Greg Herlean
speaker
84 appearances
1 recordings
1 series
first heard Nov 2024
last heard Nov 2024
Greg Herlean’s voice in public audio — every appearance, attributed to the second.
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Appearances
Well, and And I think that's a great example of what I see a lot of real estate professionals that want to be doing, let's say, more deals or bigger deals, but they might only have $25,000. And they're trying to do a deal in California, which we know would get you nothing, right? So this subject is near and dear to my heart because... And I gave you that stat.
There's 100 million other Americans that have retirement accounts. So if I'm trying to close a deal and I have $50,000, but I've had this roadblock of how to scale, but know this subject now. And I call Rudy. I'm like, hey, look, I got this deal. How about you and three or four of us put together 50 grand each from our IRAs? It's just sitting there anyways. You're not really watching it.
Let's all partner in this flip we're going to do or this deal we're going to buy and hold. So it should allow listeners to understand that there's a method for finding partners to do bigger deals and scale their business.
Yeah, I love that. And sometimes it's just stepping stone too, where it's like, if I had stayed in the UK, I'd probably have like hundreds of doors now and really gone into real estate. But I left that city after three years to move to America. So I kind of fell out of it. But like, I could have just like had that
Done the value add, got the tenants in, showed the net yield, sold that house for 100 grand more to an investor because I did all the hard work renovating it and restructuring it. And then I could have took that 100 grand profit I made plus my 25 grand cash back out. And now I could have got a half a million dollar house. And then two years later, done the same. So it can compound quickly, too.
if you it's smart right you just gotta you know like i think your way is a better way which i would advise too which is also bringing in other money but even if you don't want to do that you're scared to maybe do that in the first couple of deals i have so many real estate friends they started just how i explained it and now they own you know two thousand dollars like you you know yeah yeah yeah started with one one being
Yeah. And that's just, I mean, you just got to start doing it. And I think that's the, I think that's with anything, right? When we talk about any business or any venture or partner, it's working out. I mean, you just got to start doing it. Same thing with the self-directed IRA and start just little by little. You don't have to do all your money.
You can leave part of it in the market and then test out this concept and see how it goes.
Yeah, I put tens of millions back in my business. We grew it to 100 employees and 30 million. But I've so missed doing these real estate deals in America. So once I have a couple of exits, I'm going to do a bunch of stuff. Especially now, I'm married and my wife's a realtor. There's so many advantages to it. So last couple of questions as we come to a close today.
I would like to ask one more in 60 seconds. Any other secrets that most people don't know about when it comes to investing, financial management?
For me, it's boring when it comes to secrets because I love boring and I want consistent. And so for me, the message is you do not have to hit home runs. if you just start making double digit returns, 10 or 12%, but not paying taxes on your gains, that's the secret. We already talked about it, but I, I, I, I stick with like sometime boring, boring to me is very sexy.
Is it, is this up and down crazy is not for me. And I did the up and down crazy for the first 10 years of my career. Right. Cause I did everything. But, uh, so, so that that's, I feel like the secret is, is you don't need to diversify, be really good at what you do. Don't invest in Bitcoin. If you're not Bitcoin person, even though your neighbors aren't. So that's my advice.
Love to know biggest win or proudest moment in business and then biggest failure.
Proudest moment in business would be when I, in 2008, When I thought I, 2007, I thought I was the rock star. Anything I bought was gold, right? Just like everyone else in America. And I went from being on paper worth, you know, as a young, in my 20s, being worth $15 to $20 million to the following year being, owing $25 million to banks.
What I'm proud of is how I managed that and how the following year, 2009, I freaking put on my boots. Went to work and I figured it out. And in that same year, I flipped over 300 homes and started from scratch and negotiated all that bad debt. And so that's my proudest moment because it was one of the hardest moments of my life when I had kids at home. It was a very difficult time.
That's a proud moment.
Yeah, I like that. I mean, sometimes those comeback moments are the best, right? I've had it a couple of times too, you know, and I always say the higher you fly, right, the closer to the sun, the harder the burn. That's good, that's good. Yeah, yeah, that's great. And then last question, you know, if you could go back in time to your younger self, give yourself a tip, what would that be?
make decisions that make you sleep better at night, not what makes your bank account or your investment world bigger. And I just shared that with you, similar to 2008, that even though most people say back then, leverage everything, take out your equity, double down on everything, I sleep better when there's money in my account, even though I know that money isn't working for me.
So do what makes you sleep good at night. That's advice I give my young self.
I've always done a bit of that too, you know, like some higher risk stuff and investing stuff, but having a bit of a cushion, it's always good. Because you also never know, you know, what's going to happen. I love that. So Greg, we had a great episode. If people want to learn more and, you know, read some of your social stuff and an article, website, learn more about you, where can they find you?
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