How to avoid this $200,000 mistake as a real estate investor!

//How to avoid this $200,000 mistake as a real estate investor!

Gabriel got really serious about real estate investing in 2013. Fast forward to today and he and his partner have a 7-figure a year business.  How did Gabriel grow so fast?

Gabriel closed his first deal, with the help of a mentor, in 4-5 months after starting. Today, Gabriel is looking to do about $2,000.000 in revenue and 90 wholesale deals. In the month of November 2017, he had a $300,000 revenue, his best month ever!

At the end of the day, it comes down to vision. It comes down making a decision on what you want your life to look like.

What do you want your business to do for you and your family? Start with the end in mind. Again, it’s all about the mindset. It sounds crazy/unbelievable, but it’s the driving force.

Set your boundaries. There were plenty of times where Gabriel and his business partner could have worked weekends, but they never did.

Instead of hustling on Fridays like everyone else, Gabriel would sit and discuss ways to make the business better and if they were still being true to their vision. The challenges in your life are what sharpen your expertise!

Gabriel talks about a cash flow formula that has really helped him. He learned it from the book Scaling Up.

The more successful you become the more opportunities that come your way. This is actually a bad thing because it then becomes that much harder to avoid shiny object syndrome. What will this new opportunity cost you? You have to weigh the pros and cons.

Gabriel lost $200,000 this year. Because of it, he set systems in place to never be in a position like that again. Your business needs a cushion to sit on. Your personal life and your business both need an ‘oh shit’ fund. Gabriel puts 6% away into his profit account and then puts another 5% into the tax account after every single closing. He makes sure everything is covered and there are no surprises.

What are Gabriel’s thoughts on how to build long-term wealth?

“So many people are focused on volume, but really what do your numbers look like?”

“So many people are out there grinding because it’s the cool thing to do, but is that the best thing for them?”

“Understanding what you want your business to do for you and your family needs to be one of the first things.”

Ideas shared by Gabriel Garcia during The Flip Empire Show #160 by flipempire.com with Alex Pardo. Listen to the full episode here: http://flipempire.com/ep160-gabriel-garcia-on-how-to-avoid-this-200000-mistake

2018-02-23T19:42:13+00:00