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They are so good, they could just tell from feel what the other person is doing. What my recommendation would be is to ask yourself, where are you here, and what would you need to do to get from one step to the next? Then you dig into it and you become consciously incompetent. I bet I could start an Amazon business, or I can go in and do this MLM and sell candles or essential oils or some crap like that.
But if you work through that, getting yourself to consciously competent. Well, I got to work through that and you do that enough and you keep heart through that part, then the happiness and the ease, and the fun comes back in the fourth field, which is the unconsciously competent. That things on autopilot, doubled down, take advantage. Go take some massive action today on something that we talked about today. Find a way to put these four principles into your life. David, as you take us out, you want to review the four real quick and then get us out of here? Track both your personal budget, track the steps that you are taking, the actions you are taking to make something happen. Thank you for joining me today and a happy new year and go crush it in 2021. Help us reach new listeners on iTunes by leaving us a rating and review! It takes just 30 seconds and instructions can be found here.
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Do you like watching home improvement shows such as Income Property, Vacation House Rules, andBuyers Bootcamp? Joining us on the podcast is HGTV host Scott McGillivray!
He realized that he and his roommates were paying a few hundred dollars over what their landlord was paying monthly for a mortgage. While in college with no job, very little money, and no experience, Scott bought a house and moved out of his rented room. Over the next few years, Scott started amassing more and more rentals, taking as many financing options as he could get his hands on. By the time he was 25, he already had 25 units and a significant amount of profit coming in every year. This only pushed Scott to strive for bigger and better deals.
Now Scott owns hundreds of rentals, and spends his time between Florida and Canada, finding more deals, and fixing up more rentals. Scott is a tried and true investor, one who has gone through different fast loan bad credit market swings, different fads, and many different tenants. Stay tuned and be sure to join the millions of others who have benefited from biggerpockets. We joked about that on the show about trying to pronounce that. We just got done recording him, and that was terrific.
Yeah, I wrote down a couple of notes as we went through it, to make sure I bring up, his how he got to 25 units by 25 years old. What we call the Scotty Mc Method, or the Scotty Mc Method for getting your offer accepted. Totally a cool way to get your offers, increase the chance that your offer gets accepted, very cool strategy. It reminded me of what it was like when quick and easy loans no credit check I was scared to death, and I laid there all night long thinking I no teletrack installment loans direct lenders should have wait for prices to drop more, and what was I thinking? I never thought about that before about how people will listen to the problems that maybe I have or you have, and then they get all stressed out about it. Right now Your problem is like, how do I find that duplex or whatever. This is what I talked about with people that come to me. He told me it was like delivery, Scott McGillivray. Anyway, like I said, this guy was a huge impact on my life. Brandon:All right, Scott, welcome to the BiggerPockets Podcast. First week, we said, who was our dream guest for the BiggerPockets Podcast? We kind of almost did it once, and then there was a tech problem, and so now here we are eight years later, and we finally nailed it down.
If it was painting or design, or it was construction and building maybe, but real estate investing, it might be just too far outside the box. I remember when we were shooting the first episode of Income Property, it was in one lowest rate personal loan of my properties, and everyone was completely oblivious. We brought in this whole new audience of people who were like, yes, I want to know about real estate investing, and finally, somewhere to get credible information. After the crash of 2008, I remember so many shows were canceled, and basically the president of lowest rate personal loan the network at that time, was named in Time Magazine as one of the people to blame for the 2008 market crash. We came through the 2008 crash as a bit of a hero show. I choose to leave one of the units empty out of the three, because I like having family and friends hang out with me.
Scott:One of my biggest regrets is actually in Hawaii, believe lowest rate personal loan it or not. The short term loan lender first time I was there, it was my honeymoon in 2008, I got married in 2008.
We were in Honolulu and I went to the launch of a condo, they were launching this brand new condo on the water. I went to the bank there, and I was able to get approved for a mortgage in Hawaii there at the bank. I apply for payday loan online had 11 condos under contract for about 150 grand a piece. Then later on, it always seems like they were giving it away.
But the second best time is now and the worst thing you can do is delay your opportunity to make money in real estate. I know lowest rate personal loan you have a very cool story of a time when you were actually the tenant, and you went to drop off your rent check and you realized what was going on on the other side of the curtain.
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I remember thinking, this was the moment where I was like, wait a second, I thought for sure we were only contributing to part of the expense of this house, not covering the entire thing, and then making this guy money. Because this guy literally spent five minutes that entire year showing up to collect the cash from us and never worked again. If this slumlord can sit at home, sleeping on his couch and make money, this is a job for me.
I basically just haggled with the seller a little bit and was able to just barely buy this place. Why do so many people get excited about real estate? Logically, it might make sense to them, like, "Oh, yeah, this would make perfect sense. I look back, and a lot of people asked me this question like, why did you do this?
A lot of my friends, their parents were paying their tuition, some of them had a car and mom and dad made the payments or covered the insurance.
But I realized at that moment when I was about to buy that property that I was just as scared to buy the property as I was to face the rest of my life without a solution.
If you want to get anywhere amazing in life, you have to get both aligned up together. What did that first phase of your investing life look like?
Scott:It was pretty low key, all things considered. I got that first property, and the first thing I recognized fast approval loans was pride of ownership.
When you go to need cash till payday pa school, live in residence, party with your friends, get that out of your system before you make a commitment. I remember I went to the mall, and I went to go see my mortgage broker and just make sure everything was cool. As I why short term loans are best was walking through the mall, I was like holy smokes, there are three furniture stores here. When did those get… I had never noticed a furniture store in my life, and then I saw three of them in the mall that day. I started getting a little bit excited about my property.