Barrett Brady bought his first real estate deal in 2016. He's completed 25-30 land, home, and building real estate transactions. His grandfather bought and flipped beach condos. In 2015, he had a weekly one-way three hour drive (six hours) as a beer salesman. He discovered a podcast called Bigger Pockets and listened to 100+ episodes. After a year and a half, he bought his first deal. Tyler Tucker and Chris Winters provided helpful “deal buying” advice.
[06:00] Real estate enabled Barrett to make a career change at 35 years old, build extra income, build net worth, get more loans, and buy more real estate. He recently quit his job and got his real estate license. The company he worked for changed owners, and he was making a good salary.
However, he had the option to try something new. He already owned rental properties and was flipping land. Tyler Tucker and Wesley Webb were excited to bring on someone new.
[08:30] Barrett's real estate background and previous success were the deciding factor. He considers going “full time” the best decision he's ever made.
Barrett's and Johnson's wives have been 100% supportive.
[12:00] With coronavirus (COVID-19) school and business closures, Barrett thinks the commercial sectors (malls, hotels, retail) will be hit the hardest. Residential real estate will probably be good with low interest rates. Long term will be good but short term will have problems.
It may get worse before it gets better, and this is why Johnson prefers rental real estate! The government will help people pay their rent, which makes residential rentals a little safer.
“You can sell real estate, you can buy it, you can hold it, you can flip it, you can create value where there is no value, you can develop land. There are so many options.”
[15:15] One of Barrett's favorite deals that he bought a year and a half ago: a 3 bedroom 2 bath, 1700 square feet, in a good area, referred by a friend. A family member had passed away, they didn't want to deal with it. The house had a very big foundation crack. A homebuyer would be skeptical of purchasing.
Barrett bought with $40,000 cash and agreed to clean everything out. A week later he had a tenant for $1,000 per month. Today, the house is worth $90,000 in its current condition. It was a win-win for everybody.
[18:40] Barrett learned everything he needed to know about real estate for two years, but took no action. He had analysis paralysis, and finally decide to do something. After that first deal, every deal afterwards gets easier, especially when recognizing problems and making decisions. Sometimes, you need to “just” do a deal, so your success can then snowball!
Many family members and friends “talk” for years (not always about real estate) without taking any action. Once YOU take action, you will never look back.
[20:20] Being in a mastermind group has been very helpful, and most members have landed deals directly related from that networking. The group has contractors, investors, business owners, realtors, and lenders.
[23:45] Barrett likes the books “Rich Dad Poor Dad” and “Cashflow Quadrant” by Robert Kioysaki, especially the concept of having your money work for you.
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