A lot ot talk, several books, and valuable minutes of nearly every self-help seminar conducted in the past 10 years have been devoted to the topic of “Knowing Your Why.” It’s a trend for a good reason. It’s important to know your Why and it’s important to get beyond trivial things like “money” and “the stuff you buy with money.” I value and salute the idea of “knowing your Why.” But today I’m going to balance that with not a competing, but complementary idea. “Know Your Why Not.”
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Topic: Know Your “Why Not”
A lot ot talk, several books, and valuable minutes of nearly every self-help seminar conducted in the past 10 years have been devoted to the topic of “Knowing Your Why.” It’s a trend for a good reason. It’s important to know your Why and it’s important to get beyond trivial things like “money” and “the stuff you buy with money.” I value and salute the idea of “knowing your Why.” But today I’m going to balance that with not a competing, but complementary idea. “Know Your Why Not.”
I mean Why Not in a couple of different ways. In the first section I’m going to talk about “Why Not” in terms of reasons why you should NOT pursue something. Then in Part Two I’ll talk about “Why Not” in the sense of, well, why not? Why not go ahead with whatever…? These principles can apply to your ideas, your life choices, your career, your education, even your life partner. Bookmark this so you can come back to it when you face a significant decision.
Why Not Part One:
- It doesn’t fit YOU.
- Requires something from you that you don’t have
- Personality type
- Maneuverability (think on your feet, adjust course as you go)
- Detail orientation
- Relational skills
- Requires something you don’t do well
- Skill set
- Requires a life-style you don’t want
- Sedentary vs Active
- Travel vs Stay home
- Early vs late hours
- Tied to a location vs Free to roam
- Requires something from you that you don’t have
- You don’t fully understand it.
- It’s too new (ideas you had in the past 24 hours)
- Risks – How can this come back to kick me in the fanny?
- How realistic the Opportunity is. “If I could just get 1 million people to give me a dollar…”
- Your motivation is suspect
- Fear of loss?
- Limited time opportunity?
- Would your reason for doing this be consistent with your purpose in life?
Why Not, Part Two
- What do you have to lose? No really, think about what you can lose here.
- More than Pros and Cons, weight the items by their importance and look at the score.
- Is this something you can “dip a toe in” to test? Ease in gradually before going all in?
- Are there multiple unknown outcomes? Could there be several possible results?
- With projects, it’s usually pass or fail, but you don’t know what you don’t know and you don’t know what you might learn that could lead you to the next thing.
- With people there are multiple variables. You don’t know who you don’t know or who you might meet and how that might take you to the next person.
- What happens if I take this to an extreme (unrealistic and sometimes illogical, but sometimes helpful).
- Does this put me in a position to make a positive move or draw closer to one of my ultimate goals?
- If I go for it, how long before I can back away if not working? What’s my commitment?
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Motivational Thoughts for the day
- “One Half of knowing what you want is knowing what you must give up before you get it.” – Sidney Howard
[0:17] Teaches you how to make money in real estate wherever you are whatever your situation there is an opportunity for you flipping America is sponsored in part by American IRA
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and now you’re sad flipping America guy Rodger Blankenship.
Hello everyone thank you Kathy Curtis how’s it going out there I hope that you had a wonderful Independence Day weekend,
and we’re back to talking about real estate a little bit today and got some news and headlines for you but you know a lot of talk.
Several books and valuable minutes of nearly every self-help seminar concluded in the past 10 years have been devoted to the topic of,
knowing your why.
[1:16] Know this is a trend for a good reason it’s important to know your why and it’s important to get Beyond Trivoli trivial things like.
You know money and the stuff you buy with money and I appreciate everyone and I do this myself in this in some of my workshops I appreciate everyone.
Encouraging all of you.
And me to stop and think about the reason why we do things I value and salute the idea of knowing your why but today I’m going to come,
is it to balance that thought with a not a competing but a complementary idea I called it know your why not.
And that’s the show that we’ve got coming up for you today in just a little while I’m going to get into a talk about know your why not and actually it’s several why not and I’m going to give you.
Some reasons why not know the.
Principles that I’m going to share with you in a little while I can apply not only to your real estate business but the business in general your life your.
Relationships your education decision and even.
A potential life partner you need to think about why and you need to think about why not.
[2:34] All right we’re going to get in that in a minute hey I’m Roger Blankenship in 19th people how to make money in real estate and
we don’t own this show encourage everyone to drop what you’re doing and go out start flipping houses like you see on TV but we do encourage everyone to consider real estate is a valuable part of their investment
portfolio and to that end we try to bring you the best information news to tistics demographics and,
what you need to enable you to make the best decision about your life and your relation was real estate.
[3:06] If you want to reach us here you can find me on my website at Roger Blankenship. Com that’s r o g e r Blankenship, you can also find this show on Facebook at,
when you go to facebook.com look up flipping America media and you can follow us on Twitter and Instagram at flipping America,
if you have questions about real estate and real estate investing you can send them two questions at Roger Blankenship. Come or you can call 404
369-1018 extension one just leave your message or your question or send your questions via email or you can even drop in on Facebook,
we’re looking at that you know we look at the email more often than Facebook be honest with you but anyway we will answer your question,
I have answered every question that’s ever come into the show and we plan to always answer them now I’m not alone I have a very fine team that helps me get all of this stuff done here and I’m grateful to them for that but
we will make sure that you get an answer to your question if you ask if you ask something.
And we don’t know the answer we’re going to go and find the answer for you.
So we’re like your 411 on real estate investing so feel free to fire off the questions.
[4:28] All right if you’re in town in Atlanta Georgia this show comes to you from Atlanta Georgia three times a week we are nationally
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[4:55] Any help if you are ever in Atlanta Georgia on a Wednesday or Thursday we invite you to come share a meal with us,
and talk real estate we do it Wednesdays at lunch time and Thursdays at
dinner time or supper time depending on what part of the country you’re from and that would determine what you call that but Thursday evenings from 6:30 till about 8:30 or 9 We Gather at City Tap here in Midtown
Atlanta and on Wednesdays we meet at baraonda Italian restaurant
and you can get more information about both of those locations at Roger Blankenship. Calm and if you want to join the flipping America Meetup Group just go to meet up.com and look for flipping America and join the group
time that I eat a we went over 7,000 last week so that’s kind of cool so we’re glad to have you in that group as well.
[5:44] I don’t say much about this but at least not very often but if you’re interested in investing with flipping America then let’s talk we are putting together a fund with ground floor USA,
and you’ll be able to invest as little as $100 and.
Make a preferred rate of return of 8% now you need to do a little checking about what a preferred return is that is out of the fund the first 8% of profits goes to our investors and after that,
weird looking American start taking a little bit of cut and it caps off at 16% and if you listen to the show any length of time you know that we typically make more than 16% return on our investments and
that’s why we’re able to offer such generous terms if you’re interested in investing just reach out to me Rodger at Roger Blankenship. Com.
The flipping America app is in the App Store you can listen to the show read the show notes and get the entire catalog of shows available to you.
It’s a free download there are no upsells no in-app purchases free to download free to listen go ahead give it a try and drop me a line and let me know what you think even.
[6:55] Probably more important than dropping me a line is to write a review for us in the App Store and we appreciate that all right
let’s do the news we’ve been hammering on the home affordability crisis a little bit and I think we are in a crisis mode because,
according to research just out of just out from Adam data more than half of the counties surveyed across the country,
required too much money to buy the average house in other words the average income cannot afford the average house in more than half of the counties surveyed,
and to just show you how extreme the situation has gone I’m going to give you a list of the 10 counties are the 10 areas it around the nation that have,
I’m the highest ratio now here’s the ratio here is you take the average income in that county or that area and compare that to the average
home price and.
[8:00] Find out what that percentage is what percentage of your income is is it going to take for you to buy the average home price okay now.
Remember the guideline is pretty much 28% you want to be spending no more than 28% of your household income for your.
Housing expenses because you got other things that you have to buy you know like food and,
maybe transportation of some sort okay and here’s where it gets crazy my friends and.
[8:33] Marin County California San Francisco.
The percentage is 116.8 in other words the average income.
Would it would take a hundred and 16% of your average income just to buy a house there meaning not only can you not buy a house you couldn’t do anything else.
That’s not going to work now all of the top 10 counties here are either in California Hawaii or New York Hawaii and New York get one,
County each and all of the rest are in California so the most unaffordable homes are typically in California.
[9:16] Chicago is right up there not far out of the top 10
but the most affordable homes are you guessed it there in flyover country folks if you get away from the coast and into the part of the country that is referred to as flyover country you’re going to see much more affordability
there are some hot spots around the country where prices are a little overheated but.
You know the truth you know burn down the barn hot spots are on the coast.
So the headline is median price homes not affordable for average wehner wage earners in 74%,
of US housing markets folks we’ve got to do something I’m not sure what we can do. I think it’s gets
you know we saw some hopeful signs in an article that I referred to in our last show but I don’t know that that’s enough I really that do not share the optimism with,
that writer that.
These government programs are really going to turn it around anytime soon I believe that what it’s going to take is it’s going to take somebody with an ability to build.
[10:20] Affordable entry-level homes getting into the market in a big way,
I’m looking at you National home builders but the national home builders and the local home builders all realize that the move up homes have a higher margin and I
I cannot fault them and I cannot blame them for wanting to build homes with the higher-margin with what you have to go through just to start a new home in this country in many municipalities it’s
just not worth it to build entry-level affordable housing the government’s need to wake up.
And start changing their requirements and allow these home builders to begin to build affordable homes.
And I think that most of the share rests with the bureaucracies in the government’s I’ve got a couple of Articles from our research team on the out of Adam Data Solutions course you can always go to Adam data.com for yourself a t t o m
dot-com we consider them friends we had them on the show and it’s a great source of information but.
If you don’t have time that’s okay we’re taking the time and we will
hit you with the headlines here’s a couple of more from Adam data us completed foreclosures decrease 50% from a year ago a year ago I was reporting that foreclosures were near an all-time low
and they’re down 50% from that.
[11:45] Now this is bad news if you are a person who buys foreclosures at the courthouse steps okay but that’s a very small number of people compared to the general population this is good news if you’re looking for the.
Overall health of the real estate market and this is a primary reason why I continue to insist that we are not in a bubble,
we are in a correction and the corrections going to continue in the form of a Slowdown in the rate of appreciation,
but we are not looking at a crash we are not staring at a collapse in the real estate market nothing like that is happening when these foreclosure rate start taking back,
I’ll be reporting on it and I’ll be letting you know and folks just remain calm I’ll tell you when it’s time to panic.
Okay just keep listening to the show.
[12:36] Add one more little bit from Adam data while I’ve got them up on screen I love these kinds of list the top 10 markets with the highest home flipping rate in first quarter of 2019 you’re ready Clarksville Tennessee,
Tampa Florida Charlotte North Carolina Raleigh North Carolina,
Durham Chapel Hill North Carolina hearing a tree in their Las Vegas and Henderson Nevada Atlantic City New Jersey Phoenix Arizona,
Huntsville Alabama and number one is Memphis Tennessee
there you go folks I’ve been talkin about these cities we’ve even been over to Huntsville to look at it for ourselves and yep that market is booming,
and there are so many flips going on in per capita in these little areas and these are areas well maybe not the Charlotte so much but,
these are areas where you can get in and find a lot of opportunity because you don’t have the per capita level of investors you have in a city like Atlanta Georgia.
Okay we’re going to go take a little break we’re going to come back we’re going to do or why not segments and then we’ve got some of your questions are going to get to I think before the end of the show today will be right.
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[15:26] The theme for today’s show is know your why not.
[15:31] I am all in favor of taking the time to really drill down and understand your why
I teach on it in my own workshops and and the weekend seminars and
I appreciate the books that have been devoted to the topic and it’s a trend for a very good reason know why you’re doing it if you know your why it helps to get you through,
some of those,
days when you’re questioning everything around you because things aren’t working out like you thought they would and that happens to almost everyone folks anyone who’s ever tried to launch your own business has run into obstacles
things they didn’t.
Things that they did not put into their roadmap or their three-year plan it happens to everyone and at that time when you’re,
emotions are low you have to go back to why you were doing this and find in that.
The motivation to get you through to the next phase.
Okay but when you’re analyzing an opportunity or a relationship or a business or even an individual project.
I think it’s also helpful to know your why not.
[16:46] Why not now I mean why not in a couple of different ways so I’ve got two sections of why not coming up and the first way I mean why not is.
In terms of reasons why you should not pursue something.
Their reasons why you should not then in part 2 I’m going to talk about why not in the sense of well.
Why not why not just go for it why not go ahead with whatever it is you’re thinking about these principles can apply to your ideas Your Life Choices a particular property or a career or.
[17:28] Which toothpaste you’re going to buy although I don’t I don’t put that much thought into that you know whatever’s on sale that didn’t hurt my teeth you know whatever but your education.
Whether you should go to a bait a certain seminar or spend the money for whatever.
Or even a life partner.
[17:52] I suggest that you bookmark this show so you can come back to it because we’re going to lay some inside on you here folks it’s come from many years of experience and decision-making and not always.
Great decisions okay so here’s why not part 1.
[18:13] Reasons why you probably shouldn’t pursue whatever it is you’re considering number one it doesn’t fit you.
[18:24] Socrates said know thyself this is profound wisdom.
[18:31] I would add to it in the process of knowing yourself be honest with yourself.
Know if you have a tendency to beat yourself up be honest with yourself about your strengths if you have a tendency to see yourself in the most optimistic light.
Be honest with yourself about your weaknesses either way
be honest with yourself and keep in mind nobody has a complete combination of all strengths and all weaknesses no one knows everything no one can do everything no one is superhuman.
They’re going to be some things that you’re good at and they’re going to be some things that you’re not good at you need to know these things you need to understand them and you need to understand yourself.
Okay there are basic personality types,
you should take some of the inventories go to tonyrobbins.com and take the disc test that’s one of the more reliable and it’s pretty simple to take and you get
a decent understanding if you haven’t started doing these kinds of things get some understanding of yourself the kind of person that you are
know your Tendencies also,
when you start digging into this you’re going to be told what some of the weaknesses are that accompanies some of these drinks and you’re going to look at me say oh,
I never really thought about that what weakness is sometimes are blind spots.
[19:53] So you owe it to yourself to do some digging and get to know yourself what you’re capable of and what you’re not capable of and you also need to get honest assessment from other people because
you know I am excited to study in in the past that.
[20:11] Incompetent people lack the ability to recognize the difference between competence and incompetence.
[20:21] I guess if they had the ability to recognize confidence they would be more competent and so there may be things that you’re not good at that you think you’re good at,
and everyone around you is too polite to say so and you have an ass because you just assume you Oughta ask are you.
As good at whatever as you think you are and listen to the people even though the truth sometimes hurts.
[20:50] Then don’t sleep in do beat yourself up mode understand that you do have strings you do have things to offer.
I even if you’re not strong in the areas where you thought you were okay now.
[21:04] When I suggest that you rule out something because it didn’t fit you I’ve got several things here I want you to think about how it might fit you.
Okay first thing is this thing could require something that you don’t have.
[21:22] Such as the right personality type.
For example if it’s an opportunity that requires you to
interact with a lot of people on an individual personal you know sit down get to know them style but your personality style is more oriented toward being in front of large groups,
and communicating that way it may not may not be a good fit for you I was in graduate school taking a
a degree in counseling Psychotherapy I know this may sound weird to you but I was getting a master’s degree in counseling and I was intending to use that in the setting in the ministry that I chosen now is going to do you know Pastor rock type of counseling that sort of thing
and what I noticed in graduate school was when I had to do a report set up in front of a group of people I had a blast.
[22:22] When I had to sit down and do the practicum in when we were in these a practicum sessions we would have to listen to each other and one of the activities
was we sat and listened to the other person for 5 minutes without taking any notes and then we had to go spend the next 30 minutes writing down everything that was said as word for word as we could
it was an exercise designed to increase our listening ability I hated it,
I could barely stay awake it was during these sessions that I realized this type of one-on-one interaction is not the best fit for me,
I did not complete my degree are in the degree in counseling I had enough graduate hours that they considered it like a minor in counseling but
anyway I haven’t spent a lot of time doing any counseling and it’s not because I don’t like people I really like people,
but sometimes sitting there one-on-one people are telling me all their woes and their troubles and I’m thinking why you think that some man that just kind of get
oh it’s going to sound terrible to say hey but I get a little bored it’s not my thing all right all right so I don’t have the personality type for that.
[23:35] And maybe you don’t have the personality type that.
Causes you to you know enjoy being in front of a group of people so if if that’s what it is and that’s that’s not going to be a good fit you see what I mean all right.
[23:51] This opportunity may require a say a level of maneuverability now the next two I’m going to contrast a little bit maneuverability is the ability to think on your feet and adjust course as you go you know,
you got a general idea of where you want to go and it’s time
and you you know you’re not going to be able to figure out everything before you launch so you launch and you know that you’re going to be engaging in course correction and and figuring some things out as you go,
that’s a good fit for some people don’t people are willing to kind of just wing it and and
go along like that other people on the other hand are much more detail oriented.
And if you’re a detail-oriented planner and you got to have everything figured out it’s unlikely that a launch into the unknown is going to be a good fit for you.
[24:45] All right and if this is a,
a tried-and-true process where there is much detail planning that has to happen before it can and take place let me just pick on myself again
I get involved in events yes we do events and really the best,
use of me in an event is have me show up to do the talk but there are a million things that have to be done to coordinate an event and do it well from the planning
to the details to the promotion and all of those are tasks that somebody has to do those things are not the best thing for me
those are the things where I just get bored and and I find myself and I’m not that much of a procrastinator accept things like this that require Brazilian details and so that’s not the best fit for me.
[25:44] All right and it could require relational skills that you don’t have
maybe you don’t have the ability to relate one-on-one maybe you don’t have the ability to relate to large groups maybe there are certain types of people that you’re going to have to relate to that you’re just not going to be able to if you get thrust into a situation where you have to be able to relate to a bunch of people
who are involved in completely different industry or who.
Come to life with a different outset I’ll just give you one quick example today is the birthday.
Of the most wonderful person I’ve ever met the love of my life my wife Diana Donahue.
She is so easy for me to love because our personalities were basically.
Like hardwired to coexist.
I’ve discovered that I don’t do well with high maintenance life partners and.
Diana is definitely a low-maintenance she doesn’t require entertainment she doesn’t require.
Constant attention she doesn’t even require conversation in fact a lot of times the conversation is pretty one-sided because I talk a lot and she doesn’t,
but we both agree that personality wise we we are just made for each other okay and in this case it’s a good fit.
[27:13] Okay another way that this doesn’t fit you this afternoon may not fit you is it require something you don’t do well such as a skill set.
If this was an opportunity that required working on engines it would not be the thing for me.
Not because I probably couldn’t learn it it’s because I don’t know it
and I’m not interested and I think probably I don’t have a natural gifting in that direction yes I know how to turn a wrench but it’s not that I don’t have intuition about that.
Okay I get an intuition about numbers and things like that so when I’m doing gives me he knows a better fit for me.
It could be that.
The thing that this opportunity is requires a constant influx of creativity and ideas such as but not limited to.
[28:12] Doing a show like this at show number 143 I interviewed an attorney a real estate attorney here locally in Atlanta.
Craig Halperin and I don’t think he asked me while we were recording but I know he asked me in the conversation hey man this is show number 143 when did you run out of something to talk about.
Well yeah because you know that real estate is a fairly limited area of business and so what are you going to talk about this is show number 266 so.
How do we keep going while there’s a creativity and ideation that’s involved that music means we are to take a break.
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[30:45] So we’re talking about her why not why not do something this is a not competing but a complementary idea with the wise of real estate and are number one why not is it doesn’t fit you.
[30:59] And I talked about it it might not fit you because it requires something from you that you don’t have,
it or it could require something that you don’t do well and I was talking about ideation when we went to the break if this is an opportunity that requires having lots of fresh ideas are creativity and you’re not good with that
then maybe not it’s not the thing for you that doesn’t mean you can’t do a radio show because you can do a radio show without,
having to come up with a bunch of ideas you can just borrow ideas from somebody else or have lots of guests,
but anyway but the people who are really great with ideas sometimes you’re not that great at follow through
and if this is a thing that has a lot of steps and requires a lot of follow-through in a lot of persistence and not just for the first couple of weeks but in order for this to really go well you got to follow through day after day except after step after step it a person like me that just feels like drudgery and you might as well go ahead and put a bullet in my brain cuz oh man
but other people love the routine,
and they love the idea of having their tests tasks set out in front of them and they know exactly what they need to do each and every day so that makes it a good fit for them,
I could not be an accountant I could not be a title examiner I could not be a lot of those kinds of things and.
[32:19] Lord knows we need people who do those things
enjoy that type of thing and even love them all right or another way that this opportunity may not be a good fit is it requires a lifestyle that you don’t want.
[32:37] And so let’s compare a sedentary lifestyle vs active maybe you want to sit behind a desk all day.
Or maybe you want to be out and about in your car going from location to location doing this and that and staying busy on your feet.
What do you want.
Well that’s going to determine whether or not this activity this opportunity is a fit another one is travel versus stay at home.
Some of these opportunities are going to require you to be on the move not just being around your community but on the road in the air.
You staying at hotels eating different food.
And sleeping in strange beds with weird pillows and all those kinds of things maybe that’s the lifestyle you would love.
[33:30] Or perhaps you would prefer very much just to come on to sleep in the same bed and have the same routine every single day.
[33:38] You get the side.
There is a good fit here for you and if you know how you feel about this you know whether or not this opportunity is that’s presented itself is a good fit.
For example let’s say you like to be active you like to be out and about you don’t want to be tied down you want to own a business that doesn’t require specific office hours and maybe even let you travel whenever you want to,
okay if this business requires you to be president one physical location maintain regular office hours be available by email and phone,
during the 95 business hours that’s not a good fit for what it is you ultimately want to do the lifestyle that you want to have the lifestyle that you want to have are you reserving that for only in your retirement years or do you want that lifestyle now.
[34:27] You need to think about it okay another one is early versus late hours.
Do you need to be on tap corresponding with people during the business workday if that’s something that appeals to you and is part of what you plan to do then no problem but.
I have met people in over the past few years who really thrive.
Between 11 and 3 a.m. and they do all their emailing in their work and their blah blah blah blah blah and they they are usually getting to bed about the time I’m getting up.
[35:06] Okay it’s just different strokes for different folks but make sure that this opportunity fits the way you want to live maybe the way you’re naturally wired.
Another way another why not in this is big number two big number one is it doesn’t fit you big number two is you don’t fully understand it.
[35:32] I’m going to tell you that any idea that you had in the last 24 hours you don’t yet fully understand and if you start building an action plan and and start going to press
who is an idea that you have it in last 24 hours then probably you don’t understand it and you haven’t thought about it long enough.
That we’re doing this show today and I thought of this topic several weeks ago.
And I’ve been mulling it over in my brain and and creating some notes and outlines even I the impulsive ideation guy
spend some time to fully understand something or at least get close to understanding something before I attempt to act on it.
[36:18] And this is something that I’ve learned the hard way okay because I do tend to be impulsive I get lots of ideas and.
So if you’re young and you get lots of ideas the real danger for you is to think that all of those ideas are equally good.
I had a good friend my friend David Janssen who probably 20-25 years ago said Rodger I’ve never seen anybody that has
more ideas than you do while I met a few cents in I need to introduce them but anyway he said the thing that I do is,
I listen to your ideas and I realized that one or two in ten have Merit for future consideration.
[37:01] And that was really instructive the color of my feelings a little bit at the beginning but then I realize of course not Aldi ideas can be created equally and so
I have these ideas in my DMs planner I have a section called brain burst in the write down all these brainburst and some of them seem like the greatest thing since sliced bread,
when I first think of them but what I’ve learned is to let them marinate for a few days or a few weeks and then come back and look ahead of me
what was I thinking and I never come back to it again most of them never see the light of day most of them you never hear about the ones that persist
the ones that stay out there those are the things that ultimately you begin to hear about it
if it’s in the last 24 hours or 24-hours this opportunity or this idea you don’t know enough about it yet.
Okay this is a good reason to say no it’s a why not.
Okay and here are some things that you probably don’t know if it’s new.
The risks a real key question you can ask yourself here is,
when you see something somebody’s put an opportunity in front of you you got this deal that’s been presented to you one of the questions you need to ask yourself early on is how can this come back to just kick me in the fan.
Now this is a family-oriented show and those are the words I choose to use but how can this end up just.
[38:28] Hurtin me later on answer that question.
[38:34] Because answering that question is going to give you a lot of insight into whether or not you should proceed.
[38:42] Considering the risks is a big part of making a decision and this is a decision this is a part of decision-making whether it’s one particular project and education career.
Espouse or were you going to go out for dinner consider the risks.
[39:05] Next how realistic is the opportunity when we are presented with opportunities.
Almost no one is that’s going to try to sell us on a on an opportunity is going to talk much about the negatives they’re going to talk about the opportunity,
they’re going to minimize the risk and maximize the opportunity and the opportunity usually looks you know like I go to investor pictures sometimes where they’re looking for Angel Investors and capital investor that’s where thing.
We had this little kind of a saying.
At these events we see the pro forma projections we call him the check mark proformas because Yeahs going to lose a little bit money at the front but then after that it’s going to take off and it’s going to go like gangbusters.
Hey I’ve started some businesses I thought that was going to be the case,
wow and the end result of this thing I can make $1 well now all I have to do is get a million people to buy it and then I’ve got a million dollars that’s so easy.
[40:13] I’m laughing because I’m laughing at myself and I’m also laughing with you not at you but with you,
because you done the same thing if you’re an entrepreneur you’ve done the same thing you came away from a closing and you had a check for $20,000 you said man,
if I could just do that like a hundred times this year wow.
And so you got it all figured out right well that brings us to the next thing.
Under Point number two you don’t fully understand it there is a phase gold implementation what does it actually look like.
When you go to implement this plan or to participate in this project or this thing the implementation steps I suggest to you are a lot more than you initially realize.
We don’t do it on purpose but our brains usually look at the beginning and skip to the bottom line
where we see the bottom line in terms of the dollars and this opportunity if it’s a business opportunity or we have a romanticized idea of the the end result of the relationship
you know we jumped from first date to our children will be both smart and beautiful that sort of thing.
[41:34] But we skip over the phenol 45,000 steps that maybe in between and,
the task repetition and the potential drudgery in all of the steps that are that must be taken to get to that finish line so.
[41:53] Reason number one in the why not part 1 is it doesn’t fit you reason number two is you don’t fully understand it and reason number three is your motivation is suspect.
What my motivation is suspect yeah you know.
[42:12] There’s a fine line between greed and self-interest self-interest is good self-interest is a part of life self-interest is who we are if it weren’t for self-interest we wouldn’t persist that living
self-interest crosses a line and becomes greed how do we keep greed in check while I don’t get too far off the subject here but I’m going to suggest to you,
under free enterprise and capitalism we have the best chance of checking greed because greed is self-limiting the market will.
If someone tries to take too much profit someone else will realize an opportunity will undercut the sale will gain market share will bring prices back down,
that’s the way it works in a true free market so then that since grade can be self-limiting but that that’s all I want to say about that in this context except to say that many times we see an opportunity,
and we look at the bottom line and without thinking about all of these other things are greed steps in and says oh yeah I want to do that I want to make that money without asking hey is this a good fit for me,
is this the lifestyle that I want to live just going to require something with me that I don’t want to do or that I can’t do because we’re blinded by greed.
[43:27] As soon as we’re blinded by a fear of loss
or a limited-time opportunity if I don’t do this today it won’t be around again that deal there never be another deal like this you’re kidding yourself if you haven’t had time to evaluate if you haven’t had time to really think it through
you’re just fooling yourself and you know one of my smarter investor friend said to me one time he said you know Rodger I miss opportunities sometimes.
Because I just don’t move quickly enough but I also never lose money.
[44:01] Those are wise words it’s okay if you end up missing an opportunity here and there.
As long as you’re taking the time to think through but that fear of loss or the limited time opportunity sometimes.
That just bites us and here is another one sometimes this opportunity appears to be a shortcut.
We’re going to get to our bottom-line go faster if we go this way and yeah we met put up with this is Margie opens may have to do some things we don’t do we’re not good at and we don’t want to do but we’ll get there faster really.
You need to think it through a little bit more.
[44:44] Okay and then the last thing I want to say on this section is would doing this be consistent with your purpose in life.
[44:55] You just have to ask this question.
Wood would your reason for doing this be consistent with your purpose in life what it is you’re trying to achieve.
[45:06] Overall when we get back from this break I’m going to talk to you about why not part 2 and why not in the sense of well why not.
All right we’ll be right back.
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[47:41] So we’re talking about today we’re talking about know your why not and this is part 2 why not part one was about to really reasons why you need to think about why not but here it’s more why not.
Why not just go ahead okay so here is one of the first questions is question number one in this section what he had to lose don’t really think about what you have to lose here.
[48:08] There are four areas that you need to consider time.
[48:15] Money relationships reputation.
[48:21] Okay are you going to lose money I don’t know what you’re going to take is it safe if there’s money on the line is this money I can afford to lose all right so why not.
It is time if you’re just going to put some time into it what what else were you going to do with that time I don’t know I was going to binge watch the office you know or something like that.
If that’s how you’re going to use your time maybe this opportunity would be okay relationships are you risking any relationships in this could you lose a friend.
[48:52] Then you can all think again but if you got no friends to lose in this because no friends are involved in it okay.
Reputation what will this do to your reputation if it doesn’t go well that’s something to think about and that they may not be.
You know we all want to say what I don’t care what people think but you have a reputation that you need to maintain there is some kind of reputation that you want out there even if it’s a reputation for not caring what people think.
So what do you have to lose.
[49:25] How about a year ago I don’t remember what show it is in the early one hundreds I told my story and one of the
two things I talk about is a two-sided coin on one side of the coin is act as if you have left nothing to lose but the other side of that coin is thing.
As if you have everything to lose and you know when you’re young and starting out and you have plenty of time to read
your losses then now you have less to lose right as you get a little bit older you want to hang on to what you have cuz you don’t have enough time left to go back and get it if you lose it so,
that changes your risk profile over time number two more than pros and cons weight
the items on your list by their importance and then create a score this little bit more complicated pro and con list is better than nothing pro and con list is better than going with your gut but
not all the items that you put on either side of the pros and cons list are equally weighted some of them are just flat-out more important than others so wait them and come up with a final score.
Why not well what’s the score on the pros and cons why not.
Number three is this something that you can dip a toe into test.
[50:42] If it is and you’ve evaluated all the other things that we talked about why not why not dip a toe in.
If it’s if it’s going to be consistent you know if it fits you and it’s consistent with your goals in life and all that stuff and you don’t have a lot to lose if you don’t have to dive in full first without testing the waters,
then but you can kind of dip a toe in Indonesian gradually why not.
[51:12] Number for in any.
Process opportunity relationship or business there are potentially multiple unknown outcomes.
[51:27] As you think about the possible results of this and you consider good and bad.
[51:36] What about the unknowns won’t if they could be known they wouldn’t be unknown so they’re going to be some unknowns but here are some things you can kind of count on with projects,
it’s usually a pass or fail that was a good one or that was a bad one and you have criteria that you set up but
you don’t know what you don’t know when you don’t know what you might learn that could lead you to the next thing I have.
Spent almost said wasted I have spent a lot of time going down dead-end streets developing some of the applications in the and the procedures and in the processes that we use in our business
I haven’t wasted that time I spent time finding things that didn’t work in order to find things that did work.
Don’t be resentful of that process because that’s how we got a light bulb you know.
So think about the fact that you may go down this and it may not yield the result that you want but you may meet someone you met connect with someone.
[52:38] Years ago I read a book and because of that book I went to a weekend seminar.
And at that weekend seminar I met someone who introduced me to another
type of seminar and I join that other seminar and went to that and there I met someone
who introduced me to a guy who had a radio show and he had me on his radio show and then he told me I should do my own show and that is a brief history of how from reading a book that has nothing to do with radio and I had no intention of getting into broadcasting or podcasting are any of this
it led to what we are today 265 shows in Reno,
hundreds of thousands of listeners on multiple AM FM stations across the country and all that goes along with that,
because I read a book completely unrelated okay that small investment of my time turned into something very different,
then I expected he’d never do know and with people you’re going to have multiple outcomes as well you don’t know who you don’t know and you don’t know,
who you might meet and how that could take you to the next person and that next person introduces you to the person that is the person that you know just make some sort of a big difference.
[54:03] So get out there number 5 what happens if I take this to an extreme.
[54:13] In other words if you thinking about doing something what happens if you do it a lot now this is not always helpful sometimes it’s unrealistic and sometimes it’s a logical but this is one way that I think about a thing what happens if this takes over my life and this is all I do,
or what happens if.
This result is Multiplied exponentially sometimes that answers the question how can this come back to bite me in the fanny all right number 6.
Does this put me in a position to make a positive move or draw closer to one of my ultimate goals.
[54:47] We can’t always know this and.
Ultimately folks we’re not going to be able to create some completely rational logical scoring system that is going to make our decisions for us but one of the helpful questions we can ask is this is put me in a position to make a positive move.
Or draw closer to one of my ultimate goals some in my family have asked why did you all leave the,
you know nice house out in the suburbs and move into the Heart of the City well I knew that what we wanted to build here required me to meet and spend time with and be available to people that I would only meet and have the time to spend time with.
Who also are here in the city so
part of our reason for moving it wasn’t really the sole reason but part of our reason for moving into the heart of downtown Atlanta is to be in an environment to meet the kind of people we didn’t even have a specific
person in mind our location but we knew that we would meet people here that would ultimately put us in the path of other people that we need to meet and guess what that’s exactly what has happened.
[55:57] Number 7 if I go for this thing this opportunity this relationship.
How long before I can back away if it’s not working what is my commitment.
When you answer that question a combined with can you dip a toe in.
You’re going to have pretty good insight about why not to do something or why not if you can dip a toe in and you can gradually grow into it and you can quit anytime.
Why not that’s how I would ask it but if it requires you taking a Plunge.
And once you’re in your end and there’s no easy way to get out then I think you have a.
Why not the reason why not to do it I was recently pitched an opportunity to invest in a project in the original investment request was $100,000 and,
I mean that request came with the day that I heard about it basically well 24 hours later and I said no.
[57:12] And then it got modified to $40,000 but I need it today.
That was definitely a No-No this pitch was for a business that I believe can be,
I honestly believe it could be a 100 million dollar business within a few short years if done right done well I honestly believe that the potential is staggering.
But I had to come up with $40,000 like today or in a few days.
Am I answer that’s going to be no 100% of the time no no and no and in fact when I’m asked to do it that way I’m more inclined to do some some more digging,
because then I want to know that so I did some more digging.
And in the process of doing that digging I learned some other things that really kind of made me even more Leery and so just out.
And so I may miss a terrific opportunity but my why not kicked in and ultimately protected me.
How we I know we didn’t have time to get the questions today and we will get back to your questions folks but I appreciate you listening as we talked today about your why not.
So use caution use wisdom once you’ve made a decision to go proceed diligently and carefully and get out there and make things happen.
[58:51] Sydney Howard said one half of knowing what you want is knowing what you must give up before you get it.
This thought has brought to you today by the foundation for Renewal working together with communities across the country to bring lasting impact and life change.
Find them on the web at renewal fund. Net10 is always your gift in any amount is tax deductible and very much appreciate.
My friends it’s been a pleasure to share with you today your wife.
[59:31] You’ve been listening to flipping America real estate investing for everyone if you have any questions about real estate send them two questions at flipping America network.com,
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