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Episode 21
What you will learn from this episode:
3R's - Read, Resource, Reflect
Read:
Conquering the Content: A Step-by-Step Guide to Online Course Design by Robin M. Smith
Resource:
Reflect:
"Failure is success in progress." - Albert Einstein
Building a real estate investing business entails a good foundation and a process that looks out for important details to keep it growing and running well.
How do you start and set up your real estate investing business for sustainability and success?
W. Rick Harris is an investment real estate author, coach, and consultant who helps investment real estate investors to boost their real estate purchasing and renting ability.
Drawing on twenty years of investment real estate experience, Rick reveals the strong financial foundation, sustainable wealth and living legacy that investment real estate can bring to our lives.
In his debut book, 31 Days to Purchasing and Renting Your First Investment Real Estate Property, Rick demystifies the real estate purchasing process and expertly guides readers through the steps to starting their own investment real estate business.
In this episode, Rick shares stories, lessons, insights, and advice culled from his personal experience managing his own investment real estate business.
He uses the book he wrote as a point of reference in setting forth important ideas and concepts in the areas of business planning, branding and marketing, joint venture and partnerships.
Topics Covered:
03:00 - How real estate piqued his interest with his Dad getting into real estate after his stint in the armed forces
07:06 - What he has learned from the corporate world that spills over to his real estate business
09:48 - Why you need to keep your day job while starting your real estate business
11:26 - The opportunity to be part of a company that encourages entrepreneurship in a corporate environment
12:17 - The biggest thing you need to do in starting your real estate business
16:47 - What strategy does he focus on in his real estate business
19:30 - Why he believes in real estate education
22:07 - What you need to do to get yourself ready for real estate investing business
25:12 - How you can become a real estate joint venture partner
26:51 - What you can learn from the formula he created called Ready, Set, Goal in starting your real estate investing business
33:31 - Why you need to know what property is the best fit for you
35:27 - Looking outside your own backyard for investment properties
36:39 - Lessons learned from personal experience around joint venture partnerships
39:39 - Watch out for the fundamentals of investing
41:22 - What's the missing piece in the marketplace that his book is trying to find solutions for those starting in the real estate investing business?
43:12 - Why this brand is his choice
44:29 - His favorite book
45:53 - A tool he uses that helps him create online courses
47:02 - One favorite quote that sums up his real estate business journey
Key Takeaways:
"I just felt that in my life, having a job and then being a real estate investor on the side just seemed to make sense. And it gave me some financial freedom that I hadn't anticipated." - W. Rick Harris
"The biggest thing is being able to develop a business plan. It's comprehensive because you have to know where to start. And then you have to be committed to the business. And a lot of times, people don't think of real estate as a business. But it definitely is a business." - W. Rick Harris
"You have to take all things into consideration, that you're setting up a business. And so even if you don't manage your properties directly with the tenant, you're still managing your properties with the team." - W. Rick Harris
"What you need first to do before you do any marketing or branding is, do you have the mindset, because you need the mindset of an entrepreneur and a small business person. Because if you don't have that, then I don't think you should go any further. - W. Rick Harris
"A single-family home isn't an investment. Well, it's an investment into a lifestyle, but it isn't really an investment into your investments because it's all money out. It's no money in. You do not realize any revenue from your personal home." - W. Rick Harris
"If you go to day 25 in my book, that's when I start talking about branding and marketing. You've got to go through 24 days in my book before you get to marketing and branding, which is critical to your business." - W. Rick Harris
"At the end of the day, I just want people to understand that I believe that investment real estate should be part of your financial portfolio, but not all of your financial portfolio. And that it takes years, in a lot of cases, for someone to earn enough money to actually then take it on as their career." - W. Rick Harris
"Success is important, but it's a long journey. Success isn't overnight." - W. Rick Harris
W. Rick Harris’ Book and other resources:
Connect with W. Rick Harris:
Email: wrickh@vaulttoinvestmentrealestatesuccess.com
Connect with Paul Copcutt:
Music: Thank you to Zoax for the intro music
