Addicted to Real Estate Radio

Sep 18th, 2010366 Comments
950 AM this Sunday

Phil Falcone

This Sunday, 9/19/10 at 8 Am Phil Falcone will be on 950 AM. Addicted to Real Estate hits the airways. http://www.Addicted2RealEstate.com

Developing the Entrepreneurial Spirit in Children

Sep 3rd, 2010174 Comments

I love the business that I’m in, and while there are a lot of ways to make money in this world, I happen to think this is one of the best. I very much want my son to follow my footsteps into this business. My son is currently twelve, but I already had countless discussions with him about the real estate business. Over the summer in between school, I was working on several flips, and I required him to work a minimum of four hours a week at my buildings. I paid him well for his time showing him what hard work paid. I had him painting doors and doing various projects. I’ve always believed that construction is an essential component to being a landlord. When you’re coming up in the business, you need to learn how to fix things even if you intend to hire people to do it. The knowledge and skills have been priceless in my career, as I still to this day build a kitchen from time to time.

I work too hard for my money and have too much respect for my nest egg to see it go to waste if my son is not focused on going to college. I’d hate to spend $50,000 a year so he could smoke pot and chase girls and get mediocre grades. I would demand that he does much better than that for a return on my investment of $50,000 year. If he has no desire to attend college, then I would offer him a plan I call entrepreneur 101.

Entrepreneur 101 assumes that college costs $50,000 year for four years giving you a $200,000 investment in your son’s education. Why not use that money to buy a $1 million apartment building with say fifteen units in it. I could buy an apartment building and have my son work there. As he learns about construction, communication with tenants, sales as he rents apartments and all the other various things that you learn when you manage a piece of commercial real estate. If he does well there, I could offer him a piece of the building, and if he doesn’t do well there, he could take the low road and my money didn’t go to waste.

I want my child to grow up to be an entrepreneur who steps up to be a man and make something of his life like the millions of Americans before him. To me American ends in “I can,” and I believe that I can do anything if I set my mind to it. Working for yourself is one of the greatest experiences you can ever have, and being your own boss provides you with rewards you will experience every day for the rest of your life. No matter how much money you make if you’re an entrepreneur who works for himself, I think you can guarantee you will be happier and healthier as your stress levels will drop off significantly.

Working for somebody else can be incredibly stressful, and when you throw in all the office politics, it’s enough to make you nuts. I went to college for engineering and worked as an engineer for ten years as well as a salesman for ten years. So even though I worked in the corporate world for twenty years, my heart was always in being an entrepreneur. These ideas don’t come without some effort. Your children need to be taught how to be entrepreneurs, and they need to be taught an entrepreneur’s attitudes toward business. They certainly won’t be taught this from some unionized teacher in a public school system that never made a payroll in their life. They need to be taught this by you and they need to see this lifestyle lived by you as an inspiration for them to enter into a business like the real estate business.

On the flip side, I don’t want some liberal professor who spent his whole life going to college and then working in a college messing up the way my son’s thoughts are processed. I’ve met more than my share of professors, and I think many of them have a liberal attitude in politics and an elitist attitude in general. I want my son to be inspired by business people who made their bones in this world by working hard and taking chances to become something. I don’t want a liberal professor who never had to make a payroll in his life explaining to my son how the business world works because he has no idea how it really works. If he had any real business skills along with the guts to make it happen, he would not be teaching it. He’d be doing it. Capitalism is not a dirty word in my house, and lame liberal attitudes along with overreaching government officials are something we strive to fight.

Writing this book is another way of getting through to my son. First of all, I can make it mandatory reading for him easily since he has read many books for school. His school requires him to read twenty-five books during the school year, so this one will surely be on his list. The second idea is what if I fell off a cliff tomorrow? My wife would see to the business and raising my son, but only I can communicate to him my theories on real estate as I have written in this book. He would become an owner one day of some real estate, and this book may get him off on the right foot. Go out of your way to be your children’s professor of entrepreneurism and help them to develop the much-needed spirit in their hearts.

Alignment of the Mind

May 30th, 2010643 Comments

I believe that I have the ability to accomplish any task I set my mind to with ease and comfort. I’m not afraid of making a fool of myself or being laughed at if an idea that I have appears funny to some. I have to be confident in my plan to the point that I sound arrogant. I have to be brave enough to throw large deposit checks at a dream that may or may not ever come to fruition. I have to accept that there is a chance that I would lose my down money or end up in a legal battle fighting for it costing me even more cash. I call this type of thinking the alignment of the mind. Much like the way an athlete prepares himself for a big game, you have to prepare yourself to enter the commercial real estate world. As you discuss your plans with your family and friends, my guess is you’re going to experience a lot of negativity and pessimism. I can hear myself arguing with people who care about me, talking about my plans; while I may not have been able to convince them that the plans make sense, I was convincing myself with every comment I made.

I think it’s important to say your plans out loud to whoever will listen, and if you’re in a situation where no one will listen, then say them to yourself. That’s correct. I am saying to talk to yourself. You might find your talking to the most intelligent person in the building anyway. Sometimes an idea in your brain may make sense, but when you try to explain it to someone intelligent, it doesn’t come out so well. So keep saying it until it does. This process will help you come up with a plan that has a great chance of success. Talk it out. When people ask me about real estate, I tell them to go get a pillow. If you get me started talking about real estate, you’d better make yourself comfortable because I’m going to go on for quite a while. Keep telling yourself you can be the best at real estate.  Remember half of all landlords graduated in the bottom half of their class.

I have some other guidelines I try to follow and I would like to share them with you below.

Health:

Drink plenty of water.
Eat breakfast like a king, lunch like a prince, and dinner like a pauper.
Eat more foods that grow on trees and plants and eat less food that is manufactured in plants.
Live with the three E’s—Energy, Enthusiasm, and Empathy
Play more games. I play poker often.
Go to the gym every day; don’t stay longer than an hour.
Read more books.
Sit in silence for at least ten minutes each day.
Take a twenty-minute walk daily.

Personality:

Don’t compare your life to others. You have no idea what their journey is all about.
Don’t have negative thoughts about things you cannot control. Instead invest your energy in the positive present moment.
Don’t take yourself so seriously. No one else does.
Don’t waste your precious energy on gossip.
Dream more while you are awake.
Envy is a waste of time. You already have all you need.
Life is too short to waste time hating anyone.
Make peace with your past so it won’t spoil the present.
No one is in charge of your happiness except you.
Realize that life is a school and you are here to learn. Problems are simply part of the curriculum.
Smile and laugh more.
You don’t have to win every argument. Agree to disagree.
Society:
Call your family often.
Each day give something good to others.
Spend time with people over the age of seventy and under the age of ten.
Try to make at least three people smile each day.
What other people think of you is none of your business.
Your job won’t take care of you when you are sick. Your friends and family will.

Country:
Respect and support the founding fathers of the United States of America.
Support the troops of the United States military.
Support democracies all over the world.
Beware of socialist and communists who want to change the USA.
Own a gun and be prepared to defend your country with your life if necessary.
Defend your freedoms at all cost.
Life:
Do the right thing!
Get rid of anything that isn’t useful, beautiful, or joyful.
However bad a situation is, your brain has the way out if you just use it.
No matter how you feel, get up, dress up, and show up.
The best is yet to come.

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