It’s not what happens to you but rather how you react to what happens to you that counts! That’s what we learn today from Cash Flow Diary podcast guest, Nick Ruiz, a true business Phoenix who rose from the ashes not just once but a couple of times. He went on to create a whole lot of success in his life through Real Estate and entrepreneurial efforts because he learned to focus on solving problems before finding deals. (Sound familiar?) This amazing author and dot-connector started buying and selling for profit early on. In high school he helped his pals by selling their stuff. Then he turned his attention to Real Estate Investing. He was just 19 when he bought a no-money-down training program that he saw on late-late-night TV. However, after he listened to it once, he put it away for a while, because he didn’t feel he could actually take the steps he needed to take. Then he thought better of it and pulled the program out again. He knew there was something about Real Estate that would change his life. He was right. Trying a couple of strategies in that program put cashflow in his pocket rather immediately and before the age of 20. That was just the beginning. As an investor, you are going to love this episode because you’re going to learn a whole lot, like the benefits of investing in single-family houses! (It’s called profit.) Use what you learn right away. Listen Now
On this episode of Cash Flow Diary, J interviews Nick Ruiz, a Phoenix who has risen from the ashes of real estate twice! Nick has gone from building his business from the ground up to going belly up and experiencing bankruptcy. His book ‘Flip,’ focuses on how to do your first profitable deal without needing cash or credit. In this podcast Nick reveals his reasons for loving single-family houses. If you think real estate is always a win/lose scenario then this podcast will explain how it can be win/win!
04:30 Nick’s Origin Story
10:14 Network marketing as education
12:34 Paper assets vs. real assets
15:30 Quality relationships
16:20 Win/ win for real estate deals
19:14 The global picture
21:09 Apply for free 1-on-1 session / J’s episode insight / Multi-family mastermind
23:28 Where the deal comes from
30:23 Reasons to love single-family houses
35:09 Nick’s book, ‘Flip’
37:51 Bankruptcy as a ‘super experience’
42:00 The reason people don’t take action
44:00 Questions to ask
46:14 Role of personal development
48:57 Consuming other people’s ideas
50:06 How to contact Nick
Main Questions Asked:
- What is your origin story?
- Do you have people looking beyond compensation?
- What is true with regards to someone getting an ‘advantage’ over another person in real estate deals?
- Where does the deal come from in the first place?
- How can you manage to love single-family houses?
- Tell us about your book. What prompted you to write it, what’s in it, who’s it for and what will I learn?
- What do you see as the number one reason people don’t take action?
- What is the question people should be asking?
- Has personal development played a role in your path?
Key Lessons Learned:
- Real estate is one of the oldest wealth-building models in the world and always will be.
- The difference between ‘paper assets’ and ‘real assets’ is having to learn interpersonal skills.
- Real estate is an interpersonal business.
- Often the first thing people request is, ‘show me how to write the offer.’
- If you have all your relationships in place, then offer writing isn’t a big deal.
- Relationships are the ‘law of life’ and goes beyond business.
- There is a concept that real estate is a winner/loser scenario, but it doesn’t have to be that way.
- There is a ‘win/ win’ deal for the majority of real estate transactions.
- Fantastic saying: “You can shear a sheep a thousand times, but skin them only once.”
- If you are looking for long term cash flow, then you need to create ‘win/win’ deals.
- Each person’s ‘global picture’ is different.
- You need to look for ‘problems’ not ‘property’ and you will find deals.
- When you are backed up against the wall, that is the time you will take most action, because you are forced into it.
- Just because you don’t have ‘resources’ doesn’t mean you can’t be ‘resourceful’.
- In the beginning, you need to make real sacrifices and put real hours into finding and creating deals.
- When starting out, the best question to ask is, “What is step one?”
- A mentor gets just as much out of a relationship as a mentee.
- If you are not growing, you are dying. If you are not improving, you are falling behind.
- If you want to look lucky and be lucky, then you need to start looking at things in a completely different way.
Reasons to Love Single Family Houses:
- No common areas
- No tenants to argue with each other or complain
- Tenants pay all utilities
- Tenants rarely move
- Auto pilot scenario
- Triad of options: Wholesale, rehab and sell, rent
Thank you for listening! If you enjoyed this podcast, please subscribe to the show in iTunes
Links to Resources Mentioned
Flip (Nick’s Book)
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