Hi! My name is Ben Souchek, and I’d like to welcome you to my podcast. Over the next several episodes, I’d like to share with you the steps I have taken as an investor. I began over 30 years ago, doing things the wrong way! Over time, I have continued to build my knowledge and have found success buying and selling houses.
At 19, I purchased my first rental property, adding others to my portfolio throughout the years. While this can be an excellent way to make money, I knew there had to be a better way to make money in real estate. I began buying and selling houses 22 years ago with my company The Sierra Group. I began doing just a few small remote deals located 30, 60, 100+ miles away. The best part… all of these deals were done from home!
I eventually sold off my rentals and focuses my attention on buying and selling full-time. About 10 years ago, I obtained my RE License, which has allowed me to better monetize my leads. Over the years there have been several lessons learned which have helped me to become a better investor. A few of these include…
Educate Yourself - In order to find a deal, you have to know what one looks like. You need to know exactly how to make money when you buy. You need to know what you are buying and how the current real estate market will affect your purchase.
Have Savings- Many courses, books, and programs promise that you can “invest in real estate with no money down!” While this can happen, it is more likely that you will need some cash saved up when you are first starting out. Don’t take on unnecessary debt or risk in order to purchase a property that isn’t affordable. Of course, there are deals that will require very little money up front, but to find them you’ll need to spend some time on your education as noted above!
Don’t Go Into Debt - Don’t buy and take on debt until you're prepared. Always be sure to understand the risk. Once you understand what you may lose, you’ll begin to make better financial decisions.
Set Goals - It’s incredibly important to set both short and long-term goals for yourself. Think about where you want to be in 1, 5, and even 10 years. Consider the action steps that need to be taken in order to get you there. Don’t just think about your earned income goals - what you get from buying and selling, but think about passive income goals as well. Passive income will provide you with the flexibility and lifestyle you’re after. Don’t just say “I want to make a lot of money.” Instead, specify how much and in what timeframe. Writing down makes them “real.” And putting them where you will see them allows your subconscious to quietly work in the background, getting you to where you want to be.
Learn Multiple Ways To Operate - It’s important that you know more than one way to handle a difficult situation or property. Take the time to learn multiple ways of doing business. For example, you can get your real estate license, providing your clients with information and selling alternatives. You’ll be able to make money in real estate without any financial commitment.
Network - Networking and building relationships is instrumental in your success. Attend events, join groups, and take classes.
Add Value - When networking with others, be sure to put the spotlight on what you can bring to the table. Offer your services and help where you can.
Create Processes & Systems - As a business owner, it’s important to learn how to delegate. Freeing yourself up from repetitive tasks will give you more free time.
Create processes and systems that allow the business to run with or without your physical presence or involvement on a day to day basis. As they say, work ON your business, not IN your business.
I hope you will join me for future episodes and the content provided will help you on your investment journey. I hope to provide information that will help you reach your goals faster than I did! I look forward to helping you create a lifestyle that does not require your presence!