The Big Break Show Joe Prillaman on the Benefits and Hidden Costs of Owning Real Estate
Joe Prillaman shares his journey from selling industrial equipment to building a portfolio of 32 short-term rental properties. He emphasizes the importance of being in the right room with the right people and joining mastermind groups like GoBundance. Joe discusses the challenges he faced in the early stages, including working full-time jobs and renovating properties at night. He highlights the benefits of short-term rentals, such as higher income potential and the ability to live beneath your means. Joe's mindset of persistence, resilience, and continuous learning has been instrumental in his success.
In this conversation, Joe discuss the transition from buying properties to starting a management company. They emphasize the importance of having both active income and wealth generation through real estate investments. They also discuss the challenges of finding deals in the current market and the hidden costs of owning properties long-term. Joe shares his plans for growing his management company and acquiring new customers through networking and adding value. They also touch on the benefits of owning properties with multiple units and the importance of knowing the specific market and numbers. The conversation concludes with a discussion on balancing business and personal life, and the advice of giving value and networking with others in the industry.
Key Takeaways:
- Being in the right room with the right people is crucial for success in real estate.
- Joining mastermind groups like GoBundance can provide valuable connections and opportunities.
- Short-term rentals offer higher income potential and the ability to live beneath your means.
- Persistence, resilience, and continuous learning are key to overcoming challenges and achieving success. Having both active income and wealth generation through real estate investments is important for long-term financial success.
- Finding deals in the current market can be challenging, but it's important to adapt and move with the opportunities that arise.
- Owning properties with multiple units can provide economies of scale and lower operational costs.
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Instagram: @joe.prillaman (https://www.instagram.com/joe.prillaman/)
https://linktr.ee/JoePrillaman
https://www.anchoredinvesting.com/
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