail or office space if need be. Purchase price was $246K. It needs over $100k (roof, one HVAC unit, electrical, paint, etc.) but should bring in $5000/month when fully leased up. It's in Grandview, MO on the main commercial stretch (albeit near the end of it). It's fun moving into new niches (although something you should do with great caution as mistakes are much more likely). Should be an exciting project though! 
 If you're a real estate investors in the KC area, make sure to attend MAREI All Start Networking Event. It's a great way to find valuable connections (agents, wholesalers, lenders, contractors, vendors, etc.) and it's also in person so you can get out of your house and go comatose from attending yet another Zoom meeting.
There's no fee to enter but donations are encouraged; all proceeds go to Harvesters to feed the hungry. Please register at MAREI.org or contact Kim Tucker. The meeting is Tuesday, July 13th at 6:00 at the Holiday Inn at 8787 Reeder Rd, Overland Park. See you there!
...As well as the successful from the not-successful.
And that trait is what the famous Stanford Marshmallow Experiment found: The ability to defer gratification. Consume or defer? That is your choice. Phillip and I break down the reasons to choose the latter in our latest video for our YouTube channel:
Previous Episodes
-How to Positively Resolve Tenant Disputes (Property Management) -How to Manage Collections and Delinquency- A Guide to Due Diligence for Buying Houses - How to Find Banks for Your Investment Properties - A Crash Course on Building a Buy and Hold Real Estate Business - Is the Economy on the Edge of a Cliff??? How Should Real Estate Investors Respond? - An Introduction Into Buying Portfolios -Why Buy and Hold is So Powerful - In-House or Outhouse Management - Moving to California? - Doing Maintenance Right - Should You Accept Pets in Your Rentals? - Grading Real Estate Calculations - Why Real Estate Depreciation Can Make You Money - All the Ways You Can Finance Buy and Hold - Inflation is Already Her - Why is Lumber so Expensive? - How to Invest Out-Of-State (if you must) - Cryptocurrencies Are Godawful (...at being currencies) - The Dollar is Not Going to Hyperinflate. But this will happen... - The Lockdowns Did Not Work. Stop Doing Them.
I believe this meme (or just a picture?) has been rated quite dank:
|
Andrew Syrios"Every day is a new life to the wise man." Archives
November 2022
Blog Roll
The Real Estate Brothers The Good Stewards Bigger Pockets REI Club Meet Kevin Tim Ferris Joe Rogan Adam Carolla MAREI 1500 Days Worcester Investments Just Ask Ben Why Entrepreneur Inc. KC Source Link The Righteous Mind Star Slate Codex Mises Institute Tom Woods Michael Tracey Consulting by RPM The Scott Horton Show Swift Economics The Critical Drinker Red Letter Media Categories
|
RSS Feed
