『E18: Your First Deal Is the Hardest One You Will Ever Do』のカバーアート

E18: Your First Deal Is the Hardest One You Will Ever Do

E18: Your First Deal Is the Hardest One You Will Ever Do

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In this episode of The Deal Vault, Greg, Nate, and Sarah sit down with AJ, one of the LoanBidz account executives, who has vetted countless deals for other investors and eventually decided to start buying his own. His path in was anything but direct. AJ has a genetics background, spent five years as a crime scene investigator in Missouri, worked in a private testing lab through the height of Covid, took a brief detour into politics, and then landed in real estate lending. AJ walks through his first three deals in order: a turnkey single family rental funded with a line of credit, a full gut rehab on the dilapidated house directly across the street from his own home, and a heavy out-of-state project in Northwest Arkansas that is currently stalled on permits. Along the way he frames the whole thing around one of Newton's laws, explains the three types of new investors he sees on the phone every week, and shares how he got his Dave Ramsey raised wife on board with borrowing money. The recurring lesson is simple: things went wrong, and they didn't die. You'll Learn How To: Take the first step when you are the object at rest and momentum has not startedRecognize which of the three new investor types you actually areSize up your first deal so a bad outcome is survivable rather than catastrophicTalk through the risk with a spouse who believes borrowing money is a mistakeKeep enough liquidity that you never make a desperate decision on a tenant Who This Episode Is For: First time investors stuck in paralysis by analysis who have studied for yearsW-2 professionals wondering whether they can afford the risk with a family and a mortgageInvestors who want to hear the real numbers on a small, unglamorous first dealAnyone whose spouse is hesitant about taking on debt to investInvestors weighing their first rehab or their first out of state project Episode Highlights [0:03] –Introduction and what The Deal Vault is all about [0:37] –The important business first: Lowe's, Home Depot, or the Menards wild card [3:20] –AJ's background in genetics and five years as a crime scene investigator [4:07] –From Covid testing labs to a brief run at politics to real estate lending [5:33] –Why the clients who struggle most are the ones who never extend trust [6:26] –Being wildly transparent as a core value, and cleaning up other people's messes [8:59] –Real estate is a game of momentum, and right now you are the object at rest [10:35] –Why first time investors over engineer systems before they have done anything [12:19] –The three types of investors: paralysis by analysis, the $10k moonshot, and the good old boy [13:38] –The first deal: a line of credit, 20% down, and a turnkey single family rental [13:57] –The Facebook rental listing mistake and the mortgage payment that comes anyway [15:24] –Why liquidity is what keeps you from putting a bad tenant in out of desperation [16:43] –The conversation with a Dave Ramsey raised wife about borrowing money [17:29] –The numbers: bought around $160k in a Springfield neighborhood worth $182k to $190k [18:38] –The lesson that anchors the whole episode: we didn't die [18:59] –Why breaking even still means you walked away with a free education [19:22] –Say no now so you can say yes later [20:45] –Starting from compassion and asking a new investor what their why really is [25:13] –The 98 year old neighbor, the investor who let the house rot, and the for sale by owner sign [26:09] –Naming his number, walking away, and waiting months for the callback [27:33] –The full gut rehab across the street and the most rewarding project he has done [30:32] –A labor of love with the emphasis on labor, plus a lot of YouTube tutorials [32:37] –The out of state Arkansas project where the rehab exceeds the purchase price [33:40] –Why lenders get nervous about out of state investors with heavy rehabs [35:39] –A preview of next week: should you get your kids involved Key Takeaways Real estate is a game of momentum. An object at rest stays at rest until a force acts on it, which means the first deal will always be the hardest one you ever do.Most new investors fall into one of three groups: those who study for years and never buy, those who want to jump straight into a $2 million deal with $10,000, and the slow and steady operators who quietly build 50 to 100 doors over time. The third group is the one worth copying.You cannot plan for everything, and something will go wrong that you never anticipated. The goal is not to eliminate that, it is to have enough liquidity that when it happens you can absorb it without panicking.A first deal that only breaks even is not a failure. You still own a real asset and you paid for an education, which is a bargain compared to what most people spend to learn the same lessons.Getting a hesitant spouse on board is not about winning the argument. It is about walking through the downside honestly and agreeing on the exit ...
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