Don't forget to subscribe, leave a rating and a 5-star review. I will be shouting out all 5-star reviews on the show!
Today, we sit down with returning guest Austin Smith, a real estate agent and investor from New Jersey. With property prices rising in the state, Austin recently decided to buy a property in Cleveland. He breaks down why he made that specific decision as well as the unique value proposition of the market.
Austin goes on to offer his thoughts on the possibility of a market crash in the near future and what we can learn from the Global Financial Crisis of 2008. He also shares his story of working with a credit partner on a creatively-structured deal he recently closed on.
Ultimately, Austin invites us to reach out and connect with like-minded individuals in our community, saying that building relationships and expanding our network is so much more powerful than the accumulation of information. “Information is amazing,” he says, “but eventually we get information overload and we take no action.” In this episode, we discuss investing in a new market, creatively acquiring properties and more.
1) “You have to feel good in order to bust a move, no matter what happens with that move.” To truly minimize regret in the high-stakes world of real estate, every decision you make as an investor, regardless of whether or not it turns out to be the right decision, should never be made simply because you’re following a trend.
2) Don’t buy for appreciation. Buy for cash flow. Buying for appreciation requires you to buy at the right time. Buying for cash flow requires you to buy at the right price. You can control the price that you pay. You can’t control when the “right time” will take place.
3) Unless you’re sitting on millions, you will run out of your own money sooner or later. In fact, even if you had those millions, you’d still eventually tap out. This is just part of the game. One of the best ways to be able to continuously scale your business is through partnerships.