2025 Annual Letter: So That Happened

Goodbye, Friend

On Christmas Eve, my best friend, Vinnie, passed away. I did some estimating, and because I work from home, I spent more time with him than anyone else during my lifetime (the next closest are my parents, and Jessi will pass them in a couple of years). I truly enjoyed having him around.

And it's not just the time, like eating lunch together and cuddling at night. It's all the little ways he constantly interacted with us. For example, when I arrived home, he greeted me. He inspected what we bought when we put grocery bags on the ground. Dropped food on the ground? No problem! He'd hoover it up! He also knew when we were sad and simply needed a friend nearby.

We knew it was coming, but it's still incredibly hard, and I imagine I'll continue to have moments of sadness for the rest of my life. Right now, those moments come at unexpected times, when I suddenly realize he's not here. For example, I said goodbye to him when I was the last one to leave the house. Now, it feels like I'm missing something when I leave. :(

We don't have any immediate plans to get another pet. As much as I hate this feeling, I also want to sit in the loss and honor his memory. Plus, as our kids start traveling more with us, it potentially gives us more flexibility in our planning.

Vinnie, you were a good boy. I miss you.

Jessi's Benign Brain Tumor

That's how we ended the year, but we started the year with an initial shock. Here's Jessi on her health situation:

We started the year leaning that I had a benign brain tumor on my pituitary gland. It was causing problems which led to the diagnosis but it was a classic meds caused more side effects than the actual tumor. My friend named the tumor Tina so I could have someone to yell at on the hard days.

Some days I just slept, others seemed halfway normal and still others were riddled with nausea and vertigo. For now the medication seems to be doing its job and I have reached an equilibrium and a new normal. I am about 1 year into a 2-3 year treatment plan so not done but making progress. It has been a blessing too though! Seeing my kids grow up before my eyes handling everything with empathy and maturity. And also learning to accept help. Thank you for all of your prayers and care for our family!

Naming her tumor is kind of goofy, but I'm on board with whatever helps her feel better.

Travel With Kids

2024 wasn't all bad (actually, it was a good year). For example, I took four plane trips this year, each with at least one kid (1 with Elinor, 2 with Samson, and 1 with both). It turns out that both kids are super fun to travel with!

Like me, they think airports and airplanes are cool. Elinor likes window shopping, and both enjoy walking the entire terminal with me. I enjoy seeing where other planes are going and asking if they'd like to go there someday. They usually have no idea where it is, but they play along. All the other parts - the rental car, the hotel, and the reason for going - are also super fun with them.

I want to keep taking them on trips, so I dipped my toe into the credit card hacking game to help afford it. I'm still a n00b, but I'm learning, and I had our last flight wholly paid for with points.

Seeing the Mississippi River

Is Samson a man or a muppet?

A Wonderful Split Summer

We tried a new schedule this summer with the kids.

I worked until 11am, and Jessi watched the kids. Jessi mainly focused on academics.

At 11am, I'd take over, and Jessi would go to work (and stay later). Sometimes, I helped them finish their academic work, but most of the time, we just played. And sometimes, they'd join me in a meeting or tour a property.

It was fantastic! We felt like we had meaningful time with the kids, but it wasn't in day-long chunks, which can feel exhausting by the end of the day. It also offered tons of flexibility and diminished boredom. In short, it was great, and we want to keep that schedule in future summers.

Real Estate

On the business front, we purchased four properties with nine other investors. We got:

1. A single-family home that was in pre-foreclosure. We did minor repairs and sold it as a fixer-upper.
2. Another single-family home from an owner with advanced dementia who needed to move into assisted living. We're gutting the place and will resell it as a starter home.
3. A manufactured home that the park owners repossessed. We're doing cosmetic updates and will resell it.
4. Two homes on a single lot, which we'll split into two lots and resell.

It's a different type of investing than I've done before, but I love that we can solve more complex problems by partnering with other investors. We plan to buy more in 2025, so if you want to partner with us, you can check out our investment thesis and track record.

I partner with people who may not have the time or expertise to invest independently. It works well because they can earn passive income through real estate without dealing with tenants, toilets, or headaches.

I also know that some folks already own rentals but don't necessarily want to manage them themselves - which I understand because Oregon isn't landlord-friendly. So, I recently started offering property management services. It's another way I'm helping investors earn passive income.

Furlo Capital Real Estate Podcast

Jessi and I started a podcast at the beginning of last year. We committed to doing 50 episodes before even asking if it was worth it. And pleasantly, I noticed two benefits shortly after starting:

1. It's a fantastic way for Jessi and me to connect on what's happening in the business - so we're better aligned.
2. I regularly practice sharing what I do, which makes conversations with investors better.

These two benefits make it worth continuing, so that's the plan! We'll also occasionally invite people to do interviews. Thanks to everyone who listens or watches our short clips.

Health

I felt an acute decline in my health last year. Everyone over 40 knows this, but it's harder to stay fit, injuries happen easier, and recovery takes longer. It's lame, but there's still plenty of aging I control. So, I'm doubling down on my health intentionality. For starters, I created a 1-page reminder/affirmation that I'll regularly review to keep things top of mind.

Am I missing something? Let me know.

You'll notice there are no health goals, like losing 20 pounds or having visible abs, because those are results. Instead, I'm focused on my behavior, like tracking my calories and working out. If I do that, my body will do its miraculous thing and take care of the rest. I know I won't do everything on this aspirational reminder perfectly, but that's OK.

The Setting of Time & Priorities

I have a looong list of business and personal things I want to accomplish this year. Some are year-long projects, but many simply require 10-40 hours of focus.

To help me get everything done, I'm experimenting with some new daily rhythms. One area I'm changing is my evening activity.

I'm a morning person with an energy drop-off from 1-4pm. I bounce back until 8pm, and then I'm mentally done. As a result, I tend to default to Netflix (et al.) after the kids go to bed. I know it's not the best use of my time (or great for my health), but it's all I feel like I can muster.

This year, I'm attempting to read, write, or work on a hands-on project (or go to bed early). It's not my "best" time of day, but I'm trying to enjoy the process and not get distracted by "how much better it would be if I did this in the morning."

As a bonus, it should slightly increase my NEAT (Non-Exercise Activity Thermogenesis) and help my overall health.

Looking Forward To 2025

I modified a Jim Rohn quote that I regularly review:

"Don't pray it was easier, pray I am better. Don't pray for less problems, pray for more skills. Don't pray for less challenge, pray for more wisdom."

One lesson from last year is to be careful of what you pray for - because God answers prayers (that align with His will and are best for you in the long run (Rom 8:28)). I also know I can pray those requests with confidence because if God gives me more than I can handle, it'll be to produce a character that relies on the hope of God instead of myself (2 Cor 1:8-9 & Rom 5:3-5).

All that to say, 2024 was a tougher-than-average year for us, but that's OK.

I don't know what's in store for us in 2025. I mean, I'm an unbounded optimist, so I think it'll be amazing! But even if challenges continue to pile on, that's OK. We'll keep praying to be better equipped to handle it and rely on God. If 2025 turns out to be a year of generosity, we'll REALLY have to double down on our prayers to handle it gracefully.

Thanks for reading. Feel free to check in with us throughout the year to see how things are going.

Elinor's piano recital

A random day in May

One of Vinnie's favorite spots

Every parent's dream

Camping with my extended family

I think we need a bigger pool

July 11 - Slurpee Day

Legoland

He "cleaned" our peanut butter containers

Thanksgiving

Yeah. That's happening.

Ready for a wedding

Classic

Fishing!

Watching the Knights baseball game

The kid's Christmas concert

Vinnie's final resting place. A surprisingly fun time as a family.

A Year Of Reading That Sparked Growth And New Ideas

I didn't read as much as in previous years (2023, 2022, 2021), but that's OK. My goal wasn't necessarily to read a lot but to apply what I read. I did that this year, which is a win.

I grouped the books into categories with mini-reviews. I hope you're inspired to read one of them.

Business Books

Only one real-estate-specific book?! That says a lot about where my focus area was this year.

Wealth Without Cash: Supercharge Your Real Estate Investing with Subject-to, Seller Financing, and Other Creative Deals

By Pace Morby

This book is a game-changer. It's about buying real estate in unconventional ways. Armed with the strategies from this book, I flipped two homes using creative financing (read about the first one). So, it's safe to say this book had the most significant financial impact on my life this year. Pace is a terrific teacher and lays out his time-tested strategies well. It's a little bit of a pitch to join his mentorship group, but that's OK because he still provides a wealth of information in the book.

The Coaching Manual: Your Step-by-Step Guide To Becoming A Great Coach

By Julie Starr

I started coaching other investors and decided to learn how to actually do it. I found this extremely helpful and detailed. I think The Coaching Habit is a better resource for people who coach informally, but this gives a great foundation if you want to get paid to coach.

I read her other book, The Mentoring Manual, last year, which is fine, but this one is significantly better. You can tell this is where she focuses her time and energy.

Million Dollar Weekend: The Surprisingly Simple Way to Launch a 7-Figure Business in 48 Hours

By Noah Kagan

I talked with some younger folks about starting a business, but I struggled to give actionable advice. Then, I heard Kagan on a podcast and liked how he approached exploring business ideas. His book is a fast-paced guide with clear steps for testing ideas quickly. I loved it and apply his validation step (get three paid commitments) whenever I try something new.

Traction: Get a Grip on Your Business

By Gino Wickman

If Million Dollar Weekend is about finding a good idea, Traction is about turning that good idea into an enduring organization to provide that idea. His Entrepreneurial Operating System (EOS) has six components:

• Vision: where are you going, and how will you get there?
• People: do you have the right people in the right seats?
• Data: what are your key metrics (besides financial ones)?
• Issues: are you solving the root cause of problems?
• Process: what are your core processes to ensure consistency?
• Traction: how are you holding everyone accountable?

I've started implementing this into my business and started using this as a framework when coaching others. It's a simple system, but that's a benefit because it's easy to remember and actually implement (unlike Scaling Up, which can be overwhelming). I highly recommend this one if you have an established business of any size.

This Is Strategy: Make Better Plans

By Seth Godin

Godin thinks differently than I do, so I enjoy reading his works. His writing style provides many loosely connected thoughts that together give a picture (a sense?) of his overall idea. For example, this book is 252 pages but has 298 chapters! So, it's not a how-to book. It's more like a here-are-some-thought-provoking-musings type of book. You'll probably enjoy this if you like his blog.

Harvard Business Review Magazine

I feel like I need to put my pinky out whenever I say I subscribe to HBR. Still, of all the magazine subscriptions I've tried, this is the only one where I consistently learn from an article or two. The articles aren't just business profiles, but they also include research and clear action steps. One of my favorite articles from last year is about building cultural values.

Christian Books

I knew I read fewer Christian books this year, but I didn't think it was this few. That'll probably change next year because each of these was amazing!

God and Money: How We Discovered True Riches at Harvard Business School

By John Cortines and Gregory Baumer

I love this book. Cortines and Baumer have a cool-headed and nuanced approach to Biblically thinking about our finances. I like that it's not just their thoughts on the topic - they start with what the Bible says and then share their findings from surveying other Christians about their financial decisions. Their key insight is that we shouldn't ask, "How much should we give to God?" But instead, ask, "How much should we keep?" It's subtle, but fundamentally changes how we think about ourselves as stewards of God's resources.

Living Fearless: Exchanging the Lies of the World for the Liberating Truth of God

By Jamie Winship

This book is about discovering your identity in God. Too often, we define ourselves by our job, and that's too limiting. This was a quick read (176 pages) with simple, practical steps to work through. God revealed that my identity is a "caretaker." Being a real estate investor falls into that, but it's so much more than property and tenant management - it's a call to care for people. It's a subtle but meaningful difference to me.

The Master Plan of Evangelism

By Robert Coleman

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This quick read (162 pages) suggests that we follow Christ's example of evangelism, which he breaks down into eight observations. My high-level summary is this: Focus on a few people and live life with them. Invite them as much as possible - studying, eating, playing, serving, etc! You want to intentionally teach them about Jesus and God during your time together.

This method is critical for new Christians. If all they get is Sunday morning and a weekly Bible study, it's not enough! And the sign that someone is ready to go out on their own is when they start leading (read: living life) others.

I think Coleman gears this book towards church leaders, but all Christians would benefit from reading it.

ESV Bible

This year's reading plan included a bunch of parallel sections. It's nice because each day, I get many parts of the Bible. For example, the last day of the year's reading will be this:

• Malachi 1-4
• Proverbs 31:25-31
• Psalms 150
• John 21:15-25
• Revelation 22

One thing God showed me this year was His approach to missions. God relentlessly makes himself known to his people. I want a similar mindset instead of compartmentalizing everything I do or simply waiting for opportunities.

Biography Audiobooks

This year, I dove into the world of biographies, and I'm glad I did. The lives of these remarkable individuals are not just fascinating but also offer valuable lessons. Their stories are a testament to the power of resilience, determination, and innovation, and we can learn much from their lives.

The Revolutionary: Samuel Adams

By Stacy Schiff

Narrated by Jason Culp

Samuel Adams is an interesting dude. He singularly focused on freeing himself from the British and justified any (written) means to reach his goal. As a prolific writer, he wanted to influence fellow colonists against Britain, not provide impartial reporting.

Strangely, it's comforting to know that the internet didn't ruin news; it's always been a struggle. If anything, the internet helped expose our biases. Though, I don't see anything changing anytime soon.

I also had a strange realization while listening to this book. If I lived around 1776, I probably would have been against Adams and advocated that we stay with Britain and obey their rules! It's a strange admittance because I like how things turned out. But I also prefer following the rules (because they're in my favor 90% of the time). I suppose it's good that decisions are often made by many people with varied backgrounds.

This is a good book to read for our 250-year celebration in 2026.

Breathe: A Life in Flow

By Rickson Gracie and Peter Maguire

Narrated by Fred Sanders

I practiced Gracie jiu-jitsu before having kids and thought learning about the family that started it would be fun. Rickson Gracie is an intense, proud person! I don't agree with many of his life choices (especially as a husband), but his jitsu focus is unreal! I would have relished getting dominated on the mat by him. I enjoyed the history, and anyone else who's practiced jiu-jitsu would appreciate it.

The Princess Diarist

By Carrie Fisher

Narrated by Carrie Fisher and Billie Lourd

I feel like I'm late to the party on this, but I enjoyed hearing her stories from the set. Fisher is a fun writer who doesn't take herself too seriously. In this case, she kept a diary while filming. So, part of the book contains the original entries, and the other part is Fisher explaining what was happening (mostly in her thoughts, not just the events).

I like it when the author reads their own book because it feels like they're talking to you. If you're a Star Wars fan, you'll enjoy this.

The Six: The Untold Story of America's First Women Astronauts

By Loren Grush

Narrated by Inés del Castillo

I enjoyed this one because it also gives the history of NASA's shuttle program. And, not surprisingly, each of the six women is an absolute all-star who would have been incredible at anything they did. Reading about intelligent, capable people who fulfill their destiny is fun.

Shoe Dog: A Memoir by the Creator of Nike

By Phil Knight

Narrated by Norbert Leo Butz

This was by far my favorite biography. I think it's because Knight is so open about his mistakes and insecurities. He didn't even like the name Nike at first! It's such a crazy story of constantly being on the edge of failure but never giving up and finding paths forward.

My guess is that Knight is a smart person, but if he is, he downplays it and instead focuses on his hustle. I think that's also part of the attraction to his story ("you don't have to be a genius, just work hard"). It's really good, and anyone with a business will enjoy it.

Timothy Keller: His Spiritual and Intellectual Formation

By Collin Hansen

Narrated by Collin Hansen

I mean this in the best way possible, but Keller's story was rather... boring. Keller was a great writer with a CS Lewis-esk way of explaining theological concepts that resonated with me. So, I was interested to learn more about his life.

One reason why it's boring (compared to, say, Phil Knight) is we don't get nearly as much of Keller's internal dialog and expectations. Pastors would probably find his story interesting because they can better intuit some of his internal thoughts. For example, deciding to lead a new church must be a complex, soul-searching, social-disrupting experience, but I can't relate.

Paddle Your Own Canoe: One Man's Fundamentals for Delicious Living

Written & narrated by Nick Offerman

Before starting this book, I knew little about Offerman. I knew he was an actor in Parks & Recreation, a woodworker, and funny. Unfortunately,  I didn't enjoy his book.

The primary reason is that we philosophically disagree on many things in life. And things he thinks are funny, I don't think are at all. Plus, he presented his beliefs as obvious truths (and to think differently makes you dumb... or worse), which was a turnoff.

Still, there's value in learning from someone I don't 100% agree with. I felt motivated to spend my evenings more intentionally - to make and do things, not just default to watching shows.

Hillbilly Elegy: A Memoir of a Family and Culture in Crisis

Written & narrated by J. D. Vance

I was interested in this one because

1. he's our new VP (and likely the Republican candidate in 2028),
2. we're almost the same age (he's a year younger), and
3. most importantly, he wrote it before getting into politics.

I didn't have any expectations going into it. I only heard him speak once or twice (I skipped the debate) and simply hoped for an interesting story.

If you didn't know, his childhood was rough! In some ways, it's inspiring to know that anyone - even someone from the hillbilly backcountry - can make it to the Whitehouse alongside a billionaire. But it's also sad that his story is so rare.

I appreciated his insights on how difficult it is to solve poverty (it's just as much about identity and culture as finances). It reminds me of the book Evicted, which comes to the same conclusion. Given his childhood, I wouldn't be surprised if Vance proposes legislation that seems counterintuitive, but might actually start improving some of the US's poverty issues. Maybe?

Self-Improvement Books (Mostly)

Surprise! I saved two of my favorites until the end.

Storyworthy: Engage, Teach, Persuade, and Change Your Life through the Power of Storytelling

By Matthew Dicks

What a great book! If you do any storytelling (and we all do), it's a must-read. Dicks is a fantastic storyteller, and the book is worth reading just to hear his off-beat stories. And it's super practical. Here are my reminders for any story I tell:

•  Focus my stories on moments of change & growth. Smaller moments are better because they're relatable.
• Begin stories with physical movement & a location. This isn't an essay.
• Add stakes: There has to be a problem or goal. And it's even better if the "real" goal changes due to that moment of growth!
• Share my (eventually to be proven wrong) predictions/thoughts before sharing what happened. Phil Knight regularly does this in Shoe Dog.
• For transitions, use "but" and "therefore" instead of "and" - it's more interesting.

I'm still working on this, but I'm getting better thanks to this book.

Supercommunicators: How to Unlock the Secret Language of Connection

By Charles Duhigg

I also love this book! It's on a shortlist of books I'll make my kids read (along with Storyworthy). I tend to quickly jump into problem-solving mode in conversations. Instead, Duhigg shares tools to recognize the type of conversations I'm having: decision-making, emotional, or social. One way to do that is to ask questions to see if the person wants to be helped, hugged, or heard.

And even if it's a decision-making conversation (to be helped), is the person looking for practical solutions (data & reasoning) or empathy (stories & compassion)? This is probably obvious for those with a high EQ, but it was eye-opening for me.

I'm getting better (still not great) at having emotional conversations because I have a mental checklist of questions to ask about feelings, beliefs, values, judgments, and experiences. I know how bad that sounds, but Jessi says that even though she knows I'm working through a checklist of questions, they're good questions! So, our conversations are better (and she appreciates the effort).

How to Be Interesting: In 10 Simple Steps

By Jessica Hagy

This was a quick read with easily digestible thoughts. As I'm getting more into podcasting and videos, one rule is to do epic things and share them. So, I was looking for ways to be more interesting. It was basic, but had some inspiring ideas.

DON'T DIE

By Zero (Bryan Johnson)

This is a weird book. It's an imaginary scenario in which different personalities/emotions discuss health and the future (like in Inside Out). Johnson sold Venmo to PayPal for millions and now focuses on longevity science and technology. This isn't a book of protocols but a philosophical musing. If you're interested in health topics, I'd start somewhere else. However, this could be an interesting read if you want to be inspired to learn more about health.

Superman & Action Comics

Like in previous years, I continue to read two comics about Superman. He's my favorite, and I'm PUMPED for the new Superman movie coming out next year.

Why I Don't Read Physical Books Anymore (and How I Remember What I Read)

 I enjoy reading, but I mostly enjoy nonfiction self-improvement books. For example, my last three books were God and Money, Million Dollar Weekend, and Supercommunicators.

All three are fantastic, with dozens of nuggets I want to remember (101, 97, and 104 nuggets, to be precise). I used to read a book, remember it for a little while, and then its lessons would fade into the background.

But no more.

Kindle

I bought a Kindle Paperwhite in 2013, and it felt magical. Being small and lightweight is nice, but the real perk is the built-in reading light. I love getting books instantly, but the built-in light is still the coolest part. While sleeping in an Indian hostel/camp while hiking in the Himalayas last year, a friend marveled that I could keep reading when it was time to turn off the single bulb in the sleeping quarters. It's such a simple feature, and I love it.

My biggest initial problem with the Kindle was that it didn't show book covers. After a while, all the books started blending together, and I couldn't remember where I read something or the author's name. It's incredible how passively looking at something 30-50 times for 1-2 seconds each time helps information stick.

Thankfully, Amazon eventually fixed my problem by incorporating book covers into the lock screen. (My last request for improvement is the ability to zoom in on graphics, as sometimes the rendering makes them too small to read.)

(side note: I also listen to audiobooks, but only books I don't want to take notes on or highlight. For me, those are biographies and fiction.)

Readwise

In June of 2022, I stumbled upon Readwise, and it's fantastic! The idea is simple: sync your highlights from an eReader, and it'll show you some highlights in a daily email (or the app). Or, manually add any book, and it'll show you popular highlights. You control email frequency and how many highlights are in each email.

The benefit is that it helps you remember what you've read.

Today, one of my 12 highlights was from a book I first read with my mom in 1998 and reread in 2019. Here's the crazy part: in 2019 - before I had Readwise - I highlighted 290 parts of the book!

At the time, I wrote a 4-page summary of the book because I wanted to remember its lessons. It was super helpful at the time, and I still have it saved on my computer, but the last time I opened it was in 2022 (I just looked).

But then today, I got a small reminder:

How cool is that? And it also sparks memories of related passages. Just like seeing a book cover for 1-2 seconds multiple times helps me remember the title and author, these snippets help me remember what I read years ago.

Since getting Readwise, I've used it a lot - 750 days in a row. It's the first or second app I open in the morning.

Physical Books

I like this system so much that I refuse to read paper books. When someone gives me a physical book - and I probably shouldn't admit this - I buy the Kindle version and then give away the physical book!

I figure the point of the gift isn't the book itself, but the knowledge shared by the author.

Though I'll admit, I'm starting to soften my digital-only stance. I'm currently running an experiment of keeping a bookshelf of physical books. My hypothesis is that seeing the books will act as one more memory enhancer and inspiration for other creative work.

My experiment is a little flawed because I read these physical books before buying my Kindle (I added them to Readwise and get popular highlights). So, it might be different to add a book I read digitally, but so far, I like having them in my physical space.

So that's what's working for me right now. If you use a Kindle, I recommend trying Readwise.