Podcast Summary
Presenting opportunities instead of asking for money: Successful real estate investors present opportunities to potential investors and use creative financing and tax strategies to maximize profits
When it comes to securing investments in real estate, it's essential to present opportunities rather than asking for money. Ken Corsini, a successful real estate investor and host of HGTV's Flip or Flop Atlanta, emphasized this point during his interview on the Bigger Pockets Podcast. He shared that top investors don't ask for money; instead, they offer potential investors the chance to be part of profitable projects. Moreover, Corsini discussed five common threads he identified from interviewing successful real estate investors for his new book, "Profit Like the Pros." One of those threads is the use of creative financing techniques, such as rent-to-retirement, which allows investors to buy rental properties with no money down. Another thread is the strategic use of 1031 exchanges to defer capital gains taxes while expanding investment portfolios. Overall, the key takeaway is that being successful in real estate investing involves presenting opportunities rather than asking for money and utilizing creative financing methods and tax strategies to maximize profits.
Learning from successful real estate investors: Listening to and learning from others' profitable deals provides inspiration and practical lessons for real estate investors at any level
Learning from others' experiences, specifically through the sharing of their best real estate deals, can be incredibly inspiring and provide valuable insights. Ken Corsini, a real estate expert and BiggerPockets contributor, has made a career out of this idea. He hosts a podcast, "Best Ever Real Estate Investing Advice," where he interviews successful real estate investors about their most profitable deals. This not only provides inspiration but also offers practical lessons that listeners can apply to their own investing journeys. Ken's new book, which can be found at biggerpockets.com/profitbook, delves deeper into this concept and provides actionable strategies for implementing these lessons. Whether you're a seasoned investor or just starting out, listening to and learning from others' experiences can help you grow and succeed in real estate.
Real Estate Success Stories Inspire and Guide: Explore new opportunities, learn from success stories, and narrow focus as experience grows.
Exposure to various real estate success stories can inspire and guide individuals, especially those new to the industry, in discovering their preferred path and exploring new opportunities. The "Best Deal Ever" YouTube series and subsequent book, featuring 25 compelling interviews, offer valuable insights and educational nuggets, highlighting common themes and inspiring readers to broaden their horizons. As mentioned by Ken, the process of writing the book even inspired him to reconsider and explore new avenues in his own business. The importance of saying "yes" to new experiences and learning opportunities early on, then narrowing focus as one gains experience and recognizes their highest value-added skills, is a valuable lesson for entrepreneurs in any field.
Expanding a business through complementary services: Successful entrepreneurs recognize when to expand by adding complementary services, leveraging existing resources and customer base, and controlling different aspects of the client experience for better service and growth.
Building a successful business is not just about saying no to new opportunities but rather recognizing when the time is right to expand. This expansion can come in the form of adding new services or businesses that complement what you already have. For instance, building a strong brand in one area can open up opportunities for related services. Ken, mentioned in the discussion, expanded his business by adding side businesses off the bridges he had already built. This approach allows entrepreneurs to leverage their existing resources and customer base while also satisfying their curiosity and desire to explore new ventures. It's essential to recognize when the time is right to expand based on the maturity and stability of your current business. Additionally, controlling different aspects of the client experience can lead to better service and ultimately, growth.
Focusing on a real estate niche leads to success: Finding a niche and focusing on it can lead to great success in real estate investing. Build a business through partnerships and delegation to focus on high-level strategy.
Discovering a niche and focusing on it can lead to great success in real estate investing. This can happen at any stage of a career, and once an investor finds their niche, they can hone their skills, fine-tune their approach, and scale their business. Some investors, like Frank Rolfe, choose to fully commit to one niche and become experts in it, while others may experiment with multiple businesses or niches. Ultimately, it's essential to find a balance between focusing on one area and exploring new opportunities. Successful investors often build their businesses through partnerships and delegation, allowing them to focus on high-level strategy while their team manages the day-to-day operations.
Building a brand in real estate through personal connections: Creating personal connections through local real estate clubs, meetups, or starting your own helps establish trust and build a successful brand in real estate.
Building a brand is essential for success in real estate, regardless of the scale. It's not just about having a TV show or a big podcast; even local real estate entrepreneurs can build recognizable names through hard work and personal connections. Building a brand involves establishing trust and integrity in your community, which can lead to valuable partnerships and opportunities. Anson Young, for example, built his brand by starting a meetup in Denver, which led to his best deal. Trust is not dependent on celebrity status, but rather on the reputation and reliability that comes with it. To build a brand, focus on creating personal connections through local real estate clubs, meetups, or even starting your own. The trust and relationships you establish will set you apart from the competition and help you succeed in the real estate industry.
The power of personal connections in real estate: Making personal connections is crucial in real estate for acquiring properties and building trust with clients. Sharing oneself openly and building rapport before meetings can lead to successful deals.
In real estate, as in any business, the human connection is key to success. Anson's story in the book, as well as those of other successful individuals mentioned, highlights the importance of making personal connections in order to acquire properties and build trust with clients. Brandon's ability to share himself openly and build trust before even meeting potential investors is an excellent example of this. Josh Dorkin's emphasis on integrity and doing business well also underscores the importance of building strong relationships. People want to do business with those they like and trust, and the "likability quotient" can significantly impact the outcome of a deal. A handwritten letter, for instance, can generate a high response rate simply because it shows a personal touch. In the end, it's the personal connections that set successful real estate investors apart from the rest.
Building genuine connections and solving problems for distressed sellers: Approaching potential deals with empathy and problem-solving mindset builds trust, increases successful sales, utilizes resources like DealMachine and Relay, focusing on a specific niche, and being authentic leads to success in real estate investing.
Building genuine connections and solving problems for distressed sellers can make a significant difference in real estate transactions. Approaching potential deals with empathy and a problem-solving mindset can help build trust and increase the likelihood of a successful sale, even if the deal doesn't go through immediately. Additionally, being intentional about making connections and utilizing resources like DealMachine and Relay can streamline the lead generation and deal-making processes. Finally, focusing on a specific niche and looking for opportunities where others may not can lead to unique and profitable deals. Overall, being authentic, problem-solving, and focused can lead to success in real estate investing. For more insights on building connections and growing your investing business, check out episode 401 of the BiggerPockets podcast with Jordan Harbinger.
Seeing hidden potential: Recognizing unique opportunities can lead to financial gains in real estate investing. Keep an open mind, look beyond the obvious, and learn from others' experiences.
Successful real estate investing often involves recognizing hidden potential in properties or situations that others may overlook. This can mean seeing opportunities for additional rentable space in a house, implementing simple systems to improve underperforming assets, or even converting a failing rental into an Airbnb. The ability to think creatively and look at properties from a unique perspective can lead to significant financial gains. Additionally, learning from others' experiences and success stories can help expand your own understanding of hidden potential and inspire new ideas. So, keep an open mind, look beyond the obvious, and be willing to think outside the box.
Learn valuable insights from successful real estate investors: Investing in educational resources like 'Profit Like the Pros' can lead to financial gains through smart decision making and avoiding costly mistakes.
Investing in educational resources like the book "Profit Like the Pros" can lead to significant financial gains. The book, which covers various types of real estate investments and features case studies from successful investors, provides valuable insights and strategies that can help investors make smart decisions and avoid costly mistakes. The bonus content, including interviews about worst deals, adds an extra layer of learning and relatability. By learning from the experiences of others, investors can potentially earn back their investment many times over. The book is available for purchase at biggerpockets.com/profitbook, with various pricing options and bonuses. The common thread among many of the investors featured in the book is that one deal changed their trajectory, demonstrating the potential for significant growth in real estate investing.
Discovering new opportunities in real estate: Being open-minded and willing to try new things in real estate can lead to significant financial gains. This can involve expanding into a new niche, making larger deals, or transitioning to a different property type.
Being open-minded and willing to try new things in real estate investing can lead to significant financial gains. This can mean expanding into a new niche, making larger deals, or even transitioning from single family to multifamily properties. For some investors, this pivotal moment came early in their careers, while for others it came later. Regardless of the timeline, these moments often involved a shift in mindset, where the investor realized they could make as much or more on one deal as they had in an entire year. This realization led them to pour all their efforts into real estate, resulting in substantial returns. As one investor put it, "something switches in you when you realize, I can make as much on one deal as I did in the entire year." This moment can serve as a powerful motivator to continue investing and growing a successful real estate business.
Stepping out of your comfort zone for growth: Believe in your capabilities, explore partnerships, attract investors, and consider creative financing to overcome capital barriers and seize opportunities for growth in real estate investing
Expanding your horizons and stepping out of your comfort zone is crucial for growth in real estate investing. You may be focused on single family homes, but the foundation you lay today could lead to bigger opportunities in the future, such as multifamily projects. It's essential to have the right mindset and believe in your capabilities. The stretch zone, the area between your comfort zone and the danger zone, is where growth happens. Don't let fear keep you from seizing opportunities. However, capital can be a significant barrier to scaling. In the book, successful investors share strategies for addressing this challenge, such as partnering with others, attracting investors, and exploring creative financing options. Remember, the foundation is essential, but the real benefit comes from building on it and reaching new heights.
Leveraging other people's money in real estate investing: Building relationships with private lenders can lead to continued investment partnerships and accelerated growth in real estate. Overcoming objections to using others' money and presenting opportunities instead of asking for it can help secure capital and prevent lenders from losing value.
Leveraging other people's money is a common theme in real estate investing and can help accelerate growth. Building relationships with private lenders in single family homes can lead to continued partnerships in multifamily and commercial investments. Capital is readily available, especially in uncertain economic times, and private lenders are often eager to invest in stable opportunities. Overcoming objections to using other people's money, such as fear of losing it or guilt, requires understanding the benefits for all parties involved. Presenting opportunities rather than asking for money is key to successfully raising capital. Private lenders are essentially losing value by not lending out their money, so investors can help prevent this while generating returns for themselves. Building a network of private lenders is essential for scaling up in real estate investing.
Leveraging partnerships for real estate deals: People value expertise and convenience, leading them to form partnerships in real estate and other areas of life. Successful partnerships depend on each partner's unique contributions.
People with money often lack the time and expertise to invest in real estate deals themselves. They need partners, or "conduits," to help them make transactions work. This is a common phenomenon in real estate investing, but it applies to many areas of life. For example, people don't cook their own meals at restaurants or fix their own cars because they value the expertise and convenience of others. Similarly, real estate partners bring different strengths to the table, and the success of a partnership depends on each partner's unique contributions. As the speaker notes, "it's figuring out what somebody else brings to the table and not being afraid to partner with them." Ultimately, partnerships allow individuals to leverage each other's strengths and do more deals together than they could alone.
Divide and Conquer for Business Growth: Recognizing potential to subdivide and collaborating with a team can lead to significant business growth. Focusing on the smallest details and subdividing opportunities can make more out of less and achieve greater success.
Expanding your perspective and building a strong team can lead to significant business growth. As Ken's example illustrates, recognizing the potential to subdivide property and collaborating with a team to develop that potential can result in substantial financial gains. This concept applies to various industries and situations, and it's essential to consider how you can divide and conquer to unlock hidden value. By focusing on the smallest details and subdividing opportunities, you can make more out of less and achieve greater success. Additionally, Ken's future plans, such as collaborating with HGTV, demonstrate the importance of building a brand and continuing to create and innovate as an entrepreneur.
Focusing on Growth and People in Real Estate: CEO Ken Corsini emphasizes daily deal analysis, values resources like 'No Money Down' and 'Called to Create', and prioritizes people over product in his successful real estate business.
Ken Corsini, the founder and CEO of Corsini Realty Group, is focused on growing his business and continues to look for real estate investment opportunities, particularly in the buy and hold market. He emphasized the importance of looking at deals every day and encouraged listeners to send him potential deals. Regarding resources, he mentioned that "No Money Down" by Carlton Sheets was instrumental in getting him started in real estate, and he recently discovered the book "Called to Create" by Jordan Rayner, which resonated with him on a personal and business level. Corsini emphasized the importance of treating people well in business, as being created in God's image means we should value and prioritize people over product. Overall, Corsini's focus on growth, continuous learning, and prioritizing people makes him a successful entrepreneur in the real estate industry.
The Importance of Perseverance in Real Estate Investing: Push through daily challenges in real estate investing to ultimately find success, prioritize family time, and disconnect from technology to recharge.
Successful real estate investing requires perseverance through adversity. As the speaker shared, they face daily challenges in their business, but it's those who push through and don't give up that ultimately find success. This principle applies not only to real estate investing but to various aspects of life. Another key takeaway is the importance of family and disconnecting from technology to reconnect with each other and nature. The speaker shared how they've made a conscious effort to become campers and explore local state parks as a way to unplug and recharge as a family. Overall, the conversation highlighted the importance of resilience, family, and embracing challenges to achieve success in real estate investing and beyond. To learn more about the speaker and their resources for buying, selling, building, and renovating houses, visit redbarnhomes.com. And don't forget to check out their nonprofit, Rockstar Kids. To get a copy of their book, "Profit Like the Pros," visit biggerpockets.com/profitbook.
Connect with local market experts for successful real estate investing: Use BiggerPockets Agent Finder to quickly connect with experienced real estate agents who can help navigate neighborhoods, analyze numbers, and build confidence in making real estate deals.
Finding the right investor-friendly real estate agent is crucial for those looking to get into or advance in real estate investing. The market can be unpredictable, but the best investors understand that it's not about timing the market perfectly, but rather having a long-term presence in it. With BiggerPockets Agent Finder, investors can quickly connect with local market experts who can help navigate neighborhoods, analyze numbers, and build confidence in making real estate deals. This free resource, available only at biggerpockets.com/deals, is an essential tool for those seeking financial freedom through real estate investment. Remember, past performance does not guarantee future results, and all opinions expressed are those of the individuals involved. Always consult with qualified advisors before making investment decisions and only risk capital you can afford to lose. BiggerPockets LLC disclaims all liability for any damages arising from the use of information provided in this podcast.
