I’ve been looking forward to this Part 2 interview with the amazing Phil Pustejovsky. As we talked about in Part 1, throughout his career, Phil has “collected” stories of deals that have gone bad (both his and his students’), and tells them so others can learn.
We learned in Part 1 that even though Phil had a college education, he quit a good job to go into real estate investing. When he made some expensive mistakes, he wound up living out of his truck for a time. (He was too embarrassed and ashamed to tell his parents what he’d done!)
If you’ve not listened to that episode, please go back and do so.
Phil states that there is an enormous body of knowledge regarding what can go wrong in your real estate investing business. None of this is meant to scare you out of the business. On the contrary, it is to increase your arsenal; to equip you to push through any barriers that might come your way. It’s so much less expensive (not to mention less traumatic) to learn from the mistakes of others.
With regard to barriers in the business (the hurdles), Phil says the more there are, the more excited he gets, because he knows it weeds out the competition.
You can adopt the same attitude.
Listen and enjoy:
- The difference between investing in residential or in office space
- What to look for in commercial
- Advantages of rent-to-own and/or vacation rentals
- The common attack: “You’re practicing real estate without a license” – how to handle this statement/accusation
- Realize that the Real Estate Commission is not always right
- Know how to defend yourself—know the laws
- Knowledge = better decisions
- Look at hurdles as a benefit (slows down your competition)
- The rules of the right way to do a wholesale deal
- Caveat to use if you have your Realtor license
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
- Phil Pustejovsky’s Website: Freedom Mentor
- Real Estate Investing Gone Bad: 21 true stories of what NOT to do when investing in real estate and flipping houses by Phil Pustejovsky
What are you thinking?
First off, we really love feedback, so please click here to give us a quick review in iTunes! Got any thoughts on this episode? We'd love to hear 'em too. Talk to us in the comments below.