Real Estate Investing School Podcast

Episode 143: Lifestyle Design Through Real Estate with Brody & Joe
Date: March 25, 2024
Host: Joe Jensen
Guest: Brody Fawcett

Episode Overview

This episode features a candid, strategy-rich conversation between host Joe Jensen and regular guest Brody Fawcett. Rather than focusing on a guest’s origin story, Joe and Brody break down their current real estate projects, evolving strategies, market mindsets, and the deeper connection between investing and lifestyle design. The duo dives into actionable lessons, the importance of experience, creativity, and unpacks how personal priorities and phases of life impact investing decisions.

Key Discussion Points and Insights

1. Market Mindset & Common Mistakes

• Stop Over-Weighting the Market:
  Brody cautions against letting concerns about market conditions paralyze would-be investors. He asserts that understanding how markets work is more valuable than obsessing over current market moves.

  • Quote:

    “Letting [the market] hold you back from investing is gonna hurt you way, way, way, way more than it is understanding the market perfectly and waiting till you understand it to get into the game.” (02:00, Brody)

• Interest Rates and Variables:
  Joe and Brody use the analogy of 'getting to 100' to explain that there are countless paths to a great deal; interest rates are just one variable among many.

  • Quote:

    “When people start focusing so much and letting the interest rate dictate what happens, it’s like looking at it as the only piece, instead of understanding all the variables that make a deal work.” (04:19, Brody)

• Investing vs. Speculating:
  Joe notes that if an investor’s outcome hinges on the market rather than on sound, reproducible investment metrics, what they are doing isn't true investing—it's speculating.

  • Quote:

    “If the decisions you’re making are really heavily weighed by the market, you’re speculating, you’re not investing.” (06:52, Joe)

2. Strategy, Niche, and Evolving Focus

• Embracing Change in Approach:
  Brody encourages flexibility, reminding listeners that your strategies and goals should change as you and the market evolve.

  • Quote:

    “It’s a good thing to change your mind. It means you’re growing... It’s a good thing to have a different opinion on something—it means you’re open to changing and developing.” (14:08, Brody)

• Alignment with Personal Mission:
  Despite his projects ranging from student housing to glamping resorts, Brody’s core criteria remain the same: maximizing cash-on-cash return for lifestyle freedom and personal fulfillment.

• Finding Your Current “Step”
  Both stress knowing which stage you’re in (e.g., building cash flow, pursuing passion projects, building assets) and focusing hard on that “step” before shifting priority.

  • Quote:

    “Have a multi-step goal, be honest with yourself about which step you’re on, and put the blinders on to sprint where you’re at.” (48:30, Joe)

3. Lifestyle Design & The Purpose of Life Framework

• Joe’s “Love and Life” Framework:
  Joe introduces his philosophy: the three pieces of purpose—experience, serve, and create. He encourages listeners to cycle through these modes as life dictates.

  • Quote:

    “The purpose of life boils down to experience, serve, and create. At different times in your life... you’re going to pivot which you focus on.” (18:54, Joe)

• Seasons of Life:
  Parenting, for example, becomes a period of service; earlier years might be about experiences, later years about legacy and creation.

  • Quote:

    “Don’t be distracted on what step someone else is on or even what phase you want to be on but you’re not there yet. Just focus on where you’re at right now.” (21:48, Joe)

• Integration of Lifestyle and Investing:
  Brody’s projects reflect his own mix of creating, serving, and experiencing (e.g., resorts for entrepreneurial retreats, wellness, and family gatherings).

4. Focus, Prioritization, and Protecting Attention

• Time Blocking & Single-Tasking:
  Brody extols the benefits of time blocking and ‘theme days’ for deep work and life balance.

• Guarding Attention As a Skill:

  • Quote:

    “Treat your attention and your focus like you’re a professional athlete and that’s your sport… focus and attention is, like, your greatest skill and your greatest asset, and you need to, like, hone that and train that consciously.” (27:58, Joe)

• Diluted Focus Leads to Diluted Results:

  • Quote:

    “Diluted focus yields diluted results.” (28:56, Brody)

5. Creativity, Problem-Solving, and Taking Action

• Action Beats Perfection:
  The hosts stress learning by doing—especially by taking reversible actions (like submitting LOIs, getting deals under contract, etc.)

  • Quote:

    “You will learn more by taking action than by any other way—but you can take reversible actions.” (44:11, Joe)

• Endless Solutions in Real Estate:
  Both explain there’s always a path for a creative, determined investor—sharing the story of a complex appraisal gap in a deal and brainstorming at least eight possible ways forward.

  • Quote:

    “There are so many legitimate possibilities to get something to work. People just have such a limited concept of the possibilities that they just shut down.” (53:55, Joe)

• Resourcefulness Is Everything:
  Brody summarizes entrepreneurship and successful investing as the process of bridging the gap between what you want and your existing resources.

  • Quote:

    “Entrepreneurship is the gap between what you want and the resources currently available to you.” (62:25, Brody)

Notable Quotes & Memorable Moments

| Timestamp | Quote | Speaker | |-----------|-------|---------| | 02:00 | “Letting that [market] hold you back from investing is gonna hurt you way, way, way more than it is understanding the market perfectly and waiting till you understand it to get into the game.” | Brody | | 06:52 | “If the decisions you’re making are really heavily weighed by the market, you’re speculating, you’re not investing.” | Joe | | 14:08 | “It’s a good thing to change your mind. It means you’re growing.” | Brody | | 18:54 | “The purpose of life boils down to experience, serve, and create... you’re going to pivot which you focus on.” | Joe | | 27:58 | “Treat your focus and attention like you’re a professional athlete and that’s your sport.” | Joe | | 28:56 | “Diluted focus yields diluted results.” | Brody | | 44:11 | “You will learn more by taking action than by any other way—but you can take reversible actions.” | Joe | | 53:55 | “There are so many legitimate possibilities to get something to work... but people just have such limited concept of the possibilities that they just shut down.” | Joe | | 62:25 | “Entrepreneurship is the gap between what you want and the resources currently available to you.” | Brody |

Important Segment Timestamps

• 01:39 - Mindset on market conditions and overemphasis by investors
• 04:19 - The “getting to 100” analogy for deal-making
• 06:52 - The difference between speculating and true investing
• 14:08 - The value in changing your mind and strategies
• 18:54 - The Love and Life framework: experience, serve, create
• 27:58 - Importance of focus and attention as an asset
• 42:00-44:41 - Taking action, learning through doing, and reversible actions
• 53:55-60:54 - Brainstorming creative solutions for challenging deals
• 62:25 - Resourcefulness and the nature of entrepreneurship

Final Takeaways

• Don’t Wait for Perfect Market Conditions: Action and experience trump over-analysis.
• Align Strategy with Life Stage: Know your current step, set multi-stage goals, and focus efforts accordingly.
• Consistent Action Leads to Growth: Take small, even reversible actions and learn by doing.
• Creativity Unlocks Opportunity: There’s always more than one way to make a deal work.
• Guard Your Focus & Priorities: Protect attention, time block, and align daily actions with your deepest priorities.
• Life and Investing Intersect: Build a portfolio and a lifestyle that reinforce and serve each other.

For further resources, Brody and Joe reference books such as Atomic Habits and Free to Focus, and encourage listeners to check out Joe’s “Love and Life Framework” (josephfjensen.com) for deeper exploration of life design.

Summary by Real Estate Investing School Podcast Summarizer