Everyone who’s been successful in real estate was a beginner once, and they each had someone who taught them what they needed to know. I wasn’t any different, and I remember having a lot of questions when I was new. To help the new guys and gals get their groove, I set up a special Q&A with Matt Smith, an avid listener who recently got started in real estate.
Today, Matt becomes the interviewer and asks me about the many things that made me successful in this business. I discuss the concept of private money and how you can establish a network of private lenders. I share why a rehab is better as a second deal instead of as your first. I explain why networking is just as important as marketing, and why a future crash shouldn’t be as bad as the one we had a decade ago.
“If you’re running a business, being smart, and paying attention to your numbers, you should be able to pivot and react to a crash accordingly.” – Don Costa
On Today’s Episode of Flip Talk:
- How Matt got started in the real estate industry.
- How Don would have initially obtained funding if he was in Matt’s shoes?
- Why your first project should not be a rehab.
- How networking can help propel your business to new heights.
- Using leverage without exposing yourself to economic risks.
- Where Don sees the market going in the next few years.
Don’s Words of Wisdom:
- Spending time to save money is a poor business strategy.
- There isn’t a secret to real estate; it’s just a matter of doing it consistently.
- In making new relationships, some won’t pan out, but those that do will be worth it.
- Don’t let a down-turn paralyze you into moving forward and making a decision.
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