Sharran continues his conversation with Jeff Thibodeau, a modern real estate broker and investor, about how anyone can get into the real estate game. In this episode, they cover the traits of a good investor, how to get in and out of a deal properly, and how you can find deals where no one else will. Study hard, but then go work harder; do what others won’t so that, in the future, you can do what others can’t.
“If you can find stuff that other people are completely overlooking, then there’s deals everywhere.”
– Jeff Thibodeau
In This Episode:
– A recurring mistake that even the smartest people make
– The importance of the “buy box”
– The role of interest rates
– How to plan for any future
– What to look for in an investor
– How and when to implement your “exit strategy”
Here are the key strategies:
‣ The secret method to find stuff that people are completely overlooking so you can have unlimited deal flow for yourself
‣ Why you should have a “buy box”, how it will save you from a whole lot of pain, and more importantly the simple way to put it together without having to use a spreadsheet
‣ The “investor blind spot” that is a recurring mistake most investors make over and over again (and how to spot it, even if you can’t avoid it)
‣ Why real estate is not just about buying homes and renting them out, or just flipping a random house… and how you can use the philosophy to plan for literally “any future” (provided that you have the understanding of this one concept)
‣ If you are going to partner up with someone, then you need a framework on how to pick that partner. Specifically, how to look for a savvy investor and what are the red flags to be aware of.
‣ Among everything else that is a moving part, how to evaluate interest rates in a real estate investment and more importantly, what to do with the numbers don’t pencil for you.
‣ Finally, everyone talks about having a bulletproof plan to enter and exit an investment. We know the famous Mike Tyson quote, “Everyone has a plan until you get punched in the face”. That maybe the financial crisis, that maybe low rates at 0% or super high interest rates at 21%, that maybe the Oil Crisis, or that maybe a global pandemic… but how do you still build an “exit strategy” that makes you sleep well at night.