Today's episode is a replay of an interview with the phenomenal Nick Ruiz. Nick has a rags to riches to rags to riches story, and the interview really shows you that, when things go wrong in the business, you need to know how to pick yourself up and build yourself up all over again.
Nick is a passionate, twice self-made real estate entrepreneur. He started when he was 19, built a multi-million dollar net worth, and borrowed millions of dollars from banks by his mid-20s. When the crash of 2008 came, he was too over-leveraged on his investment properties, and this eventually forced him into bankruptcy. But, he got extremely creative, hustled hard, and climbed back up flipping and wholesaling. He is now back into total financial independenceas a real estate entrepreneur. That I why I say he is a twice self-made real estate entrepreneur!
This was a very interesting interview and Nick is very interesting and an incredible real estate investor.
When I asked Nick what he thought was the biggest mistake that new real estate investors make, he responded that they overcomplicate the business; they take a simple flip and turn it into a complicated transaction that goes through several phases. It’s really as simple as this: buy a undervalued property, fix it up, and sell it for profit. New investors sometimes try to get overly creative and fancy with financing and introduce too many variables into the equation. Ultimately they have a tangled mess.
If Nick had to start his business over again from scratch tomorrow, he said that he would start by googling the probate attorneys in his area and starting to create relationships with them and their staff. He would then go to Walmart and buy poster board and start putting up “we buy houses” signs all over his target market. He would then determine where the local real estate investing clubs me, go there and start networking and creating relationships. I thought this was a very cool way to start over.
To hear the rest of the interview click on the player above, or go to Just Start Real Estate on iTunes. Like I said, this was a really fun interview and Nick is an awesome guy. It’s well worth your time to check it out.
alphahomeflipping.com – Nick’s website. Go there and getting contact with him and find out more about him.
facebook.com/alphahomeflipping – Nick on Facebook.
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