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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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Retailers are finding that when they open a physical location in a market, that their online sales increase and the reverse holds true when a location closes.  Good retailers are figuring out how to add to their bottom line and make the consumer experience frictionless.  

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So I think both from a real estate end and a retail end. The BIGGEST RISK is human capital. 

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Oh, I know that's an easy answer, though, because almost I had some real estate, but the majority of my net worth was in the stock market. And I know and you're it's it's all about hope. It really is. I need Trump tweets. It goes up. Tweets again. It goes down. You know, we can have a company can have the best earnings ever and their stock goes down.

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people ask me about this in terms of real estate, what's going to happen with the economy, as you know, with political elections, what is it going to go up or down a recession or continue in this?

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Wow, I'm so glad you shared that because I settled three lawsuits. You know, just in the last quarter of 2019. So it's very fresh in my mind. And actually, one lawsuit was going on for about two and a half years. Nothing major, but it was major in the sense that something happened with one of my contractors on one of my property. And I'm so glad that I have had full coverage, you know. And they said you settle the issue for almost like seven hundred some thousand dollars. And I didn't have to pay a penny. 

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I think the BIGGEST RISK in what I do, multi-family investing, is making sure that the deal the way that you buy it. Because like honestly, the way you buy it means everything. I mean, if you don't buy it, right. Sorry, sucker. You know, whether whatever whether it's you know, you're not operating it right? 

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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