Podcast Summary
Learning from successful real estate investors: Networking and learning from experienced real estate investors and industry professionals can provide valuable insights and opportunities for growth and success in real estate investing.
Networking and learning from successful individuals in the real estate industry can significantly impact your own investing journey. Listening to podcasts, attending meetups, and connecting with experts and experienced investors can provide valuable insights and opportunities that can help you grow and succeed in real estate. As Brandon Turner shared in the podcast, he learned about loans, appraisals, and adding value to houses from his friends Vinny, Mario, and Bo. This experience fueled his desire to learn more and inspired him to reach for greater heights in his business. So, don't underestimate the power of networking and learning from others. Find opportunities to connect with successful real estate investors and industry professionals, and take advantage of every learning opportunity that comes your way.
Investing in Real Estate with Little to No Money Down: Explore options like Rental Retirement's new construction properties, Host Financial's easy lending process, and specialized insurance providers like NREIG to invest in real estate with minimal upfront capital. Bill's inspiring story highlights the importance of determination and resilience in overcoming adversity and achieving success in real estate.
There are alternative ways to invest in real estate with little to no money down, such as Rental Retirement's new construction properties and Host Financial's easy lending process. Another important takeaway is the existence of specialized insurance providers like NREIG, which simplifies the process of insuring multiple rental properties under one policy. Lastly, Bill's inspiring story of overcoming adversity and starting a successful real estate career after serving a 10-year prison sentence serves as a reminder that setbacks don't define one's future. Instead, it's the determination and resilience to keep pushing forward that ultimately leads to success.
Taking responsibility for mistakes and making proactive steps towards self-improvement: Acknowledging mistakes, refusing to play the victim, focusing on self-education, and maintaining a positive attitude can lead to success despite adversity.
No matter the circumstances, taking responsibility for one's actions and making proactive steps towards self-improvement can lead to success. The interviewee, Bill, shares his experience of turning his life around after serving time in prison. He acknowledges his mistakes and refuses to play the victim. Instead, he focuses on making the most of his time in prison by reading and educating himself. Bill's determination and positive attitude paid off, and he was able to turn his life around upon release. This story serves as an inspiration for anyone who may be struggling, whether in prison or facing other challenges in life. By taking responsibility, accepting the situation, and making a commitment to change, one can overcome adversity and achieve success.
Discovering the Power of Self-Leadership in Prison: Reading leadership books in prison led to self-discovery and goal-setting, which helped the interviewee quit drugs, stay free, and start a successful business.
During his time in prison, the interviewee discovered the power of self-leadership through reading leadership books and decided to apply this philosophy to his own life after his release. He set three initial goals for himself: quitting drugs, staying free, and getting a job that paid $10 an hour. Once he achieved the third goal, a business owner offered him an opportunity to start his own business selling promotional products. Despite initial struggles, he persisted and eventually found success. The books he read, the people he met, and the podcasts he listened to significantly influenced his personal growth. This story illustrates the importance of self-leadership, goal-setting, and seizing opportunities for personal and professional growth.
From salesperson to real estate investor: Starting a business or investing requires effort, networking, and determination. Surround yourself with successful people, set goals, and be patient to achieve success.
Starting a business or pursuing real estate investing isn't an instant solution to disliking your current job or financial struggles. Instead, it requires hard work, networking, and determination. The speaker shares his personal story of starting as a salesperson, then transitioning to real estate investing after being encouraged by other entrepreneurs. He emphasizes the importance of starting somewhere, setting goals, and surrounding yourself with successful people. Through this process, he bought his first investment property in 2017, having discovered his affinity for projects and home ownership earlier in 2015. Overall, his message encourages listeners to pursue their goals, but to understand that it takes time, effort, and the right mindset to succeed.
Seeing a friend's success inspires house hacking opportunity: Inspired by a friend's success, an individual buys a neighboring property, turning it into a source of income and foundation for future investments, through saving and traditional financing.
Identifying and pursuing your dreams can lead to valuable opportunities. In this case, seeing a friend's success with real estate inspired an individual to buy a neighboring property, which became a source of income and a foundation for future investments. This experience, known as house hacking, allowed the person to build wealth and provide financial security during lean entrepreneurial months. The funding for the deals was achieved through saving and traditional bank financing. Overall, this story highlights the importance of looking up to others, taking calculated risks, and building a solid financial foundation.
Preparing for uncertainty in real estate investing: Having a backup plan and saving for a large down payment can help overcome fears and provide financial stability in real estate investing. Prepare to hire a property manager if needed.
Having a backup plan and being prepared can help overcome fears and uncertainty when investing in real estate. The speaker shared how they put 25% down on a property that cash flowed $600 a month, allowing them to hire a property manager if needed. This investment strategy provided a hedge against potential income instability from their sales job. Through this experience, they developed confidence and a new skill set, and plan to continue saving and expanding their portfolio. The importance of running the numbers with a property manager in mind, and being prepared to hire one if necessary, was emphasized as a key lesson for beginning investors.
Living below your means for financial peace of mind: Prioritize free entertainment, live in a cheap house, and drive old cars to maintain a low cost of living. Take small steps towards financial goals and build confidence through action to achieve financial independence.
Living beneath your means and keeping expenses low are effective ways to combat uncertainty and anxiety about finances. The speaker shares how they prioritize free entertainment, live in a cheap house, and drive old cars to maintain a low cost of living. This not only helps them enjoy life without feeling overwhelmed by expenses but also positions them to become financially successful in the long term. The speaker also emphasizes the importance of taking small steps towards financial goals and building confidence through action, even when faced with uncertainty. By focusing on these principles, individuals can make progress towards their financial objectives and ultimately achieve financial independence.
Incremental progress and trusting the process: Small steps lead to significant progress in real estate investing and life. Trust the process, focus on immediate tasks, and build up gradually.
Success in various aspects of life, including real estate investing, comes through taking small, incremental steps. Trusting in the process and focusing on the immediate task at hand can lead to progress and increased confidence for the next step. The journey may not always be clear, but keeping your eyes on the road ahead and taking action will help you move forward. The gym analogy was used to illustrate this concept - starting small, learning from those around you, and gradually building up to more challenging tasks. Remembering the importance of mindset and the small decisions we make every day can lead to significant progress over time. Whether it's buying a $0.99 McMuffin or starting with a small real estate investment, every step counts and sets the foundation for future success.
Preparing for fears and acquiring good properties: Successful real estate investors prepare, focus on good assets, and accept uncertainty for greater success. Resources like Rich Dad Poor Dad, John Maxwell's 21 Irrefutable Laws of Leadership, and Tony Robbins' Awaken the Giant Within provide valuable guidance.
Successful real estate investors prepare for their fears and focus on acquiring good properties in desirable locations. Fear of the unknown is a common experience, and accepting its presence can lead to greater success. Investors like Brandon, who understand the importance of preparation and focus on acquiring good assets, are more likely to overcome challenges and achieve their goals. As for resources, Rich Dad Poor Dad shaped Brandon's perspective on assets and liabilities, while hobbies such as mountain biking, skiing, and fishing provide enjoyment and relaxation. For leadership guidance, John Maxwell's 21 Irrefutable Laws of Leadership and Tony Robbins' Awaken the Giant Within are valuable resources. Ultimately, successful real estate investing requires a solid foundation of knowledge, preparation, and acceptance of uncertainty.
Embracing uncertainty and anxiety in real estate investing: Staying focused on long-term goals and being open to new opportunities can lead to success in real estate investing, even when faced with uncertainty and anxiety.
Embracing uncertainty and anxiety, rather than avoiding them, is a key to living a successful life. This was a theme that emerged during the conversation with Bill, who shared his experiences of pushing through anxiety and uncertainty to achieve success in real estate investing despite his background in prison. Jake, another investor, also discussed his own journey from corporate America to real estate investing, which he found more appealing than traditional investments due to its tangibility and his ability to touch and see the assets. Both Bill and Jake's stories illustrate the importance of staying focused on long-term goals and being open to new opportunities, even when faced with uncertainty and anxiety. To learn more about Bill and his experiences, visit wealthwelldone.com, and for more inspiring stories and insights, be sure to subscribe to their email lists and follow them on social media.
Discovering Real Estate Through a Podcast and Starting with a Portfolio Loan: Starting in real estate with no experience or connections? Focus on local banks, credit unions, and smaller regional banks for portfolio loans, which can have lenient terms and lower financial risk.
Sometimes, starting out in real estate investing requires no prior experience or connections. Jake's story illustrates this, as he discovered real estate through a podcast and began his journey with a $25,000 investment property. The mortgage on this property was incredibly low at just $141 a month, which he obtained from a local credit union through a portfolio loan. This type of loan is kept on the bank's own balance sheet and can be more lenient with loan terms. To find a portfolio lender, Jake suggests focusing on local banks, credit unions, and smaller regional banks, rather than big branches. By taking this unconventional path, Jake was able to get started in real estate with minimal financial risk.
Change 'no' to 'not yet', persist and look for opportunities in markets that fit your financial situation: When encountering a 'no' in real estate investing, change your perspective and keep looking for deals in markets that align with your financial capabilities.
When faced with a "no" in real estate investing, consider it as "not yet" instead. If you have a substantial amount of money to deposit with the bank, it might change the conversation and lead to a "yes." AJ, a young investor, shared his experience of buying a $25,000 house with a $300 monthly cash flow. He emphasized that not everyone can find such deals in every market, but advised investors to look for markets that make sense for them and follow the numbers. AJ found his first deal off-market in his hometown through local market knowledge. The takeaway is to persist and not give up, and to look for opportunities in markets that fit your financial situation.
Leveraging community and adaptability in real estate investing: Focus on less risky markets, build a network, be proactive in finding off-market deals, expand to small multifamily properties, and utilize social media to find deals. Persistence and adaptability are key to success in real estate investing.
Success in real estate investing doesn't just happen by chance. It requires intentional actions and the willingness to adapt to new markets and strategies. The speaker shared his experience of buying a house at a young age by focusing on less risky markets and building a network within his community. He emphasized the importance of being proactive in finding off-market deals and building relationships with sellers. After his first successful deal, he grew his investment portfolio by expanding his search to small multifamily properties and utilizing social media platforms like Facebook to find deals. Overall, the speaker's story highlights the importance of persistence, adaptability, and community building in real estate investing.
Starting small in real estate can lead to significant gains: Buying a small investment property can lead to financial freedom through confidence and momentum, focusing on location and cash flow, and looking for markets with a 1.5% rent to value ratio.
Starting small in real estate investments can lead to significant financial gains in the long run. The first investment may not make you rich, but it can give you the confidence to make more investments and build momentum towards financial freedom. This idea was shared by the speaker, who bought a duplex for $55,000 and turned it into a profitable rental property. He emphasized the importance of location and cash flow in real estate investments and advised looking for markets that meet certain criteria, such as achieving a 1.5% rent to value ratio. Starting small may seem daunting, but as the speaker's experience shows, it can be the first step towards a successful real estate investing journey.
Evaluating Real Estate Investment Deals: Vacancy and Cash Flow: Clear metrics for evaluating deals, like cash flow per unit and vacancy risk, are crucial for real estate success. Minimizing vacancies and maintaining cash flow are key strategies for mitigating risks and maximizing returns.
Having a clear metric or criteria for evaluating real estate investment deals is crucial for success. This metric could be based on factors like monthly cash flow per unit or desirability for easy renting. Vacancy is a significant risk in real estate investing, and it's essential to consider this factor when deciding where to invest. Vacancy can lead to significant financial losses, and it's important to have a plan for minimizing vacancies and maintaining cash flow. Additionally, setting ambitious goals, such as financial freedom by a certain age, can motivate investors to scale their portfolio and grow their business. Ultimately, being aware of the risks and benefits of real estate investing and having a solid strategy for evaluating deals and managing vacancies can lead to long-term success.
Building relationships and networking are crucial for real estate investing success: Focus on relationships to grow a team and ensure a steady rental income in real estate investing. Jake's podcast and 8 units in 2.5 years demonstrate the importance of a holistic approach.
While there are valid concerns when it comes to real estate investing, such as property maintenance, the most significant concern should be ensuring a steady rental income. Building relationships and networking are crucial for growing a team and accelerating the investing process. Jake, an experienced real estate investor, emphasized this after recognizing his lack of progress due to his focus on numbers and neglect of relationships. He then launched a podcast to expand his network. With 8 units in just 2.5 years, Jake's journey demonstrates the importance of a holistic approach to real estate investing. As for resources, Jake highly recommends Ken McElroy's "Advanced Guide to Real Estate Investing" for its comprehensive coverage of various real estate topics. Jake's favorite business books are "How to Win Friends and Influence People" by Dale Carnegie and "The Miracle Morning" by Hal Elrod. Listeners should stay tuned for upcoming interviews with Hal Elrod on the podcast. In his free time, Jake enjoys kayak fishing.
Investing in Real Estate for Personal Reasons: Successful real estate investors have strong motivations, such as financial freedom or helping others, which keep them going despite challenges. Being resourceful and creative can lead to finding deals outside traditional methods.
Successful real estate investors have strong motivations or reasons why they invest, which keeps them going despite the challenges and setbacks. Jake, a real estate investor, shared his personal reasons, including financial freedom and a desire to help children in poverty. He also emphasized the importance of identifying motivations bigger than oneself. Jake's goal is to retire by age 30 and replace his earned income with passive income. His story highlights the importance of having a clear motivation and not being afraid to explore unconventional methods to achieve it. Jake hosts a podcast called "The Real Estate Way to Wealth and Freedom," and people can learn more about him on his website, www.jacobayers.com. One interesting aspect of Jake's story is his ability to find deals outside the traditional methods, such as using networking and Facebook groups. This goes to show that there are various ways to find real estate deals and that being resourceful and creative can lead to success. Additionally, Jake's success story serves as a reminder that financial freedom is not the only motivation for real estate investing. Having a bigger purpose or goal can make the journey more fulfilling and meaningful. Overall, Jake's experiences demonstrate the importance of having a strong motivation or reason why to invest in real estate and the value of being resourceful and creative in finding deals.
Leverage DealMachine and Connect Invest for Successful Real Estate Investing: Explore DealMachine for lead generation and off-market deals, or invest passively with Connect Invest for diversified real estate projects, and gain insights from industry experts through the Walker webcast.
Both DealMachine and Connect Invest offer valuable solutions for real estate investors at different stages of their journey. DealMachine provides access to high-quality, reliable data and contact information for lead generation and off-market deals, while Connect Invest offers an opportunity for passive income through investing in a diversified portfolio of real estate projects. Additionally, the Walker webcast offers insights from industry experts on commercial real estate, entrepreneurship, leadership, and the economy. By utilizing these resources, investors can enhance their strategies and stay informed about the latest trends and opportunities in the real estate market.
Learning from audiobooks and taking action in real estate: By listening to real estate books and implementing strategies, one can learn the ropes, build wealth, and access funds for next deals through various financing methods like HELOCs. The BRRR strategy is a popular way to build a real estate portfolio.
Audible books can be a game-changer for those looking to learn and take action in real estate. The speaker shared his experience of listening to a real estate book and implementing what he learned within a few months to buy his first house hack, a duplex. He moved out of it when he got married and his wife bought a house using the BRRR strategy, which involved buying, rehabbing, and then refinancing. They also used a HELOC (Home Equity Line of Credit) to pay for the down payment on their next investment, a 10-unit building. The acronym OD in their story stands for "overdose," referring to a cheap house they bought due to tragic circumstances. The key takeaway is that by listening to real estate books and taking action, one can learn the ropes of real estate and start building wealth through property investments. Additionally, using various financing methods like HELOCs can help investors access funds for their next deals. The BRRR strategy, which involves buying, rehabbing, renting, and then refinancing or selling, is a popular way to build a real estate portfolio. Overall, the story illustrates the power of education, action, and creativity in real estate investing.
Finding Deals in Distressed Properties: Identify good deals, build relationships, and be resourceful in funding options, including using a home equity line of credit for significant funding at low rates.
Real estate investors can find unique deals in distressed properties, even those with a history of drug overdose or death. However, it's essential to be aware of disclosure requirements to tenants or buyers. In the case discussed, the investors found a deal through a referral and used a home equity line of credit to fund their next investment, creating a cycle of reinvestment and growth. The key to success lies in identifying good deals, building relationships, and being resourceful in funding options. The use of a home equity line of credit allows investors to access a significant amount of funds at low rates, which can be a game-changer for those starting out with limited resources.
Creative Real Estate Investments with Minimal Capital: Through strategic negotiations and innovative financing methods, it's possible to secure real estate investments with little upfront capital, leading to positive monthly cash flow
Creativity and resourcefulness can lead to successful real estate investments with minimal upfront capital. In the discussed scenario, the individual was able to buy a duplex with no money down using a home equity line of credit, and later a 10-unit apartment for a significantly reduced price through strategic negotiations. These creative methods allowed him to secure properties with minimal impact on his bank account, resulting in positive monthly cash flow. Even when dealing with larger banks, it's essential to be persistent and explore various negotiation tactics to secure favorable deals.
Buying Real Estate from Afar with a Strong Team: Effective real estate investing involves a solid team, including a good agent and property manager, and careful property selection based on promising numbers.
Having a strong and trustworthy team can make the real estate investing process more efficient and effective, even when you're not physically present at the location. The speaker shared his experience of buying a property in Missouri while being in Hawaii, emphasizing the importance of a good agent, property manager, and other trusted professionals. He also mentioned the significance of only considering properties with promising numbers before sending his agent to view them. The speaker plans to continue staying in the military and investing in real estate, with the long-term goal of financial independence. He also started a blog as a post-military endeavor to share his experiences and knowledge with the community.
Learning from experienced investors: Starting early and providing value to seasoned investors can lead to valuable learning opportunities and relationships
Starting early and bringing value to experienced investors can lead to valuable learning opportunities and relationships. The speaker shared his experience of finding a real estate deal in Hawaii and using it as collateral to learn from a seasoned investor. He also emphasized the importance of creating local meetups for real estate enthusiasts, especially when there are none available, to network, learn, and build a community. By bringing value and taking the initiative, the speaker was able to gain knowledge and experience that would have taken longer to acquire otherwise.
Expanding your network in real estate: By becoming valuable to others, attending free meetups and events, and learning from industry experts, you can make meaningful connections and expand your network in real estate.
Networking is a valuable tool for personal and professional growth. By becoming a person worth being around, developing yourself, and bringing value to others, you can make meaningful connections that can lead to opportunities. These connections can be made through free meetups and events, where like-minded individuals gather to learn and help each other in the real estate industry. A book recommendation for those interested in long-distance real estate investing is "The Long Distance Real Estate Investor" by David Greene. This book provides valuable insights and practical tips for investing in properties outside of your local area. Networking and learning from others in the industry can lead to valuable connections and successful real estate investments.
Discovering new tools and routines for productivity and self-development: Continuously seeking knowledge and refining processes can lead to improved productivity and a more balanced life. Utilize tools like Rentometer, the Miracle Morning routine, and the 80/20 Principle to streamline work and prioritize tasks. Reading and personal development, as well as hobbies and self-care, are also crucial for overall well-being.
Continuously seeking knowledge and refining processes can significantly streamline your work and personal life. David Green shared how discovering Rentometer helped him improve his rental business, and the Miracle Morning routine allowed him to maximize his productivity by waking up early and focusing on self-development. The 80/20 Principle was also instrumental in helping him prioritize tasks and become more effective in both his military and civilian careers. Additionally, the importance of reading and personal development was emphasized when it was mentioned that many people struggled to name a book during a Jimmy Kimmel bit. Lastly, having hobbies and prioritizing self-care, such as surfing and networking, were highlighted as essential for maintaining a balanced life.
From Military to Millionaire: Learning from experience is valuable, taking action is key to success in real estate investing.
Successful real estate investors take action and don't get stuck in analysis paralysis. David Perre, a military veteran turned real estate investor, shared his story of learning the hard way by taking action and making significant returns. He emphasized that it's better to learn from experience than to keep thinking and not doing anything. David also encouraged listeners to check out his blog, From Military to Millionaire, and his social media channels for more information. An interesting tidbit about David is that he once played an extra in an episode of Hawaii 5-0 as a Russian spy. Overall, David's story serves as a reminder that taking action, even if it means stepping out of your comfort zone, can lead to great rewards.
Starting a Real Estate Investing Journey: Overcoming Initial Hurdles: Focus on getting past initial hurdles, build momentum, and mastermind with like-minded individuals for a successful real estate investing journey
The initial steps in any endeavor, especially real estate investing, are the most crucial. Listening to experienced investors Bill, Jake, and David, it was emphasized that getting past the initial hurdles requires focus and determination. The workouts these investors do now may not be as challenging as their first ones, but getting started is where the real battle lies. Once the momentum is built, success comes more easily. Another important tip shared was the value of masterminding with like-minded individuals. Sharing your experiences and learning from others can lead to invaluable partnerships and opportunities. So, find someone to share your journey with and watch your progress soar. Don't forget to subscribe to the podcast, follow us on Instagram @davidgreen24 and @beardybrandon, and check out BiggerPockets Agent Finder to find an investor-friendly agent to help you get started on your real estate investing journey.
