Internal fortitude and complementary partners; these are the two key factors that contribute to success, according to today’s guest, Sam Bates. Although Sam always knew he wanted to be in real estate, it took a mindset shift and a few unfortunate deals for him to really be able to commit himself fully to the industry. Sam opens up about the first deal he was involved in as a passive investor that almost went horribly wrong, and how he and others managed to salvage it. That first deal taught Sam a lot, and motivated him to go out and start his own company. We hear about Sam’s subsequent experiences with real estate deals of varying types, the differing impacts that the COVID-19 pandemic has had on his investments, and his thoughts about the direction that the industry is heading. Sam also shares very helpful tips about how to minimize the negative effects of inflation, and finding the right business partners.
Key Points From This Episode:
Tweetables:
“You always want to write conservatively but, in this timeframe, if you write too conservatively, you’re never going to get a deal.” — @SamBatesIV [0:09:59]
“With the stimulus and the amount that they’re pumping out, I assume it’s going to be significantly longer than just 2023 for interest rates to stay low.” — @SamBatesIV [0:10:43]
“Real estate is a great hedge against inflation and as prices rise, rents are going to rise and that just increases pricing.”— @SamBatesIV [0:11:15]
“All the work finally has a compound effect and you don’t see big gains on a daily basis but overtime and over years, you see it.” — @SamBatesIV [0:17:41]
“Your network is your net worth and the more people you know, the more of the impact you can make towards them and make their lives better.” — @SamBatesIV [0:19:28]
Links Mentioned in Today’s Episode:
Sam Bates Contact Number — 972-855-7654