Education from the Real Estate Investor of the Year w/Annie Dickerson
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Episode Description
Welcome to the Freedom Point Real Estate podcast! Special guest Annie Dickerson joins today's episode to share the lessons learned along her investment journey about successfully scaling a business, accepting market changes, being fully present in the moment, leaving a helpful legacy, and more.
Annie Dickerson, a real estate investing expert with over 15 years of experience, has garnered acclaim as the Real Estate Investor of the Year by the Motley Fool. Alongside her partner Julie Lam, she co-founded Goodegg Investments, recognized as the Best Real Estate Syndication Company in North America by Build Magazine. Their firm has facilitated over $1.4 billion in commercial real estate investments, impacting countless investors nationwide. Annie and Julie are renowned authors, hosts of the Life & Money Show podcast, and architects of the esteemed Real Estate Accelerator mentorship program, guiding individuals in raising private capital for their real estate ventures.
CONNECT WITH ANNIE DICKERSON!
Website: https://goodegginvestments.com/
LinkedIn: https://www.linkedin.com/in/anniedickerson/
Facebook: https://www.facebook.com/goodegginvestments
Instagram: https://www.instagram.com/goodegginvestments/
Youtube: https://www.youtube.com/c/GoodeggInvestments
CONNECT WITH JEREMY DYER!
Website: https://startingpointcapital.com/
Instagram: https://www.instagram.com/startingpointcapital/
LinkedIn: https://www.linkedin.com/in/jeremydyer
Facebook: https://www.facebook.com/startingpointcapital
Book a Call! https://calendly.com/startingpointcapital/discuss-investing-with-jeremy-dyer?month=2023-12
Summary
Tip #1: Embrace Personal Growth for Business Success
"Business is a spiritual game...your business will only grow to the extent that you do."
Annie underscores that entrepreneurial success is intertwined with personal development. The growth of your business is directly proportional to the growth of your mindset, skill set, and ability to navigate challenges. This reinforces the idea that entrepreneurship is as much about introspection and self-improvement as it is about executing business strategies.
Tip #2: Partner Wisely to Complement Skills
"When Julie and I partnered up it was because we were both so complimentary...like two puzzle pieces fitting together."
Successful partnerships are built on complementary strengths. Annie's collaboration with Julie exemplifies how combining different skill sets can create synergy. However, as business scales, friction can occur, requiring partners to continually adjust and grow together, underscoring the importance of mutual respect and adaptability in partnerships.
Tip #3: Be Willing to Let Go of the Wrong People
"We've learned some really hard lessons about hiring the right people or releasing people if we realize they're not the right people."
Building the right team is crucial for any business. While it's essential to hire people who fit the vision, it’s equally important to recognize when someone is not the right fit. Part of leadership is making tough decisions, including letting go of team members, which can be essential for the long-term health of the business.
Tip #4: Define Success Internally, Not Just Externally
"Success to me now really means being fully present."
Annie's shift from external markers of success (money, fame) to internal fulfillment highlights the importance of being present in the moment. True success, she believes, comes from aligning your life’s work with authenticity and mindfulness, which helps foster genuine connections with others and personal peace.
Tip #5: Be Open to Life’s Changes, Even During Uncertainty
"Change doesn't always mean a bad thing; change can bring about really great things."
Embracing change, especially during economic shifts, is critical for success. In business and life, change is inevitable, and rather than fearing it, those who adapt and innovate in response to changing circumstances will emerge stronger and more successful.
Tip #6: Understand the Economic Cycle and Invest with Patience
"This is the best time when everybody’s still scared...experienced seasoned investors have been looking forward to this time for a long time."
Savvy investors know that downturns or periods of uncertainty are not always negative. Seasoned investors often find opportunities when others are hesitant, capitalizing on market cycles by being patient and staying the course, waiting for the right moment to invest or exit.
Tip #7: Question Everything—Especially Projections
"Take what's put down on paper as gospel...those are projections."
It's crucial to approach investment opportunities with a critical eye. Just because numbers or projections look promising doesn’t mean they will come to fruition as expected. Investors should thoroughly question assumptions and seek clarification on key figures to ensure they're not buying into overly optimistic projections.
Tip #8: Build Relationships with Trusted Operators
"It really comes down to who that jockey is riding the horse."
In real estate investing, the person running the show—often referred to as the operator or "jockey"—is key to success. While deals and numbers are important, the person leading the project can make or break an investment. Trust and alignment with operators who have a proven track record is essential for long-term success.
Tip #9: Invest in What You Understand
"Don’t be afraid to ask these questions...this is your money that you’ve worked so hard for."
Before committing capital, it’s essential to have a deep understanding of the investment and its risks. This means asking questions and seeking clarity, regardless of how "unqualified" you may feel. Ensuring you comprehend the details will safeguard your investment and prevent regret later on.
Tip #10: Money is Often a Symptom of Deeper Issues
"Money is the symptom...it’s showing you a mirror into these other aspects of your life."
Annie’s perspective emphasizes that financial issues are often connected to deeper personal or emotional struggles. While money can provide temporary relief, lasting success involves addressing the root causes of stress and dissatisfaction, whether they’re in relationships, health, or mindset. True wealth comes from resolving these underlying challenges.
