352: Net Worth of $15M - Digging out of a hole for 4 straight years to 3x Inc. 500 CEO
Apr 9, 2024
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Chris, a real estate entrepreneur with a $15M net worth, shares his three-payday system post-2008 crash. He emphasizes mentorship, training, and company values for success. Chris discusses running a family business, setting future goals, and changing financial habits. Surrounding oneself with the right people is essential for personal and professional growth.
Choosing the right leaders and fostering a supportive environment are crucial for business success, driving revenue growth and employee productivity.
Evolved real estate investment strategies focus on debt-free ownership, creative financing, and cash flow management for sustainable growth and financial stability.
Deep dives
The Importance of Surrounding Yourself with the Right People in Business
Choosing the correct leaders and creating a supportive environment are essential for business success. Leaders drive revenue growth through their team, transforming the perception of employees from expenses to revenue generators. Selecting the right individuals who align with the organization's values and goals can significantly impact the company's performance and overall success.
Strategies for Real Estate Investing Success
Real estate investment strategies have evolved post-financial crisis, with a focus on debt-free ownership and creative financing methods. Utilizing owner financing for free and clear properties and subject-to existing financing for distressed properties can provide lucrative opportunities while mitigating risks associated with traditional bank loans. By prioritizing cash flow management and adopting a three-payday system, investors can achieve sustainable growth and financial stability in the real estate market.
Long-Term Financial Planning and Creating Experiences
While net worth goals are not the primary focus, long-term financial planning and wealth preservation strategies remain crucial for financial security. Prioritizing experiences over material possessions, such as building a dream home over a 30-year period, exemplifies the value of perseverance and goal achievement. By carefully managing personal and business finances to create diverse revenue streams, individuals can enjoy the benefits of financial freedom and lasting memories with loved ones.
Key Lessons in Business and Life
Key lessons from childhood experiences emphasize the profound impact of mentorship and positive reinforcement on personal development. Surrounding oneself with supportive mentors and individuals who uplift and encourage personal growth can shape one's mindset and outlook on life. By learning from past experiences and adapting financial habits, individuals can navigate challenges and achieve success through strategic planning and continuous personal development.
Chris has a net worth of $15 million. Most of is in real estate with a little bit in cash. He is 57 years old and has 33 years of experience in real estate and has been involved in various aspects of the industry, including building, brokerage, condominium conversions, and new construction. After the 2008 crash, he shifted his focus to creative financing and developed the three-payday system, which allows him to get paid multiple times on each deal. He primarily uses owner financing, subject-to deals, and lease purchases to acquire properties.
Chris emphasizes the importance of mentorship and ongoing training in his business, and he believes that leaders and training are key to growing a successful company. Chris shares his experience running a family business and offers advice for those considering it. He emphasizes the importance of having a mission and values that everyone in the company agrees on, which helps reduce conflicts and decision-making challenges.
Chris also discusses his future goals, which include creating experiences and enjoying time with his family. He shares the most fun he's had with money, which is achieving his 30-year goal of building a home in the mountains. Chris also talks about the financial habits he's changed over the years, such as focusing on improving cash position and allocating money to real estate and the company. He highlights the significance of surrounding oneself with the right people and the impact it can have on personal and professional growth.
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