저자: ChrisHaden,JasonBalin · 외국인
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워런 버핏 전기 'The Snowball'을 바탕으로 부동산 투자자가 얻을 교훈을 정리한 영상이다. 핵심은 수익(bottom line)과 실행이 가장 중요하다는 점이다. 수익 없이 거래만 하는 것은 오래가지 않는다. 버핏은 1달러를 아껴 복리로 키우면 훗날 10달러 가치가 된다고 여겼다. 작은 돈도 소중히 관리해야 한다는 교훈이다. 버핏의 투자 원칙 1번은 돈을 잃지 않는 것이다. 말과 기수(horse and jockey) 비유처럼, 좋은 투자 대상과 좋은 운영자 둘 다 필요하다. 부동산은 좋은 말(사업모델)이 있으니 좋은 기수(실행력 있는 운영자)를 갖추는 것이 관건이다. 수수료 수익만으로는 한계가 있으므로 자산을 취득·보유·성장시키는 사업 구조가 중요하다. 수수료 수익은 자산 포트폴리오로 재투자해야 한다. 감정에 휘둘려 가격을 올려 거래하지 말고 규율을 지켜야 한다. 버핏은 가격 기준을 지키며 협상했다. 출연자들은 이 책을 한 학기 강의만큼 가치 있다고 평가하며, 후속 버핏 주제 영상을 예고했다. 영상은 특정 종목이나 시장 가격에 대한 예측을 다루지 않는다.
다듬은 글
hey everyone Chris Haden Jason Balin co-founders of hard money Bankers check us out at hardmoney bankers.com and Facebook hardmoney Bankers today we are talking about what Real Estate Investors can learn from Warren Buffett's business we go through some key takeaways relevant to all Real Estate Investors especially things related to your bottom line profit execution and acquiring assets check it out right now so Jason and I have been working our way through Warren Buffett's book it's actually not his book it's a book about Warren Buffett called the snowball and The Business of life um I finished it about a month ago a few weeks ago I don't on the iPad maybe 900 some pages it took me a couple months like it was a bear but it was awesome yeah I'm about I got about 19 hours left listening to it on Audible 19 hours out of 40 plus hours of of the book but you know it's an easy read it just obviously takes a lot of time to get through and it's not a tough read it's not a tough read and we've you know there's a lot of things pretty much on a regular basis that we we talk to about each other with some other business partners and some of our staff members just just like aha moments that we've gotten out of himt um I mean the guy is ridiculous and there's just a lot of things that you can really relate in his business to our businesses inside the lending side and inside real estate investing side for sure you know that we that we've got out of it yeah and I mean yeah like like you're saying there's just so many aha moments that we we want to talk about that we want to write down that we want to jump on camera and shoot a show about so that's what we are doing there's going to be some really really good stuff related to real estate um let's Dive Right In number one's an easy one for us cuz we we talk about this a lot and we're going to keep hammering into home m different videos because it's that important is that the bottom line in real estate or whatever Venture you're into speaks the loudest that's the most important thing the bottom Line's got to be there or else everything else crumbles that's right right we talk about that one a lot so we don't have to go too deep on that the bottom line the bottom line meaning money of course the bottom line meaning your profit your bottom line profit not doing not doing deals just to do deals and not being you know kind of role playing just to be associated with the business but you need to make sure your bottom line of making you know the dollars associated with your business and associate with your real estate deals because if those dollars aren't there it's shortlived y very very simple but in that book it goes back to on you know every few sentences related to you know how how he is to just make sure every penny that's involved in his businesses or are watched and taken very seriously and a big part of that is and I got and you know he picked this up from the early stages of his book you know the way Warren Buffett looks looked at every dollar was being worth $10 so for every dollar that that I can't spend one1 dollar it's gonna be worth 10 in the fut exactly he you know he knew that with with snow snow snowballing and um appreciation everything else compounding interest that every dollar that he had or every dollar that he could have would be worth $10 and when he was looking at that in the 50s and the in the 60s you know it's probably worth significantly more than that now but that was just the way he looked at Stu you learn a lot from that no almost nobody has that I wish I could just inject that idea into son um yeah cuz you're like hey 100 bucks like so be it but 100 bucks is really 1,000 bucks and 1,000 bucks is 10,000 bucks and more and more cool um real quick before we move on famous quotes from Buffett or one quote is um you know speaks of this too which is uh rule number one in investing is never lose money and rule number two is C rule number one that's right y so there we go next um there's another interesting one that I It surprised me a little bit when I was reading the book is that when Buffett was getting into deals investment deals starting out they were uh you know relatively small and then they grew to be gigantic but throughout the whole process he was he was in essence obsessed with two parts of any transaction one is the investment itself which we'll call the horse and the other one is the partner or the operator which we call the jockey so the horse and the jockey and he going through all these big deals over the years over many many years was very very much obsessed with both in essence you need both a business model or an investment itself is not going to do it for you and a good operator without the right business model is not going to do it for you you absolutely need both and it surprised me to see that he was so good at people yeah he's very bad in some ways ex regarding people but very good in others so clearly real estate's a good investment if no matter what side you're on if you're on flipping houses buying rentals wholesaling whatever the case is the the horse is there and it's great so now it's up to you to become a good jockey or surround yourself with good jockey Partners operators executors because the business model is here the business model's always been here it's going to be there in the future and you know there's a lot of benefit from from owning and you know doing stuff with real estate so just make sure you can execute on that that's a good takea away from that yep um moving on there's something unique about real estate and certain other businesses that are like warrants in that this is you know an important thing and something that's rare the fundamental function of real estate like Warren businesses is acquiring assets and most business are not like that if you're a lawyer if you're a consultant if you're a dentist if you're whatever you are earning fees people pay you money to do a service for them and that is radically different than making the function of your business to acquire assets because after years and years of doing money you know doing work for fees which is fine you know fees pay the bills fees are cool I love fees if anyone wants to give me a I will take it yep but what is built at the end of a run x amount of years may or may not be something very special at all whereas the few businesses where the function of those businesses is acquiring and holding and growing assets what you have at the end of the road is huge and ridiculous and that's a crazy fundamental thing that I don't think I've always been aware of yeah and keep in mind that part of part of you know his book that he talks about a lot is he was getting fees from his Partnerships on deals cuz he needs he needed the fees he needs the income he need did the cash flow that would C come into that but after it got to a point that he had all his bills covered and everything else everything else was rolled back into the Partnerships rolled back into the businesses and you can relate that to real estate very easily um obviously if you're going to flip a house and make 20 or 30 grand you need that you need that fee fee from that it's shortlived because it's one transaction that's it but as that works you take some of that money you put that aside and then you roll that into your next project and you roll that into your next project then you acquire some rental properties um and and over over time you treat it as a real business that grows itself and produces income kind of while you're sleeping just so you're not moving from one project to the next to the next to the next because you know it's it's great to make good income on that but it's it's not leveraging up or com you know compounding your interest to the next deal to the next deal to the next deal and some of the things that we work on obviously when we do loans we get fees from loans and when the loan gets paid off that income stream for that individual loan's over but you know over time you build a port folio of of a lot of deals that you have or you buy you know a bunch of rental properties and those and those are so you're diversifying into lots of different things and real estate is one vehicle out of a lot of different business models that works great for this compared to you know a lot of other friends businesses that we know absolutely it's a rare thing and it's something that if you're in real estate and you're not taking advantage of the asset side of things you really need to re um re-evaluate that cool um okay something else that comes up a lot in real estate and this goes back to the bottom line profit thing we mentioned at the beginning is that you have to be very very careful about your emotions and your discipline surrounding deals it happens all the time with newer investors that they have a property or a couple properties that they're obsessed with buying to the point to the point that they get emotional about the transaction even if the numbers change even if whatever happens even if that offer price goes up they still want to buy it because of emotions and that's a very very dangerous thing it's a dangerous thing to chase a deal up the ladder of you know purchase price just because you're you know zeroed in on buying it um having that discipline passing on a number like you mentioned a story earlier about Buffett is negotiating yeah techniques how did that how his uh I mean his his whole setup was I mean number one he he was smart he used real data to V voice an opinion but he also had his Instinct take over to determine if this worked or if it doesn't work and even if some of the data didn't support it he'd still go with his gut and say you know this doesn't 100% meet my model but this is you know this is why um but the story We the story we were getting at was he had a guy that came that he came to to buy his or that wanted to sell stock wanted to sell shares to him and he said sure this is my price and he's like okay cool um let me go back to my share to to my people let me see and and keep in mind Buffett only negotiated with the you know with the the decision maker and you know just like you know any real estate investor should do as well make sure the person you're pitching and you're talking to the seller is the person that can make the decision so anyways he knew very well that he didn't really have to go back to anybody but the guy did anyways and he came back and hey sorry the deal's lower now deal's off deal's off the table like it didn't work for me at this time and he kind of went back and forth and he wasn't necessarily playing games I mean Buffett seemed to be a pretty H honest guy and a good good businessman but at the same time you know he it was business right it wasn't it wasn't it was disciplin it wasn't personal like he didn't like he wasn't obsessed with buying whatever asset it was so he's going to chase it to any price exactly like he had his window of a good buy price and he's stuck to it a lot of discipline goes into that especially when you do need to acquire stuff you do need to put your money to work you do need to do deals but and and and where this comes where it's hard for Real Estate Investors is when we're in a market that it's hard to find good deals at and you know they're endlessly chasing them around and saying you know what this one's not perfect but it's good enough I'm going to do it and you know you got to stay you got to stay disciplined on it and and do your thing good stuff um all right so we're going to keep I finished a book recently Jason's going to be there soon and there's I think there's going to be more stuff to go over I think we could do another Buffet focused I mean it's worth it's weight and gold it really is that book which was the equivalent of like a high school semester long course um no joke was absolutely worth it well and much more valuable than many semester long courses uh for business and and works for every business we're just tailoring it towards real estate because it's what applies best best to us but you know and he you know he nothing in there talked about you know buying commercial properties or buying rental properties or or anything had nothing to do with that it was just you know him and the way that that he you know followed followed a few of his key principles good stuff guys thanks for checking us out and we will see you next time
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