Episode #24 Getting Out Of Your Comfort Zone with Derek Loda In this episode of Real Estate Investing Made Simple, Derek Loda shares his story and give tips for you can get out of your comfort zone.
Derek has been an active real estate investor since 2015 starting with a portfolio in the single-family rental and duplex space. Founding Loda Properties in 2017, he has a developed network of investors looking to make a positive impact on multifamily apartment communities by providing high quality living for residents, while producing passive income and wealth creation for investors. Passionate about helping individuals reach retirement sooner, he started “Apartment Investing For Early Retirement”, a podcast that focuses on educating about the vast opportunity and power to build wealth through quality multifamily investing.
Contact Derek Loda:
Welcome to The Real Estate Investing Made Simple podcast, the show empowering and educating people on how they can grow, manage, and protect their wealth through real estate investing. Now, here’s your host, Bailey Kramer.
Bailey Kramer 0:22
Hello and welcome back to the real estate investing Made Simple podcast. The goal of this show is to break down complex real estate investing strategies that you can use to grow, manage and protect your wealth. I’m your host, Bailey Kramer and today we are joined by our very special guest, Derek lhota. To talk with us about getting out of your comfort zone. Derek has been an active real estate investor since 2015. Started with a portfolio in a single family rental and duplex space
founding motor properties in 2017. He has developed a network of investors looking to make a positive impact on multifamily apartment communities providing high quality living for residents while producing passive income and wealth creation for investors passionate about helping individuals reach retirement sooner. He started apartment investing for early retirement, a podcast that focuses on educating about the vast opportunity and power to build wealth through quality multifamily investing. Welcome to the show, Derek.
Derek Loda 1:22
Hey, Bailey. Thanks for having me excited to be here. Yeah, super
Bailey Kramer 1:25
excited to have you and you know, the topic today getting out of your comfort zone is something that I’m super passionate about. And I know you are as well. So before we get into that, though, why don’t you go ahead and give the listeners a little bit of background about yourself and how you got into real estate.
Derek Loda 1:41
Yeah, absolutely. So my reason for the topic is actually because I consider myself a chronic introvert. So always was and you kind of hear about so take it back with my story. I actually worked in the golf industry. I was an assistant super
intending at some very high quality courses across the country. And I was at one out Long Island. My boss had always talked about real estate he had invested more in like the office space, real estate so that that aspect of commercial real estate and one of the other Assistants I worked with his family, they actually built rentals, mostly side by side duplexes and then continued to obviously own them long term. So he was preaching, you know, get into real estate get into real estate, well eventually end up moving back to Wisconsin I got a job at whistling straits and I was like, Oh, well maybe I’ll buy a place instead of renting you know, did a little bit of digging I kind of I came across bigger pockets once or twice, but I didn’t really know anything. At this point. Besides I’m gonna buy a duplex live in one and rent out the other. Well, place came up that was a foreclosure
It was about $45,000. And it needed some updates. But it wasn’t a warzone by any means. It was actually on a newer foundation because they had moved the house with moving the house, by the way, made the walls pretty wavy but that’s a whole nother story about the struggles of trying to have a square house. But I ended up renting out the upper I lived in the lower basically paid for my mortgage and, you know, covered the utilities and paid the whole whole bill there. So I was able to save up some money, ended up refinancing that, you know, kind of bought another property, you know, kind of built up that way. But in over the bend june of 2017, I was actually I remember I was at one of the properties working on some stuff and I’m like, Ah, you know, I have to do everything with this. I have to manage it. I have to go do repairs. I mean, I don’t have to and again, if you don’t
know the value of your time, but you know how there’s got to be a better way to get to where I want to be. And because I always thought you start with some single families, you build a you know, with some duplexes, fours, you know, maybe eventually get the ACE and you know, maybe you can get like a 20 unit building, you know, 1520 years down the road. Well, that’s not necessarily the case. I didn’t know it at the time. You can skip that entire step. But I started digging in more with bigger pockets, I actually became more of an investor after about a year of owning my first place and, you know, again, a lot of stuff on there. BiggerPockets is fantastic. There’s so much information. If you pose a question on there and 10 people comment you will have 10 different answers. So how do you kind of filter stuff out and on their podcast You know, a lot of it at the time was a little bit more geared towards you know, the smaller property portfolios building up that way I can certainly make a lot of money. Not to say that that’s wrong, but it didn’t fit right for What I really wanted to do once I kind of had it so one of their podcasts was with Bruce Peterson. So for anyone that doesn’t know Bruce is an indicator down in Austin, Texas. He’s done very well for himself. He actually has a new book out as syndication is a bitch. Yeah, of course, he changed some of the couple of letters on there, but a great book about the real side of syndicating. So if anyone’s interested, you should check that out because he’s, he’s a no BS kind of guy. But listen to that. I was like, Okay, well, I don’t, you can skip that step. You can skip aspects and get into it. I didn’t know what syndication was until that podcast started looking through. And, you know, gradually, kind of, you know, built up a little bit more knowledge filtered through some stuff. And I was still working in golf and in. I ended up leaving that industry in fall of 2017 and became a real estate agent. Jim, and I knew I kind of wanted to help other investors. So I kind of focused on that aspect for the smaller residential investment properties built up through there, but I was able to kind of mix my time between the sales and the investing, you know, really building up that knowledge and that network.
It was probably not the best but it was a great move for me, because it kind of got me out of my comfort zone again, super, super introvert. Now I’ve since worked out of that zone, which we’ll touch on but you know, to get out of that I wasn’t really making progress, but I ended up sending out direct mail letters and had an ad unit in northwest Wisconsin. It was where I had gone to college. I was comfortable with the market . I knew nope on Excuse me, I knew no one and knew next to nothing on the buying process. Needless to say that deal did not work out. Again, that is a conversation for another day. But long story short, I didn’t have any relationships with lenders, I knew one other person that was interested in doing it, it fell apart. But that other person I was working with was able to kind of get that fire going again, but with someone that is local, wasn’t really a way for me to be in a long term. But I did get a kind of a finder’s fee out of it. And I knew, okay, I need to get around a group. So I ended up using part of that to get into a mentorship program. You know, that was the right fit for me. And because I knew I needed to get around that network, I needed something with live events, again, to get me out of my comfort zone. And since you know, I’ve been able to really build that out and have made some big strides. With that I started my own podcast and started a meetup. And it was very, very uncomfortable every step of the way. But You know, continuing to work out with it, because that’s where that’s where you really get growth. A comfort zone is where your dreams go to die. So if you really want to change your life, you have to get uncomfortable.
Bailey Kramer 8:12
For sure, for sure. And for you, what was that first moment of getting out of your comfort zone? Was it that single family that you started with? Or, you know, was that comfortable for you? And when was that moment where you said, I need to get out of my comfort zone and try something that I’m not comfortable with. You know, it was interesting, because when I bought the first place,
Derek Loda 8:38
I really wasn’t uncomfortable with it. When I refinance, like I refinance out, and I waited far longer than I should have to get second place. Still wasn’t super uncomfortable. When it was time to leave golf, I left to paycheck. I left that and just went to a real estate sale. It’s commissioned. You know, so that uncertainty really became, you know, a big aspect of, of my income. So really, when I made that decision, it wasn’t so much the decision, it was the action of when it was my last day. And then kind of that next week, I was like, oh, man, what did I do? Did I make the right choice? Did I do you know, so that was really the first uncomfortable moment, you know, relating to just general life and when it relates to real estate, for that was was when I did actually make a really big leap that I didn’t think about at the time, but like getting out of that, that w two world and going, Hey, I’m all in on real estate, I’m going to make it happen.
Bailey Kramer 9:45
For sure, for sure. And I think the comfort zone is definitely different for different people, some people and also it could be financial, it can be for relationships, it really can go to any Part of life. But kind of the financial one is something that is really scary and something that you did by getting out of your comfort zone and leaving the secure paycheck. That’s huge because money is not everything in the world, but you for sure need money to survive at the end of the day. So I mean, that’s just a big leap and getting out of your comfort zone. How did you do? How did you convince yourself that that was going to be the right decision for you? Because I know you said, after you did it, you’re like, Oh, my God, oh my God. But how would you even get to that point where you were, that you got out of your comfort zone?
Derek Loda 10:42
You know, at the time leading up to that I had been in a relationship for a little bit while with what is now my wife and, you know, the industry that I was in is a very demanding field. So Golf Course maintenance. So there’s a, there’s a science behind it. But at the end of the day, it’s mostly just hard work. And you know, you’re getting at the, in, in this case at the course, at five in the morning, you’re starting. And some of those days are going until six, seven o’clock in the evening. It’s really tough. And I kind of saw where that relationship was going. And that eventually, whether that one worked out or not, which it did, and that’s wonderful, but I’m going to have a family. And I don’t want to not be able to take the family on a vacation in summer because I have to stay back and make sure that grass doesn’t die. So it was a little bit easier in a way because I knew that. You know, it’s really truly that lifestyle. It was difficult because again, leaving that that steady paycheck, but at the same time it’s the most not safe thing, because the path that I was on was giving up my life, you know, anytime Basically the beginning of May until the end of October, I don’t have much of a life some, you know, and then industry some courses based off of where they are. It’s, it’s different, but, you know, just the nature of the business doesn’t have a life. Am I going to do that for 40 years? Or am I going to get really uncomfortable? Well, I think I was 27 at the time. And, you know, focus on real estate and, you know, I wasn’t when I first made the jump. I wasn’t super business minded. If there were things that if I had gone back, I certainly would have been more successful on the sales side, starting out, but you know, that decision really was more of that general lifestyle over a monetary aspect. I knew like I knew I could do it. I just wasn’t quite sure how but I knew staying where I was wasn’t going to achieve that. So it was really just that being out and one day realizing I don’t Want to sacrifice time with family that I don’t have yet, but will sacrifice time with family for a business that just, I kind of lost that passion for.
Bailey Kramer 13:14
Right? That totally makes sense. And you took a you got out of your comfort zone many times as we’ll talk about with, you know, starting the podcast, I know. No, you say you’re an introvert but it takes a lot to get out of your comfort zone. But to just take a step back real quick. What advice would you give to someone who is kind of in a similar position with you, doesn’t love their job or doesn’t see that job supporting their future lifestyle that they want to live? What advice would you give to that person?
Derek Loda 13:47
You know, I would say you really have to get clear on what you want and at different points, you know, say for someone, you know someone that’s in their early 20s that that might be different than You know, what someone in their mid 30s is going to have, you know, obviously based off your life, but go right now. And okay, this is what I want to achieve what is like a lifetime goal? What do you really want at the end of the day, you know, I want to be remembered by for this or I want to leave this impact I want to have had this, okay? then work backwards, create your long term goals, those long term goals you achieve those are going to help to lead to that, that legacy when your short term goals and that kind of those stepping stone. So kind of what are all these goals that you have? And it’s going to take some time to shut off your phone, just let you know, get in the right state of mind and just write down every goal. I mean, rockcliffe mentioned this, that you know, write down every goal. Just doesn’t matter. Don’t have an order. Don’t do any of that. Just write it down. And then write down what happens if you don’t achieve them. Okay? That’s great because sometimes that fear of what will stay can be more of a motivator than what could be, but write it down and more. So you need to create an action plan because I think once you get clear on it for what the steps are to get to your goals, it makes it a little bit more comfortable to step out of that, that comfort zone. So if you need to call or I want to try and think of a short example, I want to, you know, get in shape. Okay, well, to get in shape I need to exercise and I need to eat better. Okay, well exercise Okay, that’s, yeah, duh, yep, deck certainly better. Okay. But with an exercise, you know, okay, well, I need to go to the gym four times each week, okay. And two of those times, on Monday on Wednesday, I’m going to do cardio, and the other two times, you know, one day is going to be lower potty. I’m going to lift weights and the other day is going to be upper body then I’m going to lift weights, okay. And then for Eating healthy I break it down from eating healthy to Okay, well go and find 10 different recipes that are breakfast 10 for lunch 10 for dinner, I’m going to meal prep three times a week. So you know, kind of go through, break it down to all these very basic steps. Because when you take that leap and get out of that comfort zone, it could be by, okay, I need to send
Unknown Speaker 16:21
Derek Loda 16:23
message to one person on LinkedIn today. Because you want five each week. That’s a really simple step. And you’re going to gradually work up that by just getting out and, you know, on that note, if you’re going to reach out to someone, you can hide behind a computer screen, send it to someone on social media, whether it’s Facebook, bigger pockets message, you sent me a message on bigger pockets you got out of that comfort zone, you know, and send it to, you know, 10 different people where it’s, it doesn’t have to be perfect. You just Hey, I’m looking to get into this space, whatever it is that your goal is, again, I focus on multifamily apartments or you know, multifamily real estate. So reach out to people that are in that space, you can just send a simple message. And you’re more, more likely and not going to get a response and you build from that. But you can kind of build up your comfort behind the screen. Don’t you know, if you go to a meetup, don’t go stand in the corner. You don’t have to go meet everyone there. Again, it’s quality, not quantity. You know, it’s not like a buffet, that’s just, you know, I’m going to hand out my, my cup business card to everyone, no talk to two or three people at that conference. It’s a little bit less overwhelming. I’m okay, I just want to go talk to two people at this meetup. Odds are, they’re going to introduce you to more and you’re gonna kind of be forced by you to get a little comfortable. Or maybe you know, someone that goes to whatever this event is, Hey, can I come with you and they’ll introduce, you know, just take those baby steps. You don’t have to just, you know, cold Turkey. Now I’m going to go introduce myself to every person on the street. Now, just take those little simple steps, but always take those steps moving forward. I think that’s the biggest thing is just the clarity of how to get to what your goal is. And by following those steps is gonna take you out of that comfort zone, because you’ll be able to see, um, you make consistent progress. So, yeah, that’s something that I did not have. And it frankly held me back, but
Bailey Kramer 18:30
Right, right. And I think those specific steps are super important and something that I practice every day with writing down my, what do I want to accomplish today? And when I don’t do that, it’s super easy to say, Oh, I don’t know what to do. Like if you want to work out and get fit. It’s really hard to just say, I want to work out a lot and get fit. It’s a lot easier when you say I will work out this many times a day, these days a week in He’s really suited to break it down and get specific about it. That’s when the clarity starts coming in and you can really feel yourself progressing towards something because you’re, you’re literally working towards very specific actionable steps.
Derek Loda 19:14
Yeah, and that’s the thing is you want to be able to see that progress and I outline every Sunday I try to go through my schedule, I forgot I have the background here. And my schedule for what I want to achieve is to write down three goals for each day. There’s little you know, these are the main three things I want to achieve if I achieve those. Okay, today has been a success. Now I don’t have a p. I want to go to the gym. But yeah, just to have them down and I, I go in waves, you know, everyone struggles you get away from, from your habit, you know, you It’s so easy to fall out of that. So just keeping that consistency, but yeah, I think just having it written down time block and, you know, it’s able to stay on task more, you know, to be able to achieve it and yet the goals you know, I always thought of a vision board, you know, that’s just Just Boudou. You know, it’s not gonna work. I still haven’t done it, but I don’t believe that it doesn’t, doesn’t help. I just keep not doing it, you know, I need to get out of that comfort zone. And you know, if someone sees and goes, Oh, what’s this? Bob cares? Who cares what other people think? You know? I mean, that’s right. It is really we, I feel that we’re so afraid of how other people are going to respond to us when, at the end of the day, you know, there’s over 7 billion people in this world. Some people are gonna think you’re dumb as can be. Or if you know why that’s so stupid. Why would you be going to do X, Y and Z? And there’s gonna be people that are like that. When it’s hard, they did it, they’re doing it. I need to follow it you know, so some people are gonna love you. Some are gonna hate you. You can’t worry about what you know, what they’re gonna think about you, you need to worry about what your goals are and how to better your life. have stuff written down, have stuff you can refer friends, so that you’re able to always go back to it and Oh, that’s right. That’s my you know, yesterday. sucked. Is today gonna suck to? Well, maybe, but you’re working for something. Everyone has ups and downs. So it’s always been able to go back to something I think, you know, like you mentioned, having it written down is so important.
Bailey Kramer 21:14
Right? And I’m curious to hear you know if you’ve used this before or what you think about it, but having an accountability partner or someone that you can communicate with, just kind of hold you accountable, and just talk about your vision and getting out of your comfort zone because I think that that can be super beneficial to people.
Derek Loda 21:37
Yeah, and actually got a few of that. So I actually run, you know, with, with the mentorship program that I’m in, we have accountability pads. So I actually lead one, because I was like, Oh, I would join one. They encouraged me one. So joining if you want to get out of this comfort zone. We’re gonna have you lead one. We’ll find we’ll find you for other people like Get in here, and you’re gonna run it. You know, so we meet every two weeks, you know, just to touch base on where we’re at, actually, as a group, we’re working to try to buy some property together, you know, so it started as just getting out and, you know, someone to keep on track with those goals. And, you know, make sure that I’m moving forward is really moving forward. Because, you know, it’s just a matter of time we’ll have one there’s been, you know, we’re always looking at them. But yeah, just to have it where it’s someone that hey, did you get this done? You talk, talk things out, you get that third party perspective on it essentially is
Bailey Kramer 22:38
I’m stuck on this.
Derek Loda 22:39
And someone Oh, I’ve been there. Okay. Here’s what helped me. It doesn’t mean it’s going to be the perfect remedy for your situation. No, but here’s some insight on how I got past it. Here’s some ideas. Ooh, you’re looking to build out in you know, build out your podcast. Okay. Well, you know, something for me. We go back and instead of my first episode I want to release, do a short little intro to what the podcast is because you need an episode release to get approved on Apple podcasts. So instead of it being a one day release, it stretched out for five days for me and I did not go how I thought, you have people like them, having that accountability, and having that insight and people there to help. I also have someone that is local, we’ll try to meet every week just kind of go over again, what those goals are, if I get in a little bit of a funk I get, I get lazy, and I get distracted. I can have a call with them and just be like, Hey, you know, we just start talking real estate again, we’re talking about stuff, you know, I’m being I’m gonna be moving down to Florida and just all this stuff. It gets you going, again, having that conversation because if I have real estate conversations all the time with my wife, it is going to drive her up a wall because she is incredibly supportive of this. But real estate is not a thing. So having someone that has The same kind of goals and mindset as you and you know, like are the one accountability pot that I have, we have a very diverse group of experience in it. So it’s, it’s really helpful because you get people that you’re all working towards that same goal, keep you on task, keep you moving forward and help you get out of these little ruts. So, highly encouraged and it doesn’t have to be, you know, some, some huge mastermind it can be, you know, hey, I’m looking to, again, I’ll reference workout each week and eat healthy. Oh, is there someone else that’s trying to do it where we’re going to hold each other accountable for it, you know, it’s just having someone that’s going to keep your feet to the fire. So I highly encourage that. And, you know, again, if it’s someone in real estate, and you’re looking for that, reach out, you know, reach out to other people reach out to me reach out to Bailey, you know, happy to connect people because There’s so many people that really are willing to take that time and, you know, really work together, keep you moving forward. It’s a team sport, and I highly encourage you to build out that team, part of your team can be an accountability partner.
Bailey Kramer 25:18
Definitely. And I think, you know, if you’re thinking about improving some aspects of your life, chances are someone else that you know, as well is most likely wanting to improve that part of their life as well. So, you know, just kind of having those conversations weekly, bi weekly, whatever you need to, but I think having someone to hold you accountable, it’s kind of like going back to a workout example. If you work out by yourself with no one with no one around. You might do a few less push ups and you might, you know, kind of get out there a little early. But if you have a lot of people around, especially if you know them, it’s just, it’s just all in the head that you kind of want to do that. extra two reps. And that’s the same thing with an accountability, partner group pod, whatever it is just having those people around you, and you’re pushing them, they’re pushing you just to become better and improve at whatever you both sought out in the first place.
Derek Loda 26:16
Yeah, absolutely. And, you know, I just think back to, you know, on that, you know, getting fit aspect when I was doing an internship, one of the other interns, you know, we lived at the same place, and he had been a powerlifter. And I ended up at the end of that summer being in the best shape of my life between eating and working out every day. I mean, and he was pushing, Oh, you want to stay home? Yeah, no, we’re gonna go come on. You know, like, it’s just, it’s easy, it’s easy to be comfortable. But you’re not gonna get you’re not gonna get anywhere. So, you know, and I think, you know, not to not to go too long on this, but you need to set yourself up to not enable the behavior. That’s going to keep you from getting those goals, having that accountability partner will help to, you know, push you past to have your schedule written out, will help you from going. I don’t know what to do now, but I guess I’ll just watch some Netflix. Yeah, I’m good for today. You know, just try to take out as much of those distractions as possible. If you can’t stop spending money on your credit card, leave your credit cards at home, or, you know, walk them in and say, I don’t know, cut them up. You know, it’s all just removing that. You know, that distraction, or that enabling behavior that’s going to keep you from it. So, you know, but you need to get real with yourself for what, what’s holding you back?
Bailey Kramer 27:38
For sure, for sure. And is there any other aspect of getting out of your comfort zone that you want to touch on before we move on to the next section of our show?
Derek Loda 27:48
You know, I think, you know, for me, I look back 10 years, and where I was then I wouldn’t even go to the meetup. again to say, on the real estate aspect, I would never have gone to meet up. I mean, first of all, I was 19. I wish I knew about real estate, but I would never have gone. I was, you know, I like five friends in high school. You know, I was close with the I was, you know, very small group, I was incredibly introverted. Now, I think back five years ago, compared to three years ago, compared to today, I mean, even going back, say two years, that improvement that you’re going to see is going to be drastic, but you have to get out of it. I mean, I look when I really made a conscious effort to to grow and to get out of that, that, you know, position that I was in. I mean, it’s socks. I’ll be honest with you. It sucks when you’re trying to get out of it. Yeah. sweating bullets before a first meet up that you’re running. I mean, I was it was not pleasant time for me but then I got up there and we’re talking about multifamily real estate and I’m just in the zone and then starting a podcast How am I gonna reach out to people you know no one’s gonna want just reach out just do it was the first episode The best hack No, but you just have to do it and you work on stuff as you go you know you don’t have to all of a sudden like imagine you don’t have to go from not wanting to talk to people. Yeah, so it’s just taking a little bit of action now starting to meet up starting a podcast joining a mastermind you know, all that stuff is a little bit bigger step but it’s just he got as much as you don’t want to as much as you want to just stay watching Netflix, I go to work for eight hours and come back. If that’s not making you happy, and that’s not going to you got to do something to change it up. Because Do you want to go 40 years down the road and go man, I Wish I did that, versus, you know, I mean, it didn’t necessarily work out the best but boy am I glad that I did that. Because that led me to this which worked out great. You know, you’re gonna, you gotta meet people, especially when it comes to real estate. So obviously that’s what this podcast focuses on. That’s what mine does. Real Estate, real estate, real estate. It is a relationship business, if you don’t have the ability to go talk to people find a way to do it. You know, I go to people now and I say, Oh, yeah, I consider myself introverted. I still do. But like, I never would have been able to tell, you know, because I gradually got comfortable with these conversations. Do I still like small talk that first interaction? No, I feel very uncomfortable in it. But it is what it is. I continue to work out that I am comfortable calling brokers for the first time. I really should be considering I’m an agent but you know, I Wasn’t, but that 10th one is a heck of a lot easier than that first one. Don’t say I need to call 20 brokers today, hey, I’m going to call one each day for the next three weeks. Okay? Yeah, you can always ramp that up a little bit more because odds are, by the end of the week, you’re calling five a day. You know, it’s just, just do just take the leap, your heart’s going to be racing, you’re gonna be sweating, you’re gonna be uncomfortable, you’re gonna want to just go crawl back onto the couch and not do anything. But when you look back in the year, it’s again, dominoes. It’s just the first one. It’s the next one, the next one and the next one and the next one, and you’ll be amazed at that progress, but it’s just it. It’s tough, it sucks, you’re gonna be uncomfortable, but it’ll be worth it if you truly have that goal that you know you want to achieve.
Bailey Kramer 31:47
Hundred percent and and getting out of your comfort zone is a huge leap for sure. But it all starts with that first small step, if that’s what it starts with, and kind of just starting small and you’ll build from there. And kind of what you said, you’re not going to be calling 20 people on the first day, start small, take the steps, and, and slowly but surely, you’re out of your comfort zone, you’re doing things that are uncomfortable, and that’ll be a make a huge impact in your life. So that’s awesome. So we’re now going to move on to the next section of our show, which is the big four, where we ask all our guests the same four questions. So Derek, number one, what’s your number one habit for success.
Derek Loda 32:35
Number one, for a success of the you know, I really didn’t have anything before and that’s kind of been a focus in the last year. Number one habit for success is consistency. You know, it’s so with that, go down to having a weekly planner and just blocking out time. It might be two hours a day that are really Focus, I recently read the book, deep work by Cal Newport. Getting that stuff that is really your bread and butter, what you can really get a lot done. So planning, planning things out and maintaining consistency, you know, so kind of two, two aspects of it. But you know, it’s not that first action. It’s that consistent action when you follow up and follow up and follow up. You know, there’s a lot of people again, when it comes to property, they call an owner. Heck, no, I don’t want to sell. They call again in a month. Nope, still don’t want to sell. They call again three months later. No, I don’t want to sell. I told you that three times now. And then I call three more months later and they go, Yeah, actually, I think I do want to sell. I’d be open to it. And then they end up getting the property because things change. So having that consistency, you’re going to grow you’re going to adapt things but you know, maintaining that progress for you never know when you’re that one pick x away from You know, 50 pounds of gold. It’s just, you know, you’re right there. So yeah, maintaining consistency and really kind of getting clear for scheduling out your, your week. So you at least set, you know, a certain duration of time to really what those true tasks are that are gonna propel you forward.
Bailey Kramer 34:19
Pressure and consistency is key. And a lot of the guests on my show say that their number one habit is consistency. And, as I say, success leaves clues. All these people I have on my show. No, I have you guys on for a reason. Because I look up to you. And I think what you guys are doing is great. And I think it’s just super important that there’s so many people saying consistency, consistency, consistency. That’s something that, you know, for those listening. That’s something just get in the habit of being consistent with one little thing. And then as Derek was alluding to earlier, it’ll grow from there and you’ll add more things, but it all starts with that first little step. Be consistent with that, and they’ll just grow from there. So number two, limiting beliefs are thoughts in their head that holds us back from realizing our potential. What is one limiting belief that you were able to crush and how did that impact your life?
Derek Loda 35:15
I would say people people aren’t gonna take me serious they’re not gonna find me is this kind of being that resource is having that knowledge they’re gonna think I’m stupid. So, you know, getting over that I just started talking with people that are, you know, at my office about what I might do in a multifamily, you know, how different things go. Well, now people come to me about questions and people have come to me about, you know, what is it that you’re doing, you know, like, like you not just as a whole, but, you know, talking about that people from the meetup. Follow up with me. I’ve got a lot of referrals for, you know, my sales aspect from people at the meetup. Because I thought, why did they come to my meetup? I am a nobody, you know, nobody knows who I am. Well, I averaged about 25 people, you know, come into these meetups and how it’s been able to turn from there. You know, I go to just by getting my name out there, getting the podcasts, the meet up all that stuff, talking with people at the office, it builds up a, your confidence and their confidence in you, you know, just in general, because if you’re able to share knowledge, you’re able to help people understand things that you become more trustworthy. So I went from being, they’re gonna think I’m stupid, no one’s gonna care, whatever to well. They probably already think that anyway, so why don’t we change that? Get out of it, and now it’s, you know, kind of come back, come back around that, okay. I see what happens when, you know, when you kind of push that aside and just push forward, you know, again, goes back to Some people just aren’t gonna care what you do, but others are gonna be like, Man, I wish I were doing that.
Bailey Kramer 37:06
Right and something that you said is that you don’t have to be an expert or have all the answers in the world to help other people and start a meetup to provide information. If you have, and I believe everyone has one thing, at least one thing, that they’re capable of sharing and teaching someone else at the current moment without them even keeping, you know, learning more. So just using what you have to start and just realizing, you know, something or you have something that someone else wants or doesn’t know about. And I think that’s huge with getting out of your comfort zone and a limiting belief that some people have that, oh, I need to be an expert in this subject before I share anything on it. You don’t need to be an expert. You just need to, you know, communicate what you know. And then just have an open conversation about it.
Derek Loda 38:00
Yeah, and, you know, I don’t need to know everything. You know, if someone comes to me with a question and I don’t know, I will get them connected with a person that does know that I’ve had the ability to be a pretty good connector. I’ve been fortunate to meet a lot of people. And, you know, to be able to connect people up. I mean, when you reach out to me, hey, here are a couple more resources, a couple more people that I know are similar there, they’d be happy to share their knowledge and pass that along. I don’t need to know everything, but I’m surrounded with people that are experts in all you know, many various realms of business and real estate that I can get you the answer to. So, yeah, common misconceptions that you have to be a you know, know everything with it.
Bailey Kramer 38:43
For sure, I totally agree. So number three, what advice would you give to someone who is considering investing actively or passively in real estate for their first time
Derek Loda 38:56
build out your network with people who Doing what you want to do. So, you know, obviously, if you’re looking to invest passively, well, you want to reach out to other people who have, you know, build that up, and also gain a knowledge of how to look at a deal. So you do want to, you know, look at some of these, the syndicators are stuff that you’d be interested in, you know, you want that education and that, that’s really the key is being around the right group. So, again, it’s not just mean anyone, but the right people that have had success doing what you are looking to do. LinkedIn is a great resource for bigger pockets. You know, again, you had, you’re gonna have to kind of sift through some stuff to narrow down but there’s a lot of just wonderful people that are willing to share hop on some webinars. So education and connections.
Bailey Kramer 39:50
For sure, I totally agree. And once you talk to enough people that are doing what you want to do, you’ll be able to pick up some clues and recurring thoughts that a lot of people had and You’d be able to really hone in on that as well. So, you know, talking to many people that are doing what you want to do, and building those relationships and picking up the clues that a lot of people are leaving.
Derek Loda 40:12
One more thing comes to mind. And that is,
you know, replace when you’re commuting, replace music, with podcasts that focus on what you’re looking to do, you know, so like, their podcast, in real estate, start learning about it, the guests that you bring in, you’re going to pick up some, you know, you’re going to pick up some nuggets of information on each one, you know, not to knock music, you know, it can be very relaxing, you know, gets people, if they’re having a tough day, they need to just just chill out and listen to some music. But, you know, otherwise, try to cut that out. Think of how much you drive around, if that’s replaced with podcasts or audiobooks that are focused on what you’re trying to do, who you’ll pick up a lot of information.
Bailey Kramer 40:53
And that’s a great point. That’s, that’s huge. So number four, what is your favorite real estate business or personal development related book,
Derek Loda 41:03
I’m gonna go with atomic habits. And for some reason, I’m just blanking on the author for it. But again, it’s getting into the behaviors that you know, really the stuff that’s gonna push you forward and actually going to a real estate one. Joe fairless is so for me, he has three of them the best ever real estate investing advice, but then his best ever real estate syndication book, and I’m sure I just butchered that name but breaks it down very, very well, you know, for stuff to look out for. It’s the you know, kind of explaining the whole process, whether it’s, you know, syndication on that end or just the general real estate. He’s obviously had an immense amount of success in a relatively short period of time, but I think his books are excellent guides to get you that understanding.
Bailey Kramer 41:58
For sure. For sure. Where can the listeners get a hold of you?
Derek Loda 42:03
Well, you can feel free to reach out to me at my email. It’s d l o da, at Lota realestate.com l o da realestate.com. or reach out to me on Facebook or LinkedIn, just Derek Loda. So feel free to reach out always looking to connect with some more people and help out. Help out anyone that I can on their journey.
Bailey Kramer 42:31
Awesome. Awesome. Well, Derek, thank you so much for coming on the show today was awesome having you on and I know that the topic of you know getting out of your comfort zone is going to bring a ton of value to so many people. So no, thank you again for coming on.
Derek Loda 42:45
Absolutely. It was a pleasure being here.
Thank you for listening to the Real Estate Investing Made Simple podcast. For more resources or to connect with us further, please visit our website http://www.Baileykramer.com we’ll see you next time.