Travis Makes Money 644: Bill Ham | How to Make Money on Your First Deal
Education and preparation is key, but when the opportunity arises to put it to action, don’t hesitate, just go for it! Bill Ham is the Chief Operating Officer and the driving force behind Broadwell Property Group.
He has more than 20 years’ experience in Real Estate with a proven track record of identifying, acquiring, operating, and divesting of large footprint Multifamily Housing. Bill educates others by taking his skills as a Real Estate Entrepreneur and sharing them through speaking, and his latest book, Creative Cash.
Let’s dive into Bill’s expertise and learn how to make money on your first deal in whatever market you choose.
Things you will learn in this episode:
[00:01 - 04:08] Opening Segment
- I introduce today’s guest, Bill Ham
- Bill gives a bit of his background
- Difficulty with social interactions
- Coming from a family of physicians
- Bit by the aviation bug
- Became a corporate pilot first
- Seeing that there was real money in real estate
[04:09 - 20:50] Preparation, Education, Execution
- Bill talks about getting his first deal
- It took one year to land a deal
- Starting off with education
- Preparation vs. action
- There is no true balance
- When the opportunity arises, just take it
- Early missteps no one prepares you for
- Analyzing deals in a narrow way
- Paying twice more for a building then he should have
- Having no exit strategy
- Making money on a deal
- Create value with the buy
- Make money with the sell
- Example through aviation
- Bill talks about his experience starting out in real estate
- Reiterating the importance of an exit strategy
- Bill’s advice for people who want to get into the real estate market
- Get started with education
- Practice as soon as possible
- Information not motivation
- A word from our Sponsor
[20:51 - 41:53] How to Make Money on Your First Deal
- Where to get started with your education
- Start with the low price and work your way up
- Throw everything at the wall and choose what sticks
- Practice is an important part of the process
- Learn through failure
- Advice from Bill on finding the right people onto a deal
- Be careful when you pick your LP
- Vet the underwriting
- Who you know or what you know
- Knowing someone vs. bringing value
- Bringing the what as value to the who
- How to audit your value as a newcomer
- Can you be outsourced?
- What education do you bring?
- What do you have that no one else does?
- When a relationship led to success for Bill
- Helping high net worth people build a coaching business
- Making good partnerships
- Don’t just hire yes-men
- Seats in the bus analogy
[41:54 - 48:27] Closing Segment
- ThE RaNdOm RoUnD
- How to engage with Bill
- Links below
- Final words
Tweetable Quotes:
“There’s right now and there’s yesterday and that’s about it… there’s never going to be that perfect time. If you want to prepare as much as you can then educate yourself as much as you can.” - Bill Ham
“You create value when you buy, you make money when you sell.” - Bill Ham
“Spend your hustle before you spend your dollars… Go and get out there…” - Bill Ham
Resources Mentioned:
- Creative Cash - by Bill Ham
- Rich Dad, Poor Dad
Connect and engage with Bill on LinkedIn. Check out https://broadwellpropertygroup.com/ to learn more.
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