Create A Lifestyle that Does NOT Require Your Presence™ !
About Ben
As a licensed agent and active investor for over 20 years, Ben Souchek has been involved with hundreds of home sales. Now, he's here to help you. Every week, you'll hear about his strategies, successes, failures, and lessons learned, that will finally put you on the path to financial success. Listen in and learn how you can create a lifestyle that generates income without requiring your presence.
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EP 2 The Most Common Beginner Mistakes To Avoid in Real Estate
Episode 2
Welcome to episode two. In this episode, I will talk about the beginning of my real estate journey which began over 30 years ago. I will touch on:

- What caused my curiosity in real estate
- What I did initially to learn about real estate
- A little about my first couple of deals
- And transitioning to where I am today - continuing to buy but also working with agents and other investors

Where It All Began…

I first became interested in real estate as a teenager. Even in high school, I knew I wanted to generate income, but back then I didn’t realize it was in a passive manner. Doing my research led me to real estate. I can recall reading books on the subject by both investors and developers. I had always thought money was generated in exchange for time. But I wanted to learn how to make money without spending all of those hours. With real estate, I learned that I would be able to achieve the profits I was after without the time commitment.

I discovered I could buy one house, rent it out, and have the tenants pay it off for me. Once the house was paid off, it would be instant income. I would be creating assets for myself that others paid off. I learned how to leverage assets, always making sure the income was much greater than the expenses.

How I Started…

After high school, I joined the military. Investing in real estate wasn’t really an option for me as I was deployed, off somewhere on a ship, not able to close the deals I wanted to. I didn’t have the time to complete the tasks that would be required to close deals. During this time, I continued to read. I went to seminars, and I learned all I could. I learned enough to be dangerous.

My first property purchase happened in the late ’80s during the S&L Crisis. It was a condominium in Pensacola. I was familiar with the area, having lived and trained there while in the military. I enjoyed going there so the purchase seemed like a no-brainer. I had good credit and was able to take over the loan, with little money down. I was able to quickly find a renter, and from there things were easy. It was a great property, in fact, I wish I still had it!

My second property was a different story. I was also stationed in San Diego during my time in the military. I thought maybe I should reach out to the “We Buy Houses” guys, hoping to work with them on a deal. I had some money saved up and eventually made a deal with a wholesaler. His team fixed up the property, but meanwhile, the market was shifting. I was in over my head, with a property I never should have become involved with. My lack of experience and success of my first deal led me to believe the second deal would go the same way. Unfortunately, I was mistaken. I lost about 9k on that deal, which was a big chunk of money at the time. It’s still a big chunk of money today!

The lesson here was that if you don’t have money or if you don’t have the education behind you, don’t get ahead of yourself with a property you aren’t ready for. It was a difficult lesson learned, all a part of what has got me to where I am today.
These days, I am still buying, but I also focus on working with other investors and real estate agents. I believe there are a lot of positives to these relationships and opportunities for all parties to be successful.

If you are interested in working with me or would like to learn more about creating a lifestyle that doesn’t require your presence, go to my website at:

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