In this episode, host John McGregor sits down with Dr. Tom Burns, a former orthopedic surgeon turned successful real estate pro. They dive into the world of real estate, covering practical tips for navigating the ups and downs of the market.
Dr. Burns shares his experiences and the key ideas from his book, 'Why Doctors Don't Get Rich.' He explains how anyone facing financial challenges can benefit from the wisdom in the book. The conversation emphasizes the importance of learning the language of real estate, understanding why location matters, and the perks of owning an investment property, like steady income, tax advantages, and building equity over time.
They also talk about common mistakes people make in real estate investing and stress the need for persistence and determination to achieve success. Whether you're a seasoned investor or just starting, this episode offers actionable advice to improve your financial journey through real estate. Don't miss out on this insightful discussion that could reshape how you approach building wealth through real estate.
00:00 Introduction and Welcome
00:26 The Importance of Subscribing and Cashflow Masterclass
01:27 Introducing the Guest: Dr. Tom Burns
01:36 Dr. Tom Burns' Journey from Orthopedic Surgeon to Real Estate Investor
02:15 Dr. Tom Burns' Book: Why Doctors Don't Get Rich
03:00 Starting the Interview with Dr. Tom Burns
03:24 Dr. Tom Burns' Story of Buying the First Rich Dad, Poor Dad Book
07:10 Dr. Tom Burns' Transition from Medicine to Real Estate
08:21 The Real Story Behind High-Paying Jobs
09:48 The Future of Real Estate: A Macro Picture
14:17 The Impact of Interest Rates on Real Estate
15:46 The Concerns of Trillions in Commercial Real Estate Debt
17:55 The Current State of the Banking Sector
18:16 Opportunities in the Real Estate Market
18:53 The Importance of Timing in Investments
19:40 Getting Started in Real Estate Investing
21:31 Understanding the Benefits of Real Estate Investment
25:09 The Process of Evaluating a Property
27:13 Common Mistakes in Real Estate Investing
28:11 The Power of Persistence in Real Estate Investing
31:11 Overcoming Self-Sabotaging Beliefs
32:25 Connecting with Tom Burns
33:06 Closing Remarks and Future Plans
Please read carefully.
This is not financial advice. You may be asking, “What does that mean?”
Let me explain…
Do not just do what I, my team, or my guest say. That would be stupid and irresponsible. Take the education, then use your own brain and make your own decisions.
YOU must take responsibility for your future and your success. That is why you are here. Neither I, nor my team, nor my guests, know your risk levels, prior education, emotional maturity, or how much money you can afford to lose.
We are only telling you what we believe to be smart moves. But you must decide for yourself. There are NEVER guarantees.
Also, understand that we are REAL teachers. We practice what we preach. With that in mind, we often invest in the very projects that may be mentioned on this show. While it is never our intent, we could possibly profit from others investing in our recommendations.
Take the education we provide but then determine your own actions. If it does not make sense to you, get more education before you invest. We will continue to provide education and there will always be more opportunities.