This episode features Ryan’s good friend, Pace Morby. Known for his creative financing methods as a real estate man himself, he and Ryan have much to discuss.
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Multifamily investments, while appealing, may not yield profits for several years. The first five years are particularly challenging. Still, this encourages diversification into other income streams.
Pace highlights the importance of balancing loans, personal income, investments, and long-term strategies, advocating for a dual approach to both real estate and business for financial security.
Their discussion also touches on the benefits of maintaining a job alongside real estate investments, enhancing financial resilience.
Pace and Ryan emphasize personal growth as a key component of leadership and discuss the challenges and rewards of hiring and leading employees. They stress that successful entrepreneurs must be open to change and willing to make mistakes to gain experience.
They agree that many aspiring real estate investors remain financially limited because their capital is invested in assets rather than skills. They advocate for continuous self-improvement as the foundation for accumulating wealth and building valuable relationships.
Pace compares online networking to online dating, emphasizing the necessity of in-person events for establishing meaningful connections.
They encourage seizing opportunities, even unconventional ones like flipping couches, which can lead to unexpected successes with the right approach.
Ryan shares his vision of developing a high-end community, including a golf course and a Christian couple's retreat, demonstrating how entrepreneurial expertise can turn undervalued land into a billion-dollar venture.
They discuss the importance of self-initiative in research and self-education, noting that resources for getting started are readily available.
Lastly, they underscore the impact of one's social circle, urging individuals to surround themselves with wealthier, like-minded people who offer value. Success, they conclude, results from consistent hard work, skill-building, resource accumulation, and relationship-building.
