Why should you listen to “Your Next $10 Million”?
If you’re now at a point in your business where you’ve built a solid foundation and you’re uncertain about how to get to your next $10 million or $50 million, then this podcast is for you!
In this episode, Pasha Esfandiary and Cody Littlewood get into the nitty-gritty of their lives and their story – where they're at and what they're trying to accomplish. They also share their goals for this podcast, and touch a little bit on the power of compounding as well as factors to consider when investing with someone.
Here are some power takeaways from today’s conversation:
Episode Highlights:
[05:09] Cody’s Intro to Real Estate
Cody previously built a software design firm that catered to large organizations including commercial real estate firms. Like any other average American, Cody realized how a huge part of his income goes to the IRS. Motivated to create a durable cash flow, he finally jumped into real estate investing and now co-owns a private equity firm with 1,500 doors under their belt.
[14:50] Pasha’s Introduction to Real Estate
Pasha got into real estate, not for tax purposes, but more about taking on his father’s dream of buying a property. He started investing 11 years ago through flipping houses until he went to land up construction for residential, then to apartment complexes, and now strictly to mobile home parks in the midwest. He has created a niche within a niche since they only cater to secondary and tertiary markets, where they now have over 1,000 doors under management.
[18:27] The Power of Compounding
People think about the power of compounding only with money. But there's a lot of compounding that goes on in a business, in relationships, in being in the market for a significant amount of time, in building capital relationships, in building a deal flow. The longer you're in a market, the more you become known. And the more you are the go-to guy to bring deals.
[19:37] The Goals of this Podcast
This podcast is for people, who are not just in real estate, but who have built the foundation and a significant amount of wealth. Maybe you’re trying to get to the next level. You’ve hit your $10 million and now working on your next $10 million or $50 million. This podcast is bringing in people who are capital allocators and asset class experts who will help you grow and preserve your wealth. Pick their brains and learn some strategies so, like them, you can set yourself apart.
[39:02] Factors to Consider When Investing with Someone
Check whether the business model is safe and make sure THEIR business model is safe. For instance, if the operator isn't the greatest, can macroeconomics help cushion the margins? Then see if your initial capital is safe. Ultimately, figure out what your goals are, and from there, work backwards.
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