by | 20, Sep 2022

Six Millionaire Habits That Changed My Life | Ep. 276

These habits, 3 from Anthony and 3 from Dan, changed their lives. These habits are sourced from millionaires such as

Habits are funny, and they differ in efficiency with each person. The key to a successful habit lies in your consistency! We’re not going to make any promises that YOU WILL become a millionaire if you do these six things… But we will promise that at the very least, you will be closer to being a millionaire than you were before.

So, what are the millionaire habits that changed our lives?

Find out on this week’s episode of Multifamily Investing Made Simple.

LEAVE A REVIEW if you liked this episode!!

Tweetable Quotes:

“I do believe that successful people have a way of finding ways to leverage their psychology.” -Anthony Vicino

“I thought the box I was born into was kind of like what I had to work with. But something clicked, and realized I could chose my own box.” – Dan Krueger

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five rules of investing

The Five Rules of Investing

** Transcripts

6 Millionaire Habits

[00:00:00] Anthony: Hey, what’s up listeners. Welcome to multifamily investing made simple. I’m your host, Anthony. Dan. Kruger he’s over here. It’s my left, depending on how you’re looking at us. I guess if you’re listening to us in the headphones, Dan’s on the left ear and I’m on the right ear. Is that how that works?

[00:00:27] Dan: Yeah. Are you sure?

No, it should be because that’s how we’re sitting, but if you’re watching, I’m actually on the right. So I

[00:00:34] Anthony: think we, I do believe we come in stereo. So, oh, both of us in both ears at all times. Oh, that’s unfortunate. Mm-hmm yeah, it is unfortunate because I it’s been scientifically proven that the Tamra of my voice comes through and resonates better when it’s coming through the, your canal on the right side of a human’s body.

True, true, true story. I wouldn’t make this up. So

[00:00:57] Dan: scientists studied this [00:01:00] in a lab. It

[00:01:01] Anthony: was studied by a person who refers to themselves as a science ologist. And Tom cruise. Uh, it was, it was me, Tom cruise and John Travolta in a closet. Do you remember that, that whole, do you remember that whole? I was there.

That was like a decade ago at this point. That was a whole shenanigan. It was weird. Anywho. I don’t wanna talk about, Hey, thanks for being here today, listeners. Um, we’re gonna dive into something. I think that’s. Help potentially helpful. Maybe even interesting. You tell us maybe even valuable could be worth a million bucks.

I don’t know. That’s a good point that, that right there guys. That’s the lead. That’s the, if you, if you listen to this podcast and to what we’re about to share with you, you, I can guarantee I can guarantee this hashtag no guarantees, um, that you’re going to in 10 years be a million. If you listen to this podcast and [00:02:00] then do everything that we say again, hashtag no guarantees.

So what do you think about that, Dan? I think that’s,

[00:02:07] Dan: uh, that’s a really strong offer and be an idiot to say no. So don’t be an idiot.

[00:02:14] Anthony: Don’t tune out. idiot. No, you guys aren’t. You guys are, you guys are awesome. Thanks for being here. This friend to channel her

[00:02:20] Dan: mosey

[00:02:21] Anthony: offers, so, oh yeah. Offers so good. that you feel stupid saying no.

Is that how it’s exactly? How is that? Okay. Felt off. Do you feel, have you, have you ever made an offer? That was so good that somebody felt stupid saying no. Yeah. Every day did they say no?

[00:02:34] Dan: No, no. One’s ever said no to me ever.

[00:02:38] Anthony: That’s cool. That’s better than me. That’s like, that’s, that’s a high, that’s a high batting average.

Never said no,

[00:02:44] Dan: I just don’t offer anything to anyone. that’s

[00:02:47] Anthony: my secret. Yeah. I just kinda set on my hands too. Yeah. All right. So today we’re gonna talk about six habits of the millionaire real estate investor. Uh, we as always come into this conversation, having not compared notes, Dan’s going to give [00:03:00] you three habits that he thinks are vital for the millionaire real estate investor.

And I’m gonna give you three in mind. Um, I don’t know, who’s gonna have better habits. Um, does yours involve cold plunges and red light therapy? Mmm. And no, no tail,

[00:03:19] Dan: no, none of these things. It doesn’t none of, none of these things you have to get up earlier to

[00:03:22] Anthony: do in the morning. Do you have to nothing? No probiotic, no health.

No, no,

[00:03:28] Dan: not morning routine BS. Wait.

[00:03:30] Anthony: Okay. Okay. That’s interesting. Sorry

[00:03:32] Dan: for you Mo morning routines.

[00:03:33] Anthony: Well, nothing on his list is . Well, we’ll get to that in a second. Before we do, let’s take a, let’s take a hard left. Let’s take a detour out into the corn. and Dan, how about you? Give us some bad investing advice.

[00:03:46] Dan: Sure. Uh, multifamily real estate is the best investment. You should put all your money into it. I already did. Oh yeah, me too, actually. Um, highly leveraged. So I think, I think that [00:04:00] is, um, I obviously we’re. Fanboys of, of multiple do, as we say now, because we do, we’ve got, we’re like your mother in it, basically.

I dunno, I dunno about you, but I’m like 90% plus of my net worth in it, working on diversify, uh, some of that out of there. Um, but I just wanna say that there’s so much stuff that is pitched by, um, people as, oh, this is the best thing ever. This is the best thing ever. And honestly, I can say, I know people who are killing it in.

Uh, aspect of every class of real estate, whether it be retail, industrial farmland, multi-family all these aspects, all these, all these asset classes people are doing really, really well in. And so I get asked this a lot by people. Like, why multi-family, why do you, why do you guys think that’s better? And it’s, we don’t think it’s better than other asset classes.

We just know it super well. And for that reason it’s lower risk for. Because we’ve got a lot of experience. It’s our comfort zone and that’s where we like to play. We like to, you know, [00:05:00] niche down and focus, but you could do really well across all assets of real estate. So by no means because we’re fanboys of it, does that mean it’s the best?

So, yeah. And,

[00:05:08] Anthony: and the important thing I think there is to understand the difference between being real estate operators and investors who invest in real estate. So when you talk about like the majority of your net worth is in real estate, what you’re really saying is like the majority of your net worth is tied up into this business that we have built.

Yes. Which invests in real estate. And for us then multi-family is the logical extension because it’s where we have a unique advantage. It’s where our core competency is. However, uh, if, if we were not doing this and we were diversifying a bit more in, in investing with other operators and other geographies, other asset classes, you know, we would.

We would not have a unique advantage and so diversification and finding those things that would make sense. Um, but I would say over the last couple years, we’ve been such in such growth mode where all the money coming into our lives just goes right back into the, into the, the machine and [00:06:00] fueling it and building it.

And I think we’re hitting an inflection point now in our own personal investment life where it’s like, okay, let’s, let’s start to take some of those chips off the table and start to move them elsewhere. Mm-hmm . For the listeners out there. It really depends on where, what angle you’re coming at this from,

[00:06:16] Dan: right?

Yeah. I, I focus on stuff that, that you could wrap your head around and you can understand. I mean, that’s the, that’s the biggest thing. Um, you’re gonna come across many, many, uh, individuals that are, that are incredibly biased and will pitch their thing that they’re probably trying to sell you as the, the best thing, but, um, just stick to stuff that you can understand and wrap your head around.

You don’t need to be a total expert on everyth. In that business, whether it be stock or real estate or an asset class or whatever, but you’ve gotta be able to get your head wrapped around it and understand it. So you can sleep at night and not worry about, um, the unknown.

[00:06:51] Anthony: I, I was guilty of this, I think in the beginning when I was like very hoorah and multi-family, and especially like, for us in the beginning, you, we had to change people’s I [00:07:00] like the identity that they had for us.

Right? Like you being a corporate finance guy, me being like more entrepreneurial in other areas when we started doing real estate, I’m sure you probably had the similar experience. Where’re having conversations with friends and family and like people who knew you as one thing. And now you’re like, oh, I’m I do multi-family in real estate.

Right. And when you’re making that switch and trying to get people to look at you, differe. it’s very easy to like overs. Like the thing that you’re, you’re doing now, like, oh, this is the best thing since slice bread.

[00:07:26] Dan: And, and I think that’s a product of just kind of finding something that you’re obsessed with too.

Yeah. Cause we’re just like super amped about this, um, finding this path and it’s like, oh, this is what I’m gonna do for the next several decades. And I’m super psyched and it comes across as like, oh, this is the best thing ever. It’s like, yeah, it’s the best thing ever for me. Yep. I’m super psyched. Not saying it’s the best thing ever for everybody.

It is great. But

[00:07:47] Anthony: anyways, I definitely went through this. Period in that beginning time where I poo-pooed a lot of other things, I was like, this is stupid. This isn’t the highest and best use. Like, you know, and I, the reason [00:08:00] I’m thinking about this is cause I saw somebody else put, make a post today that I could’ve seen myself many, many years ago, making, which is something about like 401ks or dangerous and stupid in a bad investment.

I don’t think I would’ve ever said it in those terms. Oh, I saw that too, but it was effectively like 401ks or like a riskier investment than real estate and, and I’m just softening. In my age where I’m like, yeah, you know what? I think there’s a place for a lot of different strategies and a lot of things can make sense.

So just

[00:08:26] Dan: Peter teal did pretty well with his IRA. So he

[00:08:29] Anthony: did not suck. I mean, he, he almost ruined it for everybody by making too much money and making everybody angry. But, uh, I can’t fault him for that, just using the game. So that’s all to say anybody. I think that like anybody that speaks so, and like super black and whites is always suspect.

Especially in the world of business and, and investing. So with that said, here are six black and white habits of the millionaire real estate investor. Again, do what I say, not what I [00:09:00] say. So my mom used to say that to me all the time. I,

[00:09:03] Dan: my brain broke a little bit. When you said vote, can you, I, it stopped.

I gotta go like

[00:09:08] Anthony: re reboot. My, my mom was fond of saying two, two things. And I’m curious if your family, if your mom ever said these things to you, one was that do what I say, not what I. oh, well, before you said, I know, I know what I said. I said, do what I say. So she said the, the right. Not what I say. Okay.

Oh yeah. She said it the right way. This time I said that makes me feel better. Was like, do what I say, not what I said. Okay. I’m just trying confused. Yeah. So she would say do what I say, not what I mm-hmm do, did your mom say that? No. No. Oh, never did your

[00:09:35] Dan: dad. Well, I mean, I shouldn’t say I don’t definitely, wasn’t like a reoccurring thing that was, I don’t think they.

Said that,

[00:09:42] Anthony: oh God. I mean, you know how like Bart Simpson would say like, how will bunga dude or eat my shorts and Homer be like, dope. That was like my mom with that phrase. The other one, my mom was aggressive. She would say, I brought you into this world. I’ll take you out. Never heard that either. No.

[00:09:55] Dan: Have you met Robin?

I lived in fear. I lived in fear of [00:10:00] my mother. My mom you’d know that. Uh, she’s not, she’s not aggressive. Okay. She’s a softie. She is she’s she, there’s a lot of things that she would say a lot, but, um, I love you.

[00:10:13] Anthony: Did your mom tell you she loved you? Damn. Yeah. Still waiting. I’m still waiting for those words of affirmation, but, um, this is, uh, getting into Anthony’s, uh, mommy issues.

[00:10:26] Dan: Yeah, but too much segue. Just skip the, no, let’s just leave that on the board. All right. Habit. Number one, bottle up your, your childhood issues and ignore. Is that

[00:10:37] Anthony: I would say use them as fuel. Ah, I do like this isn’t one of my habits, but I do believe that successful people have a way of fi finding ways to leverage their psychology.

Yeah. Some people are very competitive. Some people are very like chip on their should and, or show the world. And some people are, are very different, right? They’ve they, they’re not competitive and [00:11:00] more collaborative. And so regardless of what your psychology is, Successful people that I’ve met, they’ve all figured out how to leverage it and like poke their own bear, so to speak.


[00:11:09] Dan: no, I I’ve always been one. Well, not always, but like the last half of my life I’ve used, you know, uh, theoretically negative things as, um, inspiration or motivation to do well. So it could be like a failure could be the motivation to do better or. Um, you know, the, uh, having a bad relationship with somebody is the motivation to go out there and be as good as possible and try to get into a good one.

So trying to like, take it negative and use it as jet fuel for whatever’s next.

[00:11:41] Anthony: Yeah, I think, I think failure, rejection. I think those are really popular fuels. I was listening to a really interesting podcast on this topic the other day. I felt like you go through these different phases in life. And a lot of times entrepreneurs struggle.

I think this was just HSI, actually, HSI and ed. They were talking about how, you know, the thing that got you here in, [00:12:00] in Alex’s case, it was like this I’m gonna prove my dad wrong, you know? And then once he had proven him wrong that that fuel has to change and sometimes someone else. Yeah. And a lot of people, they struggle for a while.

They’ve like hit their peak and they no longer have that fuel that they had before. And they haven’t figured out the new leverage point. So maybe that’s a that’s, that’s maybe a really interesting. Um, to think about, uh, that was not one of my, my that’s a bonus one, but how do you leverage your psychology to like, I’m gonna call it, poke your own bear.

[00:12:34] Dan: Yeah. Yeah. And I think it’s good because I think for me early on, it was, uh, Fear of, of failure was a huge motivating factor. When I was first getting started, it was like, I just, I just don’t wanna be broke. Right. So what happens when you get past that point of, of, you know, not being able to pay rent and that kind of stuff, you gotta find something else now there’s baby.

Right. That’s kind of the next leg. Okay. Now I’ve got a human, I’ve got a sport instead of good example for, so it’s,

[00:12:59] Anthony: it’s so [00:13:00] interesting. I I’ve never felt a fear of failure so much as like this fear of expectations. of just, I don’t know, maybe I’m simple and I’m just like, I’ve always thought that I’m a little on the spectrum, but I I’ve never been afraid of not succeeding at the thing.

It’s just always been like, that’s the thing. Then we go do it. I don’t know. It’s it’s very simple. Very simple, man. Yeah. Whatever works for you. Yeah. And whatever works for the listeners, I’m, I’m sure everybody’s got something that they can lean on. I think the fear of failure is a really common. Yeah, so all, so let’s get into our actual, we let off with a bonus.

What’s what’s what’s what’s your actual, what do you got over there?

[00:13:44] Dan: Uh, oh, should we, should we start now? Oh yeah, yeah, yeah. All my first one is, excuse me, uh, be slow but fast. Oh, interesting. Meaning, uh, now we’re talking about six habits of, uh, millionaire, real estate investors. So this isn’t just generic millionaire stuff.

This is for people who are [00:14:00] investing in real estate. Um, and we’ve heard, you’ve heard us talk about this kind of. Before quite a bit, which is, uh, the best investors in the world. Um, don’t do a bunch of transactions. Typically they really focus on just finding the extremely asymmetric risk reward opportunities, where it’s almost painstakingly obvious that this is amazing deal.

And buffet had a, a really great way of, of, of describing this. He said, you know, people should pretend like they’ve got like one of those little subway punch cards with like 10 little things. punch 10 holds you get a free sandwich. He’s like, you should go about your life. Pretend like you can only make 10 investments and only make the absolute best one.

So that’s kind of the slow piece is be very selective with what you’re investing in. Don’t, uh, go out and try to get in on everything only go in and try to find the best opportunities. And when you find those, you gotta be really fast. You gotta go and you gotta execute quick because good deals don’t last long.

If [00:15:00] it’s. Pretty obviously it’s, it’s a good deal. Somebody else might come in and snap it. So you gotta, you gotta run.

[00:15:05] Anthony: Yeah. We talked about this one. Uh, that time only hurts deals. So the longer it takes to get it all done, not even somebody come in, snagging it per se, but maybe like market dynamics, just shift and like the debt that you could get changes, like a of things can happen.

So you have to have, how do they, I think maybe Gary V says like, um, it’s like macro patients micro. I think that’s a really interesting way of looking at it, like be patient over the 10 year horizon and how long it’s gonna take to realize results, but be really impatient in the moment. Cuz you gotta like get out there and take action.


[00:15:41] Dan: yeah. And I guess in real estate it might be sitting on your hands for a year and then that thing pops up and you sprint at it incredibly fast. Yeah. Don’t problem.

[00:15:49] Anthony: The, is that analogy that you used with, uh, with Warren in the, the subway punch card made me think of another thing that Warren buffet.

Which was when he first went to work with Benjamin [00:16:00] Graham, who was like the guy that wrote the intelligent investor was the godfather of value investing. Um, he went to him and said, I will work for you for free. And Benjamin Graham looked at him and said, even at free, you still cost too much. And I was thinking, when you were like the subway punch card, like you get like 10 of those and then you get a free subway sandwich.

And I was. Hmm. You hate on even a free yeah, I am even at free that subway sandwich costs too

[00:16:22] Dan: much. yeah. I mean, when you got Jimmy John’s well, I go to subway.

[00:16:26] Anthony: Exactly. I mean, I used to eat a lot of subway, but too, it is, it ma the only thing I’ll say on it is it feels like the bread. It feels like I’m eating a sandwich in a sauna.

I don’t know why, like, it just feels wet. It’s like sweaty. It’s sweaty, sweaty bread. The whole sweat. It’s sweaty. I don’t know. I don’t wanna sweaty

[00:16:44] Dan: sandwich. It’s not a good sign. I don’t know what it means, but it’s probably not good. You don’t wanna

[00:16:49] Anthony: say I haven’t had a subway in a long time and I think my life has taken a turn for the, for the better because of it.

So, and I used to eat it a lot anyway. Okay. My number one is and I like that you specified like this is for real estate [00:17:00] investors, millionaires. Um, Because my mine aren’t really minor for anybody, uh, wants to be successful as a whatever, uh, number one, it’s consistency, whatever you’re gonna do, it’s gonna take a long time to see results.

So you just have to be applying force consistently. And I really do think that that is the most important factor in most people’s success is how consistently do they show up and do the thing, regardless of are they seeing results in the short term? And if you can show up consistently. Over a long enough period of time.

It’s unrealistic that you won’t eventually get to where you’re trying to go. And I think that’s so interesting because I’ve, I tend to think of my life in five year chunks. Like when I think back on, like, when I was over the last 25 years, they tend to like break themselves up into discrete five year chunks.

I’ve never actually worked towards an isolated goal for more than a five year window. [00:18:00] so think about like, if you were just to sit and focus in on a goal for not just five years, but 10 years and 15 years. Mm-hmm, , that’s a really long time you’re going to, and that’s why I said at the beginning of this podcast, like if you follow these things, these, these habits, then you will even, you will, within a decade, you will get to where you want to go, because it’s unreasonable that you wouldn’t like that’s a really long time.

[00:18:22] Dan: Yeah. I used to talk about this concept a lot when I was, uh, coaching back in the day. It, I I’d have so many clients that almost every client did things that they needed to do to see the results. The only thing that differentiated the people who were successful from the ones who weren’t, or that the successful ones kept doing them for longer.

Mm-hmm that was the only difference literally everybody could do. ’em it’s just who can do it over long periods of time. Apparently, most people really struggle with that and I get it, but, um, I think that is the, the biggest factor. And for me, I [00:19:00] always found comfort in, in knowing that, okay, if I do X, Y, and Z, I am going to be successful.

It might take a month. It might take a year. It might take 75 years, but success is inevitable. It’s only a matter of time. Mm-hmm I found a lot of comfort in that. Um, I think a lot of people just get turned off by the prospect of something, taking a very long time. Um, but. Uh, you know, somebody who’s gonna be successful and a millionaire investor.

They’re okay with that. Yeah. Take 10 years. But it’s gonna happen if, if

[00:19:32] Anthony: you extended your time horizon to, I’m going to do this thing every single day for the next 10 or 15 years, if you said fit for the next 15 years, I’m gonna dedicate myself towards this goal. You’re gonna get there probably before 15 years, depending on what the goal is like, you’re probably not gonna go play in the NBA.

Um, some things are probably just outside your purview, but. for the vast majority of people like making a million dollars or building a million dollar real estate portfolio, you can do [00:20:00] that in 15 years. Pretty much anybody can do that in 15 years.

[00:20:03] Dan: Yeah. As long as you blow yourself up, right. Don’t ever leverage, don’t invest in stupid things that could be the, the end doing.

But if you’ve got some good rules, some good boundaries, um, a good framework to make sure that you don’t take on too much. and like you said, that’ll, that’ll give you the training wheels. You need to, to stay in the game. And then if you just consistently execute for long periods of time, it’s even if you’re really bad, honestly, eventually

[00:20:27] Anthony: you’ll get, I kind of, I kind of think that if you, if you gave yourself 15 years, you could, you could blow up.

You could get to a million, blow up, go to zero rebuild and still get to a million in 15. I, I think it’s totally doable. Yeah, you could, I guess you could, I’m not recommending this. I’m not recommending, I’m just, I’m trying to point out that like 15 years is a really long time. And it’s the difference of if you’re 20 right now and being a millionaire by your, by the time you’re 35, that would be awesome for a lot of people.

If you’re 30 right now being a millionaire by 45, that’d be amazing for most people. [00:21:00] Right. As long

[00:21:00] Dan: as you don’t commit any felonies, you should be good. Yeah. Don’t felonies don’t

[00:21:03] Anthony: well, as Naval says, don’t do anything that is going to either get you killed or get you in. Yeah, right. Avoid catastrophic ruin at all costs because pretty much everything else.

And this is to my point of like, uh, you can bounce back from pretty much everything else. So, yeah, and, and quicker

[00:21:21] Dan: too. So, all right. My number two, and these are not in order, they’re just. how I wrote ’em down. Um, millionaire real estate investors are relationship focused, and this is probably true. I guess I said, I, I kind of qualified my first one as being for real estate people, just cuz that’s how I was thinking about it.

But I think that concept could definitely be applied for pretty much anybody in any industry and this one as well. Um, a hundred percent people who are really good at just about any business or any industry, uh, really focus on relationships and. Real estate. This is especially true. It is a hundred percent a [00:22:00] relationship game.

The more people, you know, the better you’re gonna do. So if you prioritize that, uh, the sooner, the better you’re gonna do extremely well, assuming that you, uh, curate those relationships, you lead with value. Um, you try to provide as much value to other people as you can. And you keep doing that consistently going back to Anthony’s, you’re gonna do really well.

It’s only a


[00:22:21] Anthony: of. Yeah, this was one of mine. So I’m, I just started writing down another one. Um, cuz I think it is so important I put networking, but uh, this is just a, it is just a pseudonym for relationships really. Mm-hmm um, and there’s in real estate, nothing ever gets done by, by yourself. It’s always a team effort in some capacity and so more badass, awesome people.

You surround yourself with more likely you’re gonna get to that goal. So, um, what I’ll say for my second is. Because that was my second you thief. I feel like you looked at my, my sheet, um, learning. This is across the board. The most successful people that [00:23:00] I know never stopped learning. They’re voracious like the, I, I, so this weekend, there’s this big jujitsu tournament called ADCC.

And this guy, Andre Gava is competing and he’s won like six times. And this is, this is like the super bowl of, um, of, uh, events. And it only happens like every two years. So like the last 12 years he’s been dominating this thing and they were doing their training camp and the, the, the team was there, videoing him.

And one of his students was like, yeah, Andre’s gonna be scary this year. Like, it’s, it’s scary when the master becomes a student again. And what he was saying is like the, like Andre who’s clearly a master has. When he goes into his training camp, he takes the position of like, I’m new, I’m the student teach me, guide me and he trusts in his team.

And, and I, I, I just see this across the board with people that I look up to and I, I have the fortune to be around now where it’s like, they’re constantly learning stuff, not just about they’re craft, but like, they’re just [00:24:00] voraciously curious. Mm-hmm . And I think if, if there’s one habit that you, that will like build your skills and like, get.

On the right path. It’s just having that insatiable need to learn.

[00:24:16] Dan: Yeah. I don’t think you’re gonna find a wildly successful person out there. And I’m talking about like billionaire status, uh, who actually built that themselves and is still actively involved in it. Who doesn’t prioritize learning. I mean, obviously, uh, gates and buffet, they, they get a lot of the, um, The attention on this topic, cuz I think they talk about it a lot.

And gates famously goes on his, um, reading vacations where he just gets a ton of books, goes on vacation for, we can just reads massive amounts. So, um, I, I just can’t think of any people that are ridiculously successful that don’t embrace constantly learning and who are just. Naturally

[00:24:53] Anthony: curious. And, and it comes out in conversations with these people, like when you’re just talking to ’em and they just have, they [00:25:00] have the ability to go in so many different directions in the conversation and they just seem to know a lot about a lot.

And you’re like, wow, how do you know so much? It’s just cuz they have this habit of always learning and it’s not just reading and watching YouTube videos, but even like when they’re sitting down with people and like asking the questions that helps them understand a concept that they maybe didn’t understand before, it’s just.

It’s really interesting. We were listening to the mark Zuckerberg, uh, interview on Joe Rogan and mm-hmm they were talking about jujitsu there and how he, like he’s going back, you know, he’s learning that. And I thought it was really cool. He also surfs and wind foils or whatever. Um, there’s just this. With these really incredible people like this desire to keep learning.

It’s like incre

[00:25:41] Dan: it’s crazy. Yeah. Yeah. I gotta say just from personal experience though, you probably wanna do it in, um, uh, a personable way. Uh, because I know I have got a tendency to come off as like, almost like I’m interviewing people. I’ve been told this. Pretty much by my wife. Uh, sometimes if I’m chatting with somebody in a social [00:26:00] situation and I’m trying to like, you know, understand something that they’re telling me about, I’ll ask a lot of questions, which she’ll be like, damn, go easy.

Like you’re grilling this


[00:26:08] Anthony: That’s not an interview. That’s an interrogation. .

[00:26:10] Dan: Yeah, but it’s, I mean, it’s the curiosity. I’m just like, oh man, I really wanna understand this thing, but just be careful. Not everybody wants to, uh, be probed for, with, with questions. Um, so try to be,

[00:26:23] Anthony: is that easy? Ease up.

That’s a good, that’s a good takeaway from this episode. A lot of people don’t like to be probed don’t probe

[00:26:29] Dan: don’t probe ask questions, but don’t probe aggressively prob gently. and with’s permission. That’s that’s the takeaway. All right. Uh, is it you’re number three, number

[00:26:38] Anthony: three. See if you, if you, I swear to God, if you steal my third one that I had to write down again, that’d be

[00:26:44] Dan: real.

I might all, here we go. Uh, millionaire real estate investors. I’m just gonna millionaire investors focused on maintaining optionality. Uh, with respect to their exit plan or pretty much any time, I [00:27:00] guess, with, in my mind, when I was writing about this, we always wanna have in our deals multiple different ways that we can execute on that deal.

So if market dynamics change in our industry, we’re holding things for 5, 7, 10 plus years. We wanna make sure that we can pivot and change if needed, because a lot can change over that long of a period of time. And, um, I think that’s what keeps people at the game. if they have constraints on their business plan or they need to do something a very specific way over a long period of time that doesn’t leave a lot of wiggle room for, um, making adjustments and pivoting if the world changes.

So, um, they focus on optionality and make, and they prioritize it and then value it.

[00:27:41] Anthony: And to that end, what we’re talking about before learning and relationships, networking, those things also provide optionality, right? Like the more options more. Potential roads. You could go down like the, the, the more robust your decision making can be.

One of the things I get a lot of crap [00:28:00] for from my, uh, significant other Jamie, is that, um, I will delay making a decision until like the absolute last moment and not a minute sooner because I just, I never know what new information’s gonna come up. I won’t want to tie myself into a path until. it’s absolutely necessary.

And that, that can be a fault, but it can also be a good thing to, to look at your world as what are all, what’s my, what’s my Pope basket of options. How many do I have? And I was working with a guy a couple weeks ago. His, he had a deal that was like in the 11th hour and it was really struggling and he was stressed out.

Cause he’s like, I’m not sure this thing’s gonna get. And I was like, well, the number, the first thing that you need to do is you need to go get more options right now, your back’s against a wall because you only have one option and that option isn’t viable anymore. And so number one, you have to go out and you have to talk to as many people as you can and get as many [00:29:00] options on the table.

And once we have those, then we can evaluate them. So I, I think optionality is a super interesting one, not just from the exit per perspective. . Yeah, always,

[00:29:10] Dan: you always wanna have a lot of tools in the toolbox. Mm. I like a

[00:29:14] Anthony: tool toolbox, actually. I don’t I, I, I get really stressed out by toolboxes. I don’t own one.

Um, at all,

[00:29:22] Dan: you have a phone with people you can call that’s your toolbox. That’s my toolbox.

[00:29:26] Anthony: Yep. All right. So my last one is actually, I. probably the most important one, even of the ones that you listed. uh, and it’s gonna sound trite. It’s gonna maybe sound like, uh, why, what, but it truly, I truly believe that this is the most important one you have to.

Okay. If you want to become a millionaire real estate investor, you have to believe that you can become a millionaire real estate investor, like belief precedes thought. Your thoughts become your actions, [00:30:00] your actions become your results. And I know a lot of people who like, like the idea of being a millionaire real estate investor, but that they don’t really believe that it’s possible for them and their circumstances of where they are in life.

And so their thoughts reflect that. And then their actions reflect that. And that becomes a self-fulfilling prophecy. But truly, if you want to do this, if, if this is a goal that you, realistically, that you really have for your. You have to fully like in a very cross way through and through like to your bones, believe that it’s possible for you.

And until you have that realization. And I, I think you can talk to this too, like when you were younger and like that belief of like, this is just what life is like, I didn’t really have the belief that something else was possible. Yeah.

[00:30:49] Dan: Yeah, no, I can, I could definitely, uh, agree with that. First half of my life, I kind of assumed that I was in a certain, uh, income bracket, uh, social [00:31:00] class, um, whether it be mental, uh, physical, um, financially and economically, I thought I was the, the box I was born into was kind of like what I had to work with.

And there was this kind of thing that clicked, um, after high school, around college age, somewhere in there, they kind of flipped the switch. I was like, oh wait, no, I get to pick and choose. Um, Who I wanna be. And it, it was pretty transf transformational for me to have that kind of mental reset. But, um, yeah, I think to your point that, you know, believing that it, that it is possible is, is a little bit of a different angle too, because I think that’s why when I started going down the reel say rabbit hole, I got hooked on it so quickly because it was a simple enough business.

that I could reverse engineer from zero to a million to zero to 50 million, whatever your number is like, you can, you can work out the numbers on how to get there. And it’s, it’s way simpler than pretty much anything else. [00:32:00] Uh, at least anything else that I looked at, I was like, this is very scalable.

Mm-hmm, totally scalable. And so I think, I dunno for me, it was like reverse engineering and doing the math, uh, to see how, how big this could get and how feasible that was compared to. You know, starting any other kind of business that has all these other variables and don’t get around. There’s a lot of variables, but, um, this is just felt so much simpler.

Mm-hmm from a business building

[00:32:24] Anthony: perspective. Yeah. It’s, it’s interesting because for me, where we’re at right now, or even a couple years back when we like sat down and were like, okay, let’s try and build a billing arc, billionaire billion dollar company. Let’s say what? Um, part of that for me. Is looking for you.

It’s the math like you can, you can track back and be like, oh, the math adds up. You just do this and this and this. And this is doable for me. It’s much more. Well look at those idiots. They did it. surely we can do it. Jim Bob is that guy, Jim, Bob’s doing it like no offense to real estate investors, but we’re a pretty stupid crew, like by and far like [00:33:00] the, the running joke in, in the world of investing is that like real, estate’s full of more stupid millionaires than any other industry.

I’m like, I think it’s probably true. So, but regardless of what needs to happen for you to get to that place of belief, whether that’s like looking at the numbers and, and realizing, oh my goodness, this. Which is doable or looking over even maybe at us and being like those two dipsticks can do this. Yeah.

Like maybe you can do it too. So, um, take that for that, what it’s worth. But I do, I do believe that everything that we’ve talked about here is, is going to fail unless you truly do believe that’s it’s doable. So how do you create that? How do you create a habit out of that? I think that’s maybe where morning routines, journaling, gratitude, whatever, like whatever you have to do to get into like that mindset of like, watch.

your internal dialogue and what you say to yourself in those quiet

[00:33:53] Dan: moments? Yeah, for me, it was just like the first kind of, uh, dose of, of change. Like, [00:34:00] um, it started physically with me, kinda like Arnold, you know, started with the workout that kind of created the discipline. They gotta play to other aspects of life.

But as soon as I saw some, uh, some proof that I could change this thing and I had control over this. Like, I think it’s that first dose of, uh, success or that, yeah, I guess I’ll use the word success. The first kind of feeling of, oh, I, I just accomplished this, this first little hurdle, this first step. Um, that’s an addictive feeling and it builds momentum

[00:34:30] Anthony: even further than this.

Like if we just use belief as the foundation foundational habit, one of the things that you see with successful whoever’s. is whenever they get into tough times, their back is against a wall or whatever. They, they believe they have the ability to find a solution and get their way out. And so, because the, the number of situations you’re gonna find yourself in where you’re like, oh, there’s no hope here.

Um, it is never gonna stop, like just a magnitude of those situations increases and maybe even the frequency in which we [00:35:00] encounter them. But, uh, underlying it all is if you have the belief that you have, what it takes to find the solution that you will rise above, then that becomes a habit. And so almost like not a delusional belief in yourself and your ability to like, solve any problem.

Um, maybe a realistic belief, but understand that like most people who don’t believe that they have what it takes, like I think that’s unrealistic. They just. How,

[00:35:29] Dan: yeah. Why would you try, if you don’t think you, you have the ability to solve it? So my default setting is like, there’s a solution. We could find it.

Cause even if there isn’t a solution, like what good is it not trying? Right. So you might as well just go into it, assuming that there is a solution to be found. Um, like cuz if you, if you just say, oh yeah, this isn’t solvable. Um, this is a dead end. Like, yeah, you’re just gonna stop trying. If there was a solution, you would’ve never found it.

So mm-hmm, , it should be the default setting that it is possible. So whatever you need to do to get yourself to that [00:36:00] mindset, I dunno if that is it’s different for everybody, but have that be the default,

[00:36:06] Anthony: if you could do it, you’re gonna, you’re gonna be well on your way. Like I said, 10 years from now, you do these six things.

Well seven, we give you a bonus.

[00:36:14] Dan: Yeah. We’re gonna circle back all the 10 years from all you that are listening right now. We are gonna come find you in 10 years. It’s gonna be weird, cuz you’re gonna not remember who we were.

[00:36:21] Anthony: Yeah. So what you’re gonna need to do in the meantime is just go over to iTunes real quick, leave a, leave, a rating and a review.

And in a comment there, like in your review, just be like, leave your address. I listened to this episode, uh, so 10 years from today, uh, go hashtag 10 years to a million and then we’ll know. And we’ll follow up with you in 10 years and be. You there and if you’re not, well, I’m just gonna look at you and be like, cool, let’s give it another 10 years.

And ,

[00:36:46] Dan: inflation’s so bad. We’re all gonna be millionaires in 10 years. So I’ll price, whatever. It’s an easy

[00:36:50] Anthony: hurdle that, yeah, we’re we’re um, what said the Venezuelan dollar where suddenly it was like, 32 that was Zimbabwe was a Zimbabwe. Was it like 32 [00:37:00] million? Uh,

[00:37:01] Dan: uh, they get S one up, up to trillions, trillions on the bills.

Yeah, literally I was gonna try to get one of those. They’re really expensive cuz they’re collector’s items, but I was gonna get one and frame

[00:37:10] Anthony: it. It it’s funny cuz it’s it is probably more valuable as a collector’s item than it was, is actual

[00:37:15] Dan: currency. Oh no, it’s it’s a couple thousand bucks for like one of the, uh, Uh, trillion dollar bills, uh, cuz you can get the billions for, for not too bad, but I think it’s but you want that truly?

It’s the trillion one, the

[00:37:25] Anthony: Tru collab it’s hard to get into. I

[00:37:26] Dan: think it’s gonna be a few thousand bucks at least, which

[00:37:27] Anthony: is just, you know, back in the day, I’d get you I’d get you a tank of gas maybe or maybe a bag of rice. I don’t know. I don’t know it was it, it was crazy times. Anyway. Hopefully you guys, uh, got a little bit of value outta this episode.

If you’re on that path to becoming a millionaire. Uh, the next 10, 15 years, these habits are gonna serve you. Well, if you’re already there, I’d be curious. What do we miss? What did we miss? Or are any of these stupid where you’re like, Nope, I got here and I didn’t need that one. You’re dumb. Uh, either way, let us know.

I think that’d be a really cool engaging conversation. You can either go to iTunes and drop a [00:38:00] review there, or just go over to YouTube to the multifamily investing made simple YouTube channel. And then leave it in the comments. Let’s have a conversation there and try to add some value to other listeners out there.

So, uh, any, any parting words of wisdom? Oh, I guess we got a book thing that we should probably tell people about took these

[00:38:17] Dan: sophisticated investor notes on the go giver by Bob Berg and Bob man. What was that name again? Read John David man. John David man. So David man.

[00:38:26] Anthony: Yeah. So go to Invictus, multifamily.com/notes.

You can dev download those sophisticated investing notes. Last week, we talked about the go giver, really short abbreviated book, only really five chapters. And so us talking about it on the podcast and then doing the notes actually probably took longer than just going and reading the book. So you can go read it.

You Google listen to the podcast where we break it down either. One’s fine with me. As long as you get the knowledge into your head and you become a go giver because. I think the world would be better if you gave more just me and your mother, think you could do [00:39:00] better. So

[00:39:02] Dan: on that note.

[00:39:04] Anthony: I’m just kidding. I think you’re great.

Um, your mama, however, has some things to say. So, you know, give her a call and tell you, you love her cuz always with the

[00:39:11] Dan: mom issues. Well,

[00:39:12] Anthony: we I’m trying to bring a full circle in this episode. See that I I’m all about like closing out the, the loops, right? Like threads. I wanna tie together. Okay. So.

Hopefully everything’s tied up nice and neat now. And you guys can, uh, proceed with your day.

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