Podcast Summary
Year of the Pivot: Making Significant Growth in Real Estate: Address market concerns, refocus on long-term goals, and implement a proven system for significant growth in real estate.
2024 can be the year for significant growth in your real estate portfolio if you're willing to make a pivot and implement a proven system. During a recent webinar, Dave Meyer discussed the importance of addressing market concerns and building repeatable systems to secure good deals. He emphasized that a pivot doesn't require drastic changes but rather a refocusing towards long-term financial stability and goals. The stack, a system used to sustain these pivots, was also introduced, with thousands having successfully used it before. By asking yourself if this could be the year of your pivot and stack, you can start taking action towards your real estate goals.
Scaling real estate investments with the 'stack' approach: To achieve financial freedom or significant wealth through real estate, aim for multiple investments using the 'stack' method, starting with a modest goal and gradually increasing units, and be open to change and pivots
Achieving financial freedom or significant wealth requires multiple real estate investments, not just one. This approach, known as the "stack," is a proven, scalable, and relatively low-risk method for growing a real estate portfolio. It starts with setting a modest goal for one unit in 2024 and gradually increasing the number of units as confidence and experience grow. The key is to remember that change is necessary and that small adjustments, or pivots, can lead to significant progress. The shift change formula, an alternative to vague resolutions, emphasizes setting specific goals, having a clear plan, and taking action to make the changes and pivots necessary for reaching your objectives.
Real estate investing: A path to wealth and financial freedom: Start with a systematic approach, set specific goals, hustle, and find the right deals for a deliberate and strategic approach to real estate investing to build wealth and secure financial freedom
Real estate investing is a practical and achievable path to building wealth and securing financial freedom, regardless of one's background or experience. The speaker, who started investing with minimal resources and made numerous mistakes, emphasizes the importance of following a systematic approach, setting specific goals, and hustling to achieve those goals. It's not a get-rich-quick scheme, but rather a long-term commitment to learning and growth. Additionally, it doesn't take a large number of properties to achieve financial freedom, but rather a deliberate and strategic approach to finding the right deals for your personal plan. The speaker's belief in the power of real estate investing to transform lives is rooted in his own experience and the mission of BiggerPockets, which he emphasizes is not just about making money, but also about unlocking freedom and living life on your own terms.
Investing in Real Estate with No Money Down: In 2024, successful real estate investing involves setting the right goals, having a solid plan, and taking action, even with no money down through programs like Rent to Retirement. Work with simplified lenders like Host Financial and minimize taxes with 1031 exchanges using companies like First American Exchange Company.
Successful real estate investing in 2024 requires the right goals, plan, and action, even if it means investing with no money down through programs like Rent to Retirement. This strategy allows investors to buy new construction turnkey rental properties with low or no money down, offering cash flow appreciation and equity with potentially infinite returns. Another crucial element is working with lenders who simplify the loan process, such as Host Financial. Additionally, understanding tax implications through 1031 exchanges with companies like First American Exchange Company can help investors minimize taxes and grow their portfolios. Despite the market conditions, it's essential to adapt and find the right investment strategies, even if it means being more conservative or focusing on areas with less competition. Ultimately, investing in real estate requires flexibility and a solid plan to succeed.
Understanding Your 'Why' in Real Estate Investing: Define personal goals and motivations for investing, stay focused and motivated, and follow a specific process to make 2024 a successful year in real estate.
Having a clear understanding of your "why" in real estate investing is crucial for long-term success. This means identifying your personal goals and motivations for investing, as they will help keep you focused and motivated during challenging times. Additionally, experienced investors continue to be active and invest in any market condition, as real estate is not a get-rich-quick scheme but rather a long-term strategy. The speaker recommends following a specific process, starting with defining your why, to make 2024 your pivot year in real estate investing.
Commitment to your 'why' is crucial for financial stability and enjoyment in life: Define your five-year vision with specific financial and personal goals to stay focused and motivated on your path to financial stability and enjoyment in life
Having a clear "why" and being fully committed to it are essential elements in achieving financial stability and enjoying life to the fullest, especially in real estate investing. The difference between wanting something and being committed to it is significant, and true commitment is demonstrated through dedicated time and actions that align with your desires. To further solidify your commitment, define your five-year vision by imagining specific outcomes you wish to achieve and balancing them between financial and personal goals. This clear path forward will help you stay focused and motivated, ensuring you're making progress towards your ultimate goal.
Setting specific financial goals and utilizing resources for tax savings and home security: Setting achievable financial goals, like generating $5,000 monthly passive income and doing two property flips per year, is crucial. Utilize resources like 1031 Pros for tax savings and SimpliSafe for home security. Partner with reputable investment companies like BAM Capital for peace of mind and maximized returns.
Having specific and achievable financial goals, like Harold's desire to generate $5,000 per month in passive income and do two property flips per year within five years, is essential for improving one's financial situation. This discussion was emphasized during a conversation about investing in real estate and taking advantage of opportunities in the current market environment with Fundrise's new private credit strategy. Another key takeaway is the importance of utilizing resources like 1031 Pros for tax savings when selling properties and SimpliSafe for home security. Lastly, partnering with a reputable investment company, such as BAM Capital, can provide peace of mind and maximized returns during uncertain economic times.
Break down long-term goals into smaller, achievable ones: Set specific, attainable goals with deadlines to create a clear, actionable plan for real estate investing success
Setting achievable goals is essential for success in real estate investing. Starting with a long-term vision, like BAM Capital's focus on generating wealth and monthly income, breaking it down to a 5-year goal, and then to a 1-year goal, and finally to quarterly goals, helps create a clear and actionable plan. Your first goal should be attainable, like Harold's plan to buy a single-family property, and should have a specific deadline. Breaking down your goals into smaller timeframes, like quarters, helps keep you focused and accountable. Remember, a goal is a dream with a deadline.
Break down real estate goals into manageable steps: Define goals, create a process, and follow it to acquire leads, analyze deals, pursue offers, and achieve success. Trust the process for consistent progress towards larger goals.
Setting and achieving real estate goals involves breaking down large objectives into smaller, manageable steps. This process includes defining your goals, creating a real estate process, and following that process to acquire leads, analyze deals, pursue offers, and achieve success. The speaker emphasizes the importance of having a clear process and trusting that it will lead to achieving your desired results, even if not every property or offer is successful. By focusing on small steps and consistently following a proven process, you can move towards your larger goals in real estate.
Persistence and a well-defined process are key to finding successful real estate deals: To find successful real estate deals, commit to generating leads, analyzing deals, and making offers weekly, while keeping a consistent practice and time blocking for analyzing deals and making good investments a part of your identity.
Finding successful real estate deals requires persistence and a well-defined process. This process includes generating leads, analyzing deals, and making offers. Harold, as an example, is committing to connecting with five investor-friendly agents and analyzing five deals from the MLS each week. The key is to keep looking and learning, as the vast majority of properties are not good deals. The ultimate goal is to make analyzing deals and finding good investments a part of your identity. This can be achieved through consistent practice and time blocking. Remember, the process and persistence are crucial for success in real estate investing.
Key to making progress in real estate investing: Define your why, commit, translate desires into action, set a 5-year vision, a 1-year goal, quarterly goal, define real estate process, plan your week, and use BiggerPockets for support and resources.
Having a clear vision, setting specific goals, and being persistent are key to making progress in real estate investing. The speaker emphasized the importance of planning your week and executing daily, as well as finding a supportive community like BiggerPockets to help fill any gaps in knowledge or experience. The example of "Harold" illustrated how persistence and using available resources can lead to success, even if it takes time. The 9 steps outlined in the webinar include defining your why, committing to it, translating desires into action, defining a 5-year vision, setting a 1-year goal, narrowing it down to a quarterly goal, defining your real estate process, planning your week, and using BiggerPockets. The speaker encouraged listeners to make 2024 the year they make their first pivot in real estate investing by following these steps and staying persistent.
Upgrade to BiggerPockets Pro for Success in Real Estate Investing: BiggerPockets Pro offers tools for analyzing deals, managing portfolio, minimizing risk, and networking for real estate investors. Annual subscription discounted to $312 with code 'new year 2024', includes exclusive resources and a free book.
With the right mindset, goals, and plan, anyone can succeed in real estate investing. BiggerPockets Pro is a comprehensive tool designed to help investors analyze deals, manage their portfolio, and minimize risk. It includes investment property calculators, rent estimators, landlord forms, property management software, portfolio tracking, exclusive discounts, and networking opportunities. Pro members also get access to exclusive videos, workshops, webinar replays, and 50% off all boot camps. The annual subscription is usually $390, but for the New Year's crowd, it's being offered at a discounted rate of $312. Additionally, by upgrading to Pro and using the coupon code "new year 2024," you'll receive a free copy of "Real Estate by the Numbers" by the speaker and Jay Scott. Thousands of people have used BiggerPockets and Pro to become successful investors, and the speaker encourages listeners to take the first step towards their real estate goals by upgrading to Pro.
BiggerPockets Pro Offers Bonuses and 100% Money-Back Guarantee: BiggerPockets Pro provides $750 worth of bonuses and a 100% money-back guarantee for those serious about reaching their real estate investing goals. Find an investor-friendly agent through their Agent Finder and take confident action towards financial freedom.
BiggerPockets Pro is offering a $750 worth of bonuses to those who are serious about using their services to achieve their real estate investing goals. The company is confident in their product and is offering a 100% money-back guarantee within 30 days if it doesn't meet your expectations. The speaker encourages listeners to take action towards their goals and not make excuses. Additionally, finding an investor-friendly agent through BiggerPockets Agent Finder can help navigate the market and take confident action towards financial freedom. Remember, the market may change, but the goal of financial freedom remains the same. It's not about timing the market, but rather time in the market. This resource is free and available at biggerpockets.com/deals. As always, investing involves risk, and it's important to consult with qualified advisors before making any investment decisions.
