Launching the ELEVATION Business #BookClub: Essential Reads for #RealEstate Investors

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Welcome back to another episode of raising the flipping bar.

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I'm your host, Derek Marlin.

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And today I'm really looking forward to this episode because one of the things that we really have as a mission statement of raising the flipping bar is obviously real estate investing, but it's personal development.

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Personal growth and business strategy.

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Welcome to raising the flipping bar, the go to podcast for aspiring and seasoned real estate investors.

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I'm your host, Derek Marlin, and I'm the CEO of Elevation.

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We're a real estate investment company based right here in Denver, Colorado.

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We'll dive into smart investment strategies, market insights, and essential tips for scaling your real estate ventures.

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Whether you're making your first investment or your hundredth investment, this podcast is your blueprint for success in the ever evolving world of real estate investing.

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Get ready to elevate your real estate game and begin your journey with me.

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what I decided to do with this solo episode is create the elevation business book club.

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And one of the things I'm also working on is giving a couple different things that will be reoccurring themes throughout the year, because I think there's certain things that are really helpful and I think this will be one of them.

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You'll probably get at least three or four elevation business book club episodes within the course of the year.

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I really kind of thought about, well, where the hell did this idea come from?

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I love my wife.

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Let's just clip that.

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You can just use that many different phrases.

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Um, but in all seriousness, where this came from is, that girl is a part of a lot of book clubs and I think women have really figured out book clubs and guys are way, way behind.

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I've actually also learned that through some of my wife's book clubs, they're all actually international.

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Apparently you can go on girls vacations to Mexico.

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They're also regional.

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You can go to Austin, Texas, and visit beautiful resorts.

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So I guess this won't be that cool, but at least hopefully we'll make some money from this.

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But in all seriousness, I think that, It's kind of a great philosophy and a great idea.

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And I want to do this obviously from more of a business perspective.

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To quote one of my favorite movies ever, step brothers, I'm going to channel my channel, my inner Dale Doback, and we're going to go prestige worldwide with this book club.

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Maybe at some point we go international.

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Maybe we do a big, man book club conference, which obviously, we'll love to have women attend as well.

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but maybe we'll take this prestige worldwide.

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So let's jump in.

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what we're gonna do is we're actually gonna break this up into two different categories.

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The first category is going to be more.

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Business strategy and business growth.

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And then the second group is going to be kind of like personal development.

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So, for those of you listening, I actually do have some visuals.

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The first book that we're going to review is called buy back your time by Dan Martell.

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And man, this is such a good book.

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I've got it, you know, all dog eared and I've got everything, book ended.

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And I'll actually show you guys the end of these books.

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I'm a super nerd.

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And I actually take notes.

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And this is why I actually personally like to still just read with a physical copy.

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But the three big takeaways is, really how did I get in this book?

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And the first one was, I listened to Dan Martell in a podcast and he's just a great business entrepreneur.

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He's a great speaker.

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He's a great author.

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And then I got into his podcast And then I also saw him actually speak live at Ryan Penn's Wealth Con in 2013.

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So this book, buyback Your Time was written in 2023.

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So fairly new.

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It's something that I've now read two and a half times and I'm really trying to implement, doing things more often than just reading an insane quantity of books.

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So that's kind of another just little strategy that I'm personally working on.

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But what I love is his speech was super energetic.

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He cranked it out for like.

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30 minutes, spoke to me cause he dropped a couple left bombs.

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So that spoke to my inner Jersey and, he was jumping off stage and just had tons of energy.

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I definitely went down his rabbit hole.

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But one of the takeaways that I want you guys to get from this is he does a thing called the time and energy audit.

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It is on page 73.

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If you are reading along at home, if you will, and this is a lot more super tactical and super practical.

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And what he says is you need to document your day in 15 minute increments of exactly what you're spending your time on.

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From there you want to take that through like a two week period and really take that audit of exactly what you're doing.

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And be honest with yourself.

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It's kind of like cheating on a diet.

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If you're having a goal at the end of the day and you don't get there, it's because you might've snuck some Oreos in.

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Just write it down, no matter what you're doing, again, do it for two weeks and then assign a dollar amount.

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Based on the level of importance for that task.

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So good example is in his world, email, super admin stuff, paying bills, things like that is 1 versus what's your highest and best use of time.

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And that's the 4 category.

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And that might be, in our world is meeting directly with sellers.

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Or for me, it might be speaking engagements, or it might be bringing on a new rockstar agent to our team.

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And so you take those and you highlight the good things that you're working on and the high dollar things with green.

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And then you do kind of the things that are a time suck and probably aren't the best return on your time and your investment.

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And you put those in red.

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And you really, really go through an audit your day and hopefully cut out the stuff that is kind of theoretically a waste of time.

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So do that time and energy audit.

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That's really like a big, big kind of key takeaway that, that I got from the book.

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A second one is called the one three, one rule.

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And what that is again, it's another very tactical tool.

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It's something that you can use with your employees, you can also do it with your vendors as well.

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So if you're a solopreneur and you've got your contractor always coming to you with issues, I think this might be really good.

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Or let's say you've got an acquisitions person, That isn't maybe doing as much of their own problem solving.

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I think this thing works really well.

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And so his three steps are is step number one, define a problem.

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And I pause at that because I, it's not multiple problems.

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A lot of times it's like, well, I need help with this.

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And then that, and then this, and then that.

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Narrow it down to like the one main issue that, that you are having or that your staff members having, and then they need to offer three valuable solutions, not just kind of random bullshit solutions, but like real valuable solutions.

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And then from that, what's their number one choice.

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And in the beginning, then you can sign off and stamp that for approval and they can run with it.

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Over time, the cool thing that we're finding is when you coach up your employees and your staff members, they'll actually go through this exercise, and they might not even come to you.

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So a lot of times we're just early on implementing this ourselves.

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And so people will come to me and I'll just say like, okay, cool, give me your one three one.

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And people start to know and it's slowly starting to decrease the amount of things that, that have to go through me and creates a bottleneck.

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So definitely check out the one three one that's on page one 54.

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And then the third thing of this book, this one's more of a kind of higher level strategic section if you will.

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And it's actually on page 96 and Dan calls it the replacement ladder.

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And so he comes up with five different levels.

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And what I really like about this is it really helps in my opinion, prioritize how you should be thinking about your hiring.

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We'll start at the bottom and I'll work our way up for the first person you should potentially hire to take things off your plate.

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And then that last thing that you're going to replace.

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Again, going back to his, topic for his book, buying back your time so that you can work on your highest and best use.

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So his first rung is the admin rung.

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And with that, you are probably feeling stuck.

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You are managing your own inbox.

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You're doing your own calendar.

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Again, these are very admin related things that in his world, he pushes to an assistant.

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Um, and we've done that and it's been super successful.

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Kind of, that's the first rung.

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The second rung is how are you getting bogged down with delivery?

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So you're feeling stalled out.

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These are things like, how are you onboarding your people?

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How are you supporting, how are you doing base levels of training?

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That's the next thing you might want to look at of how do you bring on other staff members or how do you buy back your time?

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And then the third thing is then going up the food chain is marketing.

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That's where you're maybe feeling some friction where your business might not be growing as much as you want.

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And these are people, and it could be whether it's in house staff or with this one, you could also look at, third party vendors or different marketing partners that you can work with to help you run campaigns, to help you do advertising, to do traffic, to do social media, things like that.

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That's the third rung.

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And I think it's just barely above the fourth rung, which is sales.

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I think a lot of times people, if you're an entrepreneur, you're immediately trying to hire a salesperson.

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And I think that's definitely good, but if you're still running your own calendar and if you're still running, paying all your bills and running all these more kind of task related stuff.

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I think it's better to buy back your time there before you get to sales, but sales is a huge way where you feel like you need time freedom.

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For us, that was the number one way we were able to help grow.

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The company is bringing on a sales individual and then an actual sales team, to do obviously calls to do follow up to do.

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Everything related with sales and kind of the pinnacle of his replacement ladder is the leadership wrong.

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Sometimes you may never get to that and that's okay too.

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We're not really a hundred percent there ourselves currently.

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And we've been full time in business for seven years now, but that's where you need to get yourself into more flow time.

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And that means that it's where you're working on your highest and best use.

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You're working on your big picture strategy stuff.

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You're working on the business instead of in the business.

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And those are your leaders.

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So those are people running sales, running operations, running finance.

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You know, my opinion, you're kind of a bigger company.

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You're running HR, you're running it.

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Those leaders are people you need to get in place.

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So to me, I'll leave you guys with some action steps for this particular book.

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And that would be obviously read the freaking book.

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The cool thing about this is there's actually a toolkit that Dan Martell provides, and it's about a 30 page PDF document.

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And it's got lots of forms that you can fill out and really like put this stuff into use.

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So like I said, I'm actually in the process of reading it for my third time in the last year and a half.

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And I kind of take different things away from it.

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And I reshuffle how I'm using those different tasks and different documents.

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The other thing that you'll do is he has you calculate your hourly rate.

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And then from that, you need to work on eliminating certain things that aren't worth your hourly time.

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Automating certain things or delegating certain things.

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So to me, that's your homework, but again, I would love for you guys to connect with us and engage and see what were your takeaways from the book.

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So buy back your time book.

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Number one.

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So book number two, again, thinking more strategy and more growth is the book called traction by Gino Wichman.

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This is almost like our operations Bible.

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It was written actually as early as 2011.

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And I think there's been like two or three iterations from that.

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I was trying to look back again.

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I was looking back at some of my, nerdy notes.

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I'm looking at it right now of like, what am I doing and what's important.

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And it's actually fun to kind of go back and look at different stuff.

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But I looked, I read this thing back in 2017.

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So for me to put context to it.

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Started full time, by myself in 2015 and then brought on my first project manager in 2017.

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So shout out to Alex, who, he kind of forced me into this book and I think that was actually a huge, win for us as a company.

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Because he got his degree in industrial and organizational engineering, which makes me throw up in my mouth a little bit if that's what I had to study in college.

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But it's a systems degree, essentially super, super bright guy.

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Folks that are engineers, man, hats off.

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That's definitely not the way my brain works.

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But what it did is it helped us create systems.

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And the way that I looked at it is coming off of a career in working in the NFL with the Broncos and working with CBS.

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Those are well oiled machines.

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I wanted to run even with me and Alex at the time, our little two person company as a fortune 500 company.

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And so with this book traction, the huge takeaway to me is number one, it's called the vision traction organizer, or their acronym is VTO.

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And what it does is it really helps all the different staff members focus on what their areas of opportunity are.

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And it breaks your vision and your company into kind of three major buckets.

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The first one is it forces you to look out 10 years in the future and really pick Those as Jim Collins would say, those big, hairy, audacious goals.

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Really the life changing things that you want to accomplish, that you want your business to accomplish.

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You've got that, but it's a little bit of a, kind of an intro paragraph.

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Then it breaks down to more actionable.

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What do you need to do and what are your goals in the next three years?

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And that's kind of on one of the right columns of the page.

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Very, very actionable is the one year plan.

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And that is where you start to break down anywhere from your top eight to 10 functionaries of your business.

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And it's, what do you need to do to hit those numbers to be successful that year?

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The last thing is it breaks it down into what they call quarterly rocks.

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And that's what you're doing in your 90 day sprint.

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The cool thing about this to me is, you know, it's funny, I think back, I got my MBA from the university of Florida and Gainesville.

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And part of our thesis was you had to write this giant, you know, business report.

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This business plan is 30, 50 pages.

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That's important.

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That's good.

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We now either a evaluate, how do we add a new division to our company or even launch a new business?

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When I was launching my property management business, when we bought our apartment buildings, I use this two page document.

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And so we literally ran a whole freaking business from a two page document, because if you need 50 pages, obviously if you're, you know, bringing on investors, it's a different ballgame, but for most small business owners, to me, that's a key way to keep things streamlined and keep things simple.

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The other big takeaway from this book is again, they call it quarterly rocks.

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And so what, what those rocks are is they, they tell a story.

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if you try to fill up a Home Depot bucket, let's think of something in our fix and flip world that, you know, orange five gallon bucket and you, pour in your sand first, then you pour in your little stones and then you pour in, your river rock and then you've got your three or four main things, which again, your big rocks of what you want to accomplish.

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You can't fit it all in.

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But if you put in those three, four, five big rocks or boulders or whatever first, and then you pour in the medium stuff, it'll filter down and then the sand and then the water, you can actually fill up your entire bucket.

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So just philosophically to me, it really helps you break that stuff down into 90 day sprints.

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It gets rid of all the busy work.

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It really helps you work smart and just not hard, which is kind of busy work.

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So, action steps for this one.

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Again, the cool thing about traction is it's got its own toolkit as well.

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So another 20, 30 page PDF document, take that down, complete the vision traction organizer.

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To me, hold yourself accountable to those written rocks.

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That is absolutely key.

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The other cool thing as another little flip tip is they really suggest that you have quarterly check ins with your staff.

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So I think it's really hard, and we made this change, and it's been really helpful is to go an entire year with an employee and then do the quote unquote classic performance review, and there's just too much that evolves in a small business.

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There's too much that time passes either.

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They're not getting credit for the good things they do.

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That was maybe in month three, or they're getting, hammered for the Shitty thing that just happened in month 11, and that's not fair to anybody.

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So if you have these quarterly check ins, it's a great way to run your team.

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So to me, that's key is use these rocks as actual check ins with your staff.

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So we're going to take a quick break and tell you about the next elevation Academy.

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00:15:41.740 --> 00:15:46.919
So click on the link below in the show notes to sign up and transform your approach to real estate investment.

00:15:47.679 --> 00:15:47.940
Okay.

00:15:48.090 --> 00:15:49.120
Let's get back to the episode.

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Now jumping a little bit more to the personal development and in the future, we'll also talk about personal investing, not just real estate investing.

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This is one of my favorites.

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It's called extreme ownership.

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By Jocko Willick.

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This one caught my eye.

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It was written in 2015 and I think there was like a republish or refresh in 2017 and how I got hooked on Jocko is I watched one of his TED talks.

00:16:15.419 --> 00:16:18.970
At the time it was definitely one of the most watched TED talks at any given point.

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And he is this, hardcore bad ass Navy SEAL.

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Obviously if you listen to his, he's got an amazing, it's called the Jocko podcast.

00:16:26.370 --> 00:16:28.840
So I would listen to that, watch the Ted talk.

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But to me, one of the cool things that was this huge takeaway that resonated with me is he has a philosophy, which is called discipline equals freedom.

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And that was actually the title of his second book.

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And it's funny because I've got teenagers now and they're starting to talk about like wanting tattoos and it's this whole debate that we have.

00:16:46.279 --> 00:16:47.360
So they always give me a hard time.

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They're like, okay, dad.

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And I don't have any tattoos.

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They're like, what would you get?

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And this is how nerdy I am.

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You know, originally I thought, oh, I was in a fraternity.

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Maybe I'll get my fraternity stuff.

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And that ship has sailed long ago.

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You know, you've got your kids and you love your kids and you've got your birthdates and all that stuff.

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Just for me, I've had a hard time deciding what to do, but I thought like, okay, if I could pull a Jocko and I would literally tattoo discipline equals freedom, on my forearm.

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Because to me, That kind of solves a lot of problems.

00:17:11.950 --> 00:17:14.329
So that's kind of jumping around a little bit.

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That's a huge theme, in the book.

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And again, it became the next book, but definitely watch that Ted talk and watch his podcast.

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The thing I want to give you is another takeaway from this book is the overarching theme of this one, from again, extreme ownership standpoint is that leaders need to take ownership of their company in every respect.

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I think a lot of times leaders will take great credit when things go well.

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And when things go bad, they get pissed at their staff, but really Jocko's thing is always, you have to always look in the mirror.

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And of course he comes at it from a military standpoint.

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So to me, I think that's super, super important.

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And one of the cool things that he does is in chapter seven, it's called prioritize and execute.

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What he does is, again, I love learning from the military.

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I had a lot of family members in the military dating far back actually as one of my grandfathers was a POW in Germany in world war II.

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So I have so much respect for what the military brings from a leadership standpoint.

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I haven't served myself, but thank you for everybody that has served but to me.

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It's all about handling those obstacles, and those challenges, because in that setting, he fought in Iraq and Afghanistan, if you screw up people die.

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And obviously that's a very extreme example of leadership, but I think it's really important.

00:18:31.317 --> 00:18:43.718
And what he does is when he talks about prioritizing and executing, I'm going to kind of read from one sentence and I'm going to break it up into five different points, even though he put it in one sentence, but if you prioritize and execute, I think you can take that to the business world.

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So his thing is, okay, first remain calm again on the battlefield.

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That's a pretty big deal, but even in business, another Navy SEAL saying that I have is a huge poster on my wall and it's called slow as smooth and smooth as fast.

00:18:56.383 --> 00:19:00.803
So again, kind of remain calm, step back from the situation mentally.

00:19:01.153 --> 00:19:03.893
So give yourself a little bit of time, give yourself some breathing room.

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Most things do not need to be decided like in a split second and in an instant.

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So step back and give yourself, situational awareness mentally.

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Then you assess the scenario really what the hell is going on.

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Jumping into number four is then you decide what to do.

00:19:19.583 --> 00:19:25.413
And then his last thing is make the call and act and notice even when we go through from a military standpoint.

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I didn't say charge forward, because one of the cool examples he brings up is sometimes, when they, people charge forward, they stepped on an IUD and people got blown up.

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So, make the decision might be to, to move sideways or sometimes make the decision might be to duck and cover and run.

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For us, we just made a decision where we sold a high end million dollar plus fix and flip, and it was super painful.

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I wanted to make some profit on it, but I priced it right out of the gate to lose money.

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To me, that was a duck and cover move.

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I'd rather get the money back.

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I wanted to sell it fast and it worked.

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We ended up selling it in two and a half weeks and kind of a tough market.

00:20:01.617 --> 00:20:02.958
So again, you don't have to charge forward.

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It could be sideways and it could be backward.

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So again, extreme ownership.

00:20:06.962 --> 00:20:08.742
By Jocko, freaking amazing.

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All of his books are awesome.

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Okay guys, home stretch.

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I don't want to say the best for last, but I definitely saved the biggest for last.

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So you can see if you're following along online, this is called tools of Titans by Tim Ferriss.

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Man, I love Tim Ferriss.

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His stuff is phenomenal.

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This one was also released in 2017.

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As I'm verbalizing this, as we speak, there's a lot of stuff that I was trying to figure out when I was trying to take the first scale step in our business.

00:20:34.163 --> 00:20:44.103
But when I was leaving the corporate world from CBS and also in finance, his book called the four hour work week had just come out and that really resonated with me.

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Not in that I only wanted to work four hours.

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But it was all about having the systems and making sure that things were done properly.

00:20:52.518 --> 00:20:55.367
So you do have the flexibility to kind of create the life that you want.

00:20:55.647 --> 00:20:58.008
So from there, it went down the Tim Ferriss rabbit hole.

00:20:58.258 --> 00:21:05.617
The Tim Ferriss podcast is, I believe, still one of the most successful podcast him and Joe Rogan, I think are the summit in the podcasting world.

00:21:05.928 --> 00:21:07.817
But I'm going to give you a couple of key takeaways.

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The good thing about it is, again, you can see how beefy this book is.

00:21:11.192 --> 00:21:12.153
It's freaking huge.

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It's like an almanac.

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I love the diversity of his guests.

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He's got comedians.

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He's got business leaders.

00:21:17.813 --> 00:21:19.292
He's got politicians.

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He's got high level doctors.

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It's actually 112 chapters.

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And then there's 38 different like mini Tim Ferriss experimentation chapters.

00:21:29.742 --> 00:21:37.583
Um, and he breaks it up into three different sections, I guess is the easiest word one is called health and it's all of his biohack stuff.

00:21:37.583 --> 00:21:39.702
Like he's essentially a human walking experiment.

00:21:39.712 --> 00:21:42.613
So he's done all these cool things that you can learn from the health perspective.

00:21:43.133 --> 00:21:44.452
The second one is called wealth.

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It's definitely the finance, the money side of things.

00:21:47.613 --> 00:21:49.593
And the last one is called the wise section.

00:21:49.903 --> 00:21:53.883
So it's all about being mindful, being strategic, being very thoughtful.

00:21:54.133 --> 00:22:06.238
Again, it would be a disservice in my opinion to pick my three or four quote unquote favorite, but And it was cool because I was reading back through my book again, you've got all of my, nerdy notes and you've got all the highlighting and all that good stuff.

00:22:06.637 --> 00:22:12.817
I look back and there were 10 to 12 other authors that I really resonated with and then I went way down their path and their road.

00:22:13.093 --> 00:22:20.032
One of them was Ryan holiday, who I first learned from just this little chapter and the chapters are like three to five pages, which is really cool.

00:22:20.073 --> 00:22:27.992
So now I've consumed all of Ryan holiday's work in the stoic and stoicism world and just, it's given me so much information and so much, just great backdrop.

00:22:28.393 --> 00:22:32.923
So kind of my cool little action steps for you guys on this book tools for Titans.

00:22:33.353 --> 00:22:35.012
Is read one chapter per day.

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I did that.

00:22:36.173 --> 00:22:38.883
Actually, I read this now twice, and I did that during COVID.

00:22:38.942 --> 00:22:40.032
And that was really helpful.

00:22:40.303 --> 00:22:42.692
Just a quick little five minute read was awesome.

00:22:43.212 --> 00:22:46.192
The other fun thing that Tim does is he actually he prods.

00:22:46.202 --> 00:22:47.613
Not everybody gives him the answer.

00:22:48.032 --> 00:22:49.823
And I think these were compilated from either.

00:22:49.978 --> 00:22:55.438
When they were a guest on his podcast or just general interviews that he did and articles that he was writing.

00:22:55.817 --> 00:22:57.778
But he asked people what their spirit animal is.

00:22:57.928 --> 00:22:59.667
So, I want you guys to DM me.

00:22:59.667 --> 00:23:00.627
I want you guys to contact me.

00:23:00.627 --> 00:23:02.087
I want to know what your spirit animal is.

00:23:02.127 --> 00:23:06.887
I think that's kind of a funny question, but it's pretty telling into kind of how somebody thinks about themselves.

00:23:06.897 --> 00:23:09.938
That's your homework and that's your takeaways for the overall book club.

00:23:09.978 --> 00:23:11.248
I hope you guys enjoy this episode.

00:23:11.258 --> 00:23:17.817
Like I said, we're going to probably do this, I don't know, Three or four times a year, and we're going to create the elevation business book club.

00:23:17.887 --> 00:23:21.637
Like I said, we'll try to take this prestige worldwide at some point.

00:23:21.857 --> 00:23:25.028
But I would love to, to me, this one is like, how can we engage?

00:23:25.147 --> 00:23:26.738
I want to hear what you guys are reading.

00:23:27.137 --> 00:23:29.208
I want to see what podcast you're listening to.

00:23:29.498 --> 00:23:31.377
What conferences are you attending to me?

00:23:31.377 --> 00:23:35.048
I'm all about personal development, growth, and business knowledge.

00:23:35.048 --> 00:23:36.538
You can never stop learning.

00:23:36.928 --> 00:23:41.637
And it's funny, cause we've got kids that are late in high school and then, our son's going to college next year.

00:23:42.018 --> 00:23:46.288
And it's like, I hate to break the news to you, but you can see my, nerd library behind me.

00:23:46.317 --> 00:23:49.988
It's you can never stop learning and never stop reading in my opinion.

00:23:50.057 --> 00:23:51.417
So thanks for tuning in.

00:23:51.458 --> 00:23:54.488
Thanks for tuning into this week's episode of raising the flipping bar.

00:23:54.867 --> 00:24:08.178
If you found value in our insights and stories, let's keep the conversation going, connect with me on social media, and be sure to share this episode with friends or colleagues who might benefit your feedback and reviews, help us grow and reach more listeners like you.

00:24:08.557 --> 00:24:11.708
So please, if you enjoyed this episode, leave us a review.

00:24:12.538 --> 00:24:15.468
Thanks again to the elevation Academy for sponsoring today's show.

00:24:16.067 --> 00:24:19.377
If you're interested in learning more, click the link in the show notes below.

00:24:19.887 --> 00:24:21.327
And remember every property.

00:24:21.387 --> 00:24:22.107
Tells a story.

00:24:22.458 --> 00:24:23.748
Every deal brings a lesson.

00:24:24.317 --> 00:24:27.107
Keep reaching for those goals and we'll catch you on the flip side.

00:24:29.873 --> 00:24:30.452
Hey everybody.

00:24:30.472 --> 00:24:33.673
Thank you so much for listening and watching raising a flipping bar.

00:24:33.982 --> 00:24:39.323
Just a basic overall disclaimer is that a, this is not legal advice.

00:24:39.522 --> 00:24:40.932
B, this is not tax advice.

00:24:40.932 --> 00:24:42.673
See, this is not financial advice.

00:24:43.042 --> 00:24:46.722
I hope you get the gist, but I'm obviously not a lawyer, not a CPA.

00:24:46.863 --> 00:24:51.403
Hell I'm not even a real estate agent actually, but in general, we hope you get a ton of value out of this, but there is a bit of a disclaimer.

00:24:51.403 --> 00:24:54.962
Please consult a professional if you have any questions whatsoever.

00:24:55.012 --> 00:24:55.663
Thanks for tuning in.