Podcasts Business Flipping America Flipping America 441, Eyes Open

Flipping America 441, Eyes Open

Published: Jan. 14, 2021, 5 p.m.

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We all have our daily routines - much of it determined by necessity, but hopefully some of yours is the result of deliberate reflection and intent. Today I want to add one more routine to your day that takes very little effort and once it becomes an unconscious competence, your entrepreneurial life will never be the same. Plus, we are doing our year-end review of the best places to own income-producing properties. All that coming up on this episode of Flipping America.\\xa0

Unless you are driving right now I want you to close your eyes. If you are driving, keep your eyes on the road and pretend you are closing them! When you open your eyes you are - in your imagination - rebooting your vision with a new filtration screen that I call the Opportunity Spotter. Imagine this is like a little radar sweep going on around you at all times. When it senses an opportunity, let your brain ping it. Today I\\u2019m going to talk about spotting and responding to opportunities. Now open your eyes and imagine there is a radar sweep in front of you, constantly scanning the horizon. If you can picture the input you see from the \\u201cinside the eyeview" of the Terminator, imagine that while you are looking at the regular world, you are analyzing it in a different way.\\xa0

What does an opportunity look like? How do I begin to evaluate it? When and how to do I take action?\\xa0

How to contact us

www.RogerBlankenship.com. Leave a voicemail right from the home page!

Facebook.com/flippingamericamedia

Twitter and Instagram @FlippingAmerica

Call our National Comment Line: 877-55-ROGER (877-557-6437) \\xa0 ext 1. Leave your message or your question.\\xa0

Email your questions to questions@rogerblankenship.com. Please always tell us where you are from. We like to know where the show is being heard. And let us know how you found out about us if you don\\u2019t mind.\\xa0

Sponsors

American IRA: www.americanIRA.com

The Flipping America Buyers Club bit.ly/flippingamericabuyersclub

Announcements:

  • We\\u2019re kicking off a new round of coaching in January. In six months I will tell you everything you need to know about real estate and real estate investing to set you on the path to financial freedom and generational wealth. My coaching program starts with a one-on-one interview with you and based on the person you are and your life situation, we develop and agree on a real estate strategy that fits you. You then have access to a series of online training courses to provide content and context. And nearly every Wednesday evening there is a group coaching call. Whether you want to own income properties, flip houses, or invest passively, we have a proven plan that\\u2019s right for you. Go to bit.ly/sixmonthcoaching and sign up today.\\xa0

News: Best Places to Own Rentals

Topic:

  1. What is an opportunity? \\u201cA set of circumstances that make it possible to do something.\\u201d
    1. Keep your eyes open!\\xa0
    2. Constantly evaluate.
    3. Combine, synthesize, (Milk, flour, sugar, butter, a bit of baking powder, blueberries.)
      1. Could that be \\u2026.?
      2. ...what would it take?
      3. What if we\\u2026?
      4. Could we combine this and that and \\u2026?
      5. ...has anyone else thought this?
    4. Ask the right questions
  2. How to Spot an Opportunity:
    1. In all directions, but mostly forward.
    2. Connect past experience with current situation
    3. The people you know
    4. Different asset class
    5. Different strategy
    6. Variation on a theme
    7. Familiar process in a new location
  3. Where do I look?
    1. Alignment
      1. Vision
      2. Values
      3. Circumstances
      1. Investment (compare everything)
      2. Equity (can leverage or OPM be used?)
      3. Effort (Worth it?) (is this how I want to use my time?)
      4. Repeatable? (is anyone out there doing this or something similar?)
      5. Downside (How could this kick me in the butt?)
      6. Cases (Best, Worst, and Most Likely)
    3. Analysis
  4. How to Filter the Opportunities
    1. Verbal \\u201cmarket testing\\u201d the idea.
    2. Dip a Toe in
    3. Set Goals
    4. Define KPIs
    5. Create Effort Milestones
    6. Daily Steps
  5. Action Plan

This sounds like a lot but it can become second nature. The first few times you attempt to look at an opportunity this way, it might take you an hour just to decide to take the next step. I promise you two things: 1) It won\\u2019t take as long in the future. And 2) You\\u2019ll be glad you started this process.\\xa0

As you become more successful in what you are doing and have money (you should try to keep that a secret, but word will get out), people will approach you with opportunities (99.8% NO). You might have a harder time saying no to the opportunities you see on your own, but you can do it as long as you know you need to.\\xa0

Once you see the world through your \\u201copportunity radar\\u201d lens, you\\u2019re going to start seeing them everywhere. I keep all my old idea journals and notes and as I look back over the years I\\u2019m amazed at the stupidity of most of my ideas and the naivety of some of the others. You\\u2019ll get to that point also, but don\\u2019t let that deter you. One GREAT idea that could be the antecedent to your fortune is built upon the rubble of 1000 bad ideas or good ideas poorly implemented. But to get to the GREAT one you must keep on going. Keep pressing. Don\\u2019t give up. Don\\u2019t stop. Keep ideating, evaluating, synthesizing, testing, and above all -- keep your eyes open!

Motivational Quote:

\\u201cThere\\u2019ll be two dates on your tombstone and all your friends will read \\u2019em but all that\\u2019s gonna matter is that little dash between \\u2019em.\\u201d ~ Kevin Welch

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