How Brandon Hicks Made $224,000 From A Self Storage Deal - Quit His Job - And Flew To Switzerland
Dec 10, 2024
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Join Brandon Hicks, the Operations Director for Action Academy and former mechanical engineer at Bose, as he shares his incredible journey into real estate. He recounts how he built a $10M self-storage portfolio and the pivotal moments that led to his departure from corporate life. Explore his lessons on overcoming challenges, the power of mentorship, and the thrill of financial freedom. Brandon also dives into the importance of community and collaboration in achieving success while recounting transformative experiences, including an inspiring trip to Switzerland.
Brandon Hicks successfully transitioned from a mechanical engineering career to real estate investing, building a $10 million self-storage portfolio in just three years.
Networking and mentorship were pivotal in Brandon's growth, as peer support provided practical strategies that helped him overcome initial analysis paralysis and close deals effectively.
Deep dives
Rapid Growth in Real Estate Ventures
In just three years, the individual has scaled their real estate investments to nearly $10 million, managing around 600 units across multiple properties. Starting with no storage assets, they successfully closed on their first deal in September 2022 and have continuously expanded their portfolio, recently securing a $2.5 million property under contract. Initially, they faced challenges in deal flow, spending 16 months without closing another deal after their first transaction. A strategic pivot to in-house management enhanced their competitiveness in the market, allowing for greater success in closing deals.
Transitioning from Engineering to Real Estate
The speaker's background as a mechanical engineer at Bose played a significant role in shaping their analytical skills and approach to real estate. Their burnout during a demanding project amidst the COVID pandemic prompted a reevaluation of life goals, leading them to explore personal development and real estate investing. Influenced by 'Rich Dad, Poor Dad,' they began to understand different asset classes, realizing the importance of control and potential returns in commercial real estate. Eventually, they found a fit in self-storage due to its scalability and the ability to directly influence revenue.
Learning through Community Engagement
The importance of networking and community support remained a recurring theme throughout the speaker's journey in real estate. They emphasized that much of what they learned came from peers rather than formal modules or classes, highlighting the value of mentorship and collaboration in real estate. By engaging with a coach and other investors, they discovered practical advice and strategies that significantly boosted their confidence in making offers and closing deals. This communal learning environment ultimately fostered their growth and reinforced the idea that effective partnerships are crucial in navigating the complexities of real estate.
The Shift to Active Learning and Taking Action
The speaker identified their initial tendency towards analysis paralysis as a barrier to success, learning to balance careful analysis with the need for action. They recognized the importance of making offers, even if they initially seemed low, and shifted their strategy to prioritize speed over extreme diligence during the offer-making process. The speaker's collaboration with a peer who excelled in sales further emphasized the value of complementary skill sets, enhancing their productivity and deal flow. By establishing a consistent routine for evaluating and making offers, they have seen significant improvements in their acquisition efforts.
Brandon Hicks (@realbhicks) quit his mechanical engineering job through building a $10M self storage portfolio. Brandon currently is the operations director for Action Academy!
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