Ep.141 – Profit FIRST in Real Estate with Rocky Lalvani

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What you’ll learn in just 17 minutes from today’s episode:
  • Learn what a Profit First System is and how it protects you against yourself 
  • Find out how to build systems in your real estate that truly build wealth 
  • Learn how to tell your dollar where to go so that you can manage your cash flows and always be profitable 

Summary: 

Rocky Lalvani used the Profit First model in his real estate business. He owns rental units and flips houses in Harrisburg, PA. Rocky’s main goal is to help other real estate investors ensure they are always profitable. 

In this episode, Rocky shares how he uses the Profit First System, and the equation of Sales – Profit = Expenses, where profit is truly accounted for, and bills are paid every time. 

Topics Covered: 

01:12 – Why profit first 

02:55 – The thing with portfolio envy 

03:34 – Being the spreadsheet geek that he is 

04:38 – What properties did he start with and the deals he’s into now 

06:36 – Creating systems that build wealth 

08:38 – The need to have a team 

12:54 – The need for cash flow management system 

13:26 – How do we protect against ourselves 

Key Takeaways: 

“We can make it work; we can figure out a way we kind of go in the opposite way. We want our deals to be so robust with so much extra room, that when things go wrong, and they usually always do that there is room to handle the mistakes.” – Rocky Lalvani 

If you’re not cash flowing properly, you may not be profitable.” – Rocky Lalvani 

“Once I saw the system from Mike and I learned that most business owners weren’t looking at their financial statements, and they couldn’t understand them, I was like, there’s the goldmine for me, this is where I belong. And so that’s where that grouping came together with him.” – Rocky Lalvani 

“You’re not going to buy that house and flip it without putting a lot more money into it than you said you had to. And that’s the reality of it.” – Rocky Lalvani 

“With the profit first system, you tell your dollars where to go.” – Rocky Lalvani 

We got to get a deal. You are better off waiting and finding the right opportunity than rushing out because I’m sure you’ve heard it a million times. Where’s the money made in real estate? On the purchase.” – Rocky Lalvani 

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Ep.140 – ASK with Crystal and Mark Victor Hansen

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What you’ll learn in just 17 minutes from today’s episode:
  • Learn how to reach out, confront, and make your fears disappear to be effective as a real estate investor 
  • Learn to overcome the 7 roadblocks to asking questions to become a bold asker 
  • Find out the three channels through which to ask to have a reflective journey 

Resources/Links:

Summary: 

Mark Victor Hansen is a Worldwide Best-Selling Author, America’s Ambassador of Possibility, Speaker, Philanthropist, and Humanitarian. 

Crystal Dwyer Hansen is an international speaker, researcher, corporate consultant, author, and entrepreneur. Her expertise is in the field of human potential. Through her years spent as a Transformational Life Coach, and Wellness/Nutrition Expert, she has seen people experience profound and lasting transformation in relationships, career, health & wellness, by tapping into their own inner resources. Having personally guided people from seemingly impossible states of depression, anxiety, and hopelessness—to triumph, freedom, and happiness, is what drives Crystal’s conviction that all people have unlimited potential for greatness if they only understand how to access those resources. 

In this episode, Mark and Crystal zero in on the importance of asking questions. When you ask the right questions, you will be able to draw out their pain points, and what they want to be done, thus, helping you serve your clients better. A person who asks questions is perceived to be likable and likely to be the one who gets the best deal every time. 

Topics Covered: 

01:52 – Raving about the power of asking 

03:19 – How does the skill of asking the right questions applicable to real estate investors 

08:37 – The roadblocks to asking questions 

11:03 – The need for self-awareness to crush those fears 

15:01 – What tiny steps you can do to overcome your fear of asking questions 

15:23 – Reach out, confront, and make your fear disappear 

Key Takeaways: 

“If you really want to create a bond with your clients, you need to use the art and science of asking by figuring out who they are and what they want.” – Crystal Hansen 

“A lot of us never really take the time to ask questions. And they’re so important because that’s the architecture for your future, people allow themselves to just so randomly wake up and live their life without sculpting.” – Crystal Hansen 

“Sometimes we just need to learn to kind of step on our fear, get that awareness of, of what the reality is, it’s like people aren’t ready to reject you.”  – Crystal Hansen 

“One study done by Harvard is that people who ask more questions are perceived to be more likable, that is both in business relationships and personal romantic relationships.” – Crystal Hansen 

“Get to know what drives Because if you don’t take the time to ask people questions, you’ll never understand how to serve them.” – Crystal Hansen  

“We’ve been very blessed to travel to 80 countries around the world, met great people that are nice, wonderful, well- educated, talented, sophisticated. But the difference between those who succeed a little, and those who succeed a lot, we discovered as one thing and one only, and that is to have the ability to ask, which we now call becoming a master asker.”   – Mark Victor Hansen 

“The sense of unworthiness, all of us have to overcome it.” – Mark Victor Hansen 

In order to overcome shyness, what they need to do is, first of all, interrogate themselves and ask themselves questions, and then find somebody to bond with, somebody to practice with.”  – Mark Victor Hansen 

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Ep.139 – 0 to 75 Doors with Daniel Kwak

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What you’ll learn in just 17 minutes from today’s episode:
  • Find out about the strategy Daniel devised to get started and buy his first deal 
  • Learn how he grew his portfolio in a very short amount of time 
  • Learn about the mindset of a true investor and entrepreneur 

Resources/Links:

Summary: 

Daniel Kwak immigrated to the USA at the age of 5. He had a negative $187.65 in bank account at the age of 19 and had 87 doors by the age of 23. 

In this episode, Daniel shares how he started poor and with his big dreams of owning an NBA team, pushing him to seek an opportunity outside of a nine to five job. He found it in real estate – which he believes is the ticket to his dream. At the moment he is busy growing his portfolio, which he actually grew big in so short a time, after buying his first deal. He talks about strategies on how to raise capital and the mindset you need to make it big in real estate. 

Topics Covered: 

01:03 – A backstory of his childhood background 

02:23 – What got him started in real estate 

04:20 – What was his first deal when he started and what did it progress to 

06:18 – How he syndicated funds to start buying his first deal 

07:46 – A sibling real estate partnership 

08:24 – Why should you first find what your value propositions are 

10:04 – How he grew big quickly his portfolio right after his first deal 

11:54 – How he transitioned from single-family to multi-family homes 

13:25 – How does his portfolio look like now 

Key Takeaways: 

“Real estate investing is a very viable and phenomenal way of building wealth.” – Daniel Kwak 

“Right now, I’m more focused on recruiting potential passive investors. Because I think there’s a lot of things up in the air right now. And I don’t think it’s a great time to buy. Others may see it from a different standpoint, but just based on my opinion, and the research I’m doing and the people I’ve talked to, I don’t think it’s a great time.” – Daniel Kwak 

“For the short term for us, it’s organizing and raising capital, focusing on education. And in about six months, we’re looking to be a little bit more aggressive with purchasing multifamily.” – Daniel Kwak 

“I’d recommend a lot of people take that route. It’s a very unpopular route.  I spent three years shadowing people, learning, buying every single possible course I could on real estate, reading as many books and podcasts and it paid off for me. That first deal was a portfolio, four single-family houses.” – Daniel Kwak 

“I found a very interesting way to create win-win scenarios where individuals would invest in deals that I would find through other individuals. And I would pretty much syndicate the funds and do put a lot of the sweat equity.” – Daniel Kwak 

“I always recommend finding out what your value propositions are. And what a value proposition is, the two to three things that you do very, very well. You can write down, sit down, and have a list of three, five things, maybe even nine to 10 things that they enjoy doing that they’re good at. And they can formulate their blueprint on how to scale their portfolio around that.” – Daniel Kwak 

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Ep.138 – Hard Money Secrets with Ian Walsh

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What you’ll learn in just 17 minutes from today’s episode:
  • Learn about the pitfalls of having a funding source as a bank 
  • Find out about the advantages of financing options via private lenders over banking institutions 
  • Find out the mistakes to avoid when using private money lenders 

Resources/Links:

Summary: 

Ian Walsh is a partner at Hard Money Bankers PA. As a managing partner, he is always looking to lend money to investors in the Eastern Pennsylvania and Southern New Jersey market. Lending is a passion and being creative to make the loan work for the borrower is always exciting. It does not matter if it is a construction and acquisition loan, a construction loan or a refinance, he always tries to find a way to make it work.  
 
In this episode, Ian shares how hard money lenders or private money lenders, provide fast and flexible lending solutions to real estate investors; approving loans in as fast as 24 hours. 

Topics Covered: 

00:44 – What investment strategy he started with 

02:07 – Hard money lending and different financing options available for real estate investors 

03:28 – How does a private money lender differ from a bank  

06:21 – Hard money lender versus private money lenders 

10:23 – How were they able to raise $40 million dollars to loan out  

12:00 – Mistakes real estate investors commit when they go to private money lenders 

Key Takeaways: 

“Private and hard money is getting to be a lot more flexible, we’re about speed. We’re about analysis, quick analysis on the property first. And that’s closing in 24 hours.” – Ian Walsh 

“Bankers are not investors first by nature, which means they’re underwriting you rather than your deal. They’re not really fit for our space because my space is built on investment properties, I have to underwrite the property first and then borrow and when you do that in reverse you miss the essence of what private lending and hard money lending is and you run into trouble.” – Ian Walsh  

“If you’re calling a private lender, know your numbers. Even if you’re new, which is fine. When they come in, research and understand their values, they understand what a house is truly worth on the back end.” – Ian Walsh 

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Ep.137 – Black Belt Real Estate Investing with Sensei Gilliland

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What you’ll learn in just 17 minutes from today’s episode:
  • Find out how to rake in not only cash flow but build real wealth from your properties 
  • Learn how to weather-proof your real estate business in any economic turn of events 
  • Find out Sensei’s learning experiences in real estate that you can learn from to avoid making the same mistakes in your real estate 

Resources/Links:

Summary: 

Sensei Gilliland of SoCal is the founder of Black Belt Investors. In 1995, he began his investing endeavors. Since that time, Sensei has created cash through wholesale real estate, obtained wealth through rental properties, and continues to teach his methods through educational events helping people to achieve their financial dreams. 

In this episode, Sensei talks about the three arms of his real estate business focusing on education, consulting, and investing. Where learning experiences are concerned, one thing he emphasizes is the need to be ready to adapt to changing markets as this is the key to your business continuity. He shares investment strategies that has him not only getting a steady stream of cash flows from but also truly is providing wealth for him and his investors. 

Topics Covered: 

01:30 – From martial arts to real estate – the birth of Blackbelt Investors 

03:38 – How delegation let him juggle between his many businesses 

05:25 – The three arms of his real estate business 

06:06 – What his primary bread and butter is 

09:40 – What kind of properties does he buy and hold 

10:46 – How does his service ‘Remote Rehab’ work 

12:38 – Learning lessons from his real estate journey 

17:25 – The two ways he’s building his rental portfolio 

Key Takeaways: 

“I figured out this one thing, and that is, real estate controls all businesses.” – Sensei Gilliland 

“When you’re a fix and flipper, you abide by a certain type of criteria, number one is affordability.” – Sensei Gilliland 

“I was all about buy and sell, but there’s a point, you can’t be wealthy buying and selling property.” – Sensei Gilliland 

I’m not your commercial investor, I’m residential, strictly residential. By far, it’s like playing Monopoly. If you guys have ever played, you buy cheap properties, the cheap properties that make dollar sense with a good exit strategy, and those are typically houses.” – Sensei Gilliland 

Most of our investors buy houses because they’re easy stepping stones, and also offer the best exit strategies.” – Sensei Gilliland 

“I don’t invest in areas just for cash flow, I can find that anywhere, I can find cheap properties that cash flow anywhere, for me and for my clients, I want to make sure that we get the most bang for our buck. And so, I seek out undervalued markets that have the potential to grow.” – Sensei Gilliland 

“When you put the ingredients of cash flow, appreciation, tax benefits, that’s the combination needed to build wealth.” – Sensei Gilliland 

“I found that many made the mistake not knowing how to adapt to the market. And for me, that was a learning lesson.” – Sensei Gilliland 

“My business tanked because I wasn’t ready to adapt to changing markets. You don’t need to be a master in one niche. I say master one niche and when you’ve mastered it, add on another master’s degree in that real estate niche, because you don’t want to be a jack of all trades and a master of none.” – Sensei Gilliland 

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