For today’s episode, we will be discussing how to start all over from Zero!
We will go over the principles of making money and creating a flexible lifestyle from the beginning.
We will talk about these things…and more in another episode of Multifamily Investing Made Simple in under 10 minutes.
Tweetable Quotes:
“the one thing I would do is start calling people, going on meetings, and getting into the rooms with the people that are operating where I want to be operating” – Dan Kreuger
“I got to start from ground zero, the first thing I’m probably doing is moving in with my parents or somebody close.” – Anthony Vicino
“so the first part of that for me would be getting the cash flow machine going that I can then use to dump into the real estate” – Anthony Vicino
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If We Had To Start All Over In Under 10 Minutes
If We Had To Start All Over In Under 10 Minutes_processed.mp3
Anthony Vicino: [00:00:14] Hello and welcome to Multifamily Investing Made Simple, the podcast that aims with all its heart and soul and desire they can muster to take the complexity out of real estate investing so that you can take action today. Today, we’re going to talk about something a little bit different. We’re not going to talk about real estate, but we’re going to talk about what if it always comes into the picture somehow. But we’re going to talk about if we had to start all over from the very beginning to take away all our our our trappings of success, all our businesses, our houses, everything. We had to go back to square one zero. What would we do next? Sedan, what would you do?
Dan Kreuger: [00:00:54] It’s a big question is a big square. So in my mind, I’m kind of backtracking like seven years or so, like just out of college work in the corporate world before any of the entrepreneurial stuff started. For me, like, how would I go about getting to where we’re at today, having known these?
Anthony Vicino: [00:01:17] You have all your stuff. Let’s lay the groundwork. Do we have the same skill set that we currently have? Like, we’re like undercover billionaires, like just taking away the money and we have to start again? Or are we idiots like 18 years old us?
Dan Kreuger: [00:01:28] Well, I don’t think us being ready to provide value. So I’m thinking of this like, you know what if we had all the knowledge and OK, but we like that we had no properties and we had no money and we had to start from scratch, like, what do we do? Let’s do it because I think that’s probably more valuable for people. So what I would do is and I’m just going to give like, one thing that I would do, which I think is one of the biggest things. And I’ll let Anthony dive in with more here. But the one thing I would do is start calling people, going on meetings, and getting into the rooms with the people that are operating where I want to be operating. So in our instance, we are real estate guys. We buy multifamily properties. We have investors come into those deals and it’s great little business. So to get that business as big as possible, as quick as possible, I would immediately start getting in front of all the brokers that are out there making it known what I’m looking for. And you get that on their radar. I would try to get in front of as many sellers as I can, as many lenders and as many potential investors, and basically all the people involved in the thing. I would just start networking hard before I did anything else.
Anthony Vicino: [00:02:35] That’s a good one. I didn’t think about that, so I guess for me, I go, if you took away everything right now and I’m like, I got to start from ground zero, the first thing I’m probably doing is moving in with my parents or somebody close. I’m going to make up my mind to come and living expenses down to zero. And then I’m going to lean into the skills that I currently have to start making as much money as quickly as possible as I can. And the two skills that I know I can do are I know I can copyright and do digital marketing. And so I would go to all the local businesses that I could find. I’d just walk in there and I’d be like, here’s what I can do for you. And I would start making money and getting it in the door, because once you have some money, then you have some breathing room. And from there I would then start looking at real estate. How do I get into this? Because first, real estate is expensive and it’s really hard to buy real estate until you have at least a little bit of money. And so the first part of that for me would be getting the cash flow machine going that I can then use to dump into the real estate. And if I really depend on how badly I wanted it, but I might even start doing some crazy things like fixing Flip’s just to get those quick pops the cash, because if I’m already at zero, I got nothing to lose. I might as well gamble it and see if I can double or triple my money in like a year, and at which point then I can start scaling bigger and bigger and bigger. But I like the networking answer. I think that’s a really good one, actually, because you can’t take away a guy’s network.
Dan Kreuger: [00:04:06] Yeah, but you also bring up a good point that capital is essential. And so in those early days when you’re just starting, it’s very rare that you’re going to find a lot of capital partners chomping at the bit to work with you in your first deal. And so I kind of forgot about that component. So myself, you know, if I go back and answers again, in addition to doing that networking stuff, I would also start a self-employed hustle of some kind to generate capital. And so Anthony mentioned, you know, his key skill sets. How could he go out and provide that to the world and turn that into some money in his pocket? I would suggest that you know, anyone else listening to this do the same. And for myself, that I’d look at my skill sets and just kind of audit myself and say, OK, what can I do that I’m talented at that other people might pay me to do because I don’t want to go and get a job or are going to be tied down from nine to five. That’s going to suck. Everything I want to do is something that’s flexible, where I’m doing it for myself.
Dan Kreuger: [00:04:57] And, you know, basically, it’s a lot of that stuff. I kind of look like consulting early on. So I was a nutrition coach for many years. It was one of my first side hustles. I could easily dip into that. Also got a finance and accounting background. And so I could be a bookkeeper, I could do a lot of just ad hoc type projects like that as on a consulting basis to generate income. So, you know, for people listening to this, I’d say if you’re kind of thinking about how to get into this, the networking piece is going to be huge. And then obviously the capital piece is a component as well. So just take a look at yourself of what you could do, even if it’s walking dogs, babysitting nannying, mowing lawns, whatever it is, you’ve got to be able to do something that someone else could be paying you to do. And if you can start to do that, generate some income that along with the networking piece, I think you’re going to be pretty good.
Anthony Vicino: [00:05:42] Yeah, you know, I’ve never done it. But here’s another thing that actually you and I would be uniquely suited for if we had to go back to zero. And it ties right into the networking community models. Exactly. That’s what I was going to say. No, that is not what I was going to say. You could pull it off. I can’t. I have a face for the radio. The thing that we would do, could start wholesaling pretty easily. Right. Like we already have relationships with potential buyers. We already know how to go out there and source deals. And so we could go do that and wholesale pretty easily. But probably before that is we would probably just start working on trying to churn up off-market deals and then going to our relationships and saying who would like to work on this with us? Because every opportunity needs the deal and it needs the capital just because we don’t have the capital anymore. We have the deal. We have the education. That’s two-thirds of the equation right there. So, you know, we’d probably get out there and use our skillset to generate some income so we can live, eat and do those things and then simultaneously try to get back into the real estate game because, you know. You can’t go wrong with real estate long term, I’m not sure how we got reset back to zero in this mythical example, but it’s not it’s probably not because real estate just disappeared off the face of the earth.
Dan Kreuger: [00:07:00] Yes, I think it’s a good kind of mental exercise to go through because it is kind of interesting to just kind of think back and like, what would I have done differently if he knew of the things? But I think the big thing is that you just figure out what you have, what kind of skillset you have that people will pay for. And if you mention another one there, if we have the ability to go find deals, it’s kind of why I mentioned the networking piece before. A good deal is extremely valuable. So whether you have partners come in and you stay in the deal to help facilitate something there or you wholesale it like anything just mentioned, like a good deal is extremely valuable. So that might be some low-hanging fruit. If you are looking to get into the real estate space, that’ll get you some traction with brokers, get you in the mix with everybody. And even if you can’t personally take down a deal yourself yet, that could at least get you the rooms, the people get you around the movers and shakers.
Anthony Vicino: [00:07:51] And that’s probably the thing to be thinking about right now. If you’re new and starting out and you kind of want to follow in your footsteps and do similar stuff that we’re doing is like you maybe don’t have the capital, maybe you don’t even have the education yet. You should be working on that part because there’s free education everywhere. You should be sharpening your blade, but go out there and find the deal and then call up guys like us and be like, have a deal. We will treat you very well if you bring us a good deal. So don’t worry about the money. We’ll take care of that. All right. So that is what we would do if we got set back to zero. I’m curious for you guys and gals listening at home if wherever you are in your life, maybe you’re a doctor or a lawyer, you’re doing pretty well. What would you do if it all went away tomorrow? Where would you start? What would you do next? Go to the God. Leave us a review on iTunes and drop that in there. Let us know where would be your next play. I just want some I want more information in case things go south.
Dan Kreuger: [00:08:45] He wants more or more, Larry. I guess we will see you at the next one. Goodbye.
