REI ROCKS! PODCAST
Listen to another great episode with industry leaders in real estate.
The Goal to Become A Real Estate Professional with Rich Groves
In this 4 part series, Rich highlights how he rocks his W2 job as well as his side real estate hustle.
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Part 1
Things you will learn in this episode:
[00:01 – 07:29] Opening Segment
● Let’s bring Rich Groves to the show
● Rich talks about soft skills
● Rich shares the beginning of his real estate journey
“Do not make an emotional decision on a business transaction .”
[07:30 – 18:29] The Goal to become A Real Estate Professional
● Rich talks about his goal to one day leave his W2 job to become a full-time real estate professional
● Buy and holds project
● Hard times in evaluating and screening tenants
[18:30 – 23:52] Keeping the Emotional out of the business transaction
● Not making emotional decisions on a business transaction
● Rich talks about the class property he focuses on currently
Part 2
Things you will learn in this episode:
[00:01 – 07:00] Cash On Cash Return
● Asbestos siding issue
● Cash on cash return evaluation
● Cashing out the equity line of credit
“If you think you can or can’t you’re right.”- Henry Ford
[07:01 – 19:48] The Courage to Step into Real Estate
● Rich talks about how he convinced his friend to do real estate without buying a thing
● We talk about US political dynamics and the constitution
● Maintaining a healthy relationship with a polar opposite person
● Flat income tax in Illinois
● Fair tax measurement
● Trusting where the money was going
[19:49 – 23:12] The Government Program and Real Estate
● The government program and real estate
● Rich shares his experience in buying a house from a tax sale
Part 3
Things you will learn in this episode:
[00:01 – 06:29] Various Investment Tools
● Commercial loan property
● Rich talks about selling a property that tied in two property mortgages
● The benefits of an equity line of credit
● The infinite banking concept
“Don’t ever put a property on a contract that you don’t sincerely think you can sell”
[06:30 – 22:11] The Beauty of Wholesaling
● Wholesale real estate.
● The vision to see the property when it has been fixed
● Why would someone buy a wholesale property?
● Put the property under contract at the right price and number
● Building the buyers list
● Buy a longer owned property
Part 4
Things you will learn in this episode:
[00:01 – 13:29] Skip Tracing in Wholesaling
● Rich shares his experience in doing direct-mail for wholesaling
● Skip tracing tips to buy the property
● Finding deceased estate in the obituary page list
● The tools in working with deceased relatives’ property
● Making an offer for properties
● Capital raising in multi-family homes
“When you are skip tracing, make sure that you are searching in the ‘All time’ mode, especially when you are working with deceased estate property”
[13:30 – 26:52] Social Media Post in Real Estate Business
● Rich talks about his real estate virtual and face-to-face meetups schedule
For more information or registration, you can visit stlviplist.com
● Creating a links in Facebook posts
● The effect of social media posts on business owners
● Benefits of journaling
● Final Words from Rich and Angel
You can connect with Rich on LinkedIn Instagram and Facebook.
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