Podcast Summary
Starting with minimal resources and facing setbacks, our guest found success through persistence and adaptability in real estate investing.: Despite minimal resources and setbacks, persistence and adaptability led our guest to success in real estate investing through storage unit auctions and rental properties. Tools like DealMachine and Rent to Retirement can help streamline lead generation and acquisition processes.
Persistence and adaptability are key to success in real estate investing. Our guest, Eric Quinn, shares his story of starting with minimal resources and facing significant setbacks, but ultimately pivoting and finding success through various avenues such as storage unit auctions and rental properties. He emphasizes the importance of not being afraid to fail and continuing to look for opportunities. Additionally, the discussion touches on tools like DealMachine and Rent to Retirement that can help investors streamline their lead generation and acquisition processes, allowing them to focus on finding deals and growing their businesses.
Lessons from a serial entrepreneur: Despite facing multiple business failures, maintaining a positive mindset and finding opportunities led to a successful investing and brokerage business for Eric Quinn
Failure is a part of the process to success, and keeping a positive mindset and looking for open opportunities can lead to great returns. Eric Quinn, today's guest, shared his experiences of owning over 40 rentals, doing 15 flips, and currently managing sober living facilities, single family properties, and commercial properties. He also had diverse sales experience from door-to-door sales to selling gym memberships and storage unit auctions. Despite facing hardships and losing his business multiple times, Eric never gave up. He learned from his failures and continued to invest, eventually building a successful brokerage and investing business that more than tripled in just two years. Eric's ability to pivot and find open doors during tough times was a crucial factor in his success. Additionally, Eric shared an interesting anecdote from his childhood where he sold snakes to drug dealers to make extra money. This experience taught him valuable sales skills that he applied throughout his investing career. Overall, Eric's story is a reminder that failure is a natural part of the journey to success and that keeping a positive mindset and looking for opportunities can lead to great rewards.
Snakes as a status symbol in the illegal pharmaceutical business: Despite a past filled with unconventional choices and financial hardships, including job loss and foreclosure during the mortgage crisis, the speaker's resilience and determination were strengthened.
During the early nineties, snakes served as a status symbol for those in the illegal pharmaceutical distribution business, similar to how pit bulls were perceived in other circles. The speaker, who had a fascination with reptiles, sold snakes to fund his hobby. His first experience with buying a home in 2006 led to financial hardship during the 2008 mortgage crisis, resulting in job loss and foreclosure. Despite these challenges, he met his future wife and they persevered through the difficulties together. The experiences from his unconventional past shaped his resilience and determination in the face of adversity.
Finding strength in setbacks: Setbacks and hardships can lead to personal growth and unexpected opportunities. Embrace challenges with humility and resilience.
Setbacks and hardships can serve as valuable experiences and opportunities for growth in personal relationships and entrepreneurial pursuits. The speaker shares how he met his wife during a difficult time in his life, which helped build a strong foundation for their relationship. He also recounts his experiences of financial failure and how he learned to bounce back, emphasizing the importance of humility and resilience. The speaker notes that these lessons are often overlooked in the expectation of easy success, but they are essential for long-term growth and progress. He also shares a personal story of buying storage units when he had almost no money left, which led to a profitable venture. Overall, the speaker encourages listeners to view setbacks as opportunities and to remain tough and humble in the face of both success and failure.
Starting a profitable business from storage unit contents: Despite financial hardships, maintaining a positive attitude and taking risks can lead to unexpected business opportunities
Even when faced with financial hardships and limited resources, having a positive perspective and being open to new opportunities can lead to unexpected success. The speaker shares his experience of buying storage unit contents for $280 and turning it into a profitable thrift store business. Despite the initial struggles and finding unwanted items, his wife's perspective of being grateful for what they had kept them grounded. The speaker also mentions the importance of Craigslist in helping him sell items and eventually start his thrift store. The story highlights the importance of taking risks and having faith in one's abilities, even when resources are limited. The speaker's determination and positive attitude led him to discover a profitable business opportunity, demonstrating that even in difficult situations, there is always potential for growth.
Believing in others and their potential: Faith in others' abilities can lead to significant life improvements. Taking risks and seizing opportunities can lead to great rewards, even if it means starting over.
Believing in others and having faith in their potential, even when they may not believe in themselves, can make a significant impact on their lives. This was exemplified in the speaker's own experiences, where he slept on a pile of clothes as a young adult but promised his future wife that she would never have to do the same. Later, when he struggled financially, he pivoted his business multiple times, from selling snakes to drugs to storage units and eventually to restaurant equipment, before discovering real estate as the most profitable venture. Through it all, he learned that taking risks and seizing opportunities can lead to great rewards, even if it meant starting over and leaving behind what was once comfortable and familiar.
Believing in oneself leads to real estate success: Starting small, facing challenges, taking calculated risks, learning from mistakes, and never giving up can lead to significant success in real estate.
Having a clear vision and believing in oneself can lead to significant success in real estate. The speaker started with a small investment and faced challenges, but didn't give up on his dream of building a one-stop real estate shop. He took calculated risks, learned from his mistakes, and eventually saw a great return on investment. He even turned a foreclosed house into a profitable sale, allowing him to invest in more properties. The speaker's determination and persistence paid off, leading to financial freedom and the ability to build a successful real estate business. Despite facing self-doubt and financial struggles, he continued to take calculated risks and learn from his experiences. The concept of "quinning," or going all in, became a mantra for him as he continued to grow his business.
Buying Multiple Properties at Once: More Than the Numbers: Proper due diligence, infrastructure, and long-term implications are crucial when buying multiple properties at once to avoid unexpected challenges and potential losses.
Buying multiple properties at once, even if the numbers seem to work, can lead to significant challenges that go beyond the financials. These challenges can include the time commitment, reliance on others, and unexpected issues that can quickly become overwhelming. In the speaker's experience, this resulted in a loss of around $200,000 in profit and the need to pay a significant amount to dissolve the partnership. The lesson learned was the importance of proper due diligence, infrastructure, and considering the long-term implications before making a big investment. The analogy of buying too many donuts at once and eventually needing to "throw up" to move on was used to illustrate the situation.
From side hustle to real estate investing: A transformative journey: Started with $500, pivoted from fix and flips to sober living homes, now owns properties in multiple states, and makes a difference in people's lives
Starting from a small side hustle with just $500, this individual transformed his financial situation by turning it into a profitable business, then pivoted into real estate investing. His journey was filled with learning experiences, including some initial failures that led him to pay $80 to get out of a situation. He then moved on to fix and flips, and later discovered sober living homes as an investment opportunity. This shift was inspired by a client who refused to share contacts, but eventually did, leading to a successful partnership with local nonprofits. When buying sober living homes, they look for properties with a larger square footprint, ideally located near bus lines and walkable distances to jobs. The investment not only provides good financial returns but also allows them to make a difference in people's lives by helping them get back on track. They now own properties in multiple states and are careful in their buying process to ensure it benefits everyone involved. Despite the current economic climate, they remain selective in their purchases.
Navigating Real Estate Investing in Florida's Sober Living Home Market: Successful real estate investing in Florida's sober living home market requires adaptability, specificity, thorough analysis, clear cash flow targets, and emotional detachment. Strategic and adaptive mindset, solid market understanding, and property selection are key to maintaining profitability.
Real estate investing, particularly in the sober living home market, requires adaptability and specificity in the face of changing market conditions and unexpected challenges. The speaker shares his experience with the impact of property taxes and insurance costs in Florida, and the importance of doing thorough analysis and setting clear cash flow targets. He also discusses his approach to pivoting strategies when necessary, and the importance of being emotionally detached from the properties. Despite the challenges, the speaker remains optimistic and continues to buy, focusing on specific locations and properties that meet his criteria. He also emphasizes the importance of cash flow and the need to make adjustments if necessary to maintain profitability. Overall, the key takeaway is that successful real estate investing requires a strategic and adaptive mindset, as well as a solid understanding of the market and the specific properties being considered.
Lessons from Real Estate Investing: Managing Debts, Costs, and Learning from Mistakes: Effective real estate investing requires careful debt and cost management, a systematized hiring process, and learning from past mistakes. Don't shy away from commercial properties, but ensure thorough due diligence.
Successful real estate investing involves careful management of debts and costs, even during rehabs, and being open to learning from past mistakes. Our guest shared their experience of carrying a mortgage debt with a reduced down payment, and the importance of having a systematized process for hiring contractors. They also emphasized the importance of not price shopping for the cheapest options but being cognizant of costs. The guest also bravely shared a deal that did not go well, involving a commercial warehouse space. They found the property on LoopNet and learned the hard way about the challenges of commercial real estate and the importance of due diligence. Despite the setback, the guest continues to learn and grow as a real estate investor. Additionally, the discussion touched on the current high-interest rate environment and the opportunity for investors to get funding through Fundrise's new private credit strategy. Overall, the conversation highlighted the importance of persistence, learning from mistakes, and taking advantage of opportunities in the real estate market.
Learning from a costly mistake in real estate investments: Numbers don't tell the whole story in real estate investments. Seek advice and consider real-world factors beyond just numbers to avoid costly mistakes.
While numbers are important in real estate investments, they don't tell the whole story. The speaker shared an experience of buying a commercial property on LoopNet for half the listed price, only to find out later that he couldn't rent it out due to unexpected expenses like a failed roof. He learned the hard way that a residential inspector shouldn't be used for commercial buildings and that demand and potential issues cannot be determined by numbers alone. The speaker also emphasized the importance of seeking advice and knowledge from more experienced individuals to avoid costly mistakes. Overall, this story highlights the importance of considering both the numbers and the real-world factors when making real estate investments.
Importance of Due Diligence in Real Estate Investing: Thorough research and networking are vital in real estate investing to avoid losses and learn from experts' experiences.
Doing thorough due diligence is crucial before making a real estate investment, even if the price seems attractive. The speaker's experience of buying a warehouse without proper research led to significant losses and a long waiting period to sell. Joining mastermind groups or consulting experts in the specific asset class can save time and prevent costly mistakes. It's essential to surround yourself with knowledgeable individuals and learn from their expertise. Additionally, the importance of networking and building relationships was emphasized, as it led the speaker to valuable opportunities and connections.
The role of persistence, adaptability, and a growth mindset in real estate investing: Success in real estate investing requires continuous learning, not being afraid to fail, and the ability to pivot and adapt in the face of challenges. A growth mindset, as well as the support of loved ones, can be instrumental in overcoming obstacles and achieving success.
Persistence and adaptability are key factors in the success of investors. The guest shared how his wife's involvement in their real estate deals was instrumental in their success, even referring to her as the "hero." He also emphasized the importance of continuous learning and not being afraid to fail. The guest mentioned his obsession with books, specifically "The Gap in the Gain" and "Who Not How" by Benjamin Hardy, and "Atlas Shrugged" by Ayn Rand. He praised these books for helping him systematize and streamline his business. When asked about hobbies, he shared his recent focus on health and family bonding activities like sauna and cold plunge sessions. In the face of challenges, the guest encouraged pivoting and learning, using the example of his experience with storage unit auctions. Overall, the guest's story highlights the importance of resilience, adaptability, and a growth mindset in achieving success in real estate investing.
Embrace unexpected challenges and learn from mistakes: Persist through setbacks, adapt with principles, and learn from errors to make progress towards goals. Stay informed and open to new opportunities.
Life is full of unexpected challenges and setbacks, but with persistence and a willingness to learn, one can overcome these obstacles and make progress towards their goals. The speaker emphasized the importance of not relying solely on blueprints or plans, but rather on the principles and tenacity needed to adapt and pivot when faced with adversity. He shared personal stories of his own experiences and encouraged listeners to embrace their mistakes and learn from them, rather than being discouraged by them. The speaker also emphasized the importance of staying informed and being open to new opportunities, even in a changing market. To connect with the speakers, listeners can find Eric Quining Quinn on Instagram (@ericquin929) and Facebook (Eric Quinn), and Henry Washington on Instagram (@henrywashington) and his website (henrywashington.com). Additionally, those interested in real estate investing can use BiggerPockets Agent Finder to find an investor-friendly agent to help them navigate the market.
Connect with investor-friendly local agents for free on BiggerPockets.com/deals: Leverage BiggerPockets.com/deals to find a local expert for free, helping navigate neighborhoods, analyze numbers, and make informed investment decisions, but always consult with qualified advisors before investing.
BiggerPockets.com/deals offers a valuable and free resource for real estate investors looking to connect with investor-friendly local agents. By entering a few details about what and where you want to buy, you can instantly match with an expert who can help navigate neighborhoods, analyze numbers, and build confidence for making informed investment decisions. This service is exclusive to BiggerPockets.com/deals and is a crucial step towards financial freedom. However, it's important to remember that all investments involve risk, and it's crucial to consult with qualified advisors before making any investment decisions. The content of this podcast is for informational purposes only, and past performance is not indicative of future results. BiggerPockets LLC disclaims all liability for any damages arising from reliance upon information presented in this podcast.
