Do you really want to work the next 30 years of your career trying to build up a $100-million net worth because it’s what you really want – or just to say you have a $100-million net worth?
An extremely driven entrepreneur, Cody Caswell found himself trying to stick with the entrepreneurial status quo, living a life others expected him to live and seeing himself from the lens of other people who have their own vision of what an entrepreneur should look like. Eventually, he chose to forge his own path and live life through his own lens.
Cody Caswell is an example of what having clarity of your future self looks like. He shed his ego to live the life he wanted. Today, Cody has a flipping company and does general contract work for some other people. He also has a short-term hold company in the heavy rehab space as well as portfolio rentals with a total of 70 doors. His goal is to never have to sell anything, and the only reason he has the flipping company is to make money to fund the rental.
Here are some power takeaways from today’s conversation:
- How he determines their flips vs. holds
- How a deal using private money works
- Building a solid relationship with your team and contractors
- Challenging the entrepreneurial status quo
- Approaching business an inch-wide and a mile-deep
Episode Highlights:
[08:13] How a Deal Using Private Money Works
The way Cody uses private money to invest is he gets a set interest rate from lenders, usually 8%, to cover the purchase price and all of their rehab costs upfront. Once this is done, they list the property quickly and as soon as it's closed, they take out all the money for the private lender and pay off the loan and interest.
[12:53] Building a Solid Relationship With Your Team And Contractors
In the construction world, working for homeowners can be quite challenging, especially when working for custom homes because clients can be picky and meticulous. They have the tendency to micromanage and breathe over their shoulders. And subcontractors don’t like that. The subcontractors been there for 10-15 years and they don't need somebody watching over them. Cody believes it’s important to let them do their job and let them make their own mistakes. Then over the course of building that relationship with them, they’re already able to manage expectations.
[24:26] Challenging the Entrepreneurial Status Quo
A lot of people who have the entrepreneurial drive think they have to be working 20 hours a day to build their net worth. But at some point, you’ve got to be able to shed your entrepreneurial ego, and start to look within and ask yourself, what do you really want out of your life? If you’re working just for the sake of working, or because you want to build your net worth, then that all becomes futile when you realize you’ve only been living the life the way other people wanted, and not what you really wanted. Rather than trying to push yourself in the direction you think you should be going, recognize what’s pulling you instead.
Resources Mentioned:
Instagram: @codycaswellrealestate
Facebook: @codycaswell
