REI ROCKS! PODCAST
Listen to another great episode with industry leaders in real estate.
Getting Stared in Real Estate Investing? Here's What You Need to Know! with Tim Lyons
In this 4 part series, Tim talks about how you can kick-start your real estate investing journey in the right direction. Tim talks about how he started his own real estate business and shares his thoughts on the importance of having coaches and mentors. Tim and I also talk about the possibility of helping our own communities learn about real estate investing and financial freedom.
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Part 1
Things you will learn in this episode:
[00:01 – 04:24] Opening Segment
● Welcoming Tim to the show
● Tim’s background as a firefighter and a nurse
● How he got into real estate investing
“I feel and I have felt like a lot of people out there who have those feelings of ‘How do I get started?’ or ‘What should I do?’, and it’s really by two things: it’s by educating yourself and then taking action.”
[04:25 – 15:08] Kickstarting Your Real Estate Journey
● The two most important things to consider when starting in real estate
● How “Rich Dad Poor Dad” sparked his interest in real estate investing
● Leaving his nursing job to invest in real estate
● How Tim got educated in the early stages of his career
● The importance of having coaches and mentors
● Taking action is the key
[15:09 – 26:05] Educating Your Community about Real Estate
● Helping the community learn about real estate
● There’s a lot out there, you just have to look for them
● Real estate and taxes
● Sharing information to others about real estate investing
Part 2
Things you will learn in this episode:
[00:01 – 09:15] Managing Your Properties More Efficiently
● Why being a landlord isn’t all that scary
● The many ways to invest passively in real estate
● The advantage of having property managers
● Tim talks about being an LP (limited partner)
● Who, not how
“The antidote to fear is education. … When there are people who want to learn, there is a tremendous amount of resources out there.”
[09:16 – 23:35] Goal-Setting, Networking, and Having the Right Mindset
● Brokers investing in real estate: conflict of interest?
● Being clear on your goals is the key
● How to make connections with mentors and other investors
● The antidote to fear is education
● Shifting your mindset
● Having 20 units vs. 120 units
Part 3
Things you will learn in this episode:
[00:01 – 10:43] How You Can Get Involved in Real Estate Right Away
● Different ways to get into multifamily
● Why multifamily real estate investing is a team sport
● Your time is an investment too
● Why it doesn’t take a lot of money to get started
● What can you add to the team?
“There are so many ways that you could potentially get involved, and that’s the beauty of, to me, multifamily, but real estate in general.”
[10:44 – 20:34] Ways to Get Educated in Real Estate for FREE
● Getting into syndication
● Using your self-directed retirement account to invest
● Everyone has to start somewhere
● Free resources you can use to get educated about real estate investing
● It’s all about having options
Part 4
Things you will learn in this episode:
[00:01 – 11:57] Making People’s Lives Better through Real Estate Investing
● Tim and I talk about my real estate investing Facebook community
● Changing people’s lives through real estate
● Making an impact by the little things
● Real estate is a people business
“The cool thing about multifamily, too, [is that] it’s not just about making money, it’s about improving the lives of your residents, improving the lives of your community members.”
[11:58 – 21:25] Creating Your Own Options with Real Estate
● How investing in real estate helps you create your own options
● You can’t save your way to wealth
● Tim and I on Dave Ramsey’s model
● Good debt vs bad debt
You can connect with Tim on LinkedIn
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