E219 Tom Burns - Why Doctors Don’t Get Rich, Understanding HUD Loans for Multifamily Acquisitions and Development, and Traits of the Wealthy-Minded

Tom Burns is an entrepreneur and an orthopedic surgeon in Austin, Texas. He is currently a physician for the United States Ski Team and travels worldwide with them. He has over 25 years of real estate experience with multiple asset types. In addition to co-founding and managing a free-standing full-service hospital, he has acquired and developed $400 million of real estate locally and internationally. He is also the author of Why Doctors Don’t Get Rich. Tyler and Tom discussed why doctors (and many high-income earners) don’t get rich, Tom’s path to passive income, what it takes to be wealthy-minded, HUD loans and more. Highlights include: Tom’s trajectory of learning and pursuing real estate investing while working as a physician Tom’s experience of buying the first-ever purchased Rich Dad, Poor Dad book, and his meeting with Robert Kiyosaki Why doctors don’t get rich trading time for money The simple, yet hard-to-execute traits of the wealthy-minded Acknowledging that off-market deals aren’t necessarily great deals The nuances, benefits and downsides of FHA HUD loans, including 223(f) and 221(d)(4)  How Tom’s team structures private equity  Why Tom’s team likes the build-to-rent space Why you need to surround yourself with people who are smarter than you   Connect with Tom:   Website: http://www.richdoctor.com LinkedIn: https://www.linkedin.com/in/tom-burns-9744304/ Facebook: https://www.facebook.com/tomburnsmd The following books were mentioned in the show: 7 Steps to Creating Wealth on a Busy Schedule Why Doctor’s Don’t Get Rich by Tom Burns Rich Dad, Poor Dad by Robert Kiyosaki Cashflow Quadrant by Robert Kiyosaki Who Not How by Dan Sullivan and Dr. Benjamin Hardy Atomic Habits by James Clear Goals by Brian Tracy The Gap and the Game by Dan Sullivan and Dr. Benjamin Hardy The Obstacle is the Way by Ryan Holiday Happiness Advantage by Shawn Achor Are you a real estate investor looking to elevate your income, freedom & lifestyle? If so, optimize your daily performance by downloading our free guide, Raising the Bar - 5 Steps to Elevate Your Habits, at elevatepod.com.  In this guide, created by your host Tyler Chesser, you’ll learn why you do what you do, how to easily institute cues in your environment to trigger desired behavior, directly applicable steps to create a fulfilling future and much more. Get your free copy at elevatepod.com and kick-start your new habits today. Your future self will thank you! This episode of Elevate is brought to you by CF Capital, a national real estate investment firm. CF Capital’s mission is to provide property investment and asset management solutions to help investors like you maximize their returns by investing in high-value multifamily communities. If you are looking for risk-adjusted alternative investments in quality apartment communities, and are seeking tax optimized cash flow with appreciation upside without all the hassle of management, you might benefit from learning more about investing alongside our team.   You’re invited to reach out and learn how you can invest with us by visiting cfcapllc.com. We’re also currently offering a free ebook called The Bottom Line - 10 Ways to Increase Cash Flow in an Apartment Complex. Whether you’re a new or an experienced investor, we’re confident you’ll find massive value in this resource. Get your free copy today at cfcapllc.com.