Episode Summary: In this episode of the Real Estate Launchpad podcast, host Greg Kurzner sits down with Sanjeev Shrivastava, a high-level corporate executive who successfully transitioned into real estate investing as a side hustle. Sanjeev shares his journey from the data industry to acquiring, renovating, and flipping multiple properties within months—all while balancing a demanding career and family life. The conversation covers risk management, learning from failures, building the right team, financing strategies, and scaling up with partners. Whether you’re a new investor or looking to level up, this episode is packed with actionable insights and real-world lessons.

Timestamps:

• 00:00 – Introduction to the podcast and guest
• 00:41 – Why first deal stories matter for new investors
• 01:40 – Sanjeev’s background: Data industry, risk management, and business experience
• 04:15 – Balancing analysis and action; overcoming analysis paralysis
• 06:00 – Learning from failures and the value of failing fast
• 07:15 – The role of mentors, coaches, and building a strong team
• 09:10 – The first failed deal: Lessons from a condo that didn’t close
• 12:10 – Home inspection training and how it changed Sanjeev’s approach
• 13:45 – The first successful deal: “Reeves” – finding, analyzing, and winning the property
• 16:50 – Renovation strategy: Aggressive timelines, contractor management, and high-end finishes
• 19:00 – Financing the first deal: Partnerships, DSCR loans, and using HELOCs
• 22:00 – What went wrong: Seller issues, unexpected costs, and renovation surprises
• 25:00 – What went right: Vision, finishes, and standing out in the market
• 27:00 – Lessons learned: Real estate as a long-term wealth strategy, balancing speed and research
• 30:00 – Scaling up: New deals (“Drew” and “Robinson”), aggressive offers, and partnership dynamics
• 34:00 – Setting goals, writing them down, and the importance of unanimous decision-making in partnerships
• 36:40 – Final thoughts: Trust, teamwork, and taking action

Links & Resources:

• First Deal Confidence Kit – Step-by-step roadmap for new investors

Key Takeaways:

• Risk management and data-driven decision making are crucial for new investors.
• Learning from failures and moving on quickly is more valuable than perfection.
• Building the right team—including mentors, realtors, and contractors—can make or break your first deal.
• Financing options like DSCR loans and HELOCs can help you get started, even without traditional income verification.
• Write down your goals and revisit them regularly; clear objectives and unanimous decisions are vital, especially when working with partners.
• Real estate is a long-term game—patience, research, and steady action lead to lasting wealth.

Mentioned in this episode:

Pre Roll_ Intro to Real Estate Investment Call to Action

This Ad offers the First Deal Confidence Kit as a download

Post Roll_ Real Estate Investor Progress Podcast Outro

This Ad encourages the listener to subscribe and leave a review or rating as well as join our Facebook Group

welcome to the Real Estate Launchpad podcast, where we

2

help new and aspiring investors take

I'm Greg Kurzner, and today we will

3

dive into another episode of the

Launchpad series First Deal Stories.

4

Sanjeev Shrivastava.

5

Our first deal podcast is where we

break down investors first deal.

6

We go through the challenges, the wins,

and the lessons so that you can learn

7

how to take action with confidence.

8

If you've been dreaming about investing

in real estate but haven't taken your

9

first step yet, you're in the right place.

10

So

11

Sanjive Shrivastava: to the

12

Greg Kurzner: today I'm gonna

introduce a very special guest.

13

This is a high level executive that I

have been given the privilege to get

14

to know over the last several months.

15

And even better than that, I've had an

opportunity to work with you directly

16

and you've been really an amazing

whirlwind, I would say, because quite

17

honestly I'm not accustomed to investors

who get started and then within a

18

matter of months have three or four

properties already bought, renovated,

19

flipped, all of the different things

that you've been doing along the way.

20

While you have quite a bit of

other stuff going on work and

21

family and travel and everything

22

Sanjive Shrivastava: privilege

23

Greg Kurzner: gonna be exciting today.

24

What I want to do initially have you

gimme a little bit of background on your,

25

your background and kind of what got you

started wanting to invest in real estate.

26

'cause you're not a, a

spring chicken, right?

27

Sanjive Shrivastava: not.

28

Thanks, Greg, for the introduction.

29

Yes.

30

So, kind of you, to start off,

you know, my background has

31

been in, in the data world.

32

Mm-hmm.

33

Right from my beginning of the career.

34

I've been part of really large

multinational organizations from Hewlett

35

Pecker to IBM, to General Electric.

36

Wow.

37

Work with some big through them

banks like JP Mortgages, UBS,

38

financial Services, AA group Invesco.

39

And I would be starting FIS,

Fidelity Information Services.

40

That, that gave me a lot of

experience in terms of challenging

41

really complex situations.

42

Yeah.

43

In the real world, dealing with

multimillion dollar budgets

44

handling seriously tough challenges

and clients and customers.

45

And I think that that's a good mix

in terms of maturing your thought

46

process, in terms of handling those

tough situations in real life.

47

And how do you manage risks

when tough situations comes up?

48

The

49

Greg Kurzner: well, let me, and let me

touch on that, hold that, because I think

50

that's one of the things that we find

that new and aspiring investors really

51

do struggle with is the risk, right?

52

What they feel like they've gotta

thread the needle or they have to

53

have a perfect deal to start with.

54

And what I tell them is

there are no perfect deals.

55

Every deal has a little

hair on it, every deal.

56

Is or can be good, it's, rarely

the unicorn that everyone's looking

57

for, and that tends to stop a

lot of people in their tracks.

58

So that's a valuable point

that you made, that your, your

59

business career and the challenges

60

Sanjive Shrivastava: me

61

Greg Kurzner: complexities of those

navigating all of those kind of complex

62

problems with higher, large corporations

gave you that confidence of investing

63

where, you know, even if something

wasn't gonna be pretty, you, you felt

64

Sanjive Shrivastava: em is

65

Greg Kurzner: work your way

through it or work the puzzle, if

66

Sanjive Shrivastava: Yes.

67

And I think a, in a small business

when we were starting, small

68

business, uh, risk management is

or should be front and center.

69

Yeah.

70

how do you manage this risk?

71

Or how do you assess that risk when

you're going for, let's say, your first

72

rental property or first flip, or, or

buying a lot or a land, whatever it is.

73

That, that's where, you know, a lot of

education, a lot of, uh, understanding

74

and, and research comes handy.

75

Yeah.

76

Um, being data guy, think it helped

because if I look at, uh, a property,

77

I don't look at just the house or the

lot, I look the data points around that.

78

Right.

79

Greg Kurzner: let me hold those points,

but I think one of the things that you,

80

you brought up that's very important

is you had a confidence coming in,

81

having analyzed other complex problems

where you were able to kind of process

82

whether this first rental property

was gonna be a good investment or not,

83

even without all of the information,

84

Sanjive Shrivastava: I

85

Greg Kurzner: perfect information.

86

And I think that's also one

of the biggest challenges is

87

that people either overanalyze.

88

the point where they talk themselves

out of everything or they under analyze

89

because they become emotionally attached

90

Sanjive Shrivastava: those I think that

91

Greg Kurzner: it, they want

92

Sanjive Shrivastava: that's very

93

Greg Kurzner: they may make bad

business decisions when it's

94

investing because again, they,

they're overlooking some of that.

95

So, so being, so that's a fine

balance though, and that's one of

96

the things I wanna point out as well,

is that knowing most new investors

97

will tend to overanalyze things,

where's the balance between analyzing

98

something to death where you talk

yourself out of it, or maybe ignoring

99

something that might be a red flag

100

Sanjive Shrivastava: So I think that

you, you brought of good points there.

101

So balance is one good, good thing.

102

And then, um, tied to that, where,

I've been able to successfully, uh,

103

make headway, my journey is that

you have the data You, you assess

104

the risks, but then you should be

comfortable in with some of the that

105

comes along with these transactions.

106

And emotions do get involved,

then are business transactions.

107

So gotta be emotionless, uh, in

dealing with the business transactions,

108

take it as a business rather than

emotionally attached to being,

109

let's I like a rental really right?

110

It's a condo, for example, in,

and this is, this happened one,

111

with our first failed offer.

112

So we learned from the failures also.

113

And I think it's important in

terms you know, if you want to

114

fail, fail fast and then move on.

115

Don't be emotionally

attached to that failure.

116

Um, so that's important aspect

in terms bringing the balance.

117

There will be ambiguity, there will

be things that you, we may not be

118

able uncover as part of the analysis.

119

So a, a balance in terms of, you

know, going into the realm of analysis

120

paralysis is where I think a lot of

people just don't take the next step.

121

So there, there is a certain

level of courage needed.

122

There is certain level of risk

appetite that is, that we need to build

123

into our psyche, into our process.

124

That appetite is would

make the trigger happen.

125

That, okay, I want to make this deal.

126

Now.

127

All that to be backed by your

analysis and research in terms

128

of the data around that property.

129

Um, a good mentor is very important.

130

Greg Kurzner: And yeah.

131

And so let me, let me stick my head in

here too because again, obviously since,

132

um, you know, we have a coaching program

that we really do strongly enforce,

133

um, compliance on the coaching side of

things where, um, you know, that our, our

134

coaching members are accountable for that

135

Sanjive Shrivastava: risk what

136

Greg Kurzner: It is helpful to know

that you have, whether it's a mentor

137

or it's just someone else that's

maybe further along the road than you,

138

uh, that you can bounce ideas off.

139

Not necessarily to tuck you in or

out of that, but to kind of maybe

140

give you that extra pair of eyes that

it takes to make you feel confident

141

or maybe make you feel fearful.

142

So that's helpful because again, I

think one of the best things that a new

143

investor can do is to have some advice

from somebody that's done it, or at

144

least a little further along the road,

even if you don't like the outcome.

145

Right.

146

Sanjive Shrivastava: this is very

important terms of the, you know, for,

147

for somebody starting off the journey real

estate, uh, having mentor, having realtor

148

that is an investment and, and who been in

the investment world, We'll find a lot of

149

realtors, uh, and, and we have had couple

of those initial six months, seven months

150

period, and we had to pay what from them

because they just meant for investment.

151

were very good realtors when it

comes to buying residential property

152

for yourself or maybe a second.

153

Residential as a, as a, you

know, um, rental property, right?

154

But when it comes to investment,

it's a different ball game.

155

The, the realtor has be that who

has been doing for some time, right?

156

And that person can be your mentor, or

if know somebody who's been coaching

157

and mentoring, then I that's the,

that's the right person to, to be, uh,

158

team up a good team is very important.

159

When I say team, it's

your realtor partner.

160

Your mentor is

161

person.

162

Greg Kurzner: Right.

163

The co we call 'em the quarterback, right?

164

Or Yes, the quarterback.

165

You know, for football analogies, yes.

166

But because

167

Sanjive Shrivastava: because a lot

of your ideas, a lot of your fear, a

168

lot of your, uh, hesitation goes away

when you talk that person, right?

169

And where the comfort comes in,

which didn't have in the first

170

six to eight months period.

171

And it took us, it took me

time to, to really find.

172

Fine.

173

Correct?

174

Mm-hmm.

175

Here in this case, it, it took me

some research, I was, I was skeptical

176

in terms of, you know, will I

have third who would not work out?

177

Right?

178

And then that sometimes that's again, your

fears and it risk in unit, it adds to your

179

risk whether I'm taking the right steps.

180

But that's where your instinct,

your gut feel, and your courage

181

comes in that how determined

182

Greg Kurzner: and to point that

out or make that point, um.

183

You, mentioned that in addition to sort

of working your way through, uh, the, the

184

confidence level that, um, some of that

185

Sanjive Shrivastava: and

186

Greg Kurzner: having assembled

a team that you feel confident

187

Sanjive Shrivastava: a person

188

Greg Kurzner: and uh, you know, whether

it's the realtor, which is obviously a

189

very, uh, integral component of that,

but there are others as well, correct?

190

Right.

191

Uh, where it may be renovators

or inspectors or, um,

192

lenders, those kinds of, um,

193

Sanjive Shrivastava: you are

194

Greg Kurzner: also can help you

195

Sanjive Shrivastava: Oh, ab absolutely.

196

Yes.

197

Yeah, those are, those are vital.

198

So, um, our first failure was

a condo a rental property.

199

Mm-hmm.

200

Um, we were in contract.

201

Um, the tenant was living

there, but the seller wasn't

202

really following the process.

203

wasn't willing to share the details

in terms of, you know, turning

204

over the rental agreement with us.

205

And then on the closing day,

the seller didn't show up.

206

And so maybe that was a blessing.

207

Right.

208

It's a, we, we absolutely take that as a

blessing in disguise because that would

209

not have happened, we wouldn't have

walked away from that realtor and broker.

210

Mm-hmm.

211

And we wouldn't have found, well now

you're our mentor, uh, along with that.

212

would say lot self-research,

self-education is important.

213

When I took the jump into real

estate before that, I took a training

214

home inspection Very interesting.

215

Okay.

216

So I'm trained, uh, from that I didn't,

uh, finish certification part of

217

it, but I, took whole training Yeah.

218

That educated me from

what's inside home and home.

219

are the things that I need to look

out for when I am looking a property.

220

So when you are, you trained from that

perspective, your outlook of looking

221

at a property changes completely

from normal person who is buying

222

a, a residential house or a condo

or a town home from an investor,

223

then you are looking for problems.

224

You're not looking for glowy,

shiny part that, that, that

225

the seller wants to show you.

226

You're looking for the hidden,

uh, items there, right.

227

how you can find problems.

228

Now those i, those items that add up

of, you know, your negotiation power

229

and that you can negotiate and some

that's something we, uh, leverage in

230

the first deal that, that we did the

231

Greg Kurzner: And you know, again, for

those folks that are like, well, I don't

232

Sanjive Shrivastava: the

233

Greg Kurzner: home inspection

or whatever, um, you

234

Sanjive Shrivastava: the

235

Greg Kurzner: you don't have to, you,

you just have to have that member on your

236

team as well that you have confidence in.

237

Um, and then that, that you can

do, but for your own kind of.

238

Sanjive Shrivastava: in terms

239

Greg Kurzner: peace of mind and, and,

um, to eliminate your analysis paralysis.

240

Having that background of being able to

understand what goes into a home, the

241

components and, and sort of pseudo inspect

242

Sanjive Shrivastava:

And and I think you for

243

Greg Kurzner: the most important

part on a home that you're buying

244

that needs renovation is what is that

245

Sanjive Shrivastava: say to

have member your that you

246

Greg Kurzner: can really hurt your return

247

Sanjive Shrivastava: Um

248

Greg Kurzner: obviously.

249

So let's pivot a little bit because,

um, what I wanna do is, is you've got a

250

lot so I want to go through you've the

251

Sanjive Shrivastava: your paralysis that,

252

Greg Kurzner: got a chance

to work on together.

253

Was the home that you did a

254

Sanjive Shrivastava: home

the components And of it

255

Greg Kurzner: so I know there were a

couple of near misses and we looked

256

at other different things, but when

we settled on that tell me about

257

it, you know, what made you kind

of think it was gonna be workable

258

and, and, you know, just go, walk me

259

Sanjive Shrivastava: Sure.

260

Um, and I recall it when we were

going and we were on kind of a

261

binge store looking at properties.

262

think that particular day we

looked five, seven properties.

263

Mm-hmm.

264

A couple of them, uh, stood out.

265

Uh, one was, uh, that, uh, you know,

we, we were calling it as reefs.

266

Reefs because the reefs lake

and an association with.

267

With the, the seller.

268

Yeah.

269

They all need a title, right?

270

Every, deal you do is kind and it's,

it's good to have the title because, you

271

know, somebody wants to be emotionally

attached that, okay, this is your

272

emotional attachment to it, but at

same time, you're detached also, right?

273

So it, it gives a branding to that and

it's fun to have kind of a branding

274

to your So Res was, uh, when we saw

the res, uh, it, it, it was one of

275

the nightmare scenarios when you

first walk into the property see

276

where is there space to walk property.

277

was a collector's home, like a hoarder.

278

It, you can call it a hoarder

also, but not in a bad sense.

279

Right?

280

Um, but it turned out to be bad in the,

when we actually started working on it.

281

Um, yeah, there was not foot of space

available to walk free in the whole house.

282

Everything was stopped.

283

Uh, but that's a, that was,

that tells you, you know.

284

could this be a good property,

good opportunity turn it around

285

and then fix it and flip it.

286

Uh, that's where, you know, you

need your instinct to work and

287

your background, your knowledge.

288

Uh, uh, and was our really

first, uh, project in terms of

289

either rental or flip or mm-hmm.

290

Into this So looking at that then

discussing with you over, over course

291

of next two, three days, and I, I recall

that was a really fast and aggressive

292

approach that we took to offer it.

293

Mm-hmm.

294

Because there were other parties

and competition that, uh, property.

295

Um, we, looked at the data,

looked at the finances.

296

Uh, one of things, and that's where the

team comes in, we did, was to bring in the

297

contractors get estimate on the rental.

298

And, and, you know, having laid

them out what the vision looks like.

299

Mm-hmm.

300

Uh, when the contractors came in, I, I

still remember they told, know, given

301

the, the, the locality given the, uh,

the neighborhoods, you shouldn't look

302

for any high-end, uh, finishes here.

303

Um, you know, you should be looking

an average finish year able to

304

take the property and then, you

know, turn Um, thought process

305

completely opposite to that.

306

My, and the fact was that I

had three constraints with that

307

property, which front center my view.

308

one was the school district.

309

Okay.

310

It was an integrated school district.

311

Second was, um, that the

driveway was very steep, right?

312

Uh, was not a everybody's

cup of to up on the driveway.

313

Third, the backyard

was very slopey forest.

314

So I was working against

those three constraints, okay.

315

And I needed to negate those three And the

only way to negate those was when somebody

316

opens the door and walks in, or even

before opening the door, when somebody

317

stops in front the house and looks at the

house, they should say, this looks they

318

walk in, first word that should come out.

319

this is good.

320

And that was a mindset that was vision

for that property with which we started.

321

Right.

322

We aggressively offered.

323

Uh, and I think we went further

aggressive that offer and, and

324

in order to get that property.

325

So it was interesting to start.

326

Yeah.

327

Uh, we had our own ups

and downs during the flip.

328

Um, with the, with the contractor also.

329

I laid out very, very

aggressive timelines.

330

Right.

331

Um, they gave me a two month

timeline for, uh, the renovation

332

and I cut short it to 45 days.

333

And it was conversation.

334

I said, your price, my

time, I need it days.

335

Right.

336

I need to list back.

337

And I, I, I remember we it on October 15th

and I wanted back with renovation November

338

end, so I could list it December 1st week.

339

Right.

340

And I think we, we did Yeah.

341

And we listed December 7th, if I'm

not wrong, around that timeframe.

342

And um, I think within

30 days we had the offer.

343

Greg Kurzner: there.

344

So let me unpack a little bit of it

because, um, I think there's some really

345

valuable points that you brought up.

346

One was,

347

Sanjive Shrivastava: a tough

348

Greg Kurzner: know, you're exerting a

349

Sanjive Shrivastava: in 45

350

Greg Kurzner: confidence

and managerial style that

351

Sanjive Shrivastava: closed

352

Greg Kurzner: uh, quite honestly

with your tenure with her age, right?

353

I mean, because you've been in charge

of, and you've worked your way through

354

organizations where that's the case.

355

I think a lot of newer investors,

especially younger investors, may

356

be somewhat intimidated about.

357

Um, requiring vendors like their

358

Sanjive Shrivastava: there

So a little bit of it think

359

Greg Kurzner: But I think it's

very valuable that you mentioned

360

that, that you know, these are

people that you are employing.

361

These are people that are

362

Sanjive Shrivastava: of in

363

Greg Kurzner: so if you

have agreements and you

364

those are important to hold those

365

Sanjive Shrivastava:

you've your organizations

366

Greg Kurzner: don't, then they won't and

they're going to impact your bottom line

367

Sanjive Shrivastava: investors may about

368

Greg Kurzner: uh, one of the

biggest challenges that I

369

Sanjive Shrivastava: vendors

370

Greg Kurzner: have when it comes to

doing renovations properties is, is

371

making sure they're not underpaying.

372

Making sure they're not overpaying.

373

'cause underpaying is as bad as overpaying

because then the contractor comes

374

Sanjive Shrivastava: if

375

Greg Kurzner: this.

376

I'm out of money.

377

Or, you know, we didn't.

378

That they

379

Sanjive Shrivastava: to hold those people

380

Greg Kurzner: But even more important

381

Sanjive Shrivastava: if won't

382

Greg Kurzner: really good but

then they disappear for a month

383

Sanjive Shrivastava: they need

uh, the that I think newer

384

Greg Kurzner: So it's nice to hear,

and I'm glad that you, you mentioned

385

that point because investors need to

realize they're in charge, they're

386

conductor and everybody else out there

387

Sanjive Shrivastava: is as as

388

Greg Kurzner: way that

the conductor wants it

389

Sanjive Shrivastava: oh, absolute.

390

Absolutely.

391

I think that's, that's a very

important point because at the

392

end of the day, it's money, right?

393

It's your property.

394

And need to be charge.

395

You need to show the team you are in

Um, and so there, there comes, fine

396

nuances of, you know, skills Yeah.

397

Of your own style.

398

So somebody is new in career, say

somebody their mid twenties, right?

399

And again, I go back to part of.

400

Educating yourself.

401

So if you have made up your mind okay, I

want to be in investing as a side business

402

or side gig into real estate, take your

time to first learn the real estate.

403

Whatever business we do, or whatever

job we we learn, learn the skills.

404

This is no different.

405

real estate also needs you educate

yourself, before entering this.

406

have reading, watching for years, okay?

407

So, and gotta find time.

408

If it is a passion or if want to do

something this, you need to find time.

409

Everybody's life is busy.

410

But then if you want to make a

difference to your own life, you

411

need find create that balance.

412

When, when I that a new balance,

Because now you are educating, let's

413

hours to learning about real and that

two hours out of your normal life.

414

So those things play a part when

you go out do a project like

415

this, um, you educated yourself,

know, and of the industry.

416

Right.

417

That's very important.

418

Right.

419

And I think that got the feedback

from I got the feedback from,

420

the buyer, um, their contractor.

421

I mean their, their broker, um, and, and

other people that, you know, they, they

422

found me as somebody who knows estate.

423

Right.

424

Um, did not think that talking a newbie.

425

They were surprised and I don't

know, good way, bad But they were

426

really surprised in dealing with me

that it turned out to be far more

427

difficult to deal with, deal with me.

428

Right.

429

In a, a good way for me.

430

Uh, they didn't expect that.

431

But, you know, I would come back, I would

come across like a knowledgeable person.

432

Uh, those are, those are important

aspects because when you're

433

talking to them, uh, for example.

434

I need to do flooring.

435

So we need to the nuances of flooring.

436

What goes into the flooring, right?

437

picking the material flooring,

they come back and, you know,

438

okay, here's the code for flooring.

439

You need to understand aspects

of flooring, what goes into

440

the flooring as an example.

441

So that's where a lot of understanding

is, is important, um, to get that

442

Greg Kurzner: point.

443

One of the things that I love to

say, um, is that, you know, there,

444

there's this saying out there, to be

445

Sanjive Shrivastava: understand

446

Greg Kurzner: world class

at any aspect of life,

447

Sanjive Shrivastava: When you're up for

448

Greg Kurzner: hours of

449

Sanjive Shrivastava: if and they say

450

Greg Kurzner: even more

interesting is, is 100

451

Sanjive Shrivastava: the

452

Greg Kurzner: spent over a period

of a year, which translates

453

Sanjive Shrivastava:

small example background

454

Greg Kurzner: better at

that skill than 95% of the

455

Sanjive Shrivastava: right And

456

Greg Kurzner: about that, you mentioned

457

Sanjive Shrivastava: um

458

out

459

Greg Kurzner: wanted to

be great at a skill in a

460

Sanjive Shrivastava: in

461

Greg Kurzner: 16 minutes a day we

spend that much time scrolling on our

462

phone, um, you could be better than 95%

463

Sanjive Shrivastava: this

464

Greg Kurzner: in the

population at that skill.

465

And so real estate is, investing is no

different than learning how to play the

466

guitar or, um, whatever it is that that

point that you said, uh, you invested

467

that time before really taking advantage

of it so and it, it eliminated a lot of

468

those question marks that do hold a lot of

469

Sanjive Shrivastava: a

470

Greg Kurzner: from taking action.

471

So that was a really good point to make.

472

so let me pivot a little

473

Sanjive Shrivastava: minutes a

474

Greg Kurzner: how you finance um,

you're a little, also kind of an

475

advanced beginner I kind of laugh

at, because, you know, very few

476

Sanjive Shrivastava: at that

477

Greg Kurzner: putting

together, uh, investing

478

Sanjive Shrivastava: different than

479

Greg Kurzner: you have to

480

Sanjive Shrivastava: um

481

Greg Kurzner: just say that you're, um,

482

Sanjive Shrivastava: uh

483

Greg Kurzner: me an idea of how you

484

Sanjive Shrivastava: taking advantage

485

Greg Kurzner: if we're

referring to Reeves, which was

486

Sanjive Shrivastava: a of

487

Greg Kurzner: a renovation and a flip,

um, and I want to talk about that

488

Sanjive Shrivastava: a good

489

Greg Kurzner: but let's talk

about the financing and then I

490

want to talk about the overall,

renovation, the scope of the work

491

Sanjive Shrivastava: um

492

I because you know the,

493

Um, so the, financing before the, we

got the financing part, um, was really

494

looking partner the beginning and, and

real estate was one of the industries that

495

I was looking Um, over the course of the

many, many years, I would last to 12 um,

496

every time I would find some friend, um,

socalled friendly, know, the colleagues.

497

Um, and then when there is a

certain level comfort and you

498

think you know, you can float the

idea, um, they would talk nicely.

499

when you really expect the seriousness to

come, then a lot of people would back away

500

and, oh, you know, I'm not really ready.

501

So I happen to, you know, find

my, uh, first partner by chance.

502

We were at a fa family event,

uh, at somebody else's place.

503

People were talking about

franchisee investment and,

504

you know, all general talk.

505

Mm-hmm.

506

Um, uh, and, and one of

my neighbor was there.

507

And then, we were chatting

together separately.

508

So he, he started that conversation

we both talking the same thing.

509

And he said, know what?

510

I'm really looking forward

to starting something.

511

Are you interested to partner?

512

And I said, that's what

I've been looking for.

513

Right?

514

and so, you know, we talked about

it and we went ways you know,

515

we said, okay, let's probably

connect in a couple of weeks.

516

I got distracted, didn't

really reach out back to him.

517

reached out back to me.

518

And then that was the light bulb, uh,

moment for me where, you know, somebody

519

is really committed, really Mm-hmm.

520

And so, um, the very next day we

met, we discussed and discussed for

521

three, four hours various aspects.

522

What do we want do?

523

How do we to do which area?

524

we looked across different, um,

opportunities create wealth.

525

So our, from the beginning, our,

our vision was to create wealth.

526

How do you do that?

527

There are a number of ways to that, right?

528

And then real estate was, a

common ground for both of us.

529

So, and then we, we, we looking

into various aspects of how to, you

530

know, stand up a business, small

business, how to stand up an LLC,

531

the whole legal aspects of it.

532

We, we spent hours and hours.

533

fact, we spent five, five before

really an on first condom.

534

Which failed.

535

Um, and we lost around five grand in that.

536

Mm-hmm.

537

Um, the process, we, we understood,

different type market, uh, for real

538

estate, and one of them was DSCR.

539

Okay.

540

So, DSCR stands for, uh, DSCR stands

for debt service coverage ratio.

541

Debt service ratio.

542

So this is an investor only loan.

543

This is not for primary or

secondary re residences.

544

So, uh, and this doesn't involve

going your credit history

545

and, you know, all of that.

546

so that,

547

Greg Kurzner: mention that, for new

investors, most new investors that are

548

Sanjive Shrivastava: uh

549

Greg Kurzner: thinking of

conventional investor financing.

550

If they

551

Sanjive Shrivastava: the

552

Greg Kurzner: they're

gonna be buying something

553

Sanjive Shrivastava: um, your

554

Right Okay

555

Greg Kurzner: that new investors can

get involved with a lot of times.

556

Um, what are the challenges with

557

Sanjive Shrivastava: through and

558

Greg Kurzner: you have to

559

Sanjive Shrivastava: Okay And of for

560

of are

561

Greg Kurzner: intricacies of that?

562

Um, without going too

563

Sanjive Shrivastava: Yeah.

564

I, I'll keep it at high level.

565

Um, you can do it individually also.

566

Okay.

567

If you are, if you don't

partner, you on your own.

568

My, my would be open LLC.

569

Okay.

570

Because it opens lot, many terms of the

taxation, in terms of, you know, um,

571

uh, in terms of, uh, securing personal

assets so you can keep the separate

572

and your personal assets separate.

573

Okay.

574

So always within LLC and it could be

an LLC or an scorp, um, depending on,

575

uh, you know, what your, uh, person.

576

Um, our favorite is in terms of,

you know, how do you want it?

577

Um, DSCR is available, uh, to anybody.

578

Um, again, it's not tied to your,

um, your, your income taxes.

579

Income.

580

They would not check your income.

581

So what did they They would, ideally, so

high level, they would look at property.

582

Mm-hmm.

583

If it's a rental property, would look

at the property value, they would

584

look at, the rental So their appraiser

would appraise the property as well

585

as the rental income in that area.

586

And then they would look

at insurance, taxes.

587

In an ideal world that there is something

called DSCR ratio, um, if it is one and

588

above, you invest 20% of your money.

589

Okay?

590

And that one and above comes when you are.

591

For example, let's say your monthly EMI

is $2,500 and the rent is $2,500 more.

592

Then you have a 1D SCR ratio.

593

In that case, lender would give you, or

would ask you to, you know, invest 20%.

594

If it is lower, then lender

would ask invest more.

595

Okay?

596

They would not outrightly but they

would say, in sure that that, um,

597

the DSCR coverage ratio goes to

one, you need to invest 25% or 30%.

598

And so in order for us to assemble that

financing, um, our own primary homes

599

had a very nice equity over the years.

600

So both of my we took

601

heloc.

602

Greg Kurzner: Okay.

603

So didn't go with the DSCR

in this case, especially on

604

Reeves, because Reeves was a, a

605

Sanjive Shrivastava: you to

606

Greg Kurzner: going to be a, a more

607

Sanjive Shrivastava: reject

608

Greg Kurzner: a short-term ownership.

609

Sanjive Shrivastava: order to make

610

Greg Kurzner: looked to finance it using

equity and equity line of credit from

611

your And you funded it sort of essentially

612

Sanjive Shrivastava: We

funded it internally.

613

Okay.

614

We took out DSCR, uh, which

was approved for condo Yeah.

615

we, that didn't go through.

616

So we had A-D-S-C-R approved for that, but

for the leaves, uh, we funded ourselves.

617

bought the property cash.

618

Right.

619

Uh, and that was one of the reasons why

we could go with an aggressive offer.

620

Right.

621

'cause it was a all cash deal.

622

We funded the renovation through heloc.

623

Right.

624

Um, and all of the payments, and one

of the reason we had very aggressive

625

timeline for that turnaround.

626

Right.

627

Um, another aspect was that

it wasn't a structural change.

628

So we could do that, uh,

through that financing.

629

There are other options where, uh,

lenders do give, uh, flip loans.

630

Where, um, again, they have their terms

and conditions, sometimes they would

631

ask that you have at least one flip,

632

Greg Kurzner: Um, yeah.

633

And, and that tends to be the problem is,

is you sort of dove into the start with.

634

Exactly.

635

Instead of buying a home to rental, uh,

636

Sanjive Shrivastava: so

637

Greg Kurzner: only to do that,

638

Sanjive Shrivastava: that

639

Greg Kurzner: And so good for you and, uh,

and again, that that is a viable option.

640

And, um, you know, I always say it's

the, the, the outcome, the exit on

641

the first deal is really not relevant.

642

It's, you know, if you buy

something then you can either

643

keep it or you can resell it.

644

But, um, those are options to

decide whenever you want to.

645

So let, let me switch over to let

646

Sanjive Shrivastava: tends to the

647

Greg Kurzner: and so.

648

Sanjive Shrivastava: sort of

649

Greg Kurzner: You know, with the kind

of remaining time, what I want to hit is

650

I wanna say, you know, what went wrong?

651

'cause everything, there's

always something that happens

652

no matter how clean a deal is.

653

There's always a little, a

654

Sanjive Shrivastava: uh

655

Greg Kurzner: drag, a little

bit of, I didn't know that was

656

gonna happen, kind of thing.

657

Uh, and I've had many, many more and then

658

Sanjive Shrivastava: first

659

Greg Kurzner: Um, then I also want to kind

of find out what you think was, was really

660

Sanjive Shrivastava: can you can

661

Greg Kurzner: did you kind of expect to

662

Sanjive Shrivastava: to

663

Greg Kurzner: way and went better?

664

Sanjive Shrivastava: to

665

Greg Kurzner: what I want to sort of do is

666

Sanjive Shrivastava:

you kind of wanna you,

667

clean a I didn't

668

Sure.

669

Uh, what went wrong?

670

Um, so there were a few things, uh, okay.

671

I wouldn't say lot of things went wrong.

672

Uh oh.

673

That's, that's good for us.

674

Um, the, the, the handover of

the house, the property, right.

675

That wasn't clean.

676

I say clean, uh, the, the,

the seller didn't make it.

677

The property.

678

So the seller supposed

to leave and didn't.

679

Okay.

680

That can be a problem.

681

Yeah, I can see.

682

Yes.

683

So, so on the day of closing, he was

supposed to, we, we were supposed to

684

have, uh, a walkthrough on the day

of the closing prior the closing.

685

So went there and then we his all house.

686

Every room had lot of stuff in his house.

687

And so we were scratching our head

because we had situation condo where

688

on the closing day, deal didn't happen.

689

So we facing that reality again.

690

unfortunately for us, the closing

attorney was a stronger Yeah.

691

Uh, our realtor was stronger

with, with your team in place.

692

Um, and so, and, and the seller was

also, uh, not in the mood in terms

693

of, you know, spoiling the deal.

694

Uh, seller also to, he just

needed more time, so we him time.

695

We gave him, uh, another day.

696

He took out some more stuff, but

still there were a lot of stuff left.

697

so after giving 24 hours, took

the keys back and said, you can

698

no longer enter the property.

699

So that's where a determination comes in.

700

And a decision, uh, making comes

that you gotta make decisions.

701

Right.

702

Uh, he had his family, but you know,

you are in business transactions.

703

Uh, you're not doing charity here.

704

Uh, the knew that this day is

coming, he had should have get out.

705

Yeah, had his ducks and rows.

706

Um, so after that, after 24 hours we

handed over the to the, construction

707

crews, to the renovation team, we had to

bear $3,000 of cost to remove the trash.

708

So that is an unexpected,

which was, that was unexpected.

709

Yeah.

710

kind so that was one aspect

that didn't go, uh, well.

711

Um, as part of the renovation and,

and renovating an old house, which

712

is 25, 30 years old, one should

expect surprises to come out.

713

A lot of surprises out.

714

Um, in this case also, we, came up

with few surprises, uh, as renovation.

715

The major one was flooring.

716

Um, we did the flooring ourselves.

717

Okay.

718

And the, the renovation team was

surprised that, you know, doing flooring.

719

And were like, okay,

let's see how this goes.

720

Uh, their surprise, I we did

90% of flooring ourselves.

721

Um, but as, as, as we started to tear away

the and the sublay the house was stinking,

722

like it was unbearable to stand there.

723

And so we had to really, um, you know,

sanitize the house for three to four days.

724

In a 45 day renovation.

725

Three to four days is a

long time, so three to four.

726

So you, you removed the flooring,

carpets, and there was a lot of pet

727

odor that was in the subflooring.

728

And uh, so did you use the

ozone machines get that out?

729

How did you process the So we did not.

730

That was, and, and again, some

the, uh, we didn't anticipate.

731

We didn't, didn't know that, you

know, we can have something this.

732

Yeah.

733

Um, so we, we sanitized using the sprays

and, you know, uh, stuff and worked

734

through our way we didn't have time

and we had a week to do the flooring

735

we lost three to four days in Right.

736

Um, we literally scrape floor.

737

Okay.

738

To remove the pad with a metal scraper.

739

We the floor and then

install, uh, the flooring.

740

Uh, we were able to do two days late.

741

So instead of seven days, it

took us nine do the flooring.

742

then overall it didn't really impact

project moment we finished one floor,

743

we handed it over back to the renovation

team, and then we moved in parallel.

744

So that was one of the

things that did not go well.

745

other than that, things went as

per We, we were very innovative

746

in terms of saving cost.

747

Okay.

748

Uh, being the first, uh,

first timer into one.

749

Some of the learnings were that, you

know, for example, a vanity, initially,

750

a of vanities, we said, you know, let's

repaint change some of the surface, which

751

is, uh, either leaky or, or, rotten.

752

Um, instead that, we could brand

new, which we a basement go for the,

753

you know, resurfacing or anything.

754

those are little smaller

things that came up.

755

Uh,

756

Greg Kurzner: pound foolish, trying

to save money and then end up

757

sometimes absolutely not doing it.

758

Or again,

759

Sanjive Shrivastava: this

760

Greg Kurzner: know.

761

I'm not a handy guy.

762

So, uh, my, my typical first move is the

check, the, uh, to go and do the work.

763

But, um, you can save money

especially, but as you don't have the

764

carpentry skills or if you don't have

765

Sanjive Shrivastava: of have

bought new did for patch We didn't

766

Greg Kurzner: the challenge, um,

those are the kind of cost benefits

767

that you've gotta renovation.

768

So, good.

769

Alright, so that was, that was helpful.

770

And then, alright, what went

771

Sanjive Shrivastava: and

772

of So again, the vision that I started

with, with, uh, this renovation, me and

773

my partner, so with the vision was that

we would have high, uh, high end finishes.

774

We would turn house upside

down terms the and feel.

775

And, uh, the outlook was always when

somebody enters, then they should not

776

go out saying, I don't want to give an

offer on this or this house is not good.

777

Uh, and with that in mind, uh.

778

We selected, for example,

Quas for the countertops.

779

Everybody was saying, you know, you can

do a gran granite or, or something else.

780

And I said, I want aquas.

781

Mm-hmm.

782

Right from the beginning.

783

Um, all new appliances, where, you know,

suggestions were given, you know, you can

784

probably bring in a used appliance or,

refurbished or something on those lines.

785

We said nothing doing, it'll

be all brand new appliances.

786

complete change of hardwares

from top to bottom.

787

Uh, so from that perspective, the

timeline that we were wanting to hitting

788

the, the renovation cost, I would

say probably went up, uh, 10 grand.

789

Okay.

790

Um, because it was a house.

791

So, so there are certain things

and then we were doing more than.

792

What a normal, uh, uh,

investor would've done.

793

Okay.

794

In to negate three, uh, constraints

that we The, condition issues of

795

the sloped driveway, rear the sloped

the backyard, and school district.

796

Yeah.

797

Um, and so to negate that,

high-end finish the answer my view.

798

Greg Kurzner: me also kind

of echo that, because I think

799

that's one of the very important

800

what do we do with this?

801

And I think a lot of times it depends upon

802

Sanjive Shrivastava: new

803

Greg Kurzner: point depends

on the, the intention.

804

If it's going to be a property

that's resold and it's gonna be

805

Sanjive Shrivastava: the

806

Greg Kurzner: OC occupant versus it may be

807

Sanjive Shrivastava: right The

808

Greg Kurzner: property, there

are different renovation

809

Sanjive Shrivastava: yard driveway the

810

Greg Kurzner: I do think matter.

811

Because again, if you're buying a property

812

Sanjive Shrivastava: a was in

813

Greg Kurzner: may be

beneficial to put in those

814

um, it also might not be necessarily

815

Sanjive Shrivastava: do

this and depends upon

816

Greg Kurzner: that isn't quite

expensive if it gets broken.

817

'cause some things do get broken.

818

So those are the challenges.

819

Sanjive Shrivastava: property

820

Greg Kurzner: especially one of

the things you pointed out was

821

Sanjive Shrivastava: occupant it

822

Greg Kurzner: it's almost like an Airbnb,

823

Sanjive Shrivastava: different

824

Greg Kurzner: yours

rent Where the one next

825

Sanjive Shrivastava: I

matter if you're a that's

826

Greg Kurzner: wants that they can't

827

Sanjive Shrivastava: to

828

Greg Kurzner: in your case.

829

To not only to negate those

location although that

830

Sanjive Shrivastava: because

831

Greg Kurzner: it, it's also about

providing a level of finish in a home, in

832

a certain community, in a certain price

833

Sanjive Shrivastava: broken are

834

Greg Kurzner: they're not

seeing in these other homes

835

Sanjive Shrivastava: of

836

Greg Kurzner: they're looking at.

837

That makes your home like so

838

Sanjive Shrivastava: an

839

has an but rent

840

you you put

841

Greg Kurzner: level of finishes.

842

So that's a very, very important

843

Sanjive Shrivastava: can't get next in

844

Greg Kurzner: maybe to spend a

little bit more on the budget to

845

Sanjive Shrivastava: mentioned

846

Greg Kurzner: is, definitely

gonna help you not only sell the

847

Sanjive Shrivastava: a

848

So absolutely.

849

I think finish is the

most important aspect.

850

Uh, I would say the is not of course, is

because that's the building blocks, right.

851

But that shell is there,

then it's the finish.

852

gets sold is you know, what kind

of start or how the start happened

853

or how the framing of, of, of the

house or the roofing happened.

854

It's what the customers

see, eye candy, right?

855

absolutely, if they can touch and feel

that and if they can correlate themselves

856

that this is something that I wanted,

this is something in, that in my mind.

857

And the wow factor here.

858

Yeah.

859

We'll call that the shiny right?

860

Absolutely.

861

The shiny object.

862

So we're.

863

We're in, um, kind of that range now

where it's lessons learned and kind

864

of, things that maybe you can sort of

relate to somebody that's behind on

865

So what advice would you give somebody

about going, getting started that you

866

haven't you've given a lot of good

points already, but what would be thing?

867

I would say, you know, find

find good balance between what

868

you desire the practicality.

869

the ground one needs to be pragmatic

in terms of the real estate.

870

Real estate is slow.

871

If somebody is thinking that,

you know, um, I'll give an

872

example the stock side options.

873

One trade in options and make bucks

and quick bucks, but you also lose all

874

money options if doesn't work right?

875

Real estate is not like that.

876

The number one point is

real estate is a hard asset.

877

You're not losing that asset, right?

878

So if, for example, leaves

would sold, my fallback strategy

879

was I could rent it, right?

880

And I would have asset.

881

I would've built equity,

can sell it two hours.

882

My journey probably would've

that's a risk I am willing to take.

883

Uh, then you are not losing money.

884

You have brought up the

property to a different level,

885

and you raised your equity.

886

So you, you're not losing

money in real estate.

887

So real estate over a long period

time doesn't lose money, right?

888

It always grows.

889

It slowly.

890

So slow and steady pace is important.

891

You would win in real

estate in a long term.

892

You would create a lot more wealth

real estate than doing an options

893

trading because that's stable grows

that, reap rewards in the long term.

894

So some of that is important.

895

Um, time is money.

896

Um, if think that certain renovation

based on, um, experience, based

897

on the guidance you get from your

mentors you know your team should be

898

done in six months, stick to that.

899

Try and stick to that.

900

But then you should be realistic

what that six month includes.

901

If not expect that from purchase

to sell is a six month process

902

for a large renovation, uh, it

can take long, more, not more.

903

But if it's a cosmetic renovation,

you should be aggressive about

904

it, confident about your decisions

back, your decisions, but those

905

decisions should be based on your, uh,

research data the guidance you get.

906

Greg Kurzner: so I'm gonna break my

own rule a little bit on, um, this

907

podcast because it's first deal stories.

908

Uh, and have talked about your, your

first deal, which again, you've gone

909

into good detail on and I think um, I, I

know personally that you've also done a

910

few other things and you have something

that you're working on right now.

911

So, um, why don't you kind of, I was

gonna ask what your next real estate goal

912

Sanjive Shrivastava: feel

913

Greg Kurzner: and now

you've gone to the next one.

914

So give me a little bite of

what you're currently working

915

Sanjive Shrivastava: Yeah, so while we

were renovating we didn't sit quite,

916

we were looking for other properties

and then, couple of our friends

917

were also introspect to join us.

918

Greg Kurzner: is it hey,

they see you successful.

919

And uh, now the people that were, oh yeah,

that sounds like fun, but it's fantasy.

920

And then they see you actually

921

Sanjive Shrivastava: real estate

922

Greg Kurzner: it.

923

And it's the, the, the first

person that jumps in the pool.

924

Nobody wants to be the first person.

925

Once you're in the pool and you realize

that it's, it's nice and warm, then

926

you see a lot more people jump in.

927

So,

928

Sanjive Shrivastava: you.

929

Yeah.

930

And one of the, the, Uh, partner.

931

He himself had his, uh, you know,

experience some the investment.

932

He had a rental property and um, in

India, some in the commercial So he

933

had some background there too, right.

934

So he wasn't no voice.

935

Uh, but yes, certainly the Reefs

story did help there, uh, you know,

936

convince from that perspective.

937

So by the time, uh, I out

938

them, and proposed that,

you know, why join?

939

And then was always, there was already

a, a, um, uh, inclination to join

940

the time we picked our property.

941

Okay.

942

And we had finished the

renovation for our out listed.

943

Um, and we picked up, uh,

what we call a Drew Road.

944

So you got Reeves and Drew.

945

Okay.

946

We got Reeves and Drew.

947

Drew was, uh, a fantastic opportunity.

948

Uh, it's in Cherokee County.

949

Um, it's, you can call it.

950

A, a feel of, uh, semi-rural

suburban, uh, uh, area.

951

Okay.

952

Um, a one acre lot with

massive workshops garages.

953

Uh, the back of the property,

was, so it had a house and then

954

it had like a large storage.

955

It has a house Okay.

956

And a four bedroom house,

full, fully finished basement.

957

And then the backside,

previous owner had workshops.

958

Okay.

959

Uh, for us, the good part

was those workshops weren't

960

really uh, into the deal.

961

And again, we went

aggressive on the, uh, deal.

962

the day we went to see the property,

there were five buyers on the property at

963

same time looking at the property mm-hmm.

964

And to put the offer.

965

And so, um, I was working with Brent on

that one, and, and we decided looks good.

966

He was very familiar with the area.

967

Right.

968

And so relied on his, uh, guidance I

said, let's go aggressive and offer it.

969

So we offered it same day, and

I think the day offer uh, before

970

others could even think about it.

971

Right.

972

closed the reason did that, because

couple of times I got beat in Marietta.

973

Mm-hmm.

974

Um, in, in the most

sought after Walton High.

975

Right.

976

Where couple of times I tried, uh, through

financing, but then I had competition

977

from other investors who in hard cash.

978

No contingency.

979

so I got beat there and I had that lesson.

980

Uh, and so didn't want to lose this one.

981

While we were closing, drew,

I stumbled on, uh, Robinson.

982

Robinson.

983

So we've got Reeves, drew and Robinson.

984

Yes.

985

Sounds like a, a boy band.

986

it was the third one all in December.

987

All in dec all in December.

988

And that's when I pulled

two of partners in.

989

And the property, if I'm

wrong, was listed like 395.

990

I was willing to go

aggressive and go up to 4 25.

991

Um, the vision for me was that

I would want to turn this around

992

and sell it for around 1.5

993

million.

994

One, one and a half million.

995

So this going be a, uh, total renovation.

996

Total renovation, but how do we

finance And the property was renovated.

997

It was a ranch house, with a

basement, but renovated one.

998

Okay.

999

So we had, uh, couple of options

rented out for short duration.

00:50:42,199 --> 00:50:45,019

Figure out the design, figure

out the renovation because it

00:50:45,109 --> 00:50:46,489

was to be a large renovation.

00:50:47,269 --> 00:50:47,299

Okay.

00:50:47,299 --> 00:50:49,879

We were doing the pop

top, hopping the top.

00:50:49,884 --> 00:50:49,924

Okay.

00:50:49,929 --> 00:50:53,404

Hopping the top, uh, which means

adding, removing same story, the

00:50:53,404 --> 00:50:58,009

ceiling, and then adding another floor,

um, and then completely renovating

00:50:58,009 --> 00:50:59,959

inside absolutely everything.

00:51:00,799 --> 00:51:02,179

So it was a massive project.

00:51:02,329 --> 00:51:05,899

Um, second project, um,

while we were working Drew.

00:51:06,739 --> 00:51:07,699

Getting it closed.

00:51:07,879 --> 00:51:12,619

We offered aggressively, there were

multiple offers at the list price.

00:51:13,129 --> 00:51:15,139

We went above, closed 400.

00:51:15,799 --> 00:51:17,569

Again, aggressive closing there, right?

00:51:17,989 --> 00:51:20,779

got the property, got the DSCR loan.

00:51:21,469 --> 00:51:24,619

both Drew and Robinson are on DSCR.

00:51:24,769 --> 00:51:25,189

Okay.

00:51:25,669 --> 00:51:30,379

We did not fund it and acquire property

from our full, uh, money, but we used

00:51:30,379 --> 00:51:34,129

our think Drew was 25%, Robinson was 20%.

00:51:34,309 --> 00:51:38,629

So those are DSER loans that you're in of.

00:51:38,629 --> 00:51:43,564

And then at some point, withdrew, that's

one that you keep, you'll refinance

00:51:43,639 --> 00:51:45,619

out that into something permanent.

00:51:45,919 --> 00:51:52,009

So renovated Drew we, we had the

estimate, uh, on the renovation,

00:51:52,009 --> 00:51:53,779

and the estimate came at 60 grand.

00:51:54,139 --> 00:51:57,739

And I said, I'm not spending

grand to renovate for a rental.

00:51:57,919 --> 00:51:58,309

Right.

00:51:58,609 --> 00:52:02,569

We never had this, in our thought

that we to renovate that I,

00:52:02,569 --> 00:52:04,609

I'd outright after acquiring.

00:52:04,939 --> 00:52:06,199

We always wanted to rent it.

00:52:06,784 --> 00:52:07,894

wait for couple of years.

00:52:07,924 --> 00:52:08,194

Right.

00:52:08,494 --> 00:52:13,504

Because the dynamics of the property and

area was that I sell that 2 million and

00:52:14,134 --> 00:52:18,304

So it's gonna go up in value and you just,

it's gonna go up in value and, and, uh, we

00:52:18,304 --> 00:52:25,204

wanted to do, uh, large size renovation,

wanted to make the are worth what be.

00:52:25,354 --> 00:52:25,774

Yeah.

00:52:25,864 --> 00:52:30,934

Um, and we maximize monetize garage, uh,

in the workshops, you know, those are

00:52:30,934 --> 00:52:33,334

six massive workshops that are there.

00:52:33,904 --> 00:52:39,844

So Drew was a We renovated, we

engaged the contractors ourselves.

00:52:39,904 --> 00:52:40,234

Okay.

00:52:40,324 --> 00:52:45,334

We did a lot of work ourselves

during uh, over the weekends.

00:52:46,144 --> 00:52:51,484

I have had my fair share of, um, you,

you challenges my personal professional

00:52:51,484 --> 00:52:55,204

life, um, physically, body-wise.

00:52:55,264 --> 00:53:00,604

Um, so my partner really stepped

and he helped with a lot of things.

00:53:01,144 --> 00:53:02,579

That's where, you know,

if you have a partner.

00:53:02,689 --> 00:53:02,979

Yeah.

00:53:02,979 --> 00:53:05,074

It's good to and Yeah, absolutely.

00:53:05,449 --> 00:53:11,449

So, um, we did that, we took It

took us, uh, four to five months.

00:53:12,139 --> 00:53:16,009

then was also, I wanted coincide

with the school, uh, break period.

00:53:16,009 --> 00:53:16,279

Okay.

00:53:16,699 --> 00:53:21,529

Uh, if list foreign, uh, in let's say

February, March, it may be sitting there

00:53:21,529 --> 00:53:23,689

for two, three months, which is not good.

00:53:24,379 --> 00:53:27,949

We ended up actually increasing,

increasing the rent of the area.

00:53:28,609 --> 00:53:33,739

So we didn't, but down on the

rent listed there was a good

00:53:33,739 --> 00:53:36,649

interest, um, on the property.

00:53:37,219 --> 00:53:38,329

So Drew is rental.

00:53:38,539 --> 00:53:42,019

Um, it's gone on rent for 3,900.

00:53:42,117 --> 00:53:42,537

Greg Kurzner: Wow.

00:53:42,688 --> 00:53:42,958

Sanjive Shrivastava: time

00:53:43,347 --> 00:53:45,597

Greg Kurzner: 3,900 and

Drew, you've got that one.

00:53:45,597 --> 00:53:46,107

And, and your

00:53:46,678 --> 00:53:47,848

Sanjive Shrivastava: that to

00:53:47,848 --> 00:53:51,477

Greg Kurzner: process of popping the top

00:53:52,303 --> 00:53:54,188

Sanjive Shrivastava: got

the design, uh, done.

00:53:54,248 --> 00:53:58,783

Uh, we are, uh, in the process of

finalizing the construction partner,

00:53:59,383 --> 00:54:02,653

uh, so we have the architects, we

should be going for the permit.

00:54:03,268 --> 00:54:07,678

Um, the current basement

00:54:07,918 --> 00:54:10,018

We are taking it to 6,500 square foot.

00:54:10,018 --> 00:54:10,110

My

00:54:10,556 --> 00:54:14,536

Greg Kurzner: So let me also point

in the camera and say this is not

00:54:14,536 --> 00:54:15,886

for everybody, especially your

00:54:17,447 --> 00:54:17,657

Sanjive Shrivastava: you've

00:54:17,746 --> 00:54:18,616

Greg Kurzner: way through this

00:54:20,357 --> 00:54:20,507

Sanjive Shrivastava: in the

00:54:20,507 --> 00:54:23,176

Greg Kurzner: little,

uh, type A is that I'm

00:54:23,627 --> 00:54:24,527

Sanjive Shrivastava: the on at

00:54:24,586 --> 00:54:28,426

Greg Kurzner: or just very aggressive

or a little we have to, we have

00:54:28,426 --> 00:54:29,866

to cover more ground more quickly.

00:54:29,866 --> 00:54:31,666

We don't have as much

time in the hourglass.

00:54:32,026 --> 00:54:32,506

Right.

00:54:32,896 --> 00:54:35,806

Um, but that is one of

the things that I wanted

00:54:36,137 --> 00:54:36,257

Sanjive Shrivastava: in

00:54:36,496 --> 00:54:38,476

Greg Kurzner: take away

from this, is that, um,

00:54:38,552 --> 00:54:39,572

Sanjive Shrivastava: house with

00:54:40,246 --> 00:54:44,596

Greg Kurzner: in real estate and

you want to, um, you don't have

00:54:44,596 --> 00:54:50,986

to go at a a dogmatic and very

gradual I certainly suggest that

00:54:51,946 --> 00:54:53,806

easier to crawl than it is to walk

00:54:53,912 --> 00:54:54,272

Sanjive Shrivastava: somebody

00:54:54,646 --> 00:54:55,306

Greg Kurzner: you chose to

00:54:55,982 --> 00:54:56,342

Sanjive Shrivastava: type

00:54:56,536 --> 00:54:58,456

Greg Kurzner: And again, um,

00:54:58,892 --> 00:55:00,332

Sanjive Shrivastava: just or a

00:55:00,526 --> 00:55:03,526

Greg Kurzner: yourself, not without

coming, with both hard and soft

00:55:03,526 --> 00:55:07,066

skills, uh, that may be from

other industries you're bringing

00:55:07,142 --> 00:55:10,082

Sanjive Shrivastava: Um but wanted to

00:55:10,336 --> 00:55:12,406

Greg Kurzner: situation and combining that

00:55:13,922 --> 00:55:14,492

Sanjive Shrivastava: invested

00:55:15,376 --> 00:55:18,106

Greg Kurzner: a group, of

people, your, team members to

00:55:18,812 --> 00:55:18,962

Sanjive Shrivastava: to

00:55:18,962 --> 00:55:20,866

Greg Kurzner: that things

you don't know how to do

00:55:21,932 --> 00:55:22,022

Sanjive Shrivastava: and

00:55:24,962 --> 00:55:27,692

that easier to than it is to

00:55:28,171 --> 00:55:29,671

Greg Kurzner: How often do

you have somebody that's

00:55:32,222 --> 00:55:33,092

Sanjive Shrivastava: um not

00:55:33,691 --> 00:55:34,501

Greg Kurzner: all of these

00:55:34,727 --> 00:55:35,207

Sanjive Shrivastava: yourself

00:55:35,821 --> 00:55:36,391

Greg Kurzner: as all of these

00:55:40,817 --> 00:55:40,967

Sanjive Shrivastava: you're

00:55:41,843 --> 00:55:42,113

Yeah.

00:55:42,173 --> 00:55:42,593

Thank you.

00:55:42,683 --> 00:55:47,573

Um, we, we went across and that's

part of the goal, uh, when you start

00:55:47,573 --> 00:55:50,123

your journey, your goal mm-hmm.

00:55:50,128 --> 00:55:52,313

Where you want to be,

five years, years later.

00:55:53,033 --> 00:55:54,773

Me and my partner started with a goal.

00:55:54,773 --> 00:55:55,128

We have 10.

00:55:55,913 --> 00:56:01,253

So that our goal, wanted

create good wealth in 10 years.

00:56:01,823 --> 00:56:05,093

What is then that you

want to take forward?

00:56:05,693 --> 00:56:07,283

And we said we want to be aggressive.

00:56:07,463 --> 00:56:07,823

Yeah.

00:56:08,213 --> 00:56:11,633

Because if, if I, we were in our mid

thirties, probably we can go slower

00:56:11,663 --> 00:56:16,523

because then we have a lot more time left

in our That's To achieve those goals.

00:56:16,523 --> 00:56:22,763

And you can build up slowly now in

this, you know, uh, stage of the age

00:56:22,763 --> 00:56:26,873

and, you know, the life and career

we had limited amount of time.

00:56:26,976 --> 00:56:30,036

Greg Kurzner: And so you have to just

put things on a, on a accelerated path.

00:56:30,096 --> 00:56:31,296

And again,

00:56:31,851 --> 00:56:34,086

Sanjive Shrivastava: right We to a amount

00:56:34,176 --> 00:56:35,946

Greg Kurzner: what we, we really

00:56:36,156 --> 00:56:36,246

Sanjive Shrivastava: the

00:56:36,486 --> 00:56:39,546

Greg Kurzner: with our coaching

members to begin with is, um,

00:56:39,576 --> 00:56:43,116

we have what financial roadmap.

00:56:44,436 --> 00:56:47,131

of the most critical pieces of starting

00:56:48,066 --> 00:56:48,966

Sanjive Shrivastava: life right

00:56:48,996 --> 00:56:52,896

Greg Kurzner: it to look like whether

it's a 10 year timeline, a 20 year

00:56:52,896 --> 00:56:59,136

timeline that drives, not only what

you do, but how quickly you do it.

00:56:59,376 --> 00:57:01,266

Because, you know, I love this as a, as

00:57:02,136 --> 00:57:06,666

Sanjive Shrivastava: put a

on path you've kind of helped

00:57:08,946 --> 00:57:09,456

we

00:57:10,776 --> 00:57:11,256

Greg Kurzner: way it is

00:57:11,976 --> 00:57:12,036

Sanjive Shrivastava: to

00:57:12,246 --> 00:57:13,206

Greg Kurzner: else you do in life.

00:57:13,206 --> 00:57:19,056

So having that goal, having that action

plan, even if it's aggressive, even

00:57:19,056 --> 00:57:21,486

if you don't hit it, having that out

00:57:21,516 --> 00:57:22,356

Sanjive Shrivastava: with an to

00:57:23,016 --> 00:57:24,786

Greg Kurzner: because without

it, you're, you're sort

00:57:25,746 --> 00:57:27,456

Sanjive Shrivastava: timeline a timeline

00:57:27,576 --> 00:57:27,786

Greg Kurzner: to.

00:57:27,846 --> 00:57:28,416

So that

00:57:28,416 --> 00:57:29,016

Sanjive Shrivastava: that

00:57:30,390 --> 00:57:30,830

beneficial.

00:57:31,040 --> 00:57:31,580

Yeah, absolutely.

00:57:32,180 --> 00:57:33,260

end goal is important.

00:57:33,350 --> 00:57:33,500

Yeah.

00:57:33,500 --> 00:57:36,470

And then that drives right?

00:57:36,650 --> 00:57:39,740

And then you can together

your, uh, steps to that.

00:57:40,010 --> 00:57:41,720

How you achieve that, uh, goal?

00:57:42,140 --> 00:57:46,130

The goal then should be brought, uh, you

know, broken down into your objectives.

00:57:46,550 --> 00:57:47,930

What is your first year objective?

00:57:47,930 --> 00:57:49,250

What is your second year objective?

00:57:49,250 --> 00:57:49,965

Third year object.

00:57:50,810 --> 00:57:54,110

those things are important to

lay it down and not just mind.

00:57:54,920 --> 00:58:01,550

It needs to be down, right, and not If

you hand write that's much more valuable.

00:58:01,550 --> 00:58:08,180

The old school way of handwriting

your your your plan, and then have it

00:58:08,510 --> 00:58:11,450

here of paper, this is what I achieve.

00:58:11,570 --> 00:58:16,460

then you look at it week or every

other am I on the right path?

00:58:16,520 --> 00:58:16,775

Right?

00:58:16,910 --> 00:58:18,410

What else do I to

00:58:19,096 --> 00:58:21,316

Greg Kurzner: about not only having

those goals and having them written

00:58:24,301 --> 00:58:24,451

Sanjive Shrivastava: in

00:58:24,556 --> 00:58:26,026

Greg Kurzner: where

whether it's your spouse,

00:58:26,431 --> 00:58:26,731

Sanjive Shrivastava: written

00:58:27,196 --> 00:58:27,856

Greg Kurzner: um, or an

00:58:28,081 --> 00:58:29,161

Sanjive Shrivastava: just typed can

00:58:29,896 --> 00:58:34,816

Greg Kurzner: that we start, um, on

week one of our training is to have an

00:58:34,831 --> 00:58:36,691

Sanjive Shrivastava: goals objectives and

00:58:37,426 --> 00:58:38,206

Greg Kurzner: somebody that they're

00:58:39,481 --> 00:58:45,361

Sanjive Shrivastava: on a

sheet want to And every week

00:58:45,496 --> 00:58:47,446

Greg Kurzner: be willing to do on track.

00:58:48,241 --> 00:58:48,931

Sanjive Shrivastava: need to do

00:58:49,177 --> 00:58:49,463

valuable.

00:58:49,673 --> 00:58:52,073

Well, I think one, one other

aspect I add here Yes, please.

00:58:52,253 --> 00:58:56,753

because if, if, somebody is working

with partners, it's extremely

00:58:56,753 --> 00:58:58,973

important to have the trust Yeah.

00:58:58,973 --> 00:59:00,803

Among, among the partners.

00:59:01,493 --> 00:59:05,963

And one of the thing that comes up

often in a partnership how do you make

00:59:05,963 --> 00:59:11,363

decisions Now, a lot of time of the

time it is like, okay, majority board,

00:59:12,143 --> 00:59:14,063

we decided we will not majority board.

00:59:14,213 --> 00:59:16,523

We decided has to be unanimous decision.

00:59:16,523 --> 00:59:16,613

Right.

00:59:17,123 --> 00:59:20,963

If partner is not comfortable,

all will And we have done that

00:59:20,963 --> 00:59:22,013

with number of properties.

00:59:22,013 --> 00:59:22,103

Mm-hmm.

00:59:22,913 --> 00:59:25,703

Somebody would float, Hey, how

does this property look like?

00:59:25,703 --> 00:59:28,313

We would look at somebody would

say, okay, I see these, these

00:59:28,313 --> 00:59:29,963

challenges and we will drop it.

00:59:30,863 --> 00:59:34,643

Of course challenges and you know, those

propositions needs to be understood.

00:59:34,733 --> 00:59:39,113

If somebody is one of the doesn't

have full understanding or doesn't

00:59:39,113 --> 00:59:43,553

know the dynamics, then it's the

remaining partners To the fore.

00:59:44,033 --> 00:59:49,583

But the of the day, your partners if

you are in a partnership very important.

00:59:50,543 --> 00:59:55,133

Instead majority a unanimous

decision making keeps everybody

00:59:55,133 --> 00:59:58,763

on the ground increases trust

and confidence among each other.

00:59:58,996 --> 01:00:01,283

Greg Kurzner: Alright,

well I think we've taken.

01:00:02,498 --> 01:00:02,648

I've

01:00:02,769 --> 01:00:02,979

Sanjive Shrivastava: those

01:00:03,608 --> 01:00:05,648

Greg Kurzner: of your time, maybe a

little bit more than that, but it's

01:00:05,648 --> 01:00:07,178

been very, very valuable for me.

01:00:07,178 --> 01:00:10,328

I'm, I'm, really appreciative

that you were able to do this.

01:00:10,328 --> 01:00:11,768

It's been an amazing conversation.

01:00:12,218 --> 01:00:12,758

Um,

01:00:12,999 --> 01:00:13,479

Sanjive Shrivastava: who bring the

01:00:13,778 --> 01:00:15,548

Greg Kurzner: so hopefully