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Real Estate Investors Mindset with Rod Khlief - CREPN #222

Commercial Real Estate Pro Network

Release Date: 11/14/2019

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Commercial Real Estate Pro Network

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Commercial Real Estate Pro Network

For my company, even though we have good managing directors, I think the BIGGEST RISK is myself, you know, I'm driving forward a ton of the new content. You know, when I when I hang up here, we're doing a 1000 person webinar. And I've got someone on my team that could do a webinar on many different topics, but not the same topics I could, you know, fluidly and so it's kind of like a key man risk.

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I think when people are just so blind to well, for example, in Miami Beach right now. There are a lot of people with very beautiful houses on a flood plain or a rising ocean. And one of the things that they're doing in Miami is raising the roadways and creating culverts to drain off the water. What seemed like a good idea at the time to build a house next to the ocean is, in retrospect, not a very good idea. So sometimes we bring this on ourselves.

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the BIGGEST RISK is to me it's always on the buy. So you have to always buy right you have to always run your numbers. You To run a sensitivity analysis, you have to understand, you know, if downside base case and upside, and if the downside scenario still makes sense, then it's a good deal. So the BIGGEST RISK is people not buying right? You know, we always not running these analysis because markets change, and right now they're changing every day.

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'd say the BIGGEST RISK is the unforeseen risks without a doubt, which obviously is manifest in the COVID-19 Black Swan event or the S&P debt downgrade of the US government in 2011. The unforeseen risks is always always the worst risk, but it's very, it's very hard to worry about risk, you know, because there's, it's almost a it's really endless.

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Not having enough liquidity.  You could have the greatest asset in the world, if you don't have enough liquidity, none of it, you can survive. A lot of times when you're in trouble. All you need to do is run down the clock and survive. And liquidity offers you that, that comfort, or another word, a lot of times, you know, we are humans, when we're put under undue stress, we tend to do things that we would not do when we weren't under stress.

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Mindset is the first thing Real Estate Investors have to get right to become successful.  

Rod Khlief is an experienced investor, author, podcast host and mentor.  He has owned over 2000 single family residents and hundreds of apartments.  He also lost millions in the crash and has since recovered. His ability to rebound is directly attributed to the power of mindset.  

Real Estate

Rod immigrated to the US from The Netherlands with his mother and brother.  They were poor, ate expired food, and wore clothes from thrift shops. To make ends meet, his mother babysat the neighbor kids.  Over time, she was able to save up enough money to purchase the house across the street for a rental.  

One day she explained to Rod that the home had doubled in value overnight.  That’s when Rod made the decision to get his brokers license as soon as he graduated high school.

Year one was slow, he made only $8,000. Year two, he made $10,000.  But by the end of year three, his income had grown to $100,000. How was this possible?

Mindset

How is it possible to grow your income 10x’s in one year?  Truly 80 to 90 percent of your success is anything is attributed to mindset.  

Rod focuses on mindset with his podcast, live events and his students.  The framework he uses to help others design their life requires that you take some time, an hour when you will be uninterrupted.  Take this time to focus on what you want your life to look like, design your life. If you want a private island, write it down. List the income you want.  What do you want to learn? Who do you want to help? Write it down. Do not limit your thoughts and don’t analyze.

Timeline

To make it possible, you have to attach your goal to a timeline.  Set a timeline for when you will have accomplished each goal. People overestimate how much we can accomplish in one year and underestimate how much we can accomplish in ten or twenty years.

Focus on the Goal

Pick your top goal and the two or three goals you want to accomplish in one year.  Under each, write a paragraph using emotionally charged words, why this is so important.  Next write what pain you will experience if you fail to reach your goal.  

Why is it important to attach your goal to pain if you fail to reach them?  Humans will work harder to avoid pain than reach pleasure. This will motivate you and get you out of your comfort zone.  Go for it! Live a life of no regrets!

Visualize 

Visualize your goal.  Immerse yourself in the goal.  Find a picture, go experience the goal, to inspire you for when you reach your goal.  Put the picture on your phone, screen saver, or in your wallet. You need a constant reminder of your goal.  

Professional athletes practice visualizing the event, and the success.  When you practice visualizing, the exercise prepares you similar to the physical practice prepares you.

Life Seminar 

What do you call it when you loose $50,000,000?  In the crash of 2008 Rod loss $50,000,000 in real estate.  Instead of crying, Rod considers this a seminar. This is because not only did he lose money, but he learned a valuable lesson.  What was the lesson?

Q: Why did his single family properties struggle while the multifamily did well during the crash? 

 

A: Logistics.  The logistics of multifamily make multifamily much more efficient to operate compared to single family houses spread out all over the city or cities.  

In an apartment complex, each unit has the same type of systems.  This allows your team the luxury of learning once and having multiple opportunities to repeat the lesson learned.  This saves time, allows you to buy in bulk and save money.  

In single family homes, each one is different.  Different plumbing fixtures, faucets, lighting, appliances, etc.  Each home is its own lesson, never to be repeated just like the last one.  Every lesson learned can be drawn from, but not replicated for efficiency. Each home has its unique fixtures and appliances, which prohibit purchasing in bulk.  Don’t forget that each home is located in a different location which requires travel, time and money.  

Summary: Multifamily allows for systems and you have less of a downside when considering vacancies.  They are easier to scale and purchase. Lenders look at the property’s cash flow to approve the loan rather than your balance sheet when buying single family homes. 

BIGGEST RISK 

Each week I ask my guest, “What is the Biggest Risk Real Estate Investors face?”  

BIGGEST RISK:  Irrational exuberance.  In today’s market, people are overpaying for properties that do not support the price.  You have to communicate with your team, and look under every rock. Double check your numbers.  Don’t overpay for a property.  

For more go to:

Website: rodkhlief.com

Podcast: Life-time cash flow