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Steve Bond – CEO of FIG – Fourplex Investment Group – HOW DO YOU START REAL ESTATE
Steve Bond is a Real Estate expert, investor, and developer. He has done over 500 million dollars of real estate over the last 11 years and has built an amazing portfolio. He has an awesome structure on getting into multi-family units. Currently, he is already sold out for the next 2 years on all of his projects, because, he has built a profitable, honest, and awesome business motto that attracts great investors. One of Steve’s major goals is improvement and making things better than they were the year before.
It all started when Steve was a teenager. He made a decision to never pay rent in his life and so, when he got married in 2002, he bought his first mobile home. He later sold it and bought a town house in 2005, which he also sold 7 months later. Since the market was going up, he ended up making money on both homes. For the most part though, he had really poor experiences with his realtors in the areas of communication and marketing.
Due to his passion for real estate and development, Steve moved to Utah to get a degree (though he eventually dropped out) and a real estate license. He approached real estate, not just as a realtor looking to make commissions but, considering how he could build a business. He spent about $10,000 before making a single sale, simply building the brand, marketing campaigns, and a website.
Clients have bad experiences because they get a realtor that just wants to make the commission. As a realtor, you need your clients to work with you, trust you, and feel like they’ve dealt with a business person that made their life better.
Are you really trying to serve the customer on a different level that makes you unique and different from everyone else? Are you willing to walk away from a deal that’s not good for your client? That’s what makes a good realtor.
If you build your business on the right principle, you would have clients knocking. People would be attracted to you because they realize that you’re authentically there to help them be better. Even though Steve didn’t have a track record, a big chunk of his initial business was from referrals because he truly wanted to help the client and provide solutions.
Getting into real estate investment
The traditional problem in all sales is greed. We all want more for ourselves, but in this industry, you have to be willing to take less of a commission to multiply yourself. Similar to d2d where you stop going d2d and instead develop people that can be successful in the industry.
Initially, when Steve got his real estate licence, the market went down and it would have been easier for him to walk away, but he stuck with it and improved himself, and it’s paid off.
Every year since he started in real estate, he has made double digits return, higher than the year before. When making decisions, he looks at 2-5 years into the future, and not just trying to make a buck today. A lot of times, when you’re only thinking of how to make a buck today, you’re also planning on spending that buck tomorrow. That’s a big problem. Investors have to be patient and think of 5-10 years down the line. People are going to make a lot of money when they begin to invest in themselves.
How to get started in Real Estate and Multi-family units
The tax changes that has just taken place in the US depicts that passive income and income that comes from real estate are treated tremendously well. The benefits of real estate as an investment are really high. If you put it just in a stock where you have capital gain, you don’t get shelters, depreciation in place for those gains and you don’t have the ability to see the market and how it’s going to trend from a long term horizon because they can get swiped easily. Real Estate is a little more stable and though you cannot expect to have an amazon stock run with 200 to 300% really quickly, you can expect 10 to 20% consistently on your real estate asset if you buy right and manage correctly. It’s something you can control, touch, see, feel, and you can also become an expert at it.
To get started, first become a master student of the type of real estate you want. There are so many categories in real estate and so, just find a category that you’re passionate about and become a professional at it. For Steve, that was into multi-family units. He discovered there were a lot of opportunities there, so that’s where he focused. If you’re going to get into multi-family properties, get on biggerpocket.com, their website, forums, and their podcasts. The mentality of givers game is massive. You get far more out than you put in, but if you don’t put in anything, you rarely would get out anything as well.
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