Today we recap the prior week's interviews and give our biggest success takeaway from each one.
Summary from our Interview with John Fortes
- John started out purchasing a single family home and he decided investing in single family homes was not scalable.
- John started shifting his focus onto multifamily real estate and joined the Jake and Gino community. He built his business through a joint venture on a 62 unit property.
- His tenants began vacating property due to new management and renovation rumors. Which forced him to overcome occupancy and contractor issues to get the units ready to rent.
- Once he stabilized the property, he realized it had a $3 Million dollar valuation. Luckily, a 41 unit deal came along and syndicated it because he raised money from passive investors to bring the deal to a close.
Your plans won't always work out. So, it's very important to stay flexible and be ready to pivot once you get punched in the face if a plan doesn't work out. And sometimes, a deal or a plan won't pan out and you need to stick it out and work through it. A roadblock isn't always the end of the path.
Summary from our Interview with Ashra Bennett
- Ashra started in the corporate world but was diagnosed as terminally ill in 2012. So, she decided it was time to focus on her passion: to help businesses and start-ups and optimize what they do.
- She focuses on conscious business which brings people together to work towards the same goal. She also promotes establishing your avatar and making investments that are aligned with what your values are.
To find success you need to ask advice from qualified individuals who are in the field. You need to find people who are interested in the same things as you. Along with those, the creation of your brand will lead to the creation of your wealth.
Summary from our Interview with Ken and Kerri Courtright
- They started their careers young age together making signs for advertising for small businesses. After they gained traction with the sign company, realized that they had an opportunity to have a successful company.
- So they bought a local video store as real estate and used that as an opportunity for their sign company.
- Their competitor felt threatened by their work and attempted to squash their business. but the Ken and Kerri came out on top and were able to become one of the largest sign businesses.
- They pivoted and began creating income generating websites and used their marketing experience. This allowed them to created income generating real estate on the internet for passive investors.
- They have now made it on the INC 5000 list and have consecutively ranked on it for several years
When you get hit, and you are going to get hit, you need to get pack up. Espcially when you know you are heading in the right direction. Keep moving forward and you'll make it through whatever adversity you're facing.
Summary from our Interview with Toby Salgado
- Toby was always interested in making money: when he was a child he sold toilet bowl cleaners door to door as a child. He made $800 in a little over a month and he was hooked from there on.
- He then went to college and got a degree in sociology and religion. Toby began working with a startup after college and helped them raise $8 million dollars. He then worked with other start ups in the valley until he was 31 before starting his own company.
- Toby started doing bridge loans and was very successful because of them, then the market shifted again. So, he began buying and flipping houses but the market shifted and he was forced to move on once again to something different.
- Then Toby started working with a podcast and managed to ride the early wave of internet podcasting into where he is today.
Being successful is very reliant on being able to talk to the right people. Getting to the right people is a gamble but it doesn't hurt to stack the cards in the deck to favor you. Sometimes, it won't pay off but you can't let that stop you from trying again.
Summary from our Interview with Jeff Anzalone
- While he was attending college and dental school he racked up substantial student loan debt and was forced to work as a handyman to make ends meet when he was told he couldn't join the practice his financial plan was built around.
- After that a local dentist took him under his wing and allowed him to start his own practice in the building. Jeff took notes about what the local dentist taught him and was able to compile them and released them as his first book.
- Jeff then began teaching himself about finance instead of going to a financial adviser and started investing in passive income sources in reality.
- He didn't stop after he made a bad deal and lost $50,000, instead he tried again and found a sponsor and someone he trusted more.
- He is now pushing for people working high stress jobs to invest in things other than the stock market and a 401k which would allow them to trade their time for money more efficiently.
Even though he faced many challenges, Jeff continued to persevere. He did this because he trusted in himself and did extensive research on his investments after being burned once. He did not stop trying after he failed, he picked himself back up and learned something from his initial failure.
This Week's Reading List
- Rich Dad Poor Dad
- Pitch Anything
- Flip the Script
- How to Win Friends and Influence People
- Psychology of Selling
- The Ultimate Sales Machine
- The Simple Path to Wealth
- Multiple Streams of Income
- The Magic of Thinking Big
- Think and Grow Rich