Podcast Summary
Lessons from a Basketball Star Turned Real Estate Investor: Stay focused on your goals and maintain humility, even when balancing multiple ventures. Explore various investment strategies like Rent to Retirement and passive income opportunities.
Successful people, whether in basketball or real estate, understand the importance of focus and humility. Evan Turner, a former NBA player turned real estate investor, shares his journey of balancing a professional basketball career with real estate investments. He emphasizes the significance of not getting distracted by external factors and maintaining a clear focus on one's own goals. Additionally, the episode features discussions on various investment strategies, including no money down options through Rent to Retirement and passive income investments with PPR Capital Management and Pine Financial Group. Evan's experiences and insights provide valuable lessons for anyone looking to succeed in real estate or other ventures.
Transitioning from basketball to real estate investing: Investing in opportunity zones can lead to community development and significant tax savings. Passion and teamwork are essential when pursuing new ventures, as shown by Evan Turner's transition from basketball to real estate investing and podcasting.
Investing in opportunity zones can be a smart business move while also contributing to community development, offering significant tax savings. Additionally, surrounding oneself with like-minded, skilled individuals is essential for success, as Evan Turner, a former NBA player and podcast host, exemplifies. During the podcast discussion, Evan shared his experiences transitioning from a basketball career to real estate investing and starting a podcast with Andre Iguodala, called "Point 4." Throughout his career, Evan had a regimented daily routine, dedicating most of his time to basketball. Despite this, he managed to develop a passion for real estate and recognized its potential as an investment opportunity. Evan's thought process during his career was not explicitly stated in the provided text, but it's mentioned that they had an engaging conversation before recording. Overall, the conversation emphasized the importance of combining personal and professional goals, whether it's through real estate investing, teamwork, or starting a podcast.
NBA player's perspective on real estate as a stable investment: Growing up with limited financial knowledge, an NBA player saw real estate as a stable investment for financial security and flexibility. He struggled to understand a large lump sum payment but appreciated the opportunity to learn and invest.
The NBA player in this conversation saw real estate as a stable investment that could provide him with flexibility and financial security. Growing up as an inner city kid with a single parent, he was not familiar with money and was wary of investing in stocks. Instead, he wanted to ensure his money was working for him, and real estate offered him that opportunity. The large lump sum payment he received in the NBA was a significant shift for him, and he struggled to comprehend it. However, he was grateful for the opportunity to learn about money and invest in real estate to secure his future and take care of his loved ones. The experience instilled in him a deep appreciation for hard work and the importance of having a plan B. Despite his fears of losing it all, he recognized the value of the financial security real estate provided and used it as an opportunity to learn and grow.
Overcoming Fear of Losing Money through Positive Experiences: A positive first experience in real estate investing can help overcome fear and build confidence, leading to successful investments. Consider house hacking as a strategy for getting started.
The speaker's upbringing and the right environment played a significant role in helping him overcome his fear of losing money and becoming a successful real estate investor. Despite reaching a financial mark at a young age, he was cautious and hesitant to spend, but he wasn't afraid to invest in real estate as an asset. His experiences and the people he surrounded himself with helped him stay focused and make informed decisions, leading to a successful first real estate investment in a house for his mom. This positive experience helped him overcome his fear and continue to invest in real estate. The importance of a good first experience in real estate investing cannot be overstated, as it helps build confidence and overcome the natural fear of making a bad investment. House hacking, which involves using a property as a primary residence while generating income from it, is a popular strategy for getting started in real estate investing.
Lessons from successful real estate investing: Patience, hard work, seizing opportunities, calculated risks, solid plan, timing, market conditions, networking, industry experts, mentors, determination, smart investments, and a bit of luck lead to successful real estate investing.
Successful real estate investing requires a combination of patience, hard work, and seizing opportunities. The speaker shares his experience of buying a house early and making a good profit, which allowed him to invest in more properties and build a successful real estate portfolio. He emphasizes the importance of taking calculated risks and having a solid plan, as well as the role of timing and market conditions. He also acknowledges the importance of networking and building relationships with industry experts and mentors. Ultimately, the speaker's success in real estate is a result of his determination, smart investments, and a bit of luck. He encourages others to stay focused on their goals, learn from their experiences, and keep an open mind to new opportunities.
Surrounding yourself with the right team and environment is crucial for success: Having mentors, advisors, and like-minded individuals can lead to opportunities and valuable guidance. Being open to learning and expanding knowledge beyond expertise is essential for long-term success.
Having the right team and environment is crucial for success in real estate investing, as well as in other fields. Surrounding oneself with mentors, advisors, and like-minded individuals can lead to opportunities and provide valuable guidance. Being open to learning and expanding one's knowledge beyond their area of expertise is also essential for long-term success. The speaker emphasizes the importance of having a solid team, the right advisors, and the right environment to make deals work and keep adding to one's portfolio. The timing and connections of the people around you can significantly impact your business and financial growth. By being open to new experiences and learning from various perspectives, one can increase their chances of success and avoid potential pitfalls.
The Importance of Humility in Personal Growth and Success: Humility allows individuals to learn from experts, innovate, and avoid missed opportunities. Surround yourself with the right people and focus on the bigger picture for greater success.
Humility plays a crucial role in personal growth and success, especially in business and entrepreneurship. By keeping an open mind and being humble, individuals can learn from experts and innovate. However, a lack of humility can lead to ignorance and missed opportunities. It's essential to surround yourself with the right people and focus on the bigger picture rather than being fixated on personal gains. The actions we take and the values we prioritize speak louder than our words. Ultimately, being willing to work as a team and invest in the best interests of a group can lead to greater success. As Warren Buffett said, "You don't wanna lose a dime."
Collaborating for Success in Real Estate: Successful real estate investing requires partnerships and focusing on community value. Splitting profits 50-50 and developing affordable housing are examples of this approach.
Successful real estate investing involves partnerships and focusing on providing value to communities. The speaker shares his experience of selling a property at a 50-50 split, resulting in a profit, by collaborating rather than trying to control the situation. He also expresses his goal to develop affordable housing in his old neighborhoods, ensuring families have access to decent resources and amenities. Additionally, he plans to expand his investments to international vacation rental markets and own theme-based getaways. Overall, his approach emphasizes the importance of giving back to the community and creating unique, curated environments for people to enjoy.
Unique investment opportunities in multifamily and single family homes: BAM Capital and Integra Development Group provide accredited investors with strong historical performance, attractive benefits, and disciplined investment strategies in multifamily and single family homes, including high returns, consistent cash flow, and long-term appreciation in opportunity zones
Both BAM Capital and Integra Development Group offer unique investment opportunities with strong historical performance and attractive benefits. BAM Capital, a multifamily syndicator with over $1.3 billion in transactions, delivers high returns and consistent cash flow, while Integra Development Group simplifies real estate investing through their rent to own strategy with new construction single family homes in opportunity zones. Opportunity zones, created by the government to incentivize investment in lower income areas, can lead to significant returns as investors improve the area and make a profit. BAM Capital and Integra Development Group's disciplined investment strategies and focus on cash flow, capital preservation, and long-term appreciation make them attractive options for accredited investors.
Investing in Opportunity Zones benefits both investors and communities: Opportunity Zones incentivize successful real estate investors to reinvest profits back into the community, creating mutually beneficial development and growth
The Opportunity Zone approach in real estate investment provides a win-win solution for both the investors and the community. Instead of the government trying to force investments that may not be profitable, they incentivize successful real estate investors to reinvest their profits back into the community, creating a mutually beneficial situation. The investor receives a tax break and the motivation to continue investing, while the community sees development and growth. The speaker's personal experiences in real estate and teamwork further emphasize the importance of investing in what matters to you and surrounding yourself with a strong team. The speaker's current projects include investments in college apartments, vacation properties, and a 3-house development in Charleston, South Carolina. These projects demonstrate the potential for significant returns and the speaker's continued growth in the real estate industry.
Discovering the right opportunity and trusting instincts: Successful real estate investing requires research, timing, and trust in one's instincts to find the right opportunity and add value to the community.
Successful real estate investing involves a combination of research, timing, and trust. The speaker shares his experience of discovering a vacation property in Charleston, South Carolina, after being drawn to the area due to its popularity and convenience. He was able to find a fixer-upper with ample space at a reasonable price and hired a trusted local contractor to help him build the best house possible. Despite initial plans for a smaller investment, the speaker saw the potential in the area and committed to refurbishing the property to add value to the community. This commitment paid off as the housing market in the area surged, allowing him to sell the property for nearly double the original investment just weeks after listing it. The speaker emphasizes the importance of trusting one's instincts and investing in areas believed to be worthwhile. Genius in real estate investing, like in basketball or music, is often expressed through a feeling for the right opportunity and the courage to seize it.
Identifying Opportunities and Adapting to Challenges: Successful real estate investors possess a unique mindset that enables them to recognize hidden potential and adapt to market conditions, even during unfavorable economic times.
Successful real estate investors, like Rob and Dave, have a unique mindset that allows them to identify opportunities others may overlook and adapt to challenges, even when faced with unfavorable market conditions. Rob's ability to recognize the potential in a seemingly unattractive property and remodel it to outshine competitors in the luxury market demonstrates this mindset. Additionally, he and Dave share a fearless approach to investing, believing that setbacks and failures are essential parts of the learning process. Despite the challenges of high interest rates and a difficult market, they remain confident in their ability to find buyers who appreciate their properties and are not deterred by economic conditions. Their success is a testament to their resilience and determination.
Embracing challenges as opportunities for growth: Focus on finding solutions and learning from unexpected situations instead of worrying about potential consequences to maintain a positive mindset and grow personally and professionally.
Maintaining a positive mindset and embracing challenges as opportunities for growth are crucial for success. The speaker shares how they've learned to remain calm and poised during unexpected situations, no matter how small or seemingly insignificant they may be. They've developed this skill through experiencing various challenges in their short-term rental business, such as intruders and bear break-ins. Instead of worrying about the potential consequences, they focus on finding solutions and learning from each experience. Furthermore, the speaker's perspective on money as a form of energy and an opportunity for growth has helped them overcome the fear of making mistakes and taking risks. By viewing each failure as a learning experience and a stepping stone towards greater success, they've been able to stay focused on their long-term goals and continue growing both personally and professionally.
Find value in your current situation for future success: Focus on excellence, consistency, and long-term commitment in your current role to build a solid foundation for future opportunities
Making the most of your current situation, no matter what it may be, can set you up for success in the future. The speaker shares how his experience in basketball taught him valuable business skills and helped him excel in real estate. He encourages listeners to focus on developing excellence in their current roles and building on that foundation as they pursue new opportunities. The speaker also emphasizes the importance of consistency and long-term commitment, as the best deals and opportunities often come from investments made long ago. So, instead of looking for a quick fix or an easy way out, focus on putting in the work and staying committed to your goals, and the rewards will come in time.
Focusing on long-term gains in real estate investing: Avoid short-term gains focus, consider 5-10 year performance, have humility, understand finances, wait for right opportunities, and don't let ego drive decisions.
A long-term perspective is crucial when it comes to real estate investing. Instead of focusing on short-term gains, investors should consider how their properties will perform in 5 to 10 years. This requires a level of humility and avoiding the temptation to constantly compare oneself to others. By focusing on making the best moves for your own situation, you can build a successful real estate portfolio over time. Additionally, having a clear understanding of your financial situation and being willing to wait for the right opportunities is essential. The conversation also touched on the importance of not letting ego drive your decisions and the comparison to a marriage, where the focus should be on the relationship between the two parties involved.
Adversity as a Fuel for Success: Michael Jordan's Flu Game and Real Estate: Embrace change and think outside the box in the competitive real estate market. Old methods won't cut it, so be innovative and determined to thrive.
Adversity can be a powerful fuel for success. The story of Michael Jordan's iconic "flu game" performance serves as a reminder that difficult environments and personal struggles can bring out the best in people. In real estate, this concept holds true as the competitive market requires a "Darwinistic" approach, where only the most innovative and determined players will thrive. Looking forward, Evan predicts a future of creative developments and innovative uses in the real estate market. Instead of trying to force old methods into new situations, he encourages listeners to embrace change and think outside the box. To stay informed and inspired, tune in to Point 4 Podcast.
Connect with Evan Turner, Rob, and David on social media for more insights: Find an investor-friendly agent through BiggerPockets Agent Finder for success in real estate investing
Evan Turner and Rob recommend connecting with them on various social media platforms such as Instagram (@evan.turner) and Twitter (@thekiddet), as well as leaving a 5-star review on Apple iTunes for their podcast. David can be found on YouTube (@nothingbutnet) and social media (@davidgreen24). They also shared some nostalgic moments about basketball and old commercials. The conversation emphasized the importance of finding an investor-friendly agent to navigate the real estate market and achieve financial freedom. BiggerPockets Agent Finder is a free resource to help investors find such agents based on their specific requirements. Remember, the key to success in real estate investing is not timing the market but having the right agent and being consistent.
Invest wisely and cautiously: Be cautious, informed, and responsible when investing. Only risk capital you can afford to lose and do thorough research before making decisions.
Investing always comes with risks, and it's essential to use your best judgment and consult with qualified advisors before making any investment decisions. It's crucial to only risk capital that you can afford to lose. BiggerPockets LLC disclaims all liability for any damages arising from reliance upon the information presented in this podcast. In essence, be cautious, informed, and responsible when it comes to investing. Don't let the potential for high returns blind you to the inherent risks. Always do your due diligence, and remember that the market can be unpredictable.
