#80 with Ryan Murdock: Creating Systems to be Completely Hands Off and Have Your Business Operate Without You
Millennial Millionaire Real Estate Podcast
English - September 24, 2020 18:48 - 43 minutes - 80.4 MB - ★★★★★ - 56 ratingsInvesting Business Homepage Download Apple Podcasts Google Podcasts Overcast Castro Pocket Casts RSS feed
In this episode, Jonathan Farber interviews Ryan Murdock on his journey from leaving his stable corporate W-2 job with a househack to killing it in real estate and achieving his financial freedom. Ryan is a multitalented real estate investor based in Hawaii whose key strategy is always adding value. In this episode, we delve into topics like: work life balance as an early investor, using leverage to grow your business, being a value-add person, and more!
Top Takeaways:
Managing your work against your life on the way up - 8:45 - 14:15
If you want to get to that comfortable place at the end, it takes a lot of grind
Especially when you’re handling everything on your own, everything is on you
Once you move the basic everyday responsibilities to someone else, your time will open up
You need a solid foundation to build on but good partners accelerate growth
Bringing leverage to your operation in the growth stage - 14:30 - 17:00
For a small multifamily business, there may not be a lot of margin for new hires
The first few deals are often pure grind, but there is good learning that comes with that
As you get more efficient and your margin widens your systems can make room for hiring
Staying engaged in your network will keep you open to help when it approaches
The benefits of having a value-add reputation - 18:00 - 22:40
Any long shot opportunity might turn into your next best connection
If you think you have a way to bring someone value, don’t hesitate to offer it
The worst case scenario is they turn you down and you keep helping elsewhere
More often than you might think, the value you add is compounded and returned
How to bring value to Ryan Murdock:
$100k finder’s fee for warm, off-market mobile home park
Resources:
Book by Tim Ferriss: The 4-Hour Workweek
Book by Chris McChesney, Jim Huling, and Sean Covey: The 4 Disciplines of Execution
Social Links:
biggerpockets.com/users/RyanM177
Connect With The host, Jonathan Farber Here!
LinkedIn: https://www.linkedin.com/in/jonathanfarber1/
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Schedule a time to talk: https://calendly.com/jonathan-farber/1-on-1-with-jonathan-farber-mmtr
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