Torcana Real Estate Investment with Colin Murphy Colin Murphy

Torcana Podcast 38: A special conversation with Keith Weinhold of Get Rich Education. 
Colin Murphy & Keith Weinhold co-host this special show which discusses the unprecedented volatility in the global economy and how we see the coronavirus affecting local real estate markets in the short, medium and long term.
Keith is a well-known investor and educator who listeners may recognize from the GetRichEducation Podcast and the website getricheducation.com. He is also a writer for Forbes Magazine, best selling author and a successful real estate investor.
Keith and I covered a lot of ground in this podcast which included:

- Lessons learned from the 2008 crisis that can be applied now
- Actions that work well for investors in an economic crisis
- Should we be anticipating falls in house prices and rents?
- What reserves you should have in place to weather the storm
- The types of people currently buying and selling properties
- The unique "safe haven" value of real estate during turbulent times
- What international investors think about the residential market in the US
- And much more! 

Useful Links:
www.getricheducation.com/
www.getricheducation.com/podcast/
https://www.dropbox.com/s/vlfshqqvx1mboeh/Five-Ways-Real-Estate_Pays-You.pdf?dl=0
Contact Me:
colin.murphy@torcana.com

Colin Murphy & David Shaw co-host today's show and discuss the four different categories of investors, the types of people in each one and how some keep moving up that ladder and others get stuck.
In this wide-ranging show Colin & David talk about:
- How people get trapped in endless research and worry
- The tendency to "buy one, wait a long time, and see how it goes"
- How you can 10X your potential with clear goal setting
- The importance of resilience & not sweating the small stuff
- The huge difference between "accidental" and "intentional" investors
- The habits of full time "breakout investors"
And much more!
Ratings are always welcome as is your feedback!
Contact: colin.murphy@torcana.com.
Useful links
https://www.cnbc.com/2018/09/11/single-family-rental-companies-finally-click-with-investors-a-decade-after-financial-crisis.html
https://fortune.com/longform/single-family-home-ai-algorithms/
https://www.statista.com/statistics/377896/owner-occupied-homes-by-units-in-structure

Torcana Podcast 36: Interview with my Business Partner David Shaw, Tampa Real Estate and Renovation Expert
In today's special podcast Colin Murphy invites his long term business partner David Shaw to chat about his career, how he became involved in real estate and his views on what it takes to become a successful investor.
A wide range of topics were covered in this show which included:
- How Colin and David originally met each other in Ireland
- How they started a new business at the start of the downturn in 2008
- The challenges they overcame when reinventing the business again in 2014
- How to scale a property flipping business
- The importance of feedback from the ground
- How to avoid getting screwed by contractors
- How to handle the (inevitable) stress and mistakes in the real estate business
- The key habits of successful investors
- And much more!
Further Information
www.torcana.com
colin.murphy@torcana.com
david.shaw@torcana.com

Torcana Podcast 35: How to Overcome Big Risks & Fears When Investing
Host Colin Murphy is back in the podcast booth after a summer hiatus to talk about the fascinating topic of risk and how important it is to accept it and to have a healthy appetite and respect for it.
The risk or more accurately the fear of risk is the reason a lot of people don't invest in real estate or stop investing at the first sign of trouble. We often trip over ourselves when it comes to investing because of the way we subconsciously think about losses and gains. Our brains are hardwired by millions of years of evolution to be more afraid of losing than afraid of missing out on a gain.
It is an instinct that helped our ancestors protect today's food rather than risk it for more food tomorrow. When people were hunter-gatherers who lived on the edge of survival every single day, that was a very helpful instinct to have and for the majority of our existence as a species, it served us well and didn't disappear just because we had agricultural and industrial revolutions.
Getting back to the 21st Century, the technical term for how we subconsciously place far more importance on avoiding losses than accumulating gains is called loss aversion and it affects a huge range of decisions we make all through our whole lives.
Example 1: Many people either hoard too much of their wealth or invest it in ultra low-risk products that generate little interest or protection against inflation.
Example 2: People to avoid selling a stock that is falling because they cannot accept the reality of a loss and paradoxically, the same fear causes people to sell a stock too quickly after it rises just to lock in some profits.
Using theses and other incredible real-life examples, including how casinos & big corporations exploit our fear of losing to their own advantage, Colin discusses how to move beyond these ancient instincts when making both small and big decisions.
Recommended Books
"Thinking, Fast and Slow" by Daniel Kahneman

Hi everybody and welcome to Torcana Podcast 34! Those who have been waiting patiently for a new guest since Kathy Fettkes great podcast in Episode 31 will be delighted to hear that I have.
Jared Garfield is today's guest and he is one of the top real estate investors and educators in the country. Jared and his teams have closed, renovated and managed over 3,000 properties in 5 states. He also runs a successful real estate coaching platform and has trained more than 1000 clients as they build real estate portfolios.
In a wide-ranging interview, Jared and I covered a wide variety of topics including:
- How Jared got hooked on real estate when his grandfather allowed him to fly around Utah in a small plane looking at real estate opportunities
- The painful lessons he saw his grandfather learn about market cycles and how he applies them to his own successful business today
- We examine the differences between overpriced and underpriced markets
- We look at what types of properties baby boomers and millennials will be buying & renting in the coming years and how you can profit from them.
- And much more!
Further Links
Free report: jaredgarfield.com/report
Jareds Podcast: http://roiwealthwatch.libsyn.com/
Jareds Website: http://roiturnkeyproperties.com/

Contact Torcana Show Host Colin Murphy
colin.murphy@torcana.com
www.torcana.com

The theme of today's show is the five important steps to get to financial freedom.
One way or another, I think we all aspire to have financial freedom. That means different things to different people, but for most of us, it means having enough money arriving in your bank account each month to cover your bills and responsibilities whether you're actually working or not.
Financially free people can retire whenever they want, but most keep working on stuff they love doing. I think that's a place we would all like to be right?
1. You need a good team
You can't get rich on your own. If you did, then you a) you must be brilliant and b) you could have done it a lot quicker with some help.
In order to build a real estate portfolio, particularly out of state, you need, in no particular order
- property manager
- lender
- realtor
- turnkey provider
- bookkeeper & CPA
- attorney
- insurance agent
- mentor / senior person to rely on
If you're a property flipper like I am, did you need all of the above and several more such as contractors, roofers, AC guys, electricians, plumbers, title agents, wholesalers, admin assistants and last but not least, like-minded business partners who you can push you forward or hold you back depending on your impulses.

2. Live below your means for a long time
To accumulate wealth you need to live below your means year after year after year and consistently invest that excess. It sounds obvious when you say it out loud but a lot of people who have aspirations to get rich don't do it.
They invest very little or very infrequently or spend everything they earn (and sometimes more) because they put lifestyle ahead of wealth. Getting a pay rise and using the money to get a nicer car or go on a nicer holiday is easy and its what we're encouraged to do by big corporations.
Learning to save enough to invest is a habit that can be learned by anybody. Some people might have that habit naturally, but it can be learned by anybody. There are plenty of sensible millionaires in their 40s and 50s who will freely admit they were stupid with their money in their 20s and didn't start using their income productively until they were much older.
3. Don't take too long to create that nest egg
It could take 40 years if all you're doing is putting money in a 401k.
A 401k can give you financial freedom but its super slow and to be honest, its a little lazy. I think it is a bad idea to rely on someone else to take care of your finances. Getting a team is important but everybody should take responsibility for their own finances. If you're in a well paid corporate job, it is a good idea to take advantage of a 401k, but it should only be one stream of many.
There are lots of ways to get financial freedom outside of the 401k world. Real estate is a big one, but there are lots of investment opportunities out there if you take the time to find them.
Doing it in 5 years involves a lot of risks and good luck. 10-20 years is very doable with the right amount of planning and discipline. If you are literally starting now, then assume it will take 10-20 years and to build a multi-million dollar portfolio that will generate enough income for a comfortable lifestyle. That's if you're taking it seriously the whole way through.

4. Leverage is your friend, but don't go crazy on it
I'm a big fan of leverage. It is great that you can use the banks' money to buy multiple properties at a fixed interest rate and use the tenants' money to pay your principal and the interest. That is is a good deal! Millions of regular folks have gotten very rich by taking advantage of it.
However in the short and medium term that "good deal" adds nicely to your net worth and pretty slowly to your income. Unless you have a massive portfolio, you only generate "financial freedom" volumes of income from real estate when those mortgages are paid off. So there is a balance to achieve and it will depend on your age and appetite for risk.
For exampl