Episode
#31 - The Wild Wild West of Mineral Real Estate
49:39
Published: Wed Dec 18 2019
Description
Mike Brown is my new hero. He's an ex military man, who came back & built a super lean business (5 employees and 10's of millions in revenue annually) - hired best friends and brothers to share the experience. Mike Brown (@mb_abides) and his gang went on a mission to buy small pieces of real estate from hundreds of families because they were potentially (and quite literally) sitting on a gold mine. They'd then package them up and sell it to the big oil & gas funds - which meant tens of millions of dollars for them. The business part is good - but I love the philosophical and practical advice around optimizing for quality of life. Let me know what you think! [email protected] See acast.com/privacy for privacy and opt-out information.
Chapters
The U.S. oil and gas industry presents opportunities for small investors to own a piece of the mineral estate in a tract, which can be purchased, put together and sold to larger enterprises.
00:00 - 01:52 (01:52)
Summary
The U.S. oil and gas industry presents opportunities for small investors to own a piece of the mineral estate in a tract, which can be purchased, put together and sold to larger enterprises. Investing in data automation tools can help you streamline your work and serve customers better.
Episode#31 - The Wild Wild West of Mineral Real Estate
PodcastMy First Million
The speaker shares how military service and entrepreneurship have always been important to him and how he knew he didn't want to be a career admiral.
01:53 - 05:56 (04:02)
Summary
The speaker shares how military service and entrepreneurship have always been important to him and how he knew he didn't want to be a career admiral. He encourages those who want to own their own business to listen to the podcast.
Episode#31 - The Wild Wild West of Mineral Real Estate
PodcastMy First Million
The speaker believes that the private sector is more efficient in allocating resources compared to the government.
05:56 - 11:12 (05:16)
Summary
The speaker believes that the private sector is more efficient in allocating resources compared to the government. He provides an example of how the incentives differ in the two sectors in relation to oil extraction.
Episode#31 - The Wild Wild West of Mineral Real Estate
PodcastMy First Million
A positive aspect of working with people for a long time is the ability to accomplish amazing things and enjoy it in a way that is not possible with others.
11:13 - 16:20 (05:07)
Summary
A positive aspect of working with people for a long time is the ability to accomplish amazing things and enjoy it in a way that is not possible with others. The advent of new technology such as horizontal drilling in 2011, created massive new deposits, making it one of the best times in history to be in the oil business.
Episode#31 - The Wild Wild West of Mineral Real Estate
PodcastMy First Million
The two ways to make money are through the typical "hustle" by outworking everyone else or focusing on asymmetric returns.
16:20 - 20:21 (04:01)
Summary
The two ways to make money are through the typical "hustle" by outworking everyone else or focusing on asymmetric returns. The latter involves finding metrics, being consistent and disciplined investors, and finding the best deals.
Episode#31 - The Wild Wild West of Mineral Real Estate
PodcastMy First Million
The hosts recount their worst experience in real estate investment, which involved a million dollar deal and a lost deed.
20:21 - 24:17 (03:55)
Summary
The hosts recount their worst experience in real estate investment, which involved a million dollar deal and a lost deed. They ultimately believe it is better for individuals to sell their properties to funds that are spread across hundreds of properties and can offer risk analysis.
Episode#31 - The Wild Wild West of Mineral Real Estate
PodcastMy First Million
The speaker talks about applying principles from the military to the business world and emphasizes the importance of prioritizing personal happiness and spending time with family, rather than focusing solely on financial gain.
24:17 - 30:31 (06:14)
Summary
The speaker talks about applying principles from the military to the business world and emphasizes the importance of prioritizing personal happiness and spending time with family, rather than focusing solely on financial gain.
Episode#31 - The Wild Wild West of Mineral Real Estate
PodcastMy First Million
The speaker emphasizes the importance of having meaningful policies in any organization to avoid making repeated mistakes and ensure accountability.
30:32 - 34:34 (04:01)
Summary
The speaker emphasizes the importance of having meaningful policies in any organization to avoid making repeated mistakes and ensure accountability. Understanding the purpose of the policy is crucial to follow it correctly and attain perfection in presenting oneself externally.
Episode#31 - The Wild Wild West of Mineral Real Estate
PodcastMy First Million
In this excerpt, a successful businessman discusses how he and his team strive to be based on performance and merit rather than being driven by rank or hierarchy.
34:34 - 38:16 (03:42)
Summary
In this excerpt, a successful businessman discusses how he and his team strive to be based on performance and merit rather than being driven by rank or hierarchy. Furthermore, he explores the concept of balancing work and leisure time in the quest for maintaining a strong work ethic.
Episode#31 - The Wild Wild West of Mineral Real Estate
PodcastMy First Million
The alternating pattern of sprinting and resting can lead to both voracious growth and burnout, and it's important to be intentional about whether growth is necessary at a given time.
38:16 - 43:13 (04:56)
Summary
The alternating pattern of sprinting and resting can lead to both voracious growth and burnout, and it's important to be intentional about whether growth is necessary at a given time. Thinking differently from others can result in feeling ostracized.
Episode#31 - The Wild Wild West of Mineral Real Estate
PodcastMy First Million
Mike Brown reflects on his entrepreneurial journey and shares his perspective on the value of money and the importance of taking risks.
43:13 - 46:17 (03:04)
Summary
Mike Brown reflects on his entrepreneurial journey and shares his perspective on the value of money and the importance of taking risks.
Episode#31 - The Wild Wild West of Mineral Real Estate
PodcastMy First Million
Mike Brown shares his email address ([email protected]) for those who want to contact him.
46:17 - 48:30 (02:12)
Summary
Mike Brown shares his email address ([email protected]) for those who want to contact him. He also imagines receiving advice from his younger self to go snowboarding instead of focusing on work.
Episode#31 - The Wild Wild West of Mineral Real Estate
PodcastMy First Million
In this podcast episode, Mike discusses the importance of living life with purpose and shares his insights and experiences.
48:30 - 49:15 (00:44)
Summary
In this podcast episode, Mike discusses the importance of living life with purpose and shares his insights and experiences.