Rent Estate™ Podcast Episode 14 – The First Step Into Investing Is the Hardest One
Renters Warehouse Blog
“When is the right time to jump in? Who do I need on my team? What do I need to grow?”
These questions often hold would-be investors back.
In today’s informative episode, Kevin Ortner, CEO of Renters Warehouses speaks to Andrey Sokurec, CEO of Homestead Road, a home buying company. Andrey has just released a new book that was written to inspire those who are considering starting their own real estate investing journey.
This episode is both inspirational and informative and is ideal for anyone who’s thinking of getting started with real estate investing. In it, Andrey shares his own first-hand experience with investing and shows how anyone who’s determined and willing to work hard can have the same success.
Andrey’s American Dream story is essential to understanding who he is and how he got to where he is today. He came from Belarus to the United States in 2004 with difficulties in English and no work experience in the country. That made it a challenge to find employment. He decided to start doing real estate loans since he had a finance background and business law degree from back home.
Andrey was also going to the library and learning from successful people. One book that was especially helpful to him was Rich Dad, Poor Dad. He was also inspired by Jack Canfield’s program, The Success Principles. These resources, and others, inspired him to set his own goals, and he determined that someday he would have an investment portfolio with twenty homes giving him passive income.
Passive income is where you have access to cash flow and no longer need to support your lifestyle. Read about How to Earn Passive Income Through Rent Estate here.
Flash forward fifteen years later, and Andrey has 100 properties and a flipping business that has taken over the Midwest. He bought his first property in 2005 as a loan officer. He had learned how to get financing despite having no income, no job, and no assets. According to Andrey, that was the scariest - but best - decision he ever made because 15 years later, he sold the house with a huge profit and paid down his mortgage significantly.
He says, as Kevin often states: The first deal is always the hardest one.
This is crucial as many first-time investors often feel overwhelmed or uncertain about taking that first step. Andrey explains that many people are interested in getting started, and he always gets the same question: “When is the right time to do that first deal? When am I ready?”
Andrey continues by saying that one quote always stood out to him: “If you don’t step forward, you will always be in the same place.” This is especially true for investing - and that all starts by setting financial goals. It’s crucial that as investors accumulate wealth for their living expenses, they continue to spend intelligently. Don’t waste the wealth gained from your investments in new cars; build your rental portfolio!
Andrey moves on to discuss his book, Total Financial Awakening. This book reads like a novel, but it also contains the blueprint that Andrey used to grow his own real estate portfolio. The fictional main character in his story is a man named Roger; a wealthy man who’s caught up in the rat race. This, however, is costing him his freedom. This book is designed to enable others who are in a similar situation to face their own fear of investing and take the leap. It’s an ideal starting point for those who want to generate wealth and find financial freedom through passive real estate income. (Fun fact: Andrey was inspired by Kevin Ortner’s book: Rent Estate Revolution).
Andrey also shares with others through seminars and workshops related to real estate investing and emphasizes to first-time investors that success is always on the other side of fear. While he was deciding to leap into his first investment, he, too, went to his mentor with hundreds of “What ifs”. His mentor gave him one suggestion: just take the first step.
Andrey too, hopes to be a role model and shares the message that it doesn’t matter if you come from another country or if you don’t have a lot of money to start real estate investing; you just need to have a dream and take a risk. “Feel the fear and do it anyway.”
Andrey says that the biggest impact that real estate has had on his life is financial freedom. And, ultimately, it has led to financial stability for his family and also gave him the ability to impact his community as well. Andrey goes on to say that the biggest accomplishment for his company in 2020 was having the opportunity to give back, not just by giving to organizations like the Salvation Army, but even by adopting an orphanage in his home country in Belarus.
Homestead Road is a great pride for Andrey, and rightfully so. He saw the mistakes being made in other home-buying services, and wanted to find a better way. His company has done so, with over 100 five-star reviews, an A+ with the Better Business Bureau, and a company that has a primary focus on superior customer service.
Andrey also shares his top three tips for what to focus on when growing a portfolio:
- Goals: The first thing you have to do is sit down and really decide what you want to get out of your life as an investor because if you don’t have a goal for where you want to be, you will never get there.
- Knowledge: Second, you must surround yourself with people who really know the business. Read books, attend seminars, involve yourself in networking groups, real estate associations, and invest in yourself and your education. It is the best investment, and no one can take it away from you.
- Team: Finally, build your team. It’s hard to be successful on your own, so surround yourself with good companies and take the time to build those relationships.
Kevin lists some essential people when it comes to building your team:
- A great Realtor who understands investments
- A great lender and partner who knows how to finance a property
- Contractors and vendors that you know and trust
- An amazing handyman
- Property managers who do the work for you
Kevin goes on to ask Andrey how this unpredictable year has affected them in their market, and Andrey says that Homestead Road has had a record year and they have their eye on expansion in 2021. Andrey hopes to open two more locations in the United States and would like people with experience to manage these branches for him. He invites anyone who may feel like they are a fit for this company to shoot him a message or email if they’re interested in being a part of this expansion.
If you enjoyed today’s podcast, give us a “like,” share, or even comment on who you’d like to hear on the show. And then be sure to check out Rent Estate™ Podcast Episode 13: Investor Demand is Through the Roof!
And of course, if you’d like to learn more about real estate investing, or would like help executing your real estate investment strategy, visit Renters Warehouse today. Check out all our Research Center, our portfolio services, and property management services. We are a one-stop-shop for institutional level real estate investors, and first-time investors alike, and our goal is to inspire and enable people to establish financial freedom through real estate investing.
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