Today on the AskBP podcast, you're in for something special.
This is a different kind of show.
Normally we do a direct questions asked from members a bigger pockets but
today
I want to do something special and so I actually recorded this
podcast episode in the car will driving.
So the sound is a little bit worse quality than maybe normal...
But the content is absolutely golden.
The lesson that I learned while just driving, while listening to an audio book in the
car
It was so awesome! I just had to share with everybody else. So,
that's what you're listening today. So again, if you have not normally listening to
the AskBP podcast, this is not normally what it is like.
Today is a special day. So I really hope you'll like this thing. I hope that this is gonna be as
life changing for you
as the lesson was for me. So without further ado let's get to it.
The one thing you need to do to achieve your wildest dreams.
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Hey guys! This is Brandon. You probably know me from the biggepockets podcast
you're here right now on BP.
And today I'm actually on the road driving, don't worry hands-free
not texting and driving, I didn't press the record button
Heather here did it. This is my wife Heather.
and today I wanted to talked to you about something, a lesson that
really was made clear to me in my head finally.
just while driving here today and I wanted to share with you guys kind of what I'm learning.
The topic of today's video was
the one thing you need to achieve all you wildest dreams
and maybe not so wild, maybe just normal.
But here's what I want to talk about so were driving around the country right now
We've left Seattle about three weeks ago from today
and made it all out to New York and now we're down
in Mobile Alabama and
here in Mobile Alabama, I tend to pick up really bad southern accent and I'm not very good at
good in talking in southern accent but I try
So here's the thing, we're listening to the book
The ONE thing on audible in the car. As we're driving around and I heard
you know, on the book, I don't know who's the actual narrator, but
the book by the way is written by Jay Papasan
and Gary Keller. Gary Keller is a big name out there
but Jay Papasan was on our podcast so he's awesome, so he gets a shoutout
Anyway, it's probably the best business book I've ever read in my entire life. Here's the
lesson that
I learned today that really like I internalized and it finally made sense.
And I'm excited to share it with you. It's the idea of
what does he call it...
Goal-Setting in the now. It's what he calls it. Or something like that.
But here's the idea and I want to relate it to real estate.
even though the book is not a real estate book, it actually relates really easy to real estate.
So I'm going to walk you through a common
issue that a lot of people face and maybe you're one of these people
and try to help you work through the solution to your problem. So,
We're going to start with this way. We're gonna say.
Let's say your goal in life
or at least in the foreseeable future is to achieve
5 thousand dollars a month in cash flow
I use that number because that's you know fairly normal like
American family. You could probably quit your job
at about 5,000 a month in mostly passive income on rental properties
Now I'm not talking about flipping or any of those things today. I'm talking about
rental properties in particular.
But don't worry about this. This concept will play
to anything! Not even just in real estate. This will apply to anything you want in your life
this concept applies to. So, let me break it down for you
with the rental property idea. So you want five thousand per month
in cash flow, which means money coming in
after all the expenses have been paid. You want 5000 a month
so, and we're going to put five years as the timeline on that
Because a good goal should have you know a
definitive time line as well as being precise, and all the other smart things
you know that they say that you should have in a goal. So my goal
we're going to say for the purpose of this conversation is to make 5000 a month
in cash flow within five years. Now
using the methodology of the one thing
we're gonna work backwards from that goal to see what we can accomplish
and so we're going to start with
we want 5,000 months in cash flow
and to get there, we could divide it over the five years, say a thousand dollars
per month.
So yeah, a thousand dollars per month I every year we're going to add. So we could say by the end of the first year
the first year 1000 a month and then
in the second you're going to add another thousand a month, third and so on and so forth
However, I've realized that probably a little unrealistic
knowing that you know as you get better and better in your real estate investing
you're able to buy properties more, more easily
so let's actually take our goal of five thousand a month
and divide it up a little bit
let's just say during the last year, during year five
we're going to buy 2000 a month worth of
property. So in other words, we're going to buy enough real estate in year five
to fund two thousand of dollars a month. In year four
we're only going to do a thousand a month. in year three a thousand a month
and then in year one and two, only 500 a month.
So hopefully that make sense. Like by the end of year one,
we only need to achieve, by the end of year one,
500 a month in cash flow and then next year, in year two
we need to achieve another 500 a month in cash flow, which will make it a thousand amount in total.
And then years three is a thousand, your fourth is a thousand, and your five
is going to be two thousand. Because after five years you should be pretty good, you should be able to acquire
you know, a lot more, maybe larger units or whatever.
Okay, so now we got our break down of our goals over the next five years.
So what we want to do is we want to do this goal-setting activity that the one thing teaches.
And then say, okay
if your goal is to achieve 5,000 a month in cash flow
after five years, what is the one thing
what is the ONE thing you need to have accomplished then
in year one. So we're going to break it from five years down to one year.
So during year one, what is the one thing you need to accomplish? Well we already defined that.
We want $500 per month in cash flow by the end of year one.
Okay, so now we're getting more specific with our goals. That's great.
Okay, so let me break that down further. If our goal is to achieve
500 a month in cash flow, what is that look like?
Okay, 500 a month in cash flow could be one of several things.
It could be one single family house
that produces 500 a month in cash flow.
I don't know if you have that in your area. Maybe you do, maybe you don't. Now the specific you have to
choose
will depend greatly upon, you know, your
area and how much money you have to work with, and your expertise, and a lot of things.
So I can't tell you exactly what path. But let's just say
you could do a single family house that will produce 500 amount in cash flow
But that might be tough.
You could maybe do 5 single-family houses
that all produce a hundred dollars a month in cash flow. That's probably a lot more
easy
to do. But you need to go through five loans and five whatever.
Or if you like me, you could do a 5-unit apartment
complex or sixp-lex or four-plex or whatever.
But we will say for simplicity a
five unit property. So a five-plex that produces a hundred dollars per month in cash flow.
And now I like multi-family and I like the idea, of you know,
of consolidation and so I like that idea. It's one loan.
It's only one property and I need that one property to achieve one thing.
and that is 500 a month in cash flow.
Okay so now I narrowed my goal down from five years down to one year.
and my one year goal is to achieve
a property that produces 500 a month in cash flow and I want a small multifamily property because
I like them, they work in my area. Okay. So let's take our one year goal and
go down even smaller. What is the ONE thing that
you can do this month to achieve that goal.
What is the ONE thing you can do this month to
get a property by the end of the year. Okay so it's my goal to end the year
was to get a property.
By the end of this month, let's say I want to have identified that property
and made an offer. Are we reasonable there? Knowing that we might make several
offers on properties before we get the perfect one.
So, again in just a few months. And we're going to have a few months worth of closing months worth close enough and we might
and we might even have a few months
worth of, you know, rehab to do on the project or things like that
to actually get it up to the 500 a month in cash flow. So I'm going to ahead and say that
by the end of the month.
I want to have identified the property and made an offer. Okay
so I think. Now by the end of the month I would have achieved
that one goal. So now we've gone from five years, to one year, to one month. Okay so,
What is the one thing you can do in the next seven days. In the next week,
what is the one thing in the week that you can do
to achieve that monthly goal of finding the property. Well on the next seven days
you're probably going to have to, you know, find
we're going to say you're gonna have to on the next seven days.
I don't know, numerous properties that might match
It's kind of like a general goal. But you need to find multiple properties
that have consistent leads
coming in within seven days from now.
Maybe you can even say let's go a step further
let's talk about direct mail. You don't have to use direct mail
but I think it's good for this story. So within seven days
I need to have my direct mail letters sent out.
Knowing that it's going to take a few days for calls to come in and then I'll have the next
three weeks to find the right deal.
Okay so I went down from five years
to a year, to a month, to a week.
In my one week goal within seven days is to have my direct mail
letters sent out. Now this is not a conversation for how many direct letters you should sent out.
But let's just say we're gonna send out 2000 letters.
Two thousand letters to potential multi-family owners
in my area. I'm going to send out 2000 letters within seven days from now.
Okay,
so what is the one thing that I need to do today
to accomplish that seven-day goal? So
I'm going to say that I want to achieve
you know I need to send the letter in seven days, which means
I'm going to have my list all put together. I'm going to have all those letters
printed, stamped, and sent to the post office
in seven days. Okay, so in those seven days, we could break that down,
and say okay well today I need to get the list
tomorrow, I know to, you know, start addressing envelopes, address them for four days.
Do 250 per day or 500 per day
And then maybe I want to print them on my computer and basically work backwards
seven days. So my one goal today. My goal today is to
get the list. That's all I need to accomplish today. That is why
one thing. It is more important than everything else that is going on today.
Because it is the one thing that if I do correctly I will achieve my goal
you know, my five year goal. If I just keep lining my dominoes,
as the analogy, that is used in the One thing. I'll keep lining up my dominies
and hopefully within you know those five years I have my goals. As long as I keep in the right dominoes.
so my one goal today is to get the list.
Okay, so let's break that down even smaller.
What is the one thing that I can do this hour,
this hour in order to achieve my daily goal?
Well I'm going to need to learn a little bit more about direct mail. Because I don't
feel like I'm that knowledgeable yet.
I mean you could mean a little bit more like I don't know exactly what list to mail.
I don't know where to get that list from. You know I have some ideas
I've heard of companies like listsource or
melissadata. But I don't know
if that's exactly where I'm suppose to get that from. And so what I'm going to
do
is I need to research. Okay so my goal for the hour is to
find out where to get the list and
what list to get. I have one hour to find out where do I get the list
and what kind of list do I need.
Okay, now I know what I'm going to do in the next hour. So what's the one thing
I'm going to break it out even smaller. What is the one thing I can do
at this very moment right now
to achieve that hourly goal? Well
I'm going to go, I mean there's a couple of things, one
I could post on the BiggerPockets forums
and just ask or post directly
I'm looking to do this strategy
I need to mail, who do I mail it to?
In within an hour you'll likely get responses.
Or I could call up somebody who I know who does direct mail. I can use BiggerPockets Chat
and chat somebody who know who does direct mail
I can go search the site for direct mail if my question has been asnwered
which I guarantee it has. And then, I could read for the next hour
and find the exactly what list and where to get it from.
So I have broken down a five year goal into
bite size chunks to know exactly at this very
second right now, what should I be doing, I should be posting
a thought in forum or I should be reading this one article.
and then, at the end of all this to sum up. I'm gonna write down everything I just said
I'm going to write it all down. Once I have that written down and I know exactly what I'm going
to do.
Now I've got a plan, a battle plan to go forward. And I know exactly where I'm going
next and next and next
to be able to achieve my goals.
So that is how you use the one thing.
The one thing methodology to be able to achieve your wildest dreams
If you haven't yet pick up a copy of the book The ONE Thing by Gary
Keller and Jay Papasan
I highly highly, recommend it. Life changing book, best business book I have ever
read.
I think you'll love it. I mean what I just talked about there
was just one tiny section of that book. And there's a hundred more ideas just like
it
things to help you achieve your goals. So go ahead and pick up a copy of that today. have been a popular today
Just go to biggerpockets.com/1thing
And it will send you right over to amazon to get the book.
With that let's get out of here. Thanks for listening
and I hope this helps you achieve your goals.
Let me know in the comments below this, a little bit if you like this
idea. What your thoughts are.
And if you are watching this on youtube, make sure you click the little thumbs up button
on this youtube video and subscribe on our youtube channel.
So thank you very much and I will see you around.
For BiggerPockets this is Brandon and Heather. Signing off.
Alright everyone thank you so much for hanging out on this episode of the
ask BP podcast. Again, this is a totally different episode than normal.
Hopefully you enjoyed it. If you are watching this on youtube make sure you give me
a thumbs up. If you are listening and iTunes
or on stitcher, make sure you leave us a rating and a review
and let people know that you like the show and of course if you have questions
you want answered directly here on the AskBP podcast, I'll encourage you to do just
that
So go ahead and send me an email brandon@biggerpockets.com
or shoot me a tweet @BrandonAtBP
or @BiggerPockets on Twitter and just make sure you use #AskBP.
So again thank you so much for listening today hopefully this thing was
a life changing for you.
Yeah I'll see you around BiggerPockets and on the next episode of the AskBP podcast.
I probably should end today with a success quote as well.
So today's success quote actually is from Theodore Roosevelt and he
said
"In any situation the best thing you can do
is the right thing. The next best thing you can do is the wrong thing.
The worst thing you can do is nothing."
I'll say that again.
"In any situation. The best thing you can do is the right thing. The next best thing you can do is
the wrong thing.
The worst thing you can do is nothing." That's from Theodore Roosevelt
I love that. It kinda ties in today with the one thing that whole methodology
and that books so make sure you check out that book as well. With that let's get out of here.
For the AskBP podcast I'm Brandon your host today.
And remember, in your pursuit of your goals and dreams don't just learn but take
action.
For the AskBP podcast. I'm Brandon. Signing off.
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