Valuetainment - August 30, 2019


Episode 362： From Oil To Real Estate


Episode Stats


Length

4 minutes

Words per minute

172.26128

Word count

727

Sentence count

64


Summary

Summaries generated with gmurro/bart-large-finetuned-filtered-spotify-podcast-summ .

In this episode, I take you to Flagler s House and talk about how he built one of the most prestigious real estate properties in America, and why you should focus on the one thing you already have and not the next one you get.

Transcript

Transcript generated with Whisper (turbo).
00:00:00.000 So we are right now at Flagler's house, which is now a museum, and if you don't know who Flagler was, he was one of the original founders, co-founders of the Standard Oil Company.
00:00:28.960 Their business partner was with Rockefeller, and made his wealth, a lot of money, through oil, a ton of money.
00:00:36.460 And then he decided to get into the real estate business, built one of the most prestigious properties in America, possibly in the world, called Breakers, which is right across the street over there.
00:00:47.560 I'll show it to you in a minute.
00:00:50.300 The local members, you can be a member there, I think it's like $10,000 for 45 days.
00:00:55.060 And then he built this house on this side, which you see right behind me.
00:00:58.400 It looks just like the White House, except maybe even better looking than the White House.
00:01:02.280 Here's the moral of the story.
00:01:04.420 You know this whole thing that you keep talking about multiple streams of income, you keep hearing people talk about.
00:01:09.000 And people get distracted with the next career of what they want to do.
00:01:12.600 Let me show you the side here.
00:01:13.720 Let's go to the side, Tico.
00:01:14.720 Let's see the side by the water.
00:01:16.700 I just want to walk over there real quick so they can see it.
00:01:18.740 So many people try to be already on the next business before finalizing their existing business.
00:01:29.700 And it hurts them.
00:01:31.400 And so it costs them a lot of money.
00:01:34.200 And, hey, I want to go own hotels.
00:01:36.840 I want to own restaurants.
00:01:37.740 I want to own a bunch of real estate all over the world.
00:01:40.500 Great.
00:01:41.840 So make sure you maximize the one you got.
00:01:43.840 Because he definitely did.
00:01:44.820 And when he died, he lived 83 years.
00:01:50.340 He pretty much did everything his way.
00:01:52.560 And he got the life that he wanted.
00:01:55.080 But he maximized the first business he built.
00:01:57.900 He got to see where his property is at to kind of get an idea.
00:02:00.960 I want to take you here for you to see it.
00:02:03.860 If you haven't heard of Breaker's Hotel, go look him up.
00:02:09.380 Go look at what the property looks like.
00:02:11.640 It is a mile away from Mar-a-Lago.
00:02:13.780 And Mar-a-Lago is a property owned by Donald Trump.
00:02:18.260 I think the membership is $200,000.
00:02:20.020 He paid one time and it's $14,000 a year dues.
00:02:23.880 Here's the site of his house.
00:02:25.320 By the way, that's where he lived.
00:02:26.360 That's not a museum.
00:02:28.060 That's where he lived until he died and his wife died.
00:02:30.840 And then it became a museum.
00:02:32.220 This is the site of his house.
00:02:33.060 So in front of the house is the marina.
00:02:36.620 It's the water.
00:02:38.300 This is where he lived.
00:02:39.340 So before you get a little bit too much into thinking about the next seven businesses you
00:02:45.800 want to own, study a story like Flagler and a lot of other people that created their wealth
00:02:52.980 off of one industry, what they did for 10, 20, 30 years.
00:02:55.300 Then they moved on to bigger, bigger, bigger and better things where one day people all
00:03:01.460 over the world are coming here to a museum just to see the house he lived in.
00:03:08.600 Looks like a museum.
00:03:10.080 That's his house.
00:03:10.840 He built a golf course right across the street from his house and right across the street
00:03:16.020 from the golf course he built, he built a 450-bedroom property called Breakers, which
00:03:23.760 Vanderbilt's have partied at, Rockefeller's have partied at, all the presidents have been
00:03:27.480 at.
00:03:28.500 It's pretty exclusive.
00:03:30.680 Moral of the story, stay focused.
00:03:33.780 Go scale your business to levels, such high levels that creates real wealth.
00:03:40.840 I'm not talking just, you know, two, three, four millions.
00:03:44.000 I'm talking real wealth for you.
00:03:45.840 So then you can do anything else you want to do next.
00:03:48.820 Thanks everybody for listening.
00:03:50.080 And by the way, if you haven't already subscribed to Valuetainment on iTunes, please do so.
00:03:54.700 Give us a five star, write a review if you haven't already.
00:03:57.580 And if you have any questions for me that you may have, you can always find me on Snapchat,
00:04:01.660 Instagram, Facebook, or YouTube.
00:04:03.620 Just search my name, Patrick MidDavid.
00:04:05.520 And I actually do respond back when you snap me or send me a message on Instagram.
00:04:10.320 With that being said, have a great day today.
00:04:12.260 Take care everybody.
00:04:12.980 Bye-bye.