REI076: NFL Player to Serial Real Estate Entrepreneur w/ Terrence Murphy

Robert Leonard, and a new guest co-host, chats with Terrence Murphy to talk about lessons he learned from having a dream he worked his entire life for ripped away right after it was achieved, how he persevered and avoided going broke unlike other athletes, how he transitioned to real estate and is now a successful entrepreneur, and much more.  IN THIS EPISODE, YOU’LL LEARN: 00:00 - Intro 04:07 - Lessons Terrence learned from having a dream he worked his entire life for ripped away right after it was achieved. 05:42 - What mindsets to cultivate and actions to take in order to persevere in hard times. 06:28 - How adaptability and being “smart enough to know what one doesn’t know” can help propel one’s career.  09:00 - How to avoid struggling financially or going broke (as an NFL player) after retirement.  12:49 - Why real estate is a good backup career and where to begin/what to focus on once you’ve decided to go full time.  14:26 - How to scale your company and best manage multiple real estate businesses (i.e. real estate brokerage, a property management company, a mortgage company, an insurance company, etc.).  21:59 - Which real estate business is the most profitable.  26:31 - Why hiring candidates with little to no experience may be the best strategy for entrepreneurs. 29:59 - Whether to focus on one business or juggle multiple businesses at the same time. 37:36 - How to set up a personal portfolio outside of one’s business.  41:22 - Terrence’s financial worries for the next one to five years and how he is making preparations to protect his investments.  43:17 - Which habits or principles to incorporate into your life that will help lead to your success. And much, much more! *Disclaimer: Slight timestamp discrepancies may occur due to podcast platform differences. BOOKS AND RESOURCES Join the exclusive TIP Mastermind Community to engage in meaningful stock investing discussions with Kyle and the other community members. Terrence Murphy’s show, Real Estate Entrepreneur Podcast. Terrence Murphy’s TM5 Properties Website. Chad Carson’s book Retire Early with Real Estate. Mark Ferguson’s book Build a Rental Property Empire. David Goggin’s book Can’t Hurt Me. All of Robert’s favorite books. NEW TO THE SHOW? Check out our Millennial Investing Starter Packs. Browse through all our episodes (complete with transcripts) here. Try Kyle’s favorite tool for picking stock winners and managing our portfolios: TIP Finance. Enjoy exclusive perks from our favorite Apps and Services. Stay up-to-date on financial markets and investing strategies through our daily newsletter, We Study Markets. Learn how to better start, manage, and grow your business with the best business podcasts. 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