Tim Murphy's dream of playing in the highest level of hockey, the NHL, came to an end in his early 20's.
He was then left with a decision about "what next?"
In this video, Tim maps out what was going through his mind, what he wanted, and how he got it! It's the mindset of a Value-Driven Investor.
If you are ready to Live Life On Your Terms, then learn more about Value Driven Investing here
Tim’s video and podcasts are produced by Digital Legend Media. To find out how you can strengthen your business using video and podcasting, head here
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Full Transcript:
(00:00):
But my dream was to play in the NHL, get a division one scholarship, and, you know, do what all those sports kids wanted to do. Unfortunately, it didn't come through and I had to make a decision in my life and realize that I'm at a fork in the road. And I just don't think that becoming that professional athlete that I strive to be as a kid, that was my dream is something that's going to pan out for me. So I had to take a different approach. I had to follow a different path. So I took a right and I made that choice after junior hockey. And I went and played, um, hockey still because I love the sport, you know, Claire, but my focus was on school and it was on finding that new path towards my big thing, because if I wasn't going to be an NHL hockey player, well, I was going to do something big.
(00:49):
That was in my head. It was always been in my head. So that's what I took the fork in the road. And, you know, I graduated college, got my degree, all that. And along the way, I got passionate about real estate and it was sitting at my desk at 25 when I was like, okay, you're going to do this real estate thing. Now you got to design your life around real estate and what you want to do. And the number one thing that I loved about real estate that got the hair on the back of my neck, just standing up was real estate, was going to allow me to live life on my terms, period. That was goal number one. Um, and so from there I created a whole plan, which I'm going to share with you guys down the road, but I created a whole plan around, how am I going to reach this pinnacle that I think is, uh, you know, the top of the peak for me.
(01:43):
Um, and the top of the peak for me was my biggest goal was that I wanted to sit on the beach and collect what I call mailbox money. Um, and it wasn't because it was about the money. It was because it was about the freedom. If I could sit on the beach and collect mailbox money and have checks come while I'm sitting on the beach for 30 days, then you know what, I'm pretty much free to do whatever I want. And I guess that's how I defined life on my terms. And so I want to go over a couple of different goals that I've hit a couple of different key points that I've reached on my path that I designed. Because if before I start telling you about designing your life as a value driven investor, I should tell you how I designed my life as a value investor and where I am at today.
(02:31):
And so the one thing that I want to talk about is one of my goals when I, um, started was, Hey man, you're broke, so you need to start making money. And so that's why I got my real estate license because I found that to be the quickest way to make money. And as a real estate agent, if you're any good at it, you can make a good chunk of money pretty fast because my next goal was, well, I want to make money as fast as I can, so I can have enough residual income and invest in passive income properties, like single family residential. So once I had that in 2009, 2010, I invested in my first single family residential property, after that, I did many, many, many more of those. And then, uh, my next goal from there was, okay, now you have to 10 X, the amount of money that you have re your residual money.
(03:23):
So you have to 10 X, the amount of residual income that you have. So you can take that residual income and you can reinvest it in more assets, real estate. So that's what I did. And that's when I took, uh, when I started my real estate development business. And that started by flipping small residential properties during the crash. Uh, I invested, well, properties were going down and I've been investing well, properties were going up, uh, the big switch for me as I kept trying to 10 X as much residual income and make as much cash as I could to put into cash flowing assets like, um, uh, rental properties was that I was doing small little properties. And, uh, then all of a sudden the market shifted and the banks quit giving away properties. And so I switched into bigger properties, you know, 700, 600, 700, 800, 900 a million, a million for, uh, properties where I'm redeveloping tearing stuff down, adding roofs or popping the top is what we call it, totally remodeling big homes.
(04:25):
And in some of the nicest neighborhoods in Minneapolis. So when I was able to 10 X my income, I was then able to jump into what I really wanted to do, which was commercial real estate. And that's happened in the last 18 months or so 18 months, 24 months, I jumped into commercial real estate. So right now, what am I doing in the last 1824 months? I've invested in over 150 multi-family units. So I'm getting great cashflow off of those multi-family units. I've also invested in a $17 million commercial strip mall in Minnesota. And I'm also looking at another commercial strip all to invest in this year, along with at least another a hundred plus units of multifamily this year, 2021. Um, and really at the end of the day, I have a real estate team, which is what I have been building for 17 years, uh, where I started a real estate sales team, a well-oiled machine that is a business.
(05:25):
And the most important thinking about that is it's not the money on this well-oiled real estate, the machine it's the people. I have some awesome people. When I first started putting it together, I had great people, but I had a bad system and I had bad culture and a bad philosophy, and that was my fault. But then this time around my second time around, I have amazing people. I have a great system and I have a great plan and, uh, I can see it growing into the future. So what does all this mean? Well, this was my life. This was the life I designed, and now I'm living literally living my game plan that I had 17 years ago. And I can tell you this life on your terms, it doesn't get any better.
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