BTM 71: The Ultimate Buying & Selling Machine: Virtual Day Trading Real Estate with Larry Goins
Larry Goins has been investing in real estate for over 30 years. Previously, Larry served as president of the Metrolina Real Estate Investors Association in Charlotte NC, a not-for-profit organization that has over 350 members and is the local chapter of the National Real Estate Investors Association. Larry is an active real estate investor and travels throughout the United States speaking and training audiences at conventions, expos, and Real Estate Investment Associations on his strategies for buying and selling houses. Larry also has a podcast on real estate investing Brain Pick a Pro, where he interviews experts from real estate and give his own expert advice. Between speaking engagements and mentoring other investors, Larry oversees the daily operations of his investing business that wholesales properties, seller finances properties and holds properties for investment.
We talk to Larry about how he got started in real estate investing and the breakdown of his first deal using a FHA loan. Larry talks about the two types of ways you can get into real estate (business vs. investing) and some of the methods he has avoided investing in (e.g. short sale, rehabs and more). You’ll learn how wholesaling and day trading maybe one of the best ways to get started your investment journey. We discuss the importance of learning how to focus one thing you can do to increase your income, enjoy life, reduce your expenses, and spend your time the way you want to. Larry shares with us what a personal vision is and how you can use it today to create the life you want for yourself and your family.
Key Points From This Episode:
First steps to take before beginning your investing journey (creating a lot of cash to replace your W2 income, pay off any debts and start reserving income to start investing long term)
Why investing in a mentoring was the best worthwhile investment Larry has ever made
Understanding how income as a measurement of value that you are putting out into the world
You should always have your finger on the pulse of your business even after hiring employees
The 2 ways you can go in business (keep it small and own it 100% or grow & scale)
How partnerships helped grow Larry’s network and expanded his business opportunities
What real estate day trading is (how to get started, story of Larry’s first deal, how the process is today etc.)
Best practices on finding deals using direct mail, telemarketing, Facebook ads, and bandit signs
Why having a budget on marketing is key to success with wholesaling and day trading real estate
Structuring a Deal: The 2 major things you need (a good cash price or good terms)
Larry’s Favorite Lifestyle Design App: Deal Machine-Build freedom through real estate. Find profitable off-market real estate deals by simply taking a photo with our mobile app. https://dealmachineapp.com/
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