The following is an excerpt from a Multi-Family Unplugged interview. When you read this think about your own situation and how it could be different by making a new choice? Think about education and coaching to spur you on.
Tim said: she knows that once I commit to something, once I have it in my head, I’m like a ravenous dog, from that point forward it was straight content, podcasts, audiobooks, conferences, networking.
I had an insatiable appetite for knowledge and I wanted to talk to as many people as I could and learn as much as I could. A steep learning curve, right? I mean, real estate is not one of those things that you can just kind of jump in and jump out.
But I did it, I started with one three flat, I bought that, three months after reading Rich Dad Poor Dad. I didn’t have a ton of money in the bank but I figured it out and came up with the money for the down payment, I did all the rehab work myself except for the roof. And here I was, I was a real estate Investor.
All of a sudden I had the concept that this works and I did a little bit better on my tax return that year and my wife saw that and she said “You know what, this does work.” Very quickly I realized though that I wasn’t going to have enough capital to buy three-plex’s and keep going, I wasn’t going to be able to do that every year or twice a year.
I liked multi-family and knew I could go from a one to four-family building to lager multi-family commercial properties. A totally different ball game, totally different way to evaluate properties to get them financed, to run them and that was a whole another learning curve.
So, I did all my research very quickly, how do I get into multi-family and I started seeing these operators who had education programs. I’m going to be 100% honest with you guys, I was born and raised just outside of New York City. I had an extremely healthy dose of scepticism built into my DNA. I Was questioning everything. I said, “How am I going to pay tuition basically for a guru or a mentor or coach?”
But the more I talk to people and more I network with current students and different programs, I got a lot more comfortable…