Brian and John discuss a property they purchased about three years ago in Southfield, Columbus in today’s episode. The guys don’t usually hold rentals in this area of the city, so this one brought some interesting experiences and taught valuable lessons. Before getting into the main topic, John talks about a phone call that he received from a home owner with whom he thought a deal was going to be made with. He and Brian speak about the importance of people getting the help they need.
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- Abundance mentality in entrepreneurship.
- Buying and renovating the Southfield property.
- The surprising return that Brian and John got on this investment.
- 00:45 – A story about something that happened to John just before recording this episode.
- Abundance mentality versus scarcity mentality.
- Losing a deal but being happy for the seller because she did what was best for herself.
- Things not going your way as an entrepreneur and the best mindset to have.
- 03:52 – Introducing the Southfield property that the guys got about three years ago.
- Getting the lead from an absentee mailer.
- Aspects that make this home unique compared to the rest of the neighborhood.
- Wiping out debt that the property had involving credit card companies.
- 06:48 – Renovating the property.
- Minor repairs and the amount of money that the guys spent on them.
- 07:36 – Listing the property for rent.
- The tenant requesting a reduction in rent after one year.
- The return on investment Brian and John had gotten from this property to this point.
- Issues with the tenant, despite usually paying their rent on time.
- 10:29 – Going back into the property after the first tenant moved out.
- Having to do more repairs than when the guys first bought the property.
- 12:11 – Selling the property.
- Viewing comps that are worth much more than expected.
- The offer received from a hedge fund that led to a big payday.
- Another property that the guys pursued in this neighborhood.
- Be thankful for the deals that you do get.
- It’s great to have an electrician make sure everything is up to code in any property you buy.
- Business owners that succeed the most can move on when things don’t go their way.
- “It’s easy to be frustrated and continue to hold these things in, but you really just have to let them go. You need to have the abundance mentality. You just have to move on to the next deal.”
- “We’re getting great cash flow and infinite return on our investment because we don’t have any money in it and we’re actually pulling money out to put it into something else.”
- “That’s a lesson that we learned along the way. Always have the safety issues at the front of your mind.”