The topic of this episode of The Most Dwanderful Real Estate Podcast Ever is asking yourself the question “What do you want to own?” It would be tempting to just jump into real estate investing based on the experience or recommendation of someone else that you should flip or rehab houses, but you need to sit down and write out what your actual goals are. Think about where you want your properties to be, who you want to work with, and what types of properties you want to have. Dwan and Bill have found that they love commercial and section 8 properties right now, and they will probably keep focusing on those projects for now. But what about you?
Time Stamped Show Notes
- 1:21 – Today Dwan is drinking the Isabella wine that her antique mall is going to be private labelling.
- 2:45 – Dwan had a pretty uneventful week except for opening an events center. She talks about the impact of one person with a different mindset.
- 5:05 – This episode is about thinking through your goals as a landlord. Why do you want to own rentals? Where? What type?
- 8:28 – She talks about her mindset when she previously owned rentals compared to now.
- 9:52 – Dwan and Bill have settled on commercial rentals in a downtown area in need of revitalization. They research opportunity zones. This allows them to get plugged into the community and start traditions and events.
- 13:02 – She has also opened Riverfront Studio, which is a small events center for classes.
- 15:15 – Dwan and Bill also have some section 8 rental homes in Ohio and Tennessee, storage units, and they are working on land development in Colorado.
- 17:11 – If you are looking to flip houses, you should get the discounted program for podcast listeners at Dwanderful.com/flip. If you are looking to rehab houses, your best bet is to join the membership site and gain access to the LIVE coaching calls and chat box.
- 18:09 – Dwan and Bill pray about their future business endeavors for a long time before things open up and they dive in.
- 21:11 – Her goal is to get the Clinton, Iowa, downtown rocking and then sell one or two of their buildings to pay everything else off and retire with plenty of income to pass on to their children and grandchildren.
- 24:39 – Really think about what you want to do, and start somewhere.
- 28:04 – If you start with single family homes, just do one for the first 6 months-1 year so you can get the hang of it. This will allow you to understand everything that needs to be done before you hire a property management company.
- 31:13 – Your assignment is to write down your goals on your computer, a piece of paper, or a white board.