Episode 061 – BL Sheldon
Welcome to another episode of The HERO Show. I am your host Richard Matthews, (@AKATheAlchemist) and you are listening to episode #61 with B. L. Sheldon – Generating Wealth at the Crossroads Between Real Estate and Climate Change.
B. L. Sheldon is an entrepreneur, researcher, active real estate investor, and psychotherapist.
She has a diverse career background ranging from end of life counseling to business consulting. Regardless of the position she has occupied, two things have always remained true:
She has a passion for real estate and has been successfully investing for over 20 years.
B. L. Sheldon is compelled to find solutions to the tough problems that others prefer to ignore. Whether this vacuum is created by fear or sheer overwhelm, Brooke will step in to deal with these uncomfortable issues head-on and find a solution.
Today, no larger vacuum exists than the one between the real estate industry and the undeniable realities of climate change.
Climate change is real, it’s here, and its effects on your real estate investments will only increase over time. Some investors choose to avoid this reality, but you don’t need to be one of them. B.L. Sheldon provides a positive and solutions-based approach to addressing these issues while continuing to make smart investments.
This diverse background coupled together with an extensive history in change management and trauma adaptation provides her with unique qualifications to tackle the intersection of real estate and climate change calmly, clearly and accessibly.
Here’s just a taste of what we talked about today:
- Generating wealth across the board with real estate.
- Whenever you are buying real estate, you are buying two businesses.
- Real Estate is a quality of life business.
- Trends change with climate change in ways that impact people and real estate.
- Create contingency plans for business to remain profitable and solvent.
- Businesses need to be capable of handling change.
- The villainy we all tend to have is self-doubt. Push it aside and focus on the strength.
- How to overcome the tendency to hesitate.
- Very often, fear guides our business or personal lives and this is limiting.
- Understand the risks you face and examining in depth your risk tolerance.
- Technology is very much impacted by climate as well.
- Mistakes are lessons and adventures.
- Rest and relaxation is the foundation of work well done.
- To do lists frees you from feeling overwhelmed by being able to keep track of your day.
- There is enough information out there to begin and not have to make so many mistakes.
- Curiosity and the incessant need to solve problems yields relentless innovation.
- To-Do List
The HERO Challenge
Today on the show, BL Sheldon challenged Dr. Christine Rank to be a guest on The HERO Show. GUEST thinks that NAME is a fantastic interview because he/she is REASONS.
How To Stay Connected With BL Sheldon
Want to stay connected with BL Sheldon? Please check out their social profiles below.
Also, BL Sheldon mentioned “FEARLESS: Real Estate in the Era of Climate Change” on the show. You can find that here: https://www.amazon.com/FEARLESS-Estate-Investing-Climate-Change/dp/1691270911
Call To Adventure
Don’t forget you can stay connected to me and the show by subscribing now. Just text ALCHEMY to 444999. Or you put your email address in the box at the bottom of this page. You’ll get all sorts of cool gifts, be updated about our contests and polls, and get notified when we publish new episodes. With that… let’s get to listen to the episode…
The Webinar Alchemy Workshop: https://richardmatthews.me/fs/waw-slf/
Hello and welcome back to the hero show.
My name is Richard Matthews. I am here live
On the line with B. L. Sheldon. Refers herself as B.
Are you there B.?
I am. I’m right here, Richard. Good to see you.
So glad to have you here today.
Let me do a quick introduction for you and then,
We’ll dive right into your story. B. L. Sheldon is an entrepreneur, researcher,
Active real estate investor, and psychotherapist.
You got a diverse career background ranging
From end of life counseling,
Which is probably very difficult to do
To business consulting and regardless of the position occupied,
These two things have always remained true for you.
You have a passion for real estate and have been successfully investing
For over 20 years. And you have been compelled to find solutions
To tough problems that other people ignore.
Whether this is a vacuum created by fears you overwhelm.
You will step in to deal with these uncomfortable issues head on to find a solution
One of your primary things that you look at is the intersection
Between real estate investing and climate change. Does that sound about right?
Yeah, that’s me.
Awesome. What I want to dive into first is to find out
What it is that you’re known for now? What do people hire you for?
What is the primary service that you provide?
Are you mainly a real estate investor?
You’re providing services to the people who live
In your homes and real estate.
Or do you still do the therapist stuff?
What’s your primary business look like today?
That’s an excellent question, Richard. And I would say
That because I am a person who has multiple interests.
I never really let go of anything that I’ve done in the past.
In other words, as a psychotherapist, I still actively engage
In doing work. My psychotherapy was not
The typical kind of psychotherapy you think of.
Where somebody’s sitting across the room from a therapist.
I’ve always had a very engaged psychotherapeutic style.
I worked a lot with individuals with disabilities. I did that
In the field, actually. Out in the community. Then when it came
To issues with end of life transition and things like that,
I would engage with the individual. I typically look at
My psychotherapeutic work as psychotherapeutic consulting.
In other words, you’re not coming to me every week
To sit for hours at a time and talk about the issues of your life.
It’s more like there’s something specific going on you want
To talk about. How to deal with that. Then I engage in counseling
As a consulting format. In other words, it’s time limited,
I’m not going to be there forever. We’re not talking 20 years out.
It’s: let’s get through whatever this is that you’re looking at
And move forward with it as a consulting project.
Awesome. So, you’re doing primarily consulting for
Income production, now. Or are you still doing
The real estate stuff as well?
I do real estate. I can’t not do real estate.
It’s one of those things for me that, as somebody is at a point
In their life where they’re thinking of investing in real estate
Or they have a project or development project
Or they’re in the process of looking at buying a building.
And they’re wondering whether or not it’s functional
To purchase that product in an era of climate change,
And how climate change could affect them, because
There’s a multi-dimensional aspect to the changes
That are occurring. It’s important for people
To understand how to do that productively, proactively,
And profitably. I also consult for and speak on those issues,
Because everything is changing dramatically, and very quickly.
For me, it makes the most sense to empower people
To look at those changes and be able to know how
To embrace them and make them part of their consulting.
Make it part of their investing so that
They make wise choices. Now, prior to that, I’ve spent
The last 20 years mentoring individuals
That are real estate and individuals that are an ancillary fields
Understanding nuances of real estate better.
It’s a combination of things. But because the issues
Of climate change are happening as quickly as they are,
There’s oftentimes the necessity to help people realize
You must be looking at those things to make wise choices.
When it comes to real estate, what are your primary
Property types for investment? Are you investing
In single family homes or multi-family or self-storage
Or industrial buildings? What’s your forte for real estate?
That’s an excellent question because I really have
Not ever met a kind of real estate I didn’t like. I’m interested in all;
You like all of them.
Yes. A real estate is, I will say unquestionably, real estate
Is an amazing field. It’s wonderful for producing wealth.
It’s wonderful for stimulating the opportunity
To engage partners and other people in the process.
It’s a communal kind of investment. Which is different
Than when you’re sitting in front of your computer
And you’re making your decisions about stocks or bonds,
That’s very kind of one on one. It’s very individualized.
But real estate, it’s a human services business.
It’s a people business. You meet people. You engage
With people. And you transition your own life forward
With real estate. And you also assist them in being able to,
As investors live productively and in a positive way,
Engaged in their community, but also with tenants.
You get the opportunity to, oftentimes, provide
A wonderful place for people to live. For them to engage
In their businesses. Whatever it might be. Real estate investors
Are very much the backbone of the economy.
Are your holdings primarily in one spot
Or the other? Are you just across the board in all sorts
Of different investment vehicles.
I enjoy all kinds of investment vehicles. But the one
That provides me with the most fun is real estate.
That’s what I mean, in real estate, do you have more
Residential homes? Or do you have more apartments? Or do you
Have more self storage? Or are you evenly across the board for;
That’s wise question. For me, I really enjoy
Providing housing for people. I enjoy the aspect
Of getting to know tenants. I’ve always gotten
To know tenants. I don’t always know every single person
That’s in my buildings, or the buildings that are
Oftentimes owned with partners, but I like to feel part of
The buzz of people’s lives. Being part of the buzz
Of people’s businesses is wonderful, but business tenants
Tend to be very self-contained. They’re very engaged in
Maintaining the property themselves. It’s usually written
Into your lease that way as a business owner. When you’re
Talking about residential, you’re talking about really understanding
The nuances of people’s lives in a way that you provide
A sense of security for them. In me, that is an important thing.
Providing a safe, well run, highly occupied profitable building
Makes a difference to me because I feel it benefits the tenants as well.
Absolutely. It sounds like you spend a lot of time
In the multifamily space in real estate.
I love multifamily. I love single family. I love large complex work.
Every single one of the areas that you can look
At investing, really. They all bring with them a different nuance,
And a different kind of skill set that I enjoy employing
For myself but then also to; it’s really interesting
That people that you meet in the real estate field so creative.
I definitely have always found it to be a place
Where working with people looking forward.
Have you done any work in the residential assisted living space?
That’s one of the spaces I’ve been looking at, recently.
If that’s a useful place. Just curious if you’ve been in that space at all?
Yes, I have. And I would say to you that that is
A very wise place to go. We have an aging population,
There’s a need for responsible investment in
The types of residential communities that allow people
Quality of life that is positive and proactive for them.
So that’s an excellent ;
It’s a huge space my business partner and I
Were looking at starting off in that space by buying
An existing residential assisted living building.
Because there’s several of them that are for sale
As a toe dip into the real estate world, but it’s
An interesting space because a lot of the investors
I’ve talked to about it are like, “That’s kind of scary
Because you’re getting into two businesses at once.
You’re getting into the real estate business on one side
And the residential assisted living business on the other.”
They’re like, “Are you sure you want to do that?” I’m like, “I do.
I actually think that’d be a fantastic space to be in
Because of all the things you just mentioned, but also
It’s a huge and growing demand for that.” I think
It’s something like 10,000 people a day are turning 80 right now,
Or it’s 4000 is going to turn into 10,000 over
The next 10 years or something. It’s just a huge, huge space.
You are absolutely correct. And that oftentimes
Is what people don’t recognize about real estate is
Whenever you’re buying real estate, you are buying
2 businesses. You’re buying piece of land or the home
Or whatever it might be. The multifamily units. In your case,
The retirement units or the gerontological living situations,
But at the same time, you’re always buying a business.
Because even if you buy; let’s say you buy
A multifamily property, whether or not it’s geared toward
The retirement community. The minute you’re purchasing
Something that houses multiple people, you now are
No longer just buying a residence that you yourself live in.
You’re buying something that many people need to live in.
You’re buying something that therefore every single facet
Of that building is now your responsibility, no matter
How many people you You delegate to ultimately you have
The responsibility for how its managed. How well it’s maintained
For every single facet of the the financials.
How the money comes in; how the money goes out.
Managing everything that has to do with maintenance and repair.
You are absolutely right. And the people that have spoken
To you about it are absolutely right. You’re buying 2 businesses,
But you are correct. Because in buying any kind of real estate,
You are buying a business that just so happens to have
A wonderful economic base, which is the land underneath it.
So, you are buying real estate. An estate that is real,
And that that comes with certain responsibilities,
But those responsibilities are an opportunity to earn
A profitable income and at the same time, give people
A responsible and positive and proactive place to reside. It’s a great idea.
As you eloquently said,
As you take on more responsibility and the
Responsibility and risk can be profit potential
On the other side, generally goes up with that.
Because there’s fewer people who are willing to take those risks.
You get paid better for them.
You make them more profitable business.
The better quality you put toward the way you manage
Your investmen: the infrastructure; the way that
The building is overall maintained; the accessible aspects
Of it; especially if you’re talking about a retirement population.
The more accessible; the more well run; the cleaner. I mean,
It comes down sometimes to basic things. People want
To come home to a clean place that they feel safe.
People will pay well to live in a clean place
That they feel safe in, because that allows them
To feel like they have the quality of life that they wish for.
Real estate is really the quality of life business
In so many different areas. That’s what makes the issues
Of climate change so impactful, because climate change
Can change that quality of life for a building.
It’s one of those things that’s just fascinating me
About that particular investment vehicle in real estate is
That when you have a residential thing and
You rented out as a single family residence,
You’re renting generally to a family or something like that.
You’re helping that one family. And you’ll get
A single rent check from that. When you transition
That residential building into a residential assisted living building, now,
You might have 4 or 5 families that you’re helping, and
Because of the time of life and other things,
You can provide a really high quality of life for them. And the
The value proposition on the business side goes up significantly,
Instead of being a $2,000 a month or $3,000 a month rent check,
It might be 4 or 5 rent checks that are
That size, just because you’re running a different style of business.
Right, exactly. I mean, you got your feet underneath you definitely
In terms of understanding the profitability of real estate
And the profitability of providing well managed housing
For people. It is a business. Because it is a business,
That’s one of the things that we have to keep in mind is
Because so often people are making decisions
About buying real estate based upon the previous trends
For an area or a location. And they need to factor in that
As trends change with climactic change.
Climate is changing in ways that will impact people as well
As real estate as a place. Real estate exists
On the ground, but people need to somehow utilize
That real estate. And as people’s lives change with relationship
To climate change, and as climate change begins to impact,
The way that a building can be managed and run,
All of those things come together and for owners of real estate,
If they’re not careful, and they’re not watching,
They’re not paying attention, they will begin having costs
Eat them alive and something that was a profitable
Investment; unfortunately can become a very unprofitable investment,
That then in turn, it’s not a very easy thing to sell
Unprofitable investments. That’s why people on the forecast,
Recognizing the changes with relationship to climate
And how it can affect their property will go a long way … more profitable.
Let me bring that bring that sort of home for people.
As an example, over the last 10 years …
California was in a major drought.
Major drought leads to high water costs. And high water costs leads
To people not being able to afford as much housing. One of
The things that we were seeing in the real estate space is
That higher end that you had a hard time
In real estate if you were in
The middle of the ground. In middle ground stuff.
So, people who have the money did not worry about it.
Didn’t worry about it. And the people who were; where
Gas prices and water prices affect their discretionary income.
They had to have smaller houses. They had to have
Less yards and they had to pull out their grass and put in gravel.
And a lot of that stuff happen for what is almost 10 years
Of a drought and which is over now, finally, and it’s changing
That game again. But I assume the point that you’re making
Is that you have to pay attention to those things
Because they do impact the the real estate business that you’ll be running.
You are absolutely correct. You’re spot on with that.
That was a wonderful example. And those kinds of examples
With different kinds of climate changes are relevant
Everywhere throughout the world. And we’re seeing
That. We’re seeing climate migration, we’re seeing
the increase in utility costs. We’re seeing the difficulty
In terms of people being able to get insurance in different areas
Or keep that insurance for longer term or pay for that insurance.
Some of the most, you know beautiful areas
In the country are also areas that have very significant risks.
Those significant risk means that insurance companies
Or businesses too. Their responsibility is
To provide insurance. That’s their business model.
Naturally, they want to be able to do that. But for
An insurance company they want to be able to provide you
With insurance in a way that provides them with a positive cash flow.
Again examples real quick, it’s like hurricanes. Hurricane insurance
In Florida or fire insurance in California, that kind of stuff.
Those are perfect examples.
Then we take it a step further, which is because there are more
And more events that are occurring that are unprecedented.
Insurance companies are having to stop and evaluate.
For instance, in the Midwest, an area that we think of
With relationship to they can have droughts. They
Can have tornadoes. They can have blizzards. We’re accustomed
To all that. But last year, I don’t know if you recall in Colorado,
And in the areas just north and south of that. It hit
Colorado very hard. There was a bomb cyclone.
That’s what they called it: bomb cyclone. And what it was
A massive shift in the, simply the barometric pressure
That caused an increase in the amount of snow and
The severity of the conditions for a kind of blizzard
That they got there. It sound unusual in Colorado
To have snow we all know that winter it does that. But
The bomb cycling was beyond anything that people
Were accustomed to. The bomb cyclone was gone
From Colorado within 24 hours. I talked to people that were
Throughout Colorado at the time. Chatted with some
Friends of mine. They were really clear: “We’re
Cleaning up. Boy, it was crazy 24 hours.” But they were going
On with their lives. Over the course of the next 2 weeks,
The entire Midwest was inundated with floods, unlike anything
They’d ever had before. The event was the bomb cyclone.
When it was over something else happened as the weather shift
That involved totally different region of the country
That was not anticipating that. So many different farms.
So many different branches were literally wiped out
Because they were underwater for so long, that the individuals
Who owned those pieces of land in
The Midwest were unable to provide the cash flow basis
To keep their businesses operational because again,
A farm or ranch, it’s a piece of real estate. But it’s also
As you were mentioning about the retirement facility.
It is also a business. So, you’re owning a piece of real estate,
But that real estate always becomes a business unless
It’s just your own personal home. Other than that real estate is always a business.
That’s really interesting, because it seems like one of
The things we talk about pretty regularly on this show is
The rapid pace of advancement in technology, and
How that is really having an impact on our ability to build
And grow and run and solve unique problems.
And it seems like what we’re seeing is, we’re seeing
A rapid pace of development in the
Weather space and the climate space that we have
To have our businesses start anticipating the unanticipateable,
If that makes sense.
You are so right, Richard. Just last weekend,
In California perfect example. Governor Gavin Newsom
Was giving a press conference and I’m not sure
How aware you are what’s going on in the area of California.
But because of the situation with regards to the fire and
The heavy; because, again, we’ve been; when we look
At California, we as a country have recognized that there’s
A drought-rain cycle that’s been happening
The last couple years, very, very dry. And then they’ll
Have big storms in California that will be
Continuous days of rain. It’s in that way, it seemed wonderful.
It’s refilled reservoirs and things like that, but at the same time,
It’s caused an awful lot of plant and grass growth
In open wild spaces. What ends up happening is then
The late spring early summer comes early fall, dries
Those areas out creates a mass of fuel just ready for
A spark and the wind.
And California has been having that. One of the things that is relevant
To exactly what you’re mentioning is PG&E, which is
The utility company in California actually ended up
Because of the severity of the fires that occurred in Paradise,
Which is in Butte County, in California. The Paradise Fire, as you know,
There were I think 87 people killed in that fire last year.
And what ended up happening was PG&E there was
Someone who claims, PG&E essentially became insolvent,
Which meant the utility company still has to operate.
It is a public utility company. So, it’s forced to continue
Operating, even though technically, it’s lost the the strength
Of monetary profile underneath it. What’s happened is
It’s continuing to operate but it’s operating much more cautiously.
The minute there’s a high wind in an area, and there’s
They’re shutting off the power.
Right, the infrastructure there. They turn off
The transformers in that area, which on one hand,
You can look at and say, “That’s great people are safe.”
But the difficulty is, those outages don’t just affect people
Because now we don’t have to worry about fire.
You have people that are on medical devices that have
To be run electrically. You have the board and care
Facilities where people are residing there and they need
To be able to have light to be able to get around.
Some places have structural generators, some do not.
But what occurs is, again, we’re hoping that technology
Will fix these things. Technology in some ways is not being
As effective as we want because the reason I mentioned
Governor Newsom is because here he is the governor
Of the most technologically, continuously advancing state.
We have so many social media and computer companies
In this state, and I happen to be in California
Right now as we’re having this interview. He came out
The other day and he made a comment about how difficult
It is to be in this state. That is so on the forefront
Of technological advance, and that we’re having
To do things like turning off power to 2 million people
In order to make sure that we prevent fire. In other words,
Technology is not moving as quickly as we would all like
To address some of the changes that are happening
And not even to mention the climate stuff. Just this last week,
A couple of days ago, there was a lady caught
In that area trying to start a fire because she was, essentially domestic terrorism,
To cover it up with the the wind and
The stuff. Fortunately they caught her
But you have those kind of things happening as well.
I assume bringing that back to the business cycle. That means
If you’re in California and one of these areas, you need
To be thinking about does my business need to have
Contingency plans for power. Does it need to have
Contingency plans for fire. And how do you wrap it
Into your business so that if those do happen, you can
Still remain profitable and solvent.
Perfect point. That’s something that because the real estate,
If you’ve got a business, let’s say you operate
A florist shop. For those of us that
Are digital nomads, we can just pack up our computer
And move to a different place. But individuals who have
Brick and mortar businesses, they have got to be able
To find ways to be able to feel safe in the location
That they’re at and make their customers safe as well.
It is significant that these individuals rely on, especially
If it’s somebody who’s renting a property, they’re looking
To the property owner. How can you help me? How can
We make this safer? It becomes your responsibility
Not just to your portfolio, but to your tenants to be able
To say, “Here’s some of the things that we can do
To create proactive change on the property
So that you can feel safer keeping your business here.”
Because the minute you lose a tenant; you have lost in income.
Maybe a part that’s paying that mortgage
Or if it’s a building that has multiple tenants in its payment that
That person is paying a portion of the mortgage.
It comes down to it isn’t just about climate. It is very much
About keeping people’s businesses and their lives as safe
And effective as possible. And in the meantime, as a real estate investor
That keeps your portfolio as healthy as possible as well.
It almost seems like the the word climate
And the word climate change is almost redundant.
Your business needs to be capable of handling change.
Whether that change comes from client or technology or whatever,
It’s just that climate is something that is being added to
That thing you should be thinking about.
Right and especially because it makes everyone
From the business or the residential tenant to the property owner,
Vulnerable. And whenever you can look at a vulnerability
And find ways to respond to it and feel more empowered.
You’re going to make better choices, more confident choices,
And you’re going to be able to go forward in a way
That’s good for you and good for the community.
And then the other thing that that’s going to do is
When you are capable of putting together a business
That operates in tumultuous times, you will get paid
More handsomely for that skill set because fewer people
Will do the work necessary to build strong businesses in
Those kind of environments.
You get it. You totally do get it. That’s exactly correct.
Absolutely. That’s a long intro to
What it is that you do now. But I want to talk a little bit
About your origin story. How did you get into this space?
How did you get into this kind of stuff? We talked on
The show all the time, every hero has their origin story.
It’s where you started to realize that you were different
That maybe you had superpowers and maybe you could
Use them to help other people. How did that go down for you?
How did you become an entrepreneur?
I think for me, my company name is
Relentless Iand I kind of am that. I am a relentless innovator.
I am constantly thinking. I’ll see something, I’ll say,
“It looks like there’s a problem there.” And immediately
I’m brainstorming ways that it can be solved. That doesn’t always
Mean that every idea I come up with is going
To be the idea that the business owner wants, but
It’s definitely something that I’ve always been very
Comfortable doing and being. I’ve been a relentless innovator,
I’d say, from the time as far back as I can remember,
Both back in school, as well as the period of time
Once I began to venture out in my career. I’ve always chosen
Careers that require some problems to be solved. That where
And oftentimes huge life issues.
That’s why the book is Fearless.
Real estate investing in the era of climate change, but it’s
Because fearlessness for me is what if people can embrace
That and think about the fact that if I have less fear,
I can move forward in a very effective way. I’ve kind of focus
My attention on always practicing what it is that I preach. I lost your audio.
No, I was looking for something. I have sitting here,
Which I don’t have. I don’t know where I put it. But I have
A shirt that says fearless on it that I wear.
There you go. You get it.
My curious question, though, is what’s
The first business that you started? The first thing where
You were actually offering a product or a service
In exchange for value. What was the first time
That you did something like that?
The very first time and that’s why I guess my thought is,
It goes all the way back. My very first time was when I was a kid,
I would go around and find things in the house that I
Or somebody else didn’t want or need anymore.
I’d asked my grandmother, my great grandmother, my grandfather,
My mom. Or I go through my own toy box and collect all those things.
Then I put them in a little shoe box, and I go around
To the neighborhood. The kids in the neighborhood and say,
“Do you want any of these things?” And if they did,
Then I try 2 cents, 5 cents, 10 cents, 12 cents.
I only took things that nobody wanted or needed anymore
And then sold them to people who I guess you could call it a
It was an early flipping career. I don’t want
This anymore. Let me go ahead now … to you for a small fee
And now you can go enjoy it for however long.
That’s awesome. I did something similar. When I was 13,
I took a $50 loan out from my dad and went and bought
A bunch of candy at a Big Box store and brought it to school
And was the proverbial guy on the New York street with my shirt,
Here’s my Where’s kind of thing. I was selling
Candy I bought for 50 cents for 2 bucks to my friends on campus.
Worked out really good. All the way until until
The government shut me down because I wasn’t old enough
To have a business license and they told me I couldn’t sell on campus.
Right there with you. Next question is your superpower.
If you think into your businesses and things that you do
And you provide, what is it specifically you think you bring
To the businesses that you run or to your psychotherapy practice
That you think really helps solve problems for people.
The things that you use that really helps slay this world’s villain,
So to speak, that if someone else was standing
In your same position, they wouldn’t be able to bring to
The table because it’s just not their superpower, it’s yours.
It’s interesting that you ask the question. The first thing
I would tell you that word villain that uses an interesting one.
I would say that, that is the key word, that one right there.
Because the villany that we all tend to have in us, is our self-doubt.
In every single thing that I’ve ever done, part of
What I perceive as the innovation that I bring is always trying
To get people to push the doubt aside and to focus on their strengths.
Because so often, we look at ourselves and we see we
Even if we do something, well, we think: oh, anybody could do that.
And the answer is just like your question. No. What you do well
Does not mean automatically that everybody else can do well.
Sometimes when things come really easy to us, it’s easy
To think they come, that simply to everybody.
It’s not true. It is our superpower. So, the things
That come easiest to us are our superpower. But the villany
Tends to be within us. It’s that little voice that says, I’m not sure
I can do that. Or that seems hard. Maybe,
I shouldn’t even try. That’s the villainy. And so if we all engage
That superpower of knowing, we have capabilities that
Other people don’t have just like your show points out.
Then we all kind of push that villain within us off to the side,
Kick it to the curb and just go on and be effective in
Whatever it is. In your case, it’s empowering people
To recognize, I think everything that; in looking at
Your show and listening to a huge load of your podcast,
I realized that I recognize that you are trying
To help people recognize for themselves what’s inside of them
And what empowers them. I relate to that,
Because I feel in odd ways, that is what I’ve spent my life doing
In a different way. But you and I both recognize that
The true villain is not recognizing our own power. And so
I would say the villain gets kicked to the curb and we all
Move forward in a positive way, and
You and I are doing a great job I think.
I think, so I hope so. That’s the reason the show exists.
My thinking is that if we can bring on people who have
In some portion of their life have gotten past that self-doubt,
And show like, “This is how someone is using their powers
To help other people.” My listeners, as we grow, the listener base
Will be able to see that over and over and over again,
And see that we all struggle with the same things.
We’re all doing the same stuff. We’re following the same type of story.
It’s just the settings that are different.
Where we’re at, and we have to go through that same process.
That’s my goal, is to show that the heroes in all of us
And all we have to do is just follow them.
You do a good job with that, really.
Hopefully. Well, thank you. I appreciate that. The other side
Of your superpower is your fatal flaw. The fatal flaw is the thing
That holds you back that you think that if you could have
Gotten rid of it, you’d be 10 times further along than you are now.
Superman has his Kryptonite. Is there something that you think
Has held back your business that you’ve
Had to work on. And more importantly,
How have you been working on that, so other people
Who might struggle with something similar can can learn from you.
That’s a fascinating thought. I have thought about that,
A lot of times. If there was something, that
When I look at myself that I would go: this needs
To be different or if I could overcome this. I would say
That it is the tendency, sometimes, to hesitate. And
There are times when I clearly know what direction
To take with something, but I’ll hesitate. Either I’ll hesitate
Because I’m afraid it’s going to offend somebody or I hesitate
Because I’m afraid other people won’t understand it.
Over the years, I’ve learned that if I push;
Like its own separate villain; if I push hesitation off to the side,
When I have all the facts. Take action. And so I would say,
For me that that tendency sometimes to hesitate has
Made me realize that when I do that I’m not positively
Affecting anything. Teddy Roosevelt talked
About the fact that it doesn’t really matter if you take
The right action or the wrong action, take some action,
Because then once you’re in the action, you effectively
Can begin to make changes if you feel you’ve done something
In a way that maybe you wish you had done differently.
But not taking any action; nothing changes.
I would say it’s hesitation.
What I find really interesting about that is if you have
A ship that’s moving, it’s really easy to turn the ship.
But if the ship is stationary, trying to get it to moving or get it
To turn are both very difficult. To that point, if you’re
Hesitating, if you’re not moving, it’s very difficult to course correct.
Do you happen to listen to country music?
I do, sometimes. Yes.
There’s a song by Maddie and Tay. They talk about learning
To fly on the way down. They’re talking about that hesitation.
It’s like just jump, you can learn to fly on the way down.
And I’ve always I really liked that song for that message.
Because that’s sort of the way I live my life is like, “I know
Where I want to go. And might as well just jump.” I call it
Being a parachute builder. If you can,
Be the kind of person who knows you have the skills in yourself
To build a parachute as you’re falling, you can do anything.
That’s the reality of it. Freaks my wife out a bit because
We’re constantly doing crazy stuff. But she’s gotten used to it.
She’s like, “I’m totally down. I’ve watched you
Build enough parachutes on the way down to know that
We’re not going to die.” But out of the metaphor is
That’s the reality is you have to move forward.
And you have to make the jump, and realize that you have
The skill sets and the knowledge to put things together.
I always like to think of what’s the worst case scenario,
And build a plan for how I would come back from that.
Because chances are, it’s not going to be
The worst case scenario. And if I can figure out how to come back
From that, it’s going to be easier as a mat.
In doing so, you’re also doing something
That you may not even be thinking about.
But I’m going to turn you on to which is I know that;
I saw looking on your website that you have a couple of young children,
You are a … ring for them. The ability to make decisions, take chances,
Try things, live within their space of creativity and imagination,
And build from that. I can’t express to you how important
That is as a parent to do for your children. It’s fantastic.
We got I’ve got four kids. A couple of them just had birthdays.
I’ve got a 10 year old, a 6 year old, a 3 year old, and 7-month old.
Wow. Lots of mentoring going on there.
Lots of babies. Got three little girls; a little boy.
My son’s already worked on his first couple of business plans
Because he’s like, “I’m going to do what dad does.” They’re the coolest
People in the world. I don’t know what I’d do without them.
It’s really important to realize that our children
Watch us when we don’t even realize it. And they grow
And learn from their observation of us, as well as from
The things that we tell them directly. Congratulations.
You should see my 2 year old pretends to host
A podcast on her piece of cardboard. She’s adorable.
And she’ll tell you to be quiet because
We tell them to keep their voice down when we’re
Recording something. And she’ll sit at her little made up
Thing and be like, “Quiet. I’m recording.” My son when he was that age,
He’s 10, now. But when he was at that age, he’d come in and sit
Next to me while I was working. And, he’d set up
His own little fake little laptop and sit on his thing
And type next to me. And just pretends to work.
It’s proof positive that what you do and how they
See you impacts their own self-perception. And that’s fantastic. It really is.
It’s the primary reason why I generally,
And I’m not sure if this is helpful for anyone else, but it hopefully it is,
Is that when I run into that hesitation, that you were talking about,
My first thought is not for myself. Because that’s where
That fear comes in is like if I want to hesitate because of
My own self-preservation, and I might get something wrong,
I might hurt something. And the question I asked myself is:
What’s the example I want to set for my children in this situation?
What do I want them to learn? And when they’re faced with something
And I want them to have that gut reaction is
I’m just going to do it. And I’ll figure it out as I go.
And that’s perfect because that does actually push you
Out of your comfort zone into a place where you make
A more creative and engaged decision. That is empowering
Them to live a more creative and engaged life for themselves.
I think you’re making great choices.
Awesome, thank you. I feel like I just got a little bit
Of psychotherapists for me.
I don’t think I can exist in the world. And not do that.
That is all right. I’ll talk a little bit about
Your common enemy. So generally, when we talk on the show
About the common enemy. Common enemy is something
That you run into regularly with your clients. I think this will
Probably make more sense in the context of your
Psychotherapy business than in the real estate business.
Because your clients, real estate businesses are homeowners
And whatnot. And I’m not sure how well it would tie in there,
Maybe it does. But common enemy is something that
You would remove from your clients life so you can help them
Get better results. Something that you run into on
A regular basis with people that you know is holding them back
That if you had a magic wand and you could just tap them
On the head with it and that would be gone. They would be able
To move on and get better results in their life. What would you think that is?
It actually works in in both;
In both of those spaces?
It works for;
I’m fascinated to hear both, then.
It works for psychotherapy, and you’ll
Recognize the reasons why immediately. And it also works
In real estate. And that may take a little bit more of an explanation,
But that’s why I entitled the book Fearless, because in our
Personal lives and in our business life, so often fear guides
Our decisions and fear is limiting. So naturally, in
A psychotherapeutic perspective, the more you can get people
To recognize their fears, because that’s part of it.
People oftentimes push their fears down; several meet them.
And by not looking at the fear, they don’t even realize
They’re reacting to the fear. So if you can get people
To recognize what their fears are. To be mindful of their fears,
Then in recognizing them, it’s kind of like one of those
Things where we talked about the fact that sometimes
If you can just be aware of whatever the issue is,
The issue kind of dematerializes in front of you,
Because it’s almost in its silence that it keeps its power.
Getting people to become fearless in their personal lives and
About their personal decision making. It empowers them
In their life and makes them feel more confident and more
In control of their own choices. When it comes to real estate.
Why that’s so important is because so often people will
When something is difficult, they’ll look away from it and say,
“Well, you know what, my portfolio is kind of working
The way it is right now. Yes, I’d like to be making more money,
But it seems fine, just the way it is.” Climate change
Is dramatically beginning to impact that. But that feels like such
A large existential problem that people feel overwhelmed by it.
That, technically, is what fear does. Fear overwhelms us and
Makes it hard for our minds to work easily clearly logically.
When I say fearless real estate investing in the era of climate change,
It’s because I do want people to become fearless. I want them
To become experts on being able to look at a new investment,
Assess the risks, and then decide yes, no. I can
Add something my bottom line with that or No,
The costs on that paperwork look good, now, but when
I look at my net operating income, 4 years out with
The kind of changes that are expected for the weather for
This area, or the sea rise in this or whatever, in won’t cost out anymore.
It’s those kinds of things that I really want people to become
Aware of. Find out what is holding you back, what is it
That makes you fearful with relationship to these issues.
Once you recognize them, address them and move forward
So that you can make your portfolio as effective and profitable
As possible by putting that fear again, kicking you to the curb.
Random technical question on that. If you did know
It wasn’t going to cost out at year 5 but it does cost out
All the way through year 4. Would you build a plan
That allows you to exit by year 4 or
Would you avoid the investment?
That is a brilliant question.
How I would address that with anybody
And I’m looking at you right now, as
A very wise investor who’s looking at changes
To your portfolio that could be very, very cost effective,
And bringing a lot of income for you. So what I would say
To you is, it has a lot to do with what your risk tolerance is.
Especially, if you’re looking at this with partners. It used
To be that we could just sit down with our partners and go,
“Why do these numbers work? That looks good.
It looks good.” Like you’re mentioning, “It only
Looks good to year 4. It only looks good to year 5.
We’ll sell after that.” This now brings in
A whole different element. Because let’s say you’re
Investing with partners. As I know, you mentioned you
Might be investing with a partner. When you’re investing
With partners, you have to literally sit down and say to them,
“I’ve done some research, I looked at the kind of changes
That are expected in climate in this area. Here’s the kind
Of research I’ve done. Here’s what I’m pulling up. Here’s
What’s happening with relationship to insurance in this area.”
You present them with the facts, you say, “Realistically,
This works for the next 5 years or the next 7 years.
But we have to start anticipating these certain costs
In your 3 these certain costs in your 5. We need to kind
Of make some decisions about where we would want
To keep it if we want to make the necessary infrastructure
Changes that would allow us to hold it because this is
An area that a lot of people are migrating to. Potentially,
We’re going to keep getting a great technical, but we have
To do the things that would be necessary to make sure
That the tendencies stay safe, and the building stays
In good condition.” So, it really is about examining
1) Your risk tolerance. 2) Your partner’s risk tolerance.
Even if the person that you’re investing with is your spouse,
And they’re not even actively taking part in the investment,
But they’re going to live with the ramifications of the decision,
That’s still an investment partner. And really understanding
How you feel about risk and knowing what the risks
Are is so important to making the wise decision. And so what
I would say to you is that that’s one of the things that I consult
On, is helping people understand the risks that they face
In an area or with a specific property and evolving
Their idea about what are you up for?
What do you not afford? And at what point should you keep
Or potentially release this investment?
Or should you make it at all.
If I’m understanding you correctly,
What you’re saying is, especially with things
Like climate change, that should be folded into
Your due diligence and your financial analysis of
That property through the life of it. If I’m understanding
Correctly, a lot of people aren’t yet doing that and
Are going to suffer from the ramifications
As the world continues to change.
Yes, you are absolutely correct. As a matter of fact,
There’s an entire section in the book about how to begin
To realign whatever your typical due diligence process is,
And begin to factor in the extra layer of things that you
Need to do to think about climate change with relationship
To not just the immediate purchase, but what your
Long range planning would be for property. So yes,
You’re absolutely correct.
It’s about making sure your due diligence is complete.
I’m curious about this topic,
And because climate climate changes is one of the
Subsections of things that are changing rapidly, and
I’m curious how much effort do you put in
Due diligence on the technological change. Is it
Changes that are happening things like
The automation of tech of transportation and automation
That you’re seeing other places and I know
There’s a like California for instance, has been implementing
Rules with regard to automated energy, where they’re like,
“Your building needs to be automated
To the point that like if there’s no one in the room,
The lights turn off.” Those are things that are
Becoming laws. When it comes
To doing your due diligence and looking at things
That are changing, are you also spending
A lot of time on the technology change as well,
When you’re doing your due diligence?
Absolutely. You’re paying attention to the things that
In the long run can improve and impact your property
In a positive way, as well as the things that can
Impact your property in a negative way. You bring up
A great point. One of the things that I do say to people is,
It’s always a really good idea when you’re stopping to
Look at a piece of property. Stopping to think about
How much your tenants are going to be having cars,
Or how close are you to public transportation
That is considered to be reliable public transportation.
Is there a new subway going in? Is there a new streetcar
Line going in? Is there an expanded bus system
That would allow your tenants to be able to leave
Their cars at home and be able to ride public transportation?
I’m not saying that is something you have to do. I’m saying
That if you make note of those things, that’s a property
That potentially is in a city that is trying to be more responsible
About how it looks at its carbon footprint and by doing
That, that’s likely to be a place that’s going to see
An expansion of job growth, which means people follow jobs.
It means you’re going to see a climate migration into cities
That are taking on that level of conscientious endeavor. Makes sense.
There’s a lot of things that are happening like that
All over the country. Things like certain states
Are legalizing weed. Properties that you can do
Growth indoors are going to be more in demand than
They were before or things like the proverbial single tenant
Lease building you have that is currently leasing to someone
Who was making horse carriages when the automobile
Was coming onto the market. You have to be
Thinking about those kind of things. You’re going
To lose that tenant when the horse carriages
Are no longer viable. Those are the kind of things
That you need to be thinking about when you’re doing
The due diligence for your real estate.
Because it’s true when you’re buying for instance,
Let’s say it’s an Office Plaza. If you’re looking at it, if you’ve
Got people that have businesses in there that are very
Much businesses that are more and more moving on
To the web; you may not have a stable a tenant pool
As you would if you’re picking up the shopping plaza
That has a chiropractor in it or a spa and
Facial location in it. Or maybe has a pediatrician in it
Or the things that people can’t go on to the internet,
The services that cannot be gotten anywhere, but from
Face to face. Those are the kinds of brick and mortar businesses
That have to continue to exist. Making choices about
If you’re picking up a shopping center,
And everybody in it had some kind of business that within
The next 5 years, you can see
Every single one of those businesses are going;
They’re going to be automated or webbed out of existence.
You’re probably going to have to replace that tenant pool.
And dependent upon the length of those leases,
The possibility exists, that a whole lot of those people
Are not going to be able to finish out there weeks.
Again, we looked at technology but technology
Is very much being impacted by climate. Every technology
And company is a good place to be watching.
Where are they setting up locations? Where are they
Moving to place warehouses? Where are they moving
To set up infrastructure situations for their employees
To be? Because again, climate change dictates climate migration.
Climate migration dictates places where people are
Going because they want jobs but it also means that
Every single one of those people needs a place to live
And a whole bunch of the members of the family that
Moved there aren’t going to work at that employer
They’re going to want to be setting up businesses or
Providing income and opportunity for restaurants or
Whatever might be there. Climate does impact
Real estate in so many layers. It’s almost
Unfathomable how many layers that;
It’s really interesting too. We’re just in such an
Interesting time right now because there’s a lot
Of things that are happening, that are making really
Big shifts really quickly. We’ve been
Familiar for the last hundred years or so that big
Populations, like the baby boomer generation, everything
They do affects pretty much everything. That generation
Is currently the one moving into the retirement community.
That’s a big change. But we have another change where
Our current generation that’s coming into money, is your millennials.
They’re starting families; they’re starting businesses;
They’re getting out of their college careers; and all that fun stuff.
And they buy completely different than any generation
Before them. They think differently. They buy differently.
They care about different things. It’s dramatically different.
It’s not like a little bit different, like it has been
For generation to generation. It’s just they’re the first generation
That grew up with a phone in their pocket.
Access to all the world’s information, and it’s a huge change.
Then you have legal changes
Where things are happening where things
Are legal now that they weren’t legal before.
That are that are changing things pretty rapidly
And you have climate and stuff that’s changing. There’s a lot
Of stuff that’s happening now, that makes your ability
To operate in spite of fear, to your point, is more
Valuable now than it probably has been ever before. But also scarier.
Yes, you’re right, because as things change. One of
The things that we know as a species is, we’re not
All that happy with change. We kind of like things to;
That’s too bad, because we’ve changed a lot.
I agree. But we like things to go along in a way where we establish
A routine. And then there are those of us. You and I think
Are people like that, who it’s like, change is kind of really
Exciting and really stimulating and makes you think on
All different kinds of exciting ways. But the difficulty with
Climate change is that so many of the changes are things
That we’re having to extrapolate and try to decide,,
It used to be this way and the patterns for the
Weather were this way. What can we anticipate will be more
Or less with relationship to that.
It makes it hard, a lot of times, and to factor in what we
Think is going to happen. And that’s why the research
Becomes so important. And I think a lot of times, the
Research is difficult for people and feels kind of heady
And overwhelming. But again, it’s like you said, if
We can embrace change, know the change is happening
And then be willing to go: change is happening, now,
What are we going to do about it? It feels empowering.
Then you can make decisions that you might not have been
Able to have made if fear, were standing in front of your ability to see forward.
If your common enemy is fear, and learning
How to operate in spite of fear of this thing you fight against,
Then your driving force is the thing that you fight for.
Spider Man fights to save New York. Or Batman fights
To save Gotham. Or Google fights to index and categorize
All the world’s information. What is that you fight for
With your business and your investing career? And, particularly,
With your book, that you’re putting out and trying to help people with.
It comes down to the two separate careers
That for in my life have very much intersected,
Which is empowering people. Empowering people
By pushing hesitation and fear to the side and embracing,
Learning what they can do to feel better about the quality
Of their investments. Better about the quality of
The real estate. Better about the the what their portfolio
Looks like, and ultimately, in making those choices.
Making choices that allow them to not feel caught
And trapped by the changes in climate that are
Already occurring. But instead to feel like those
Could be opportunities not just for their own portfolio,
But to empower the lives of the people who their
Real estate provides housing and businesses for.
As you mentioned earlier, and it was wise thought
That you had which is when we
Can empower others and make others feel better in turn,
We make things better for ourselves and such, when
You’re talking about your investment in the
Retirement community, you are doing so, yes to benefit
Your portfolio but also because you realize this is
A population that you feel could be better served if
You are in that space. And that’s the way it should be.
It should be something where when we’re making a decision,
We’re making a decision free of fear and a decision
That not only empowers us and our portfolio as investors
And as business professionals, but also as people within
Our community who value the other people in our community.
I have an interesting question. I think
Lines in really well with that. We’ve been talking
A lot about overcoming fear and hesitation
And then fighting for moving forward
And actually taking those jumps. I’m curious in your past,
I know this goes for me, but I’m just curious.
Whenever you’ve been faced with that, with something
Where you’re like, I’m either at this point I’m going
To hesitate or not do something because of fear or I’m going
To take action and figure it out as I go. Have you ever
Regretted the times where you just jumped? And wish you had hesitated?
Such a good question. And I would say no, I don’t regret them.
Because I’m one of those people who really views even
Something that somebody else might go,
“That was a mistake.” I look at and go, “But it was a lesson.
It was an adventure. If I hadn’t tried it. If hadn’t taken
That plunge, I wouldn’t have learned that lesson.
Had that fun. Filed away that knowledge for the next time.”
I’d have to say, there’s really no time when any choice like that wasn’t a benefit.
I was gonna say looking looking back over all
The things that have happened in my life or in
The same vein of thinking. I the only ones that I regret
Are the ones where I didn’t jump.
Because I’m like, “I wish I would have jumped faster
Or jumped sooner or jumped at all.”
All the times where I have, even when you’ve fallen flat
On your face, I’m like, “I learned so much. It was a great adventure.
I’ve got good stories from it.” Even if you get nothing
From it except a good story, it’s still worth it.
I agree. You can’t regret what you don’t do. You could sit
Around regretting that you didn’t do it. But you
Can’t really regret that you did do it because you never
Got the opportunity to experience it. I think it’s
Always better to give it a try. Throw your
Attention to it. Do what you can. The worst that happens
Is it doesn’t do what you want it to do. But the best
That happens is it’s so much bigger and more wonderful
Than you ever could have imagined.
One of my life quotes that I have posted up
And read regularly is from Mark Twain who says 20 years
From now, to regret more of the things you didn’t do
Than the ones you did. So throw off the bowlines, sail away
From the safe harbor, explore, dream, and discover.
Exactly. That’s perfect.
That’s how I tried to live anyway.
Your inner mantra.
My inner mantra.
I’m going to talk about something a little more practical.
We talk all the time on this show about your heroes toolbelt.
These are the practical tools you use to make your business
Go around. Thor has his big magical hammer
Or your neighborhood police officer has his bulletproof vest
That he puts on every day. What are some tools that you
Use on a regular basis that you think you couldn’t run
Your business without? Maybe, that’s your calendar
That you use to manage your schedule or the Excel spreadsheet,
You used to do your financial analysis on your properties.
What’s something that you use on a regular basis all the time,
You’re like, “My business just wouldn’t survive without this tool in it.”
I would have to say my phone, more than anything else.
I use my phone and because I keep all kinds of information
On it. I’m constantly on it, but I have a to do list every day.
There’s an inner kind of quality of calm that comes from me
When I know these are the things I’m doing.
I accomplish these things. I then when
I have those things accomplished. Warren Buffett is, in my opinion,
An amazing investor. One of the things that he says,
“People don’t take enough time to relax, to just be calm
And just be living their lives.” And he considers that
A huge factor in his ability to make wise decisions is
Because he also gives us mind. He’s running out
Meditating and finding that kind of quiet, it’s just
The quiet of being able to be present for himself.
When I run through my list of things that I needed to get done,
And sometimes you look at your list
And go, “I don’t need that. Sometimes I don’t need this.
Or I can do that on Wednesday instead of
On Monday or whatever it is.” I’ll move things around.
I’ll make it a comfortable way to be able to move
Through the day handed managing all the appointments
And everything else. And then I give myself time to go for a hike.
If I’m in an area where there’s an ocean, I love to go to
The ocean and walk on the beach. I love to go hiking
In the Rockies or anywhere you put a hill in front of me
I got a clim it. I love road trips. I love being on the
Road and seeing things that I wouldn’t see if I wasn’t driving.
You can fly over all kinds of things, but they just then look
Like little postage stamps down there. Like, the country
Looks like a quilt if you’re flying over it, but when you’re
In an automobile. As much as I love being in
The air and I love getting places quickly. I love the ability
To be on the ground. Talk to people. Experience what’s
Happening. See amazing things. Driving down
The road and all of a sudden you look over
And you go, “There’s that landmark over there.
Let’s go. It’s only going to take an extra half an hour.”
I love doing those things. I’m very spontaneous. So the list
And again, it’s an app on my phone that I used it. The list
Allows me to be so practical, get the things done that
Will allow me to go, “Good. I got everything done.
I needed to get done. Now I can go on and just have
That relaxation time. Mental exploration time.”
Absolutely. One of the things we talked about
All the time on this show is one of my other mantras
For life is giving yourself permission to play. I call it
Permission to play, specifically, because people struggle
With it and we have this thinking in our head, which
Is backwards that I must first accomplish in order to then
Play. That play is a reward for work done well.
And what I have realized over the course of my life is that
When you relax and you do the play properly, you are
Able to work well. It’s actually the
Other way around. That it’s the foundation of work well done,
Is being well rested and relaxed. You have to give
Yourself permission to play. And that comes in, in a world
Where we do have to actually get things done.
That’s where we’re doing things like having a calendar
Or to do list, you’re like, these are the things I need to get done.
When I do get these things done, I’m giving myself permission
To go play and that’s one of the things that
I like to work through in my life is like
How I build all of my businesses and the things that I do
In a way that I’m like, I want to maximize the ability
To play with myself, with my friends, with my family,
With my kids. Yesterday we spent the afternoon on
The cold beach out here, learning about climbing
And swinging on the swings with the kids
At the resort that we’re at here.
That’s why we do all of this stuff that we do. You run
Your business, usually things for the impact they have,
Or you do your job in everyday because that’s what
You need to do to pay the bills. But really, we live this life to play.
Exactly. It’s easy, as you mentioned, to lose track
Of that because we live in such a world of expectations.
People always expecting things of us, we expect things
Of ourselves. There’s paper that needs to get pushed.
There’s programs that need to be launched. There’s so
Many different things that we have to be doing on
A daily basis. It’s easy to lose track of that. In some ways,
People think that automation has made our lives harder.
In other ways. It’s made our lives a lot easier the ability
I used to keep a huge and my friends would laugh
At me if you could actually see it and
A huge calendar of things that had to get done all the time.
But it was a physical calendar. It comes
From back in the days when, I’d be sitting at a desk
That I had to be going to every day and be making sure
That things not accomplishing. Then I transition
That to physical lists that I wouldn’t
Be checking things off on a daily basis, but everything
That didn’t get done would have been moved to the
Next list or on to another list and so there’s no twist
About a technology. I know you love technology the way
I do. Technology’s made that so much easier because
I’ve got an app on my phone. I just keep my list on there.
I’m done with that for the day. Move the whole rest
Of the list to another day or another, a whole other area and
The program different folder and it has freed me from
Feeling overwhelmed by the amount of things I have
To get accomplished because I have a very busy life and
I know you understand this as well. I have a very busy life
And in order to be able to accomplish the things I do
I need something that makes it easy for me to keep track of things.
No one is … No one that needs to get moved and not have
To think twice about. That definitely would be
My superpower tool as a superhero, would be the ability
To be able to manage lists in a quick and efficient way
So that I get everything done and have that time for relaxation.
To bring that full circle to some of the stuff we were
Talking about before. If you go back to 2007 when the iPhone
Was released. A calendar on your phone was not a thing.
Not many people had it. Calendar or to-do lists.
If you did happen to be one of the few nerds that had one
Of those expensive smartphones like myself, the calendar app
On their cost $50 to add to your phone. It didn’t
Come with it. It was a $50 addition and the contact book
That you wanted to have with the calendar cost another $50
And if you wanted a to-do list app, it cost $50. Your smartphone
That already costs $500 cost $300 more for a couple of apps.
Paper calendars, the people who are in the business
Of making paper calendars today,don’t have
The same business they had 10 years ago.
The thing for me wasn’t that; like you said
You had all the apps, you paid the extra for the apps.
I was that other person. I had the I had my phone.
Then I had my Palm Pilot that was keeping track.
We’re taking ourselves back there.
There you go. Now you know how old we are. But it’s a good point.
It’s something that I’ve actually been surprised how often
That comes up on this show. That how important your
Calendar and your tasks are to living a life of freedom.
That the people who have the most freedom in their lives
Have the most structured calendars. And that to me is
Something that I thought about myself and I’ve actually
Had people who are not entrepreneurs tell me that
Living my life on my calendar is dumb.
I don’t get that. I don’t get that mindset. Because
They’re like, “You’re tied to your calendar.”
I’m like, “My calendar is like my lifeblood.” And every entrepreneur
I talked to, thinks the same way. They’re like: calendars equal freedom.
There’s so many things that
Must be accomplished in order to be able to keep
The business moving forward, that the ease of being able
To not have to juggle all those details in your head allows you
The ability to be able to be creative, and have
The availability to ideate. And because you’re not trying
To remember, “What time is that meeting?” You have
A place to go to. To look for what time that meeting is.
If you’re supposed to be standing in front
Of a conference, giving a talk. You know what day that is
And what time that is. You don’t have to keep
All those details. You’re free to just relax or to explore.
One of the things I’ve tried to explain and
I probably don’t articulate this as well, because I don’t have
The same psychotherapy background that you have.
I don’t quite understand the mind as well.
When I have my work schedule set aside, like this is when
I’m getting my work done. Or this particular work done, and
This is when I’m getting this particular work done.
This is when I’m spending my time with my family.
It allows you to be in that space 100%
You are right.
I don’t know what the name for that is or what that’s called,
But it’s like, this is my family time, I can just be there doing that.
That allows you to be; a question I get all the time.
We have 4 children, because not a lot of people
Have four children is like, “How are you giving
Your all to all of them?” And one of the things that
I realized a long time ago is that you can’t ever give 100%
Of yourself to everything all the time. You have to pick
Who gets 100% right now. And what gets 100% right now.
If you can set up your life, it’s like, “This is when
My family gets 100% of me. And this is when my work gets 100%
Of me.This is when myself gets 100% of me.”
That kind of thinking. I don’t know what that is.
What the words for that are. But that’s how I feel
About the calendar. The calendar gives you that kind of freedom.
The truth is that children
Require attention. That’s the reality of what it means
To be a little person who is being raised by
Big people who are helping them understand how to
Navigate the world. But in actuality, children also need
The opportunity to be on their own, to have their own
Sense of self experiment, try things, play in ways that
Are not directed by adults, because adults have their
Own set of expectations and mindsets and;
Habits and so sometimes some of
The most empowering things for child is the opportunity
To just explore for themselves and try new things. What’s it like
If I run over there into the water and I’m splashing around.
Mom and Dad are right there. I know I’m safe, but
I don’t have to be with them. To be able to know that I’m safe.
I can be with myself doing fun things that feel
Explorative to me, and at the same time, still have that
Sense of safety back there. I think that you’re
Doing your children a service by the way that your managing
Your life because again, everything is mentoring. So they’re seeing, so
Dad concentrates on the things he needs to do when
He’s doing them. Then he’s able to concentrate and
Spend time with us when he’s not doing this.
He’s not being pulled in multiple directions at one time.
I think you’re doing a great job.
Thank you. It’s an interesting thing too.
And as one of the things that I’ve really come
To notice with the whole child rearing thing is that
For whatever reason, it does not matter how many times
You tell the child the thing that they need to know until
They’ve experienced that themselves.
It doesn’t sink in. I have gone through this with
All three of my older children. They’ve gotten to the point
Where; don’t touch the pan. It’s hot. It just came out of the oven.
I don’t care that the cookies are on it. Don’t touch it. It’s hot.
It’s not until they touch it and burn themselves.
They’re like, “Ow, that’s hot.” Now, next time you tell them
It’s hot, don’t touch it. They’re like “I remember
Because I burned myself on it last time.”
The ones that are standing there that just watched that one,
Touch it and get burning hot. They now had
The opportunity for observatinal learning. “That was hot.
I’m glad I wasn’t the one;”
Glad I didn’t touch it. I tell my son all the time,
The best experience is someone else’s.
Exactly. It’s interesting, though, that you
Mentioned that because one of the things that actually
Comes to mind for me is with relationship to the things
That you mentioned a moment ago regarding, for instance,
Some of the things that are happening in California.
There are situations where we as investors, and I know
That you’re an investor as well. We get
The opportunity to look at some of the situations
That people are undergoing and recognizing,
“I don’t need to be in that situation to know that while
I would not want to be in that situation, and what
Affecting places can I be making to avoid that situation?”
That’s one of the reasons why I do point out
A lot in the book and to the point where, it may seem like
I’m hammering it because I am, which is doing
The research because, for me, I would rather the people’s
Portfolios not be damaged. That they do the time
Consuming work of looking at things and getting it cemented
In their head what they do and do not need to do.
Sometimes it can feel overwhelming to people and that’s why
I say contact me. We’ll talk it over. We’ll figure out a way
Because what it comes down to is you don’t have
To make the mistakes. There’s enough information
Out there to begin to make choices without having to make
The mistakes. Not having to touch the hot cookie pan,
But just wait and choose the cookie off the pan that you
Want when it’s cool. It’s the same premise. It really is.
Music is by Purple Planet Music. Visit https://www.purple-planet.com/
I want to transition a little bit and talk about your
Own personal heroes. Frodo had Gandalf.
Luke had Obi Wan Kenobi Robert Kiyosaki had his Rich Dad.
Who were some of your heroes? Were they real life mentors?
Were they speakers or authors? Peers who were just
A couple of years ahead of you, and how important were
They to what you’ve accomplished so far in your businesses?
That’s a really interesting question.
The first thought that comes to mind for me is my mom.
My mom was a very thoughtful, engaged, and imaginative person
Who was always on that fearless path. That definitely
Was a very early role model for me. The other thing
That I would say though is I happen enjoy school
A lot and I have had, whether we’re talking,
Preschool, elementary school, middle school, high school,
College. I have been lucky enough to; and when I went on
To get my masters. I would say, unquestionably,
I’ve had some of the most amazing teachers who were
So empowering. So committed to their students. Scommitted
To the education that they were trying to offer you.
I don’t think I could say enough about how lucky I feel I
Was to not only have amazing teachers, but amazing teachers
That made learning come to life for me. I think I’ve tried
To model that in the way that I mentor and train people.
Also I was a college instructor for quite a while and I know
I brought a lot of the things that have been valuable to me
Forward into how I tried to teach and mentor my students.
Because for me, every single one of
Those heroes that you mentioned, Frodo and Gandalf,
Is a really good example. Gandalf more than
Anything else is a tremendous mentor, a teacher and a mentor.
I bring that back to the work you’re doing in your
Own relationship with your children. It’s so empowering
When we just exist as ourselves doing the best we can
To be the best we can and how much that informs others.
So yes, I would say I’ve had some incredible teachers in my life.
I had some really good teachers as well.
I counted quite a blessing because some of
The things that I have going on in my life now. I get paid
To do copywriting, a lot of writing and stuff. When
I was in seventh grade, I had a teacher.
He assigned us our first, long form essay in school.
The first one you ever have to write. I wrote my paper
And turned it in. And then he handed everyone’s paper back.
He didn’t hand mine back. And I was like, “Oh, no.
I must have really effed it up if he didn’t hand my paper back.”
He’s like, “I need to see you after class before I give you your paper.”
I was like, “Oh, no, I must have really, really botched.” I show up
After class. And he was like, “I didn’t want to give you
Your paper back in class without explaining this to you first.”
He’s like, “But you don’t write at your level.” And he’s like, “You write
At a college level for a seventh grader. So, I graded you
At a college level.” And he’s like, “So, I basically ripped
Your paper to shreds.” He’s like, “But the point is, you so far
Exceeded an A in this class that I just graded you at a higher level.”
And he’s like, “I didn’t want you to like cry in class.”
That sensitivity he offered you. That’s great.
That was very nice of him.
He was like, “I can’t teach you more about writing
In the classroom setting because you don’t fit the mold.” He’s like,
“I’d like you to get permission from your parents to stay
After class once a week, and I’ll mentor you in writing.”
He did that for me and helped me become
A much better writer. I had cool teachers like that as well.
That really helped push me forward.
Those are such important moments that we contribute to others when
Those situations happen. And, and I respect the fact
That your instructor took that kind of time and mentored you.
But also recognized your talent and your capability
And made sure that you got the opportunity to recognize it.
That’s so important. It really is.
He probably doesn’t even remember me. It was like 20 years ago.
It’s a thing that he does as a teacher. I love teachers
Because of that. Because they get they get kids for 6 months
Or a year at a time, and they make a huge impact.
Then they may never hear about them again or even get
A chance to think about them again. It’s such a selfless thing.
One that your teacher would definitely do.
Possibly. Let’s bring the interview home
For our listeners a little bit. Last question is your guiding principles.
What are the top one or two principles or actions you
Use regularly today that you think contributes to the success
And influence you enjoy in your business? Maybe something
That you wish you’d known when you first started out
In this entrepreneurial journey?
Without question, I have always been a curious person.
The minute I hear about something and I find it interesting,
Which I find so many things interesting. I’m going
To research it. I’m going to research it. I’m going to dig deep.
I’m going to find out everything I can about it quickly
And efficiently. To then, be able to have that knowledge
At my mental fingertips. So I would say that the curiosity
And again that incessant need to solve problems.
I’ve been a person who spent my whole life recognizing
When that when people feel that they have problems,
It causes such anxiety for them and it holds them back
Even if the problem is as simple as, how do I
Get to the grocery store when my car doesn’t work.
I’m going to ideate the heck out of that. Makes it
A lot easier now that there’s Uber and Lyft. But it’s one
Of those things that; I can’t turn that off
That problem solving ability. I do usually come up
With really creative ways of handling things. You put
Those things together for me and that incredible curiosity
That is just constant. And then that problem solving ability,
You put them together and they do create relentless
Innovation because I can’t not solve the problem.
Can’t not try and solve the problem in a way that’s
As efficient as possible. Very much like things that
Are done quickly and efficiently. I would say that probably
Those would be the ones.
Absolutely. So relentless innovation and curiosity.
Problems … the end of time
That, basically, wraps up the interview portion of our show.
I got two more simple things I want to do. One of them
I do on every show I call the Hero Challenge. Hero Challenge
Is simple. And it’s basically this. Do you have someone in
Your life or in your network that you think has
A cool entrepreneurial story? Who are they? First names are fine.
Why do you think they should come on our show and share their story?
That’s a really good question. I really do have
A lot of people like that. I feel very lucky in that way.
What is the first one that popped into your head?
Actually, the first person that popped into my head
Is a friend of mine who is a psychotherapist. Her name
Is Dr. Christine Rank. And she is very much committed
To people engaging their creativity in ways. She wrote
A fantastic book about it. I would say that in portions
Of my life when I have felt like I’m stymied or I’m not coming up
With an idea, I can pop open Christine’s book and bam,
I’ve got a new idea. So Dr. Christine rank, I definitely would say that she’s;
So we’ll try and connect afterwards
And see if we can get her to come on the show and share her story.
Last thing, basically, I want to thank you so much for coming
On the show. Really appreciate it. It’s been a fascinating
Conversation longer than most of my other conversations,
Generally, which is cool. But I want to find out from you,
Where can people find you? Where can they pick up your book?
Where can they; any of the other things
That you offer for clients, where can they find you?
And who are the ideal type of people to reach out for your services?
To be able to find me that’s a pretty easy thing
Or you can go to https://relentlessinnovator.com/about-bl-sheldon/
You can go to https://relentlessinnovator.com/
Either one of those places would give you immediate
Information and access. The place where you can
Locate the book. The book is in multiple formats.
You can find it on Amazon in paperback or Kindle edition.
It’s also available on Amazon in audiobook form. It’s also
Available on iTunes in audiobook form. I’m pretty easy
To reach and reach out to. In terms of the people
That could benefit most I would say that while the book
Can be read by anybody, it really does give you a
Good understanding of how climate change is creating impacts
In all of our lives. I look at it as a book that’s primarily
For the real estate industry and all the ancillary industries
Associated with real estate from realtors to insurance agents,
Property managers to property inspectors appraisers,
Mortgage companies, It really is a full service book for
Understanding how our entire industry will and is already
Being impacted by climate change. The last 20 pages
Of book are over 100 resources for places that people can
Go to understand how climate change is impacting
Different segments of life with regards to real estate.
Those are also available on the website at; if you go
To Relentless Innovator, you look up in the upper right hand corner,
It says download the resources, those same resources
That are at the back of the book. You just start clicking
Through and reading things that could be relevant to them.
But also if you go to relentless innovator, you’ll see I do
A lot of public speaking, I do consulting for clients who
Are in need or assistance of how to look at their real estate
Or how to understand the process better with relationship
To climate change, and they can find me there
And send me an email and let’s talk;
Real quick for me, if someone is currently evaluating
A deal and they’re listening to this show. Is there a tell
That they should be looking at me like I should absolutely
Be reading this book before I make a decision on this property?
Yes, I would say absolutely. Because every region of
The country and every region of the world, I also cover
Things that are going on globally, has unique tests
That are going to be occurring and are already occurring.
There is a section in the book, chapter four, that is
Completely all about the various risks around the globe.
And the areas that are impacted with those kinds of risks.
I would definitely say that. There’s an entire section
On how to do your due diligence, again. You already
Have your layer of due diligence that we all always do
As real estate investors, but the layer of how you look
At climate change on top of that due diligence and how you
Cost that out. How you start thinking about cost relationship,
That’s also there. And again, if anybody has any questions,
I always want them to feel very comfortable. Just go into
The website https://relentlessinnovator.com/
And let’s start talking. Finding ways that you can make your investments
As profitable as possible in light of climate change.
Awesome. That concludes
Our episode here. So if you’re listening and you want
To pick up the book at https://relentlessinnovator.com/
Thank you so much for coming on the show. Really appreciate it.
Do you have any final words of wisdom before
We hit the stop record button on this episode?
I would just say that whatever you do, just keep kicking,
Fear to the curb and be a fearless, relentless innovator
And you yourself will be effective in your life.
Absolutely. Remember, you can learn to build
That parachute on the way down.
Yes, because if you’re paying attention, you will find all
The information you need at your fingertips.
You just have to keep staying aware.
Awesome. Thank you for coming on the show.
Thanks a lot. You have a good day, Richard.
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A peak behind the masks of modern day super heroes. What makes them tick? What are their super powers? Their worst enemies? What's their kryptonite? And who are their personal heroes? Find out by listening now
The HERO Show
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