Action Academy Podcast: "The Wins, Losses, And Lessons From Buying $1B of Real Estate (What To Do / NOT Do) w/ Brandon Turner"

Host: Brian Luebben
Guest: Brandon Turner (Former host, BiggerPockets; Founder, Open Door Capital)
Date: December 29, 2025
Format: Live Interview (Part 1 – Main Interview and Lessons, Q&A follows in Part 2)

Episode Overview

In this episode, Brian Luebben interviews Brandon Turner about his remarkable journey from buying cheap rentals in a rainy Washington town to leading Open Door Capital with over $1 billion in real estate. Unlike highlight reels, this candid conversation reveals Brandon’s biggest wins, painful mistakes, hard-won lessons, and the shifting business frameworks that helped him scale. The discussion covers key turning points, mindset shifts, business models, decision-making, and the realities of building a real estate empire—including regrets and advice that apply whether you're buying your first house or syndicating multimillion-dollar deals.

Key Discussion Points & Insights

1. Brandon’s Journey: Four Phases

• Phase 1: Early days (“Dumpy rentals” in Grays Harbor, WA; started with “$15–$40k” properties).
• Phase 2: BiggerPockets years (employee #1, grew with the company, eventual PE sale).
• Phase 3: Open Door Capital (from 30 units to 14,500+, $1B AUM in 5 years, mainly mobile home parks).
• Phase 4: The Better Life Tribe (giving back via a profit-donating group aimed at fighting human trafficking and building accountability/community).
• Quote:
  • "They all bleed into each other. But that's who I am in a nutshell. Oh, and I got a beautiful wife and three kids." – Brandon (03:41)

2. Imposter Syndrome as Fuel for Growth ([06:53])

• Brian prompts Brandon: How did you persist when you felt like an imposter on stage among “real” syndicators?
• Brandon’s approach:
  • “If you ever feel that imposter syndrome, don't fall back into what you were, lean forward into what you could be.” ([07:39])
  • Getting in rooms where you’re not the expert is key to leveling up.
  • The “Vivid Vision” book by Cameron Herold became pivotal; putting the vision on paper inspired others to join and created alignment.
• Notable quote:
  • “It is more important that you decide than what you decide.” (11:10)

3. The Power of Decision & Clarity ([10:13])

• Struggle: Constantly pulled in different directions, seduced by every new podcast guest or niche.
• Breakthrough:
  • Simply deciding on a clear path (e.g. “Let’s go all in on mobile home parks”) was what made things happen.
  • Decision is the “greatest currency”—most people’s problem is indecision, not lack of capital/network.
• Actionable advice:
  • “Set aside an hour of thinking time… What are you not deciding right now?” ([12:02])

4. Architect vs. CEO: Building the Business You Want ([14:39])

• The “Architect” Model:
  • Four types: DIY → Project Manager → CEO → Architect.
  • Architect: Build the business “from the outside in”—not at the center, but designing the structure and vision.
  • Hired a CEO for all new ventures immediately; gave significant equity to incentivize but learned hard lessons in equity allocation.
• Cautionary tale:
  • Gave away large equity stakes without deep planning; admits to making “eight-figure mistakes” early on.
• Lesson:
  • “The amount of equity you give out is a direct reflection of your belief in how big it's going to get.” ([19:10])

5. Handling Growth Pains, Mistakes, and Mindset ([22:26])

• Real Talk:
  • “Not a highlight reel.” Admits to “7 out of 68” deals struggling (“all apartments in Texas”), largely due to massive increases in taxes & insurance.
  • Big mistake: sloppy equity division, bad hires (“eight executive assistants”), and deals that didn’t pan out.
• Mindset Shift:
  • Embraces Teddy Roosevelt’s “Man in the Arena” concept—getting beat up is the price of growth.
  • Advice: Don’t shrink from setbacks. “The glory goes to the man who’s dusty and sweaty… at least he got on the field.” ([22:50])
• Key perspective:
  • “No great company is built without a near death experience.”
  • Reminds himself: “This is what I wanted. Suck it up, buttercup.” ([26:02])

6. Swing the Sword in Daylight ([26:06])

• Brian’s takeaway from Brandon:
  • Don’t just “struggle in the arena” in private—share your journey publicly so others are part of it.
• Notable quote:
  • “They care because they were following me when I was in Grays Harbor and they were with me on the journey to Hawaii, and that's why they care that I'm in Hawaii.” – Brandon (27:02)

7. Raising Capital: From "Needing to Be Liked" to $500M+ ([27:32])

• Brandon’s block:
  • Deep fear of rejection and a craving to be liked (traced to childhood, family dynamics).
  • Early failed capital raises (“crushed my soul”) and a vow to “never raise money again.”
• Breakthrough:
  • Identity reframe via coach ("I am a money machine/magnet”; resisted at first, but adopted).
  • Practical solution: Don't fix every weakness—design around them!
    • Hired an investor relations lead to handle calls and direct asks; focused on content and education.
    • “I've spoken on the phone to two [investors].”
• Lesson for listeners:
  • “At scale, you hire your weaknesses, you buy your weaknesses.” – Brian ([32:37])

Notable Quotes & Memorable Moments (with Timestamps)

• On Imposter Syndrome:
  • “You could shrink… or you could rise to the occasion. So, I challenge everybody—if you feel imposter syndrome, don’t fall back, lean forward.” – Brandon ([07:23])
• On Vision:
  • “Your team doesn’t know what you’re thinking. Your family doesn’t know what you’re thinking. It’s all up here. We’re entrepreneurs. We’re all crazy, right?” ([08:40])
• On Decision:
  • “It is more important that you decide than what you decide.” ([11:10])
• On Equity:
  • “The amount of equity you give out is a direct reflection of your belief in how big it's going to get.” ([19:12])
• Hard Lessons:
  • “If you put more time into planning your breakfast than planning out equity in your multi-million dollar business… shame on you. And shame on me, because that’s exactly what I did.” ([17:13])
• On Mistakes:
  • “You will figure it out when the time comes. I royally screwed it up in the beginning, like pretty badly… and then I figured it out and kept a good attitude about it.” – Brian ([21:14])
• Resilience:
  • “No great company is built without a near-death experience.” ([22:50])
  • “This is what I wanted. Suck it up, buttercup.” ([26:02])
• On Raising Capital:
  • “I never actually overcame the fear of rejection… I just found another way to get around that fear… I hired an investor relations guy… I’ve spoken on the phone to two [investors] ever.” ([31:30])
• On Strengths and Weaknesses:
  • “At scale, you hire your weaknesses, you buy your weaknesses.” – Brian ([32:37])

Important Timestamps

• 03:41 – Brandon’s Four Phases: Life & Career Recap
• 06:53 – Imposter syndrome at a real estate conference
• 08:30 – Discovering and using the Vivid Vision
• 11:10 – “It is more important that you decide than what you decide”
• 14:39 – Four business building models; the “Architect” approach
• 17:13 – The equity split mistakes (“multi-million dollar breakfast”)
• 19:10 – “Equity is belief in the future”
• 22:26 – Current business struggles, setbacks, and mental reframing
• 25:46 – “Man in the Arena,” and normalizing entrepreneurial struggle
• 27:02 – Building in public: Why sharing the journey matters
• 28:06 – Raising capital, rejection, and re-architecting your role
• 31:30 – “I've spoken on the phone to two [investors] ever”
• 32:37 – Buying/hiring for your weaknesses

Tone & Style

• Conversational, honest, and often humorous
• Candid sharing of failures alongside wins ("not a highlight reel")
• Motivational but steeped in tactical, real-world lessons
• Accessible – relatable anecdotes from early days to present scale

Takeaways for Listeners

• Success is messy: Even the pros make massive mistakes—what matters is learning, adapting, and moving forward.
• Clarity & decision-making: Deciding is the real barrier, not the tactical "how." Gain clarity on your vision, make a call, and refine as you go.
• Build for scale: Architect your business to work without you at the center; don’t be afraid to hire for your weaknesses.
• Leverage your story: Share your journey (“swing your sword in daylight”) and invite people into your growth, not just at the finish line.
• Mindset trumps tactics: The ability to reframe fear, embrace public mistakes, and persist through “near-death” challenges differentiates those who build great companies.

End of Episode 1 – Main Interview
(Part 2, a live Q&A, follows in the next released episode)