It’s no secret that the world of real estate investment education is absolutely vast. From podcasts to books to events to courses and so much more, there is endless information out there. But the most successful investor is not necessarily the one who has amassed the most information and knowledge; it’s the person who has found a single “School of Thought” in real estate and has gone deep in that school of thought. In this episode, Jeff explains the importance of finding and joining a single “School of Thought” in real estate investing.
One thing we all know is that the world of real estate investing is full of information, lots of different types of knowledge, places to get it and pretty literally an endless supply of it. And we often feel like we just need to get as much as possible. And the more that we have, the better off. We are. And while there’s some truth to that, of course, too, to a certain extent, I think there’s something that’s much more important. And it is not just having more information, but having information from a particular point of view. And I call that a school of thought and in today’s episode, I want to talk with you about finding a school of thought that you can commit to and how that will help you in your journey. So Let’s cue up that theme song jump right in.
Welcome to Racking Up Rentals, a show about how regular people, those of us without huge war chest of capital or insider connections, can build lasting wealth acquiring a portfolio of buy and hold real estate. But we don’t just go mainstream looking at what’s on the market and asking banks for loans, nor are we posting We Buy Houses signs are just looking for “motivated sellers” to make lowball offers to. You see, we are people-oriented deal makers, we sit down directly with sellers to work out win-win deals without agents or any other obstacles, and buy properties nobody else even knows are for sale. I’m Jeff from the Thoughtful Real Estate Entrepreneur. If you’re the kind of real estate investor who wants long term wealth, not get rich quick gimmicks or pictures of yourself holding fat checks on social media, this show is for you. Join me and quietly become the wealthiest person on your block. Now let’s go rack up a rental portfolio.
Thank you very much for joining me for another episode of Racking Up Rentals. Show notes for this episode can be found at www.thoughtfulre.com/e192. Please do us a big favor by hitting that subscribe button in your podcast app, it does make a big difference in helping other fellow thoughtful real estate entrepreneurs who are searching for a community in a message like this to find it. Alright, so onward with today’s episode.
So I just got back about 24 hours ago, from an incredible event that I’ve been to before. It’s called power players. And it’s run by my own coach Greg Pineo. And I’ve actually been the fourth time that I’ve been to this event over several years. And it’s a truly a one of a kind event. And at the end of it, I was talking to another one of my co participants in the event. And he was telling me how he was feeling inspired to continue learning to become a better negotiator. And in this event, we certainly talk about negotiation from a lot of different angles. And, you know, he said, so yeah, I’m really excited. I think I feel like I might go get some books on negotiation, maybe take like a community college course on negotiation or something like that. And he’s kind of looking to me, maybe for my input or my approval on that thought. And, you know, I had to say, I think there could be value in that, yes, but I do think there is something important to note as you do that. And that is that not all perspectives on negotiation are the same. And that means that not all information that he could go out and just gather through a course or a book or whatever, would necessarily be in line with the type of negotiating that he wants to do. And it allowed me this opportunity to explain to him my perspective on like schools of thought.
Now, what is a school of thought, a school of thought is a segment of information out there, but with a particular point of view with a particular philosophy attached to it. A point of view is a person’s way of looking at a topic like negotiation. Now points of view, apply in every aspect of real estate investing, right a point of view applies in deciding what type of deals you’re going to do and where you’re going to invest and how you’re going to do your financing. And this negotiation side is just one other aspect that we have to have a point of view on. And so I call this a school of thought and a school of thought is sort of like a collection of points of view that are all falling under a common heading of of an overall philosophy.
And so what I did is I warned him that while it’s fantastic, obviously to educate ourselves as much as we can, there becomes an issue with an important word which is compatibility. Not all pieces of information, not all bits of knowledge. And certainly then not all points of view and schools of thought are compatible with each other. So to me that A school of thought is, is a collection of points of view that are truly compatible with each other. They’re things that come from the same spirit and the same overall philosophy. So you know that they go together, but not all information is compatible. And what is the problem if you end up consuming some information that’s not compatible with other elements of your point of view, or it’s not compatible with other bits of information you’ve gathered on this particular topic. The problem is the risk is confusion, confusion.
Now, I was trying to explain this to him. And I had a couple different ways of thinking about it. Imagine that you were trying to increase your overall maybe spiritual nature and your spiritual qualities. And you said, I’m going to gather as much information as possible. And what that means is, on a Thursday, I’m going to read a book on Buddhism. And then on Friday, I’m going to attend this particular church, I’m going to attend a mosque, and then on Saturday, I’m going to go to the temple. And then on Sunday, I’m going to go to church and then read a book on Christianity. And then on Monday, I’m going to be spending time with Catholics. And all of that is to say, there’s no right or wrong religion. But if a person were to do all of those different things, they might come out of that experience, with a little bit of confusion, because they’ve been attending and participating in different schools of thought that might not all be entirely compatible. Any one of those could be an absolutely acceptable thing in and of itself. But the ideology behind each of those might be different enough so that after five days of doing all of that, you might have more knowledge, but not necessarily feel clear.
On your own perspective, a different analogy would be that different songs, although lots of different songs are absolutely beautiful to listen to, there are different keys of music, if you were to listen to a song in the key of C, at the same time, you’re listening to a song in the key of D sharp minor, that’s gonna sound like a lot of noise. But each of them individually is great. But together, they don’t work. It sounds like there’s friction in in the music.
And so to bring this back to my point to him about negotiation was, I think it would be best for you to be very selective about how and where and what you continue to learn on the topic of negotiation. Because if you have subscribed already to the school of thought that is being shared here, in this particular event, if it resonates with you, then it’s really important that you continue to consume information and expose yourself to education and ideas that are compatible with this perspective.
Now, a person might say, well, as a devil’s advocate, well, isn’t it good to go out and see different perspectives? And I would say, yes, absolutely, it is. That’s how we refine our own belief system as we expose ourselves to new ideas. And I’d like to think that we hope, just back with my religious example, that none of them are right or wrong, it’s just more of a matter of like, which one of these resonates the most with me.
And so I encouraged him to be a little bit thoughtful, I guess, no pun intended there, but thoughtful about choosing which additional bits of information and knowledge and education and whatnot that he exposes himself to on the topic of negotiation, so that it doesn’t inadvertently, even though you know, the spirit of his intention is very pure to just go out and become an expert in this, that he doesn’t inadvertently end up confusing himself by gathering other information that he might assume is compatible, but only to find that it’s actually not and unfortunately, and accidentally only creates noise in his head overall, and actually could stunt his progress rather than help his progress. So I think of a school of thought, as being something that is so important for us all to expose ourselves to lots of them, but then ultimately, to choose one, and to really go deep with it, right. If you are exploring lots of different religious ideologies, it’s fantastic to go and sample lots of those but my hope would be that once we all find something that really clicks and says wow, that feels like me that what we do is instead of continuing to sample endlessly from the incredible buffet of of information that’s out there, we instead sort of go deep with this one school of thought that we have chosen.
I will tell you in my own journey, when I met my coach, Greg, I discovered quickly that this school of thought really did resonate with me. And at that point, I actually stopped consuming so much other content and so many other ideologies, because I knew that they were not the same as what I was learning from Greg, and thus, or probably not at least entirely compatible. At the same time, though, I doubled down, I tripled down, I quadruple down on studying that particular school of thought and becoming on a path of mastery towards those ideas and that school of thought, but that actually became my opportunity to as weird as this might sound unsubscribed from certain podcasts to put down certain books and say, I’m not on a mission here to gather as much disparate information on real estate investing as I can, I am now on a mission to go as deep into mastery of the particular ideas that come from the point of view, in this school of thought, as I possibly can.
So my encouragement to you in this episode is to sort of be aware that you are on a journey of discovery to find a school of thought that resonates with you, if you have listened to a few episodes of this show, you have a really good sense for what this school of thought here is all about. And that, of course has a lot to do with relationships and taking a people oriented approach to the acquisition of real estate. And it has a lot to do with financing and non conventional ways and seller financing that really is also derived from relationships, as well. And at this point, you know, whether this school of thought resonates with you, when you listen to an episode of this show, you think to yourself, gosh, that that feels kind of like me, or you think no, it doesn’t. Or you also might think I’m not sure yet, and if you’re not sure yet, that’s completely fine. Continue on with that path of sampling lots of different ideologies, points of view and schools of thought, because that’s how you’re going to find something that ultimately clicks with you. But when you do find that thing that clicks with you, I hope that you will choose to dive deep into that particular point of view that particular school of thought, and consider it like you’re joining a club, like you’re joining a community like you’re joining a church, because this is sort of like a religion that you will subscribe to and be a part of, and be an advocate for. And truly dive deep within that your growth and your mastery will come from within that particular school of thought not from trying to explore and assimilate a bunch of other schools of thought and just consume as much information and knowledge as possible. So my friends, I encourage you to be out there searching for the school of thought that is the fit for you. So you can find a community of of the term like minded people is sort of a cliche these days, but a community absolutely of like minded people who share the philosophy and the point of view that you are wanting to pursue because it feels like the right one to you.
That is it for today’s episode of Racking Up Rentals. Again, show notes for today’s episode are at www.thoughtfulre.com/e192. Please do us a big favor by hitting that subscribe button would be so appreciated. And if you would rate and review this show just real quickly, doesn’t have to be long or eloquent. Just a rating there and a couple words would be super, super helpful and very appreciated.
Did you know that we have a Facebook group for Thoughtful Real Estate Entrepreneurs too? We do and you should be a part of it. It’s called Rental Portfolio Wealth Builders and we would love to have you join us there. Just go to group.thoughtfulre.com and you will be taken right to that page we can hit the Join button. If you liked this episode, please take a screenshot of that and post it to Instagram and tag us; we are @thoughtfulrealestate. I will see you in the next episode. Until then, this is Jeff from the Thoughtful Real Estate Entrepreneur signing off.
Thanks for listening to Racking Up Rentals where we build long term wealth by being win-win dealmakers. Remember: solve the person to unlock the deal and solve the financing to unlock the profits.