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What the F**K is Holding You Back?! - How to get where you want to in LIFE and in CRE - Episode #041

by Criterion, Braden Cheek, Brian Duck
October 18th 2021

Whatever Your Mind Can Conceive and Believe, It Can Achieve.” – Napoleon Hill

Today our hosts Brian Duck, Braden Cheek & Joel Thompson from The Criterion Fund review how you can set your... More

what do you what do you want? You know like what do you what do you want and what the stopping you from going out and getting all right, welcome back to how to invest in commercial real estate. And today we've got a fun topic, Joel what are we talking about today? Today we're gonna talk about what the is holding you back. What do you think the problem is? Why why are people not able to do what we tell them to do each week in commercial real estate and achieve all their life's ambitions? Are they not making their life ambition? Are they not setting goals? It really could be anything like it doesn't it doesn't have to be commercial real estate, but like what do you what do you want? You know like what do you what do you want and what the stopping you from going out and getting it. I mean it's just I think that's a good point for me. It was the first step was deciding what you want out of life. I liked it when I was listening to a podcast by Grant Cardone and he made the comment, He's like there are those people that get everything they want out of life and then there's everybody else and it really hit me.

Uh And that's really true. There there are people that take action uh and that get what they want and then there's everybody else that's sitting around not getting whatever it is that they want and they may not even know what they want. Step one is deciding what the you want out of this life. If you don't know that then you don't know where to go with any any decisions, any energy where to invest your money. So step number one is just deciding what you want out of life and and and say you don't know what you want in life. Go to a buffet, you know, and and try out some things and go all into something for a little period of time and decide, hey, do I do I want this, give it 200% and then say, okay, no, that's not for me. I want something else and then go do it, go do it. Well he barrier to people trying to decide what they want that we want to talk about is fear of failure. When you go to decide what you want out of life. The first thing you're gonna encounter is the fear of failing and so you're gonna, you're gonna well do I really want that out of life. I don't know that maybe too much and, and so really that's the key to is battling that fear.

That would be something I would say the reason you don't have what you want out alive. It's because you're afraid of failure. Yeah, I agree with that. Your people are afraid of failing themselves, but then they're also afraid about going to their friends and family and coworkers saying, hey, this is what I'm gonna do. I'm gonna go try this and then if they fail at it, then then they're afraid, oh well all these people knew that I failed. Well, and those people are jerks to, you know, hey, hey, I want to start a podcast. So that's a horrible idea. What are you gonna do with podcasts? Like, I don't know. I don't want one. Like you need to be around people that are encouraging you. You know, it couldn't even be internal pressure. You know, maybe you actually believe you can't do it, but your wife and your mom or your dad or your your boss or everyone around you and your friends are like, yeah, I mean that's hard. I don't know. I don't know, man, that's a big one. OK? So here's one that's holding you back. If you're listening to this, look around at all of the people that you hang out with. If they don't have what you want out of life, you got to make some changes immediately, right? If you're hanging out with a bunch of people that don't have what you want to have in life, then you're not gonna you're not gonna move towards your goal.

Not that you have to get rid of all those people. Yeah, but you've got to selectively choose people that are going in the same direction that you are, you'll synergize off of that. You'll encourage each other, they'll have information and contacts and knowledge that you need. And so if all your buddies are playing video games till 10:00, you have to get new friends and what's that saying? That, that you're the average of the, of your five closest friends or your five people closest to you. You're the average of those five people. Yes, I believe that it's for everything. It's not just material things. You know, it's not just, I want to be friends with the people who drive the kind of car I want to drive. I mean that may help you get that kind of car if you want it, but it may just be, you know, I want to be around happier people. I want to be around people who are, are this way with their kids, want to be around people that have kids. You know, for me, it's hard to relate with people sometimes that, that don't have kids. You know, it's hard to be really intricate family friends if they don't have, if your Children, you want to spend more time with your kids. It's not hanging out with your single buddies exactly later later, later on on the weekends. It's getting with other dads that really enjoy good family time.

That, that's a simple little goal. Well, so, uh, you said another one there at the end is time. I mean going back to family who has enough time to do anything. I don't have time for anything I hear it from, from everyone. Hey, what are you doing? Oh, I don't have time, I'm busy. Yeah so that so let's put that in the category of lies that people tell themselves. Uh And the and one of them is I don't have time to do this, I don't have time to invest. I don't have time to learn real estate. It doesn't have to be that it could start another business. I don't have time. That's a lie that you tell yourself and that's holding you back from becoming the person you want to be or having what you want to have. Yeah. Well really none of us, we all were at full time jobs when we started uh commercial real estate on the side. So I mean I was full time employee Joel was you were in commercial real estate but you were still working full time. Yeah. I mean it's uh you will have enough time for everything. You want to have enough time for it. It's just as simple as that man you're going to use the 24 hours whether or not like you tell them what to do, they're they're gone, you might have to get up early and you might have to stay up late.

Yeah, good point. So Let me think about this. If you have a day job, you're probably dedicating 10 hours a day to that job, driving for at least 55 days a week and you're probably sleeping at least seven hours a day. And so that's 17 now we've got seven hours left, but if you, if you think about, you know, dinner and breakfast and things, that's another two hours. So you literally have four or five hours. Uh and I promise you through experience that four or five hours will absolutely change your life, but you've got to be dedicated and committed to carving out a little bit of time every day to move you in the direction that you need which going back, you've got to decide what direction that is. You you gotta uh you know, decide what you want out of life and then how you're gonna get what you want out of life, what other vehicle you're gonna use and then it's deciding, okay, two or three hours a day, I'm gonna do something that moves me towards that Goal. Yeah, I think amazing example of that and and something I think the three of us can relate to.

It's kind of the want to write a book or document something down, you know, teach people something and and put it in a book and that's a cool thing to write a book. And the hardest part about writing a book to talk to anyone who's ever written. one is writing the book, sitting down and doing step one through 10 is sit down and write the book and then rewrite it and then reread it and then rewrite it and then reread it and it's just sitting down and dedicating the time and writing books books aren't written by accident unless you pay somebody to do it. Yeah so I don't have I don't have any money. I don't have enough money. Yeah so there's another lie. I don't have enough money to start any any business. That is a lie. You do not need money uh to be successful in both real estate, regular real estate commercial real estate. You need tons and tons of opium. Okay other people's money. Okay I like that. Yeah. Um you know I started uh this whole deal precision equity um with my business partner but before I had a business partner I had $2,000 in my bank account. And I have got some cassettes that I was listening to and I was working full time 50 hours a week 60 hours a week and I just willed it to happen.

But I just bought a really small house but I was just getting in the game uh And and I would tell the people what is it gonna take for you to get in the game. Um Everybody started that it wasn't like rich dad, poor dad and I want to be in real estate. So then it's just like well you know some cds by rich dad, poor dad. And then then it was a couple other guys that I just started listening to. More and more mentors encouraging myself. They were they were my encourage ear's nobody in my life had any information knowledge or money so those books and those C. Ds every day listening to those were just they were motivating me and encouraging me to take that step, take action, don't be afraid of failure, you're gonna file bankruptcy, don't worry about it, you're gonna learn through it. They were all just keeping me going. Uh But yeah I just got in the game I I took the $2000 And I gotta I put 10% down on a $20,000 house that was my first one. Uh And that's not gonna be the quickest path of the best path. But I I have tons of friends that have watched me go from making you know 45,000 year to doing what we're doing.

And uh they they always tell me man I gotta get into it man, I'm looking to get into it man, I wish I could have gotten into it. They can but they for whatever limiting reason they're they're not in the game quite yet and I don't want to be discouraging to anybody that's that's that's done that and and they're they're wanting to get in. But I wanted to be encouraging that the the opportunity is still available for them. I'm gonna I'm gonna put my dad on blast. He's one of those guys, he's just kind of a busy guy and every time we launch a deal, he wants to be in it, he's got the means to be in it, he should be in it with his age, I mean just everything about it, he needs to be in it, but I'm not gonna beg him, you know what I mean? I'm not, I don't need to beg him and we fill up the deal every time and it's like a shock conversations like, oh man, I didn't have time to get in there, it's like, well we'll just get the next one, You just got to make the time to do it. And finally it was literally just, hey, you know, I'm in for $25,000 just just force me in, I'm not gonna make time just just do it, you know, like it was literally just the decision of like man, I've missed so many if I don't just get in, I'm gonna miss one so many people say that.

Alright, so what's another, I think that's holding people back. I think a big one for most people is you don't know what you don't know and you don't know, lack of knowledge, knowledge, lack of knowledge and and thinking things are possible and the vision to be able to put it together and and the will to be able to show up and put that vision and plan and and accumulated knowledge into something that's amazing that gets you what you want, you know, it's, it's hard, it may not be easy, but you've got to be able to go out and paint this vision because you know what you want so clear, you know what time you wanna wake up, what you want to do after when you want to eat breakfast, where you want to eat breakfast, you should be able to envision that in your head of I want to wake up at this time and get fresh squeezed orange juice and you know, do all these things maybe, you know, whatever, but you've got to be able to articulate that or else how do you expect it to happen well, and people are always waiting for, I need a little bit more knowledge, I need a little bit more knowledge that the truth is is that you're never gonna feel like you have enough knowledge. I don't feel that way.

And I've been doing this a long time. I always feel insecure. I always feel like I'm lacking some expertise, market knowledge on where, what's gonna happen two years from now, what's retail gonna be like, what are interest rates gonna be like, is the market gonna crash? So you're never gonna have all the information and, and that needs to not be a limiting factor and you taking action, you've got to just try to do it. Yeah, well, you're never gonna have enough knowledge. The best knowledge is actually pulling the trigger and doing it because that's going to force you to, to, to learn right? Because you've got all these decisions to make and you're gonna have to, you're gonna have to, you have to do it. If you don't do it, you're not going to gain the knowledge because you're not gonna be forced to I used to try to get myself into situations knowing that I that I wasn't sure I was going to turn out, but I knew once I got in, it would just force me to take actions and learn. And it's just forcing your way in and and know that you're capable, You're fully capable of figuring it out and and and learning whatever you don't know through that process and and be more afraid of being average than being a failure.

Please write so many people never achieve what they could achieve in this life because they're just so afraid of failing. And I say be more afraid of doing nothing. Be more afraid of regret and be more afraid of being average uh than than than the other than the alternative. And I'll kind of segue that into the vision. You have to be able to to see the vision of what you want out of life because that's gonna motivate you when you uh when you don't have the energy and you don't have the time either why. And and so I spent a lot of time early on when I didn't love going to my day job every day. And I just kept thinking there's there's more to this, you know, I work until 67 every night getting up and being at the opposite six, there's more to a paycheck where I lose 30% in taxes and I wanted to live a life that money didn't matter. I could, you know, I could do whatever I want. I could be as generous as I want. I knew that existed. And so setting that vision and thinking on that is what drove me in the hard times and pushed me out of my comfort zone to do things that I wouldn't have normally done by having that vision.

You had a motivation to, to continue on. So what is, what is your vision when you're listening to? What is your vision, where, where do you want to, what do you see yourself in 10 years? What if you had to envision where you wanted to be like the ultimate life, what what you're doing? Uh, what kind of vacations are you taking? How much time are you spending with your family? Uh, try to allow yourself to think about that because real estate can absolutely absolutely be the avenue of the vehicle that takes you to that vision. Yeah, absolutely. I mean it's, it's um, it's the famous Warren Buffett quote that says, you know, you can overestimate what you can do in a year or accomplish in a year, but you're way underestimate what you can accomplish, intent And it's just the compounding nature of goals when you wake up and you force yourself to see it via some sort of vision board or some sort of, you know, daily thing that you do saying, I am going to take this step to get me towards that goal. You know, I mean, it's just as clear as that if you work on that for 10 years, I mean 365 days a year, you're talking about thousands of days and making daily progress towards that.

How can you not make some pretty amazing progress? You have to, it definitely is exponential and I'll give an example of why I think that concept is true. When I first started, I was 23, 23, 24 and we had a couple of quick successes flipping homes and man, I just thought I'm gonna have Several $100,000 from real estate and I'm gonna be able to quit my job by the time I'm 30, you know, and and in my mind I'd be making, you know, $100,000, let's say in real estate. Well I didn't, I didn't do any of those things. We we had some hiccups, but then fast forward 10, 15 years now, I'm, you know, we we have 100 and $50 million under management now, which is way bigger than I thought were growing at a faster pace. We're gonna be several $100 million under management. I never had that in my, in my thought process. Uh but I underestimated where I'd be in a year, two years, five years, we're sorry. Overestimated I was way ahead of myself then, but I way underestimated where I am today because of the exponential growth that you can you can achieve through real estate.

So it's huge. I mean, that's that's huge. Well, I don't know. Hopefully we motivate, um you know, if we don't we're sorry, but we do want people to uh to set goals and make a vision, find out what the is holding them back and and go for it, man. We only get one shot at this. Uh And even if you don't ever achieve what you want to achieve, the journey will be so much better when you're living without regret and you're moving towards your goals. Yeah, and you're getting what you want, whatever that is, it's just better. Well, thanks for joining us guys. Until next time I'll have to invest in commercial real estate. Thanks

What the F**K is Holding You Back?! - How to get where you want to in LIFE and in CRE - Episode #041
What the F**K is Holding You Back?! - How to get where you want to in LIFE and in CRE - Episode #041
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