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Episode 19
What you will learn from this episode:
3R's - Read, Resource, Reflect
Read:
Rich Dad Poor Dad by Robert Kiyosaki
Resource:
Drone for aerial shots of properties and to switch for sale by owner leads to clients.
Reflect:
What is the ONE thing I can do such that by doing it everything else will be easier or unnecessary? – Gary Keller
Have you thought about retiring early in life and living off from passive income and choosing the lifestyle you want?
How about starting and growing a real estate business and even multiple businesses and do very well in all of them?
Steve Padernacht is a third-generation real estate professional and manages multiple businesses. He runs a successful real estate development company, real estate brokerage, real estate management company, a bar and grill in Midtown New York City and a music label.
He has been able to do all of these things successfully and still managed to lose over 30 lbs in 2020. He has his sights set for even bigger and better things in 2021 and beyond, especially as he plans to retire by August 19th, 2022, his 41st birthday!
In this episode, Steve shares a ton of insights growing his real estate business alongside two other successful businesses.
Juggling between his businesses, he struggles at times, but he has found a way to overcome them and organize everything.
Do you want a no-cost but effective approach to promote your real estate business?
You can check out his unique and effective way of marketing his real estate business other than the normal bench advertising.
Surrounding yourself with supportive and successful people is solving one part of the puzzle, and he’s got heaps of lessons and wisdom gained from the most important people in his life that he considers are his mentors and coaches.
If you find yourself lacking inspiration in moving forward, listen to Steve as he shares quotes and mantras from mentors, coaches, and noteworthy people that have influenced him personally and businesswise.
If you’ve got a thing for tools and hacks to make things efficient, effective, and of good quality output better stick around and listen to him.
Topics Covered:
02:21 - Sharing his plan to retire at age 40
03:16 - Where does his passive income come from?
03:55 - How does he add value to properties he acquires?
05:51 - Early childhood exposure to real estate
06:44 - How he got started in real estate
08:08 - The big changes happening in real estate since his early exposure to it
10:09 - How he takes advantage of technology in running his three businesses
11:29 - Benefits he got from his degree as a Public Relations major
13:04 - How to focus on your sphere of influence (SOI)
15:00 - Making his other businesses a part of growing his real estate business
16:29 - Getting a sense of fulfillment in helping others
17:52 - How he successfully manage all of his businesses
19:48 - Taking the opportunity to get into the bar business and invest in a music label and doing very well
22:05 - The golden rule he lives by
23:10 - One key thing to take into account when looking to start a real estate business
24:16 - Talking about his father as his mentor - lessons learned from him and the legacy he leaves behind
27:02 - Why this brand is his favorite
28:04 - Recommended books to read
29:18 - Favorite Gary Keller’s quote
29:39 - Tool he uses that’s helping him in his real estate business
30:47 - A little hack you can do in your real estate business
32:20 - Favorite quotes he got from his uncle and his father
35:51 - Lessons learned from noteworthy and successful people that can help you in any business
36:01 - Read Steve’s book: Sell Your Home For Top Dollar
Key Takeaways:
“Technology helps me mostly from an organizational and a communication standpoint. For the most part allows me to time block myself, and the first thing I do, and you know, being with Keller Williams and being a student of Gary Keller is he teaches us that the first thing you gotta do is time block your time off. Because you can't live to work, you have to work to be able to live and I want to spend my time the way I want to do it.” - Steve Padernacht
“I'm able to do my business based on my Google Calendar and the technology that I have. Communications wise, social media -- it's amazing that I can literally manage three or four different social media accounts, and communicate my message from all of these different businesses literally from the palm of my hand.” - Steve Padernacht
“One of the things I've done is, I've kind of branded myself as your favorite realtor. What I do is I focus on my sphere of influence, or my SOI.” - Steve Padernacht
“I think that what I do, primarily, and I don't directly advertise my real estate investments at the bar or in the music industry, but what I do is I just build relationships with people and just have conversations.” - Steve Padernacht
“If you're constantly coming from a sense of service, then nobody ever thinks that you have an agenda behind you. And they'll always be willing to help you in return.” - Steve Padernacht
“Anything that you're trying to do in real estate, I think the key is to educate yourself. I think you constantly have to be reading, you constantly have to be listening to other people. And learning what other people have done. Success leaves clues, like you just have to go back and look and see what worked for them, and kind of copy it to a degree and then add your own flair to it.” - Steve Padernacht
“My uncle tells me to win the day, he says, identify three or four different things or identify one thing that you can do that you'll look at the end of the day, and say I won today. If you can win the day, and you look back over the course of a month, and you have more wins than losses, you had a good month. You multiply that by the course of a year, you multiply that course in five years, 10 years. And then you look back at your life, and you say, “You know what, I won more days than I lost, I live a good life.” - Steve Padernacht
“My favorite quote, it's got to come from my father. And he said, “You could only do so much with your hands but, with your brain, you could do anything.” - Steve Padernacht
Resource:
Connect with Steve Padernacht:
Connect with Paul Copcutt:
Music: Thank you to Zoax for the intro music
