Storage Wins EP160: Gabriel Garcia on How to Avoid this $200,000 Mistake!
Gabriel Garcia is the Vice President of FL Home Cash Buyers, LLC. Gabriel started wholesaling in 2013 and today he and his business partner are hitting 7-figures. How did Gabriel go from one deal to 90 within a short amount of time? How does he do it without killing himself on 80-hour work weeks and sacrificing family life? Gabriel goes into a deep dive on how he made it all work without compromising his values and vision and also shares the business principles (that you can use no matter what industry you're in) he learned from losing $200,000 on failed rehab projects.
Key Takeaways:
- Gabriel got really serious about real estate investing in 2013. Fast forward to today and he and his partner have a 7-figure a year business. How did Gabriel grow so fast?
- Who is Gabriel and why did he get into real estate?
- Gabriel closed his first deal, with the help of a mentor, in 4-5 months after starting.
- Today, Gabriel is looking to do about $2,000.000 in revenue and 90 wholesale deals. In the month of November, he had a $300,000 revenue, his best month ever!
- At the end of the day, it comes down to vision. It comes down making a decision on what you want your life to look like.
- What do you want your business to do for you and your family? Start with the end in mind.
- How did Gabriel go from closing one deal a month to today? How did he do it without working his face off?
- Again, it's all about the mindset. It sounds crazy/unbelievable, but it's the driving force.
- Set your boundaries. There were plenty of times where Gabriel and his business partner could have worked weekends, but they never did.
- Instead of hustling on Fridays like everyone else, Gabriel would sit and discuss ways to make the business better and if they were still being true to their vision.
- The challenges in your life are what sharpen your expertise!
- Gabriel also does rehabs on top of wholesaling. How was he able to get into two niches without killing himself?
- Gabriel talks about a cash flow formula that has really helped him. He learned it from the book Scaling Up.
- The more successful you become the more opportunities that come your way. This is actually a bad thing because it then becomes that much harder to avoid shiny object syndrome.
- What will this new opportunity cost you? You have to weigh the pros and cons.
- What CRM does Gabriel use?
- Where does Gabriel see the market going in the next six-months-to-a-year?
- Gabriel lost $200,000 this year. Because of it, he set systems in place to never be in a position like that again. Your business needs a cushion to sit on.
- Your personal life and your business both need an 'oh no' fund.
- Gabriel puts 6% away into his profit account and then puts another 5% into the tax account after every single closing. He makes sure everything is covered and there are no surprises.
- What are Gabriel's thoughts on how to build long-term wealth?
The Flip Empire Inner Circle
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Mentioned in This Episode:
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Email Alex: Alex@FlipEmpire.com
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"EP044: Gabriel Garcia Reveals How Real Estate Investors Can 10X Their Business"
"EP140: Shaun McCloskey on Living a Lifeonaire Lifestyle"
The E-myth, by Michael E. Gerber
If you are an experienced investor, I highly recommend this CRM system. REIvolution gives you exactly what you want when you need it, and nothing more. Save yourself stress & time by using the Real Estate solution created with you in mind:
- Lead Management
- Top Notch Flows & Automations (like automated follow-up sequences)
- Rehab Management
- Financial Tracking
Connect w/ Gabriel on Facebook
Tweetables:
"So many people are focused on volume, but really what do your numbers look like?"
"So many people are out there grinding because it's the cool thing to do, but is that the best thing for them?"
"Understanding what you want your business to do for you and your family needs to be one of the first things."
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