Financial Freedom with Real Estate Investing MB 267: The 5 Success Principles of Top Real Estate Investors– With Steven Pesavento
After interviewing 100 of the top real estate investors, Steven Pesavento realized that mindset really is the foundation of investing success. So, how do the most successful investors and entrepreneurs think differently? And how can you apply these same principles to your investing efforts and achieve real-world success?
Steven is the President and Trusted Advisor at VonFinch Capital, a real estate firm out of Denver, Colorado, that focuses on curating hassle-free passive investments. He flipped 200 houses in three years before transitioning to multifamily in 2020. Steven is also the host of The Investor Mindset Podcast and the author of Principles of Success: Lessons from Top Real Estate Investors.
On this episode of Apartment Building Investing, Steven joins cohost Garrett Lynch and me to share his five success principles of top real estate investors and explain why mindset is so important to investing success. Steven describes what inspired his shift from flipping houses to multifamily and what steps he took to make the transition to commercial real estate. Listen in for Steven’s insight on what it looks like to have your mindset tested and learn to apply his success principles in the real world of real estate investing!
Key TakeawaysWhat inspired Steven’s shift from flipping to multifamily
- Unable to scale (even with high volume)
- Benefits of securing long-term debt
What steps Steven took to transition to commercial real estate
- Find successful investors to learn from or partner with
- Study different asset classes and determine best fi
Why Steven decided multifamily was the right asset class
- Similarities between residential and multifamily
- Alignment with values makes it easier to focus
- Ideal clients asking for longer-term investments
- Historically most stable asset class in real estate
Why mindset is important to investing success
- Thoughts lead to actions which generate results
- Must believe it’s possible to succeed
Steven’s 5 success principles of top real estate investors
- View challenges as opportunities
- Ultra-focused on doing 1 thing really well
- Super-clear on what they want
- Know their purpose
- Work with great mentors and coaches
How to apply the 5 success principles in real-world investing
- Recognize that mindset = code your mind runs on
- Sit down with pen and paper to get clear on goals
- Check in on consistent basis to replace old beliefs
Steven’s experience with having his mindset tested
- First multifamily deal under contract (March 2020)
- Litigious LP asked for $800K more just before close
- Money wrapped up in deal, still under contract
Connect with Steven Pesavento Resources
Join the Nighthawk Equity Investor Club
Learn More About Michael’s Mentoring Program
Download Michael’s Free eBook: The Secret to Raising Money for Your First Apartment Building
Principles of Success: Lessons from Top Real Estate Investors by Steven Pesavento
Never Split the Difference: Negotiating as If Your Life Depended On It by Chris Voss and Tahl Raz
Michael on The Investor Mindset Podcast EP075
Start with Why: How Great Leaders Inspire Everyone to Take Action by Simon Sinek