Synopsis
Joel is a real estate investor in the Bay Area and he’ll be sharing his story of how he went from originating loans to fixing and flipping multiple projects in the Bay Area with huge profits in a short period of time. If you want to know how to quickly succeed as a real estate investor in the Bay Area, then you need to listen to this episode.
Key points
- Your past experiences help you get to where you are today.
- Joel shared how his experiences brought him important lessons that led him to where he is today. He told stories from how he was influenced by his father who is a businessman, how he matured as a person when he lived independently, and how his real estate career started from being a loan officer.
- Real estate investing is a fulfilling career.
- More than the earnings, having something of value which is your business and allowing your family, friends, and even the local economy benefit from it is a rewarding one and boosts your confidence to go further.
- On choosing who you work with.
- Working with the wrong people can be detrimental to your business. Joel cautions listeners to choose who they work with, that they work with people who has enough experience and good work ethics.
- Losing money has lessons that come with it.
- Joel tells how one of his deals went south and how it taught him to become much more cautious so as not to feel the pain of losing again after the hard work that you out in to it.
- The Bay Area is still a strong market.
- In Joel’s expert opinion, the Bay Area is still a great location to invest in because jobs are still abounding and local establishments like good schools still abound in the area.
- Margin is number one.
- Joel sees margin as a primary buying factor when investing in real estate. Having a target margin is important as it will keep you from spending time in deals that won’t deliver your expected profit. Along with having multiple exit strategies, knowing that the margins are solid will give you more confidence and conviction when entering in to deals.
- Real estate is all about relationships.
- Joel recalls the time when he lost money on a deal but still made good on his promise to pay the investor their money. For him, he says, it’s the right thing to do and will let you sleep better at night.
“Money is great. But if nobody wants to be your friend because you don’t treat people right, what’s the point?”
-Joel Valencia
- On deal structures.
- Joel has done different types of deal structures and partnerships. In real estate, you can structure deals in a way that’s meets the expectations and goals of both parties. This flexibility lets you and your partner have a win-win scenario.
- What do you really want?
- You should know how to answer the question about what do you really want in life. If you don’t know what you want, there’s a little chance that you will take the leap to go after it. Moreover, there’s a bigger chance that you will be stuck to where you are currently for a longer time.
- Be intentional on how you live your every day.
- Here, Joel shares a quote that he lives by every day of his life. The quote says that one day a person will pass away so it’s important to live this day as you want it to be. You should make a habit of doing what you are supposed to do. You are responsible for your own life, so don’t live it according to other people’s expectations, he adds.
- Develop a habit of growth.
- Reading constantly, learning something new, cleaning your mind of junk, unlearning what doesn’t work, and introspection are just some of the things that rewired Joel’s mind leading to his success. He recommends listening to audiobooks to make constant learning possible.
- Focus, mentorship, knowledge.
- When asked of what he will tell his younger self given a chance to go back in time, Joel stressed on the importance of having clear goal and focus that will drive your every action. He also touched on the role of mentorship on accelerating your success. Lastly, he gives an emphasis on learning as much as you can by taking advantage of availble resources.
References
Resources
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