Jeff Schechter, aka “Shecky” has had the entrepreneurial bug his entire life. He started his first business right out of college, and over the years been involved in numerous businesses ventures. His love for real estate investing began in the 1980’s when he rehabbed 5 of his own residences before the term “house-hacking” even existed.
Since those early days of torn up kitchens and bathrooms, he’s bought and sold many properties and is an active investor to this day. In addition to investing, he operates a private consulting practice. He thrives on helping people realize their full potential…not just in business and investing, but in all aspects of life.
- Who is Jeff Schechter?
Jeff remembers getting the question “what do you want to be when you grow up?” and always answering “rich”. He always knew that he wasn’t destined for a mainstream career after dabbling in many different things including dropping out of college. Shecky is a diplomatic rebel at heart.
Whenever someone tells you what sort of path you are going to follow, it’s not going to be truly you. A rigidly defined path restricts the room you have to discover who you really are.
There is a lot of talk about following your passion but the reality of the situation is you have to go out and try a lot of things to figure out what works for you. As you get better, it becomes much easier to be passionate about what you’re good at. Hone your craft and it becomes easier to find your passion.
- The Courage To Fail
Not being married gave Shecky the ability to be a little more riskier than he otherwise may have. That being said, if you are married with kids that doesn’t mean you’re off the hook.
Failure is not a negative, it is a necessary stepping stone to success. Your other option is to live a life of quiet desperation. In the age of the internet, there are no excuses. Whatever you want to do, you just have to learn it and you can do it. It’s much easier now to be an entrepreneur than ever before.
Before the internet, you had to shell out a lot of money to reach people and network. Starting a company required plenty of overhead, money, and effort. Now you can create a business with almost none of that, the barrier to entry is the willingness, not money.
The willingness to “figure it out” can be your greatest resource. There are always ways to hack the system if you are thinking like an entrepreneur.
- Turnkey Real Estate
The two arenas in the world that build the most wealth is network marketing and real estate investing. There are a lot of different angles to real estate investing that can make it very exciting.
You have to understand what your specialty is.
Jeff found his business partner Jack by working with him as a client. He approached him with an idea for a turnkey real estate business that took on a life of its own. There has since been a long period of evolution in the business and it had undergone many separate transformations.
Property management became a major hurdle for the business and the investors and ended up becoming another service Jeff had to offer. There were a lot of obstacles that had to be overcome before they could offer true turnkey real estate.
Financing was one area that Jeff didn’t need to explore due to picking the market of Indianapolis. With cash flowing properties, it becomes very easy to refinance and use the money to purchase more investment properties.
- Jeff’s Takeaway
You have to learn to separate the intellectual conversation that is going on in your head with the feeling of the soul conversation, sometimes that means meditation or just being quiet. Do your due diligence before making a decision, you have to not only be convinced intellectually, you have to feel good about it. Listening to the intellectual voice that says you probably can’t do something will lead to you to stand still, and you learn nothing new standing still. Failure can teach you the lessons you need to learn to achieve 10x more. Feel the fear and do it anyway. The more you do things you’re afraid of, the easier they become.
Thank you for listening! If you enjoyed this podcast, please subscribe to the show on iTunes!