Ep 140: Planning for the Future and Executing Your Vision with Seth Ferguson
Our guest today is no stranger to hardship, but his “million dollar mistake” turned out to be the life experience that he is most grateful for. Seth Ferguson joins us on the show to candidly share the blunders he has made along his real estate investing journey, the moment when he hit rock bottom, and what he has learned along the way. He offers sound advice to anyone else working in the industry, including the importance of setting up partnership agreements, having a consistent cash flow, not spending money beyond your means and setting goals which pave your direction into the future. Having a vision is vital, but don’t let that vision prevent you from taking action, and don’t be afraid of changing it as you grow in your own personal and professional capacity. Seth turned his most challenging experience into an opportunity, and has come out all the better for it. No matter what stage of life you are in, you will be able to take something valuable away from this episode!
Key Points From This Episode:
Seth’s journey from hockey refereeing to real estate.
The relationship that Seth had with money at the start of his career, and how this has changed over time.
Strategies that Seth initially utilized when he entered the real estate world and why this was a mistake.
Why Seth strongly believes in setting goals and planning for the future.
Seth shares the story of his “million dollar mistake.”
The importance of putting agreements in place which will protect you in your real estate business partnerships.
Examples of how you can protect yourself through partnership agreements.
Agreements can be refined as you go along; don’t let them hold you back.
Gratitude that Seth now feels for the worst thing that has ever happened to him, and what he has achieved since.
The realization that Seth had when he became a father.
Advice for figuring out which sector of the real estate industry you should be working in.
Having a vision is vital, but your vision doesn’t have to be set in stone.
Where to find information about the Multifamily Conference that you don’t want to miss out on!
“I wasn’t thinking down the road, I was just thinking for today. I wasn’t really thinking about how the moves I was making then would impact my life and my future opportunities 10 years down the road.” — Seth Ferguson [0:06:28]
“In order to have a future you have to know the road to get there. By going through that process of planning where you want to be, it will help keep you more focused.” — Seth Ferguson [0:10:12]
“I hope nobody has somebody wipe out everything on them but if it does happen just make sure you’re prepared, because it does happen.” — Seth Ferguson [0:21:03]
“All these things that having nothing forced me to do have been a huge benefit.” — Seth Ferguson [0:26:53]
“Having vision gives you clarity but you don’t have to be married to it, you can always change your mind.” — Seth Ferguson [0:35:06]
Links Mentioned in Today’s Episode:
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