In this Timely 10 discussion, Clark and David delve into the buoyant state of the luxury housing market, shedding light on its resilience in the face of elevated interest rates and economic uncertainties. It underscores the notable uptick in luxury real estate transactions, contrasting with the challenges faced by other segments of the market.

This phenomenon is largely attributed to affluent buyers being less susceptible to interest rate fluctuations and possessing the means to venture into high-end property investments. Furthermore, the conversation stresses the significance of grasping the dynamics of the luxury market for potential investors, despite the potential lack of immediate returns. It portrays luxury real estate as an avenue for long-term appreciation rather than immediate cash flow, offering a distinct perspective on investment strategies in this sector.

What are your thoughts on investing in Luxury Real Estate?

Takeaways

The luxury housing market is booming while the rest of the market is struggling.

Wealthy buyers are not as affected by high interest rates and can afford to invest in luxury properties.

A significant percentage of luxury home sales are cash sales, which eliminates the need for appraisals.

Luxury real estate is an appreciation play rather than a cash flow play.

Investing in luxury real estate requires significant capital and is more suitable for investors with higher means.

Sound Bites

"What the hell is going on David?"

"68% of all luxury sales are paid in cash."

"The luxury market has increased in value over 9% in the last year."

Chapters

00:00

The Booming Luxury Housing Market

03:47

The Rise of Cash Sales in Luxury Real Estate

05:33

Luxury Real Estate as an Appreciation Play

07:27

Luxury Real Estate Market Trends in Specific Cities

10:16

Investing in Luxury Real Estate: A Different Strategy

16:03

Timely 10 Outro 16 9 new.mp4

Sign Up for our VIP List. As a VIP member, you unlock a complimentary 15-minute consultation with the hosts of the Burn Your Boats Podcast! https://lp.constantcontactpages.com/sl/ztFOIpH/burnyourboatswealthmailer

Join our Community on Skool and connect with other like minded investors and experts in the industry!

https://www.skool.com/burnyourboatswealth/about

Hosted on Acast. See acast.com/privacy for more information.

Summary:

Clark and David welcome their first guest Devon Kennard, a former NFL football linebacker, an entrepreneur, philanthropist, and investor. This conversation explores the challenges and mindset of a professional athlete, particularly in relation to financial stability and for life after sports.

Devon's message resonates deeply with the reality that change is inevitable and that preparation is key. His proactive approach towards financial security and his unwavering commitment to resilience stand out as guiding principles for athletes and individuals alike.

He emphasizes the importance of realizing that your boats are always being burned, whether you realize it or not, and the need to be prepared for change. He shares his own experiences of facing injuries, coaching changes, and being released from teams, highlighting the need to have a plan B and create passive income streams.

Through his journey from the NFL to real estate investment, Kennard sheds light on the financial challenges faced by athletes and stresses the significance of prudent financial management. His advocacy for early investment initiation and the cultivation of a diversified portfolio reflects a strategic mindset geared towards long-term stability. By sharing insights into various investment avenues such as turnkey properties, syndications, and personal property ownership, Devon underscores the value of a dependable support network and the ability to make decisive choices swiftly.

Devon's story is a testament to the power of taking action and continuously learning in the real estate industry.

This is a must listen for everyone at all stages of life.

Takeaways

Professional athletes face unique challenges in their careers, including the constant pressure to perform and the uncertainty of how long their careers will last.

It is important for athletes and anyone else to realize that their boats are always being burned, and they need to be prepared for change and have a plan B.

Creating passive income streams and replacing your income outside of your primary career is crucial for long-term financial stability.

Having a forward-thinking mindset and being proactive about financial planning can set you up for success and provide a sense of security for the future. Start investing early and build a portfolio for financial stability.

Challenges faced by athletes transitioning out of professional sports.

The importance of financial responsibility and planning for life after sports.

The value of having a reliable team and making quick decisions in real estate investing.

Devon Kennard Website:

https://www.devonkennard.com/post/a-shark-in-the-desert-arizona-cardinals-devon-kennard-builds-future-in-real-estate

42 Solutions Website:

https://www.weare42solutions.com/

It All Adds Up by Devon Kennard:

Amazon: https://www.amazon.com/All-Adds-Up-Designing-Financial/dp/B0B62DS2PW

Forbes Article 2020: https://www.forbes.com/sites/justinbirnbaum/2020/06/16/a-shark-in-the-desert-arizona-cardinals-devon-kennard-builds-future-in-real-estate/?sh=4b3110a30403

CNBC Article 2018: https://www.cnbc.com/2018/01/31/why-nfl-player-devon-kennard-still-drives-his-2005-kia-sorento.html

Hosted on Acast. See acast.com/privacy for more information.

Summary:

Are you considering running an Airbnb business? Then, you need to treat it as a business and not just a real estate investment.

David Shaw and Clark Lunt discuss the key team members needed for success. They recommend starting with a reliable and thorough cleaning company, one that goes beyond basic cleaning and follows a detailed checklist.

Additionally, they stress the importance of having a responsive and versatile handyman and a reliable landscaper. To streamline communication and operations, they recommend using additional software.

By building systems and setting clear expectations, you can avoid common Airbnb pitfalls and ensure a successful business.

So, what are you waiting for? Start building your dream Airbnb team today!

Takeaways:

Treating an Airbnb business as a business, not just a real estate investment, is crucial for success.

A reliable and thorough cleaning company is the most important team member in an Airbnb business.

The cleaning company should follow a detailed checklist and provide documentation of their work.

Connecting the cleaning company to a responsive and versatile handyman is essential.

Having a reliable landscaper to maintain the property's exterior is important for creating a positive first impression.

Using software like Hospitable can help streamline communication and operations.

Building systems and setting clear expectations are key to avoiding common Airbnb pitfalls.

Chapters:

00:00

Treating Airbnb as a Business

04:10

The Importance of a Cleaning Company

09:51

Connecting the Cleaner to a Handyman

13:19

The Role of a Dependable Landscaper

16:12

Using Software for Management and Communication

20:04

Timely 10 Outro 16 9 new.mp4

Hosted on Acast. See acast.com/privacy for more information.

Summary

Clark and David tackle the topic of taking risks and investing in oneself is crucial to avoid deathbed regrets. Whether you're an entrepreneur or an employee, owning and controlling your career path can lead to a fulfilling life.

Time is our most valuable asset, and investing in real estate can provide the freedom to spend it as we desire. Don't let common misconceptions hold you back, such as the belief that you don't have enough time or money. Take calculated risks and invest in your future, because in the end, it's the things we didn't do that we regret the most.

Takeaways

• Taking risks and investing in oneself is crucial to avoid deathbed regrets.
• Entrepreneurs and real estate investors have the advantage of ownership and control over their time.
• Time is a valuable resource that can be spent as desired.
• The psychology of money and the way income is received can impact the ability to reinvest and build wealth.
• Success requires hard work, accountability, and the willingness to be uncomfortable.
• There is never a perfect time to invest or reinvest, but taking small risks and learning from experience can lead to success.
• Investing in infrastructure and passive income streams can provide more time and freedom.
• Money is looking for people with ideas and plans to invest in.
• Taking no risks is also a risk in itself.
• It is important to assess the risks and benefits and make informed decisions.
• 
  

Sound Bites

• "Everyone wanted more time and realized that the things they thought were important weren't."
• "Real estate investing is about having enough income and net worth to genuinely look at the income side paying off daily expenses."
• "Money is just a means to an end to be able to spend the time that you want."

Chapters

00:00

Introduction

02:59

Regrets and the Importance of Time

07:51

Real Estate Investing and Time Freedom

22:46

Taking Risks and Avoiding Regrets

29:06

The Perfect Time to Invest

35:26

Investing in Infrastructure and Passive Income

41:36

The Risk of Not Taking Risks

42:07

Conclusion

Hosted on Acast. See acast.com/privacy for more information.

In a riveting discussion, David and Clark dissect the intricate dance between income and wealth, exposing the paradox of feeling financially strained despite a burgeoning net worth. They unravel the enigma of living on the edge paycheck to paycheck, even amidst substantial earnings. The duo confronts the complexities of possessing substantial assets but minimal liquid cash, shedding light on the vital role of astute investment strategies in ensuring both financial stability and prosperity. Amidst the dialogue, they shine a spotlight on the insidious nature of lifestyle inflation and stress the imperative need for personal financial boundaries.

Furthermore, they delve into the opportunity costs of hoarding liquidity versus venturing into lucrative real estate and entrepreneurial ventures. The conversation peaks with a profound exploration of business ownership, differentiating between high-income generators and assets that pave the way for substantial net worth. Building a business that is not just profitable but also scalable demands the creation of self-sustaining systems.

The narrative echoes with the palpable anxiety that plagues entrepreneurs, even those raking in substantial profits, as they tirelessly reinvest in their ventures for future growth and success.

Takeaways

• There is an inverse correlation between income and wealth, where high income does not necessarily equate to wealth.
• Many high-income earners live paycheck to paycheck due to lifestyle creep and poor financial management.
• Having high net worth but no income can lead to financial anxiety and limited borrowing options.
• Liquidity comes at a cost, and investing in illiquid assets like real estate and businesses can provide long-term growth and income security.
• It is important to establish personal guardrails and be mindful of lifestyle creep to maintain financial stability and avoid unnecessary anxiety.
• Building a sellable business requires creating a system that can operate without the owner's direct involvement.
• Financial anxiety is common among business owners, even those with high income, as they often reinvest their profits back into the business.
• Real estate investment offers both net worth and residual income, providing stability and the ability to compound wealth over time.

Chapters

00:00

Introduction and Reflection on Podcasting

00:40

Understanding the Inverse Correlation between Income and Wealth

04:34

Living Paycheck to Paycheck Despite High Income

06:06

High Net Worth with No Income

09:18

Personal Experience: Feeling More Financial Anxiety with Increased Net Worth

12:30

The Cost of Liquidity and the Illusion of Financial Security

15:51

Investment Strategies for Income Security and Growth

20:06

The Opportunity Cost of Liquidity

23:40

The Emotional Barrier to Investing and the Illiquidity of Real Estate

26:57

Real Estate as a Path to Compounding and Long-Term Investment

29:21

Investing in Businesses and the Challenges of Running Them

29:47

The Two Categories of Businesses

30:46

Building a Sellable Business

31:42

Challenges of Selling a Business

33:09

Financial Anxiety for Business Owners

34:00

The Illusion of Profit

34:28

The Sweet Spot: Real Estate Investment

38:29

The Anxiety of Having Money Sitting in the Bank

40:18

Moving from Being a Saver to an Investor

44:12

The Difficulty of Running a Business

46:10

The Importance of Mindset

50:09

The Essence of Financial Stability

52:34

Real Estate as the Middle Ground

56:21

Understanding Your Financial Position

59:09

The Path to Wealth Island

Hosted on Acast. See acast.com/privacy for more information.

Summary

As we move through life, we often get caught up in the demands of the present moment, neglecting to consider the impact our choices will have on our future selves. In this episode, Clark and David highlight the importance of taking a proactive approach to our future by making decisions today that will benefit us in the long run. They emphasize the need to prioritize our health, relationships, and finances, and to make uncomfortable decisions that may not provide immediate gratification, but will ultimately lead to a better future. Clark and David also stress the importance of investing consistently and habitually, even during challenging market cycles, as a way to ensure a secure financial future. So, what gifts do you want to give your future self? Take action now and start creating the future you want.

Takeaways

• Make decisions today that will benefit your future self in terms of health, relationships, and finances.
• Delay gratification and make uncomfortable decisions in order to create a better future.
• Invest consistently and habitually, even in challenging market cycles.
• Think about what gifts you want to give your future self and take action accordingly.

Hosted on Acast. See acast.com/privacy for more information.

Summary

Real estate investing can be a challenging journey, but it's also one that can lead to financial security and freedom. To succeed in this field, you need to understand and manage the psychological challenges that come with it. The resilience required in real estate investing is unlike any other, and it's important to keep a long-term perspective. As you navigate this journey, you'll encounter psychological bullets that can be daunting. But don't worry, there are actionable tips you can use to survive them. It's also important to be aware of the regrets and emotional responses that can hold you back. Holding properties and giving them time to appreciate in value is key to success in real estate investing. Building resilience and endurance will help you weather any storm and come out on top. Remember, the power of real estate investments can be life-changing, so keep pushing forward!

Chapters

00:00

Introduction: The Psychological Bullets of Being a Real Estate Investor

04:55

The Importance of Real Estate Investors as Change Makers

06:56

Understanding and Managing Psychological Bullets

10:22

Happiness: When Expectations Meet Reality

13:55

Known Knowns and Known Unknowns in Real Estate Investing

15:51

Unknown Repairs and Outliers: Dealing with Unexpected Challenges

20:43

Illustrating the Ridiculousness of Quitting Real Estate

25:28

Why People Invest in Real Estate Despite the Challenges

28:23

The Importance of the Overall Real Estate Portfolio

29:22

The Power of Real Estate Investments

30:51

Dealing with Psychological Bullets

33:43

The Importance of Long-Term Thinking

37:38

Thwarting Psychological Bullets

40:03

Actionable Tips for Surviving Psychological Bullets

44:52

Regrets and Emotional Responses

49:47

The Importance of Holding Properties

54:25

The Value of Time in Real Estate Investing

58:34

Building Resilience and Endurance

01:00:42

BYB Outro

Hosted on Acast. See acast.com/privacy for more information.

Summary

Where do you get the Money to Fund the Deals? In this conversation, Clark Lunt and David Shaw discuss the importance of money in real estate investing and how to raise capital. They emphasize the need for access to capital at every stage of real estate investing, from beginners to experienced fund managers. They highlight the unique access to capital in the United States and the importance of leveraging it to grow a real estate portfolio. They also discuss the challenges and strategies for funding the first three deals, scaling from three to ten deals, and scaling out commercially to 100 units or more. They stress the importance of dollar cost averaging and frugality in building wealth through real estate. The conversation explores various strategies for acquiring real estate properties with little or no money down. It emphasizes the importance of personal financial discipline, saving, and taking action. The first three properties may require saving and leveraging, while the next few can be acquired through creative methods like buying a business or using subject-to or seller financing. As the portfolio grows, equity can be tapped to fund future purchases. Raising capital through funds or syndications becomes a viable option to scale beyond 20 properties. The key is to be proactive, think outside the box, and be willing to step out of your comfort zone.

Takeaways

• Money is a crucial topic in real estate investing, and access to capital is necessary at every stage of the investment journey.
• The United States offers unique access to capital and a robust legal system that allows for quick and easy funding of real estate deals.
• Dollar cost averaging and frugality are effective strategies for building a real estate portfolio, starting with the first three deals and gradually scaling up.
• Leveraging lump sums of money, such as bonuses or inheritances, can accelerate real estate investing and create long-term wealth.
• Real estate investors should prioritize lifestyle and financial freedom over net worth, using their investments to fund their desired lifestyle. Personal financial discipline and saving are crucial for acquiring the first few properties.
• Creative methods like buying a business or using subject-to or seller financing can help acquire properties with little or no money down.
• As the portfolio grows, equity can be tapped to fund future purchases.
• Raising capital through funds or syndications becomes a viable option to scale beyond 20 properties.
• Taking action, thinking outside the box, and being willing to step out of your comfort zone are essential for success in real estate investing.

Chapters

00:00

Introduction to the Importance of Money

05:19

The Unique Access to Capital in the United States

10:13

The Challenges of Accessing Capital in Other Countries

13:16

The Difficulty of Funding Real Estate Deals

28:56

Dollar Cost Averaging into Real Estate

35:13

Saving Money and Buying the First Property

39:33

The Frugal Mindset and Leveraging Capital

40:30

Buying a Business with an SBA Loan

45:57

Saving and Renting Out Rooms

50:15

Using Subject Two and Seller Financing

54:30

Assumable VA Loans

58:34

Refinancing and Tapping into Equity

01:13:47

Raising Capital through Funds and Syndications

01:21:30

The Importance of Personal Financial Discipline

01:25:04

BYB Outro

Hosted on Acast. See acast.com/privacy for more information.