When our guest, Steve Richards, started out in real estate investing, he pretty much built a corporate business. Starting in 2004-2005, he and a partner quickly built a full-scale rental property business. They even branched out into property management, as well as owning a brokerage. As he confesses, “Corporate structure was all I knew.”
In more recent years, Steve pulled back and re-assessed all he was doing and his core values. In this episode, you’ll hear him describe how he “scaled back in order to grow.” He could see that he was doing “all this stuff” for everyone else. He began to lay it all down and went through a massive shift in direction. The money isn’t in the labor, he realized, or in the doing.
He also shares the strategic methods with which his company came through the 2008 crash virtually unscathed. Much has to do with watching and understanding the market swings. A strategy that all of us can learn from.
Today, Steve is no longer willing to spend long hours at work. But his business is still growing. He warns against “growing for the sake of growing.” He no longer owns a brokerage; he no longer sits through a multitude of departmental meetings.
While he and his partner both enjoy rehabbing (making old houses new again), they are concentrating on wholesaling because it’s less labor intensive. He’s now living his lifestyle.
Listen and enjoy:
- How Steve built his business
- The details of the corporate-ish business model he created
- The strategy behind how his business survived the 2008 crash
- Importance of knowing personal core values
- Why and how he began the massive shift in scaling back
- Finding where the money is (hint: it’s not in the doing)
- Watching the market; knowing the numbers
- His marketing plan for his current wholesaling business model
- His team and how they work together
Mentioned in this episode:
- Joe’s podcast on iTunes: Real Estate Investing Mastery Podcast
- Joe’s Coaching Program: Joe McCall Coaching
- Podcast Hotline: 636.255.8815
- Free Fast Cash Survival Kit: Real Estate Investing Mastery
- Steve Richard’s website: Redevelop Indy
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