David Greene - Episode 297

[Ernesto Hernandez]

I’d be lying if I said I’ve listened to every episode. I’ve realistically done about about half, along with all of the BP Money episodes. 

This is absolutely the most impactful quote I’ve heard or read anywhere as it relates to overcoming your fear and understanding the end game and bigger picture in all it is that we do. 

“Even if you do everything wrong. Like I hear people say, “oh my gosh, my property manager lied to me, they said that I wouldn’t have to fix all this stuff and I did, and they told me the rent would be $1100 and why it’s only $900 and I thought I was going to make $300 a month and now I’m barely making $100, this is horrible, I hate real estate, I never wanna do it again”. If you zoom out and you think about 30 yeas later, when that house you paid $200K for is now worth $800k and the tenant has paid it off for you and your rent went up every year after that, so in 2 or 3 years you’re getting the $300 you thought you were getting, that house is going to make you an insane amount of wealth. And you will never look back and say, “I never should have done it”. But in the moment, your feelings are telling you you’re making a horrible mistake. If you just bought one house a year like that over the next 30 years you would be a multi millionaire off money that your tenants paid you by taking that different perspective. And I think that’s what people are missing out on is when they’re focusing on the result they got in the moment and thinking about what didn’t happen they way they thought it would and not taking into consideration factors like inflation and the fact rents go up all the time and interest rates are insanely low and the population of the U.S. is not likely to stop growing ...”

The rest of the world isn’t doing this ... they’re all just following that conventional wisdom, following their fears, not thinking about what can go right.

@David Greene Simply amazing. See you Thursday.