Erik Saengerhausen has been developing his owner financing real estate investment company for over 6 years. He and his business partner, Mike Arch, run Alamo Home Source. They buy houses, fix them up and sell them with owner financing. Then, they sell the notes to investors for incredible returns.
They currently flip more than 75 houses a year and are working up to 100 houses. That’s a lot of fixing up of houses! They know a thing or two about finding and working with the right contractors to be able to do that kind of volume consistently.
In this episode, we cover the definition of the “right” contractor for the typical real estate investor. We also talk about what negative aspects to look for when trying to find the “right” contractor.
Erik has a different model for paying contractors than I do. He has guys that he pays on a weekly basis rather than per job. I hire on a per job basis so that the contractor is paid per job rather than for the amount of hours worked.
That’s an important thing to keep in mind — there isn’t simply one correct way to work with contractors. There are lots of strategies for how to work with contractors and you should find the one that works best for you and your contractors.
Many times these discussions will focus on the point of view of the investor and not on what it means for the contractors. We discuss how important it is to make sure you see things from the contractor’s point of view as finding and keeping the right contractors working for you can mean the difference between success and failure in this business.
Marco Romero is a real estate investor and a licensed real estate agent. In this episode, we talk about the pros and cons of getting your real estate license. There is no cut and dry answer to this question as it's more about your specific situation and goals. We take an in-depth look at all possible scenarios so that you can make an informed decision on which way you want to go.
Justin Williams has grown a very successful real estate investing business that flips hundreds of houses every year. He does this all while having the time to teach other investors and help out in his community.
The reason he has all of this time is that he focused on creating a team that runs his business so he only has to focus on what he wants to do.
In this episode we talk about how Justin hired his first person to take over some of the tasks in his business and how she grew to run his entire operation. It’s a very interesting story that all of us investors who spend way too much time working on our business should pay close attention to.
Have you thought about bringing on people to do some of the day to day for you but worried that they might learn from you and go off on their own? Don’t do it! In this episode Justin explains the fallacy in that kind of thinking.
Enjoy the episode and be sure to subscribe on iTunes.
Hal Elrod is the #1 best-selling author of what is now being widely regarded
as “one of the most life-changing books ever written” titled, The Miracle Morning: The Not-So-Obvious Secret Guaranteed To Transform Your Life… Before 8AM. It is also one of the highest rated books on Amazon with over 1,300 five-star reviews!
What’s even more incredible is that Hal actually died at age 20. He was hit head on by a drunk driver at 70 mph, broke 11 bones, died for 6 minutes, and spent 6 days in a coma only to wake up to face the news that he may never walk again...
Not only did Hal walk, he went on to run a 52-mile ultra marathon, become a hall of fame business achiever, an international keynote speaker, one of the world’s top success coaches, he’s a hip-hop recording artist, has been featured in the Chicken Soup for the Soul book series, writes for Entrepreneur.com, has appeared on radio and TV shows across the country, and the list just goes on and on.
Robert Kiyosaki, author of Rich Dad Poor Dad said the following about Hal: “Hal Elrod is a genius and his book The Miracle Morning has been magical in my life. As my rich dad often said, ‘I can always make another dollar, but I cannot make another day.’ If you want to maximize every day of your life, read The Miracle Morning.”
As the bestselling author of The Miracle Morning, I brought Hal on today to talk about how you can change any—or literally EVERY area of your life, by simply changing the way you wake up in the morning—even if you’ve never been a morning person.
During this episode, Hal talks about the ‘5 minute rule’ he learned as a salesman. It’s what helped him to stay positive after his experience with the car accident. This is a power rule to live by in and of itself.
A favorite quote of his is from Jim Rohn. Jim Rohn said, “Your level of success will seldom exceed your level of personal development, because success is something you attract by the person you become.”
That quote is HUGE! You must become the person required to achieve the success you want. Focus on improving yourself.
During the interview we also talked about SAVERS. That’s an acronym for each of the 6 practices that make up a miracle morning.
S stands for silence. This is where you spend 10 minutes practicing deep breathing and meditation.
A stands for affirmations. This is where you affirm who you are and who you want to be.
V stands for visualization. This is where you envision yourself doing the things necessary to become who you want to be in order to achieve what you want to achieve.
E stands for exercise. Do it. Feel better. Live better.
R stands for reading. Read and learn to grow.
S stands for scribing. Journal. It’s a great way to reflect on your days and how you are progressing. Plus, it will become a treasure that you can share and pass on to generations after you.
I want to personally thank Hal for being on the show and taking the time to share his story.