March 3, 2017
Joe Fairless

Friday Facts – Best Real Estate Investing Advice Ever Lightning Round Q&A

Learn this week’s Best Ever guest’s best ever books, real estate deals, ways to give back and biggest mistakes

Sean Cole from JF909: Why He DOESN’T “Cherry Pick” Good Deals

Best Ever Book – A Man in Full by Tom Wolfe and Good to Great: Why Some Companies Make the Leap and Others Don’t by Jim Collins

Best Ever Deal Sean has Done – Getting his Master’s Degree at Xavier

“The best deal that I ever did really was getting my Masters at Xavier. It wasn’t for the reason that I think most folks are going to assume – because of the financial education that I got. It was actually because of the people I met. One of the most important people in my business was one of my finance professors there at Xavier. She directly has impacted our ability to do business here. She’s one of our lenders that help us lend money. She’s brought untold number of additional investors to us and really allowed us to jumpstart our business here over the last year. In terms of money that we’ve made here, that investment in my education at Xavier and that relationship has been vitally important.”

Best Ever Way Sean Likes to Give Back – Coaching Children’s Sport Leagues

I have three kids [and] they take a lot of time and I love doing it, but I’ve been a coach for a long time. I coached Lacrosse starting when I was 19 years old, so I coach kids. I really enjoy coaching football and basketball and lacrosse and we do everything we can to sponsor local youth sports teams, whether we’re participating or not. It’s really important to us that kids have a great experience with sports and have the ability to get out and play sports and learn how to be part of a team. It’s so important, I think, for the rest of your life – to learn how to work together towards a common goal.”

Biggest Mistake Sean Has Made So Far In Real Estate – Trying to Grow too Quickly

“Initially, I started rehabbing houses. I went from one at a time to 6 at a time and I financed all 6 using hard money loans. I lost over $100,000 over the course of about 9 months. That was my entire retirement savings and we had to pivot. But I learned a really important lesson about growing smart and not growing too quickly and not changing your business plan in an attempt to get rich quick. Real estate is a long game.”

“[When I pivoted], one, I started saving money again and went small. So after that, when we were going to rehab a house, we rehabbed the house one at a time. I also decided not to do it on my own. So when I rehab a house now, I do it with one of the guys that works here with me. We do it together so we split some of the financial risk. We certainly split the profit but we split the workload too.”

Click here for a summary of Sean’s Best Ever advice: How to Double Close and Become a TRUE Wholesaler

Brooke Kaine and Jared Sleeth from JF910: Why He PASSED on a $17MM Deal, or Was It?

Best Ever Book – The Millionaire Real Estate Investor by Gary Keller

Best Ever Deal Brooke and Jared’s Team has Done – Moving to Baltimore During the Crash

“I would say making the decision, at the depth of the market for us in the building business, which was 2011, to move to Baltimore. We knew that the time to make a move like that … was when everyone else was scared to move. And believe me, I was very frightened to move too. But I knew the time to do it was when everyone else isn’t. Everyone else hunkered down so by the time the market turn, which it did in 2012, we were place.”

Best Ever Way Brooke and Jared’s Team Likes to Give Back – Education and Advice to Others

“I would say we like to give back through education and helping the people that we work with make better deals, make better decisions, and make more money.”

David Dodge from JF911: Wholesaling HIGH VOLUME and How He Bought a $160,000 Home in 4 Days

Best Ever Book – Rich Dad, Poor Dad

Best Ever Deal David has Done – First Two Wholesale Deals

“That would be my first two deals, actually. They were JV deals with another wholesaler in town and we made $12,000 on each of them. It wasn’t the highest paying deal but it was the easiest deal.”

“30% of all the deals we do are either another wholesaler bringing us the deal or them having a buyer for our deals. Partnerships are KEY in the wholesaling business.”

“Why partner with others? “People that have the scarcity mindset are the people that fail in this business because there are millions of houses out there. They are everywhere. You can’t drive 3 minutes without passing 10,000 houses. So if you have a scarcity mindset like ‘oh I don’t want to do business with this guy’ or ‘I can’t share with this guy’ then you’re going to fail. There’s plenty of business out there for everybody. If you can leverage somebody else’s buyer’s list and your marketing efforts, or vice versa, you can leverage their marketing efforts with your buyer’s list, and sell a deal and split it 50/50, that’s how we’re doing 20 deals a month.”

Biggest Mistake David Has Made So Far In Real Estate – Not Getting a Coach/Mentor Sooner

“The biggest mistake that I’ve ever made in real estate investing was just thinking that I knew how to do everything myself and it wasn’t hiring a coach. When I first started doing wholesaling, it probably took me 3 months before I did my first deal. I bought tons of courses. I bought 30 books, I literally bought every book on wholesaling I could find on Amazon. I was addicted to YouTube channels. I spent 3 months and half of it was analysis paralysis, the other half of it was I thought I could learn it on my own.”

“I hired a coach and I did 3 deals my first month and probably 5 my second. I think a lot of it came down to having somebody hold you accountable. [My coach] didn’t really teach me anything that I didn’t already know. However he did organize that information really nice and neat so it was easier to understand. The main thing with having a coach is just having someone hold you accountable to get up everyday and do the things that actually generate revenue.”

Click here for a summary of David’s Best Ever advice: Guide to Automatically Wholesaling Over 20 Deals a Month

Fat Taylor from JF912: How to Buy SIGHT UNSEEN

Best Ever Book – Secrets of the Millionaire Mind

Best Ever Reason Why Fat is in Vietnam 

“To experience life with my new wife and grow stronger together with her.”

Best Ever Deal Fat has Done – Personal Residence Almost Doubling in Value

“The condo that I live in because I got it after the market crashed for $180,000 and now 6 years later, it’s worth about $330,000.”

Best Ever Way Fat Likes to Give Back – Sharing Advice and Experiences

“Talking with people 1 on 1 and sharing advice and experiences.”

Biggest Mistake Fat Has Made So Far In Real Estate

“I don’t know if it’s a mistake but that fact that I didn’t know that when you have a three unit, you have to pay to have the grass cut and the snow shoveling done. I wish I would have known that ahead of time. That was a big eye opener.”

Click here for a summary of Fat’s Best Ever advice: 3 Tips for Investing in Real Estate Sight Unseen

Did you like this blog post? If so, please feel free to share is using the social media buttons on this page. 

I’d also be VERY grateful if you could rate, review, and subscribe to the Best Ever Show on iTunes by clicking this link: 

That all helps a lot in ranking the show and would be greatly appreciated. And if you have any comments or questions, leave a comment below. Or tell us what is your best ever book, deal, way to give back, or biggest mistake?

Disclaimer: The views and opinions expressed in this blog post are provided for informational purposes only, and should not be construed as an offer to buy or sell any securities or to make or consider any investment or course of action.

Facebook twitter pinterest linkedin
Share this: