384: How Red Robin’s Waiter of the Year Built MULTIPLE 9-Figure Businesses

BiggerPockets Money Podcast

BiggerPockets

Education, Investing, Business

4.5 • 3K Ratings

🗓️ 13 February 2023

⏱️ 66 minutes

🔗️ Recording | iTunes | RSS

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Summary

Every entrepreneur wants to build a nine-figure business. Even a million dollars in revenue seems like a dream to the everyday American. So how did a Red Robin waiter, making five-dollar tips, leave college to start one of the fastest-growing real estate businesses in the country? Even better, how did he do it multiple times, creating not one, not two, but a group of entrepreneurial endeavors that casually bring in over nine figures each year? If you want to hear his system to success, you’ll have to stick around. James Dainard didn’t know much about real estate before college. After his roommate (and now business partner) started door knocking for local wholesalers, James decided to give it a try. He was miserable at it, barely getting a single deal done before leaving college. But, when offered a cushy six-figure salary, James declined, knowing that there were still riches to be made in real estate, but only if he worked smart. Fast-forward fifteen years and James owns a slew of real estate-related companies. From a luxury house flippingbusiness to hard money lending, a successful brokerage, a real estate development firm, and more, James didn’t just master one business—he mastered anything he could get his hands on. The best part? You can do this too! James drops some time-tested gems on starting, building, and scaling a business that will allow you to grow at an almost unbelievable rate like he did. In This Episode We Cover Why James declined a $200K salary (out of college) to make a business-bet on himself Door knocking, wholesaling, and the BEST ways to make money as a college student Frugality, keeping expenses low, and the massive benefit of reinvesting every dollar you have Hard money lending, real estate syndications, and other highly-profitable businesses most investors are unaware of Structuring your team and how to scale your business even if you don’t have leadership experience The struggles of being a CEO and what to do when your strategy isn’t working Why every business needs a “quarterback” and a “coach” to succeed And So Much More! Links from the Show BiggerPockets Money Facebook Group BiggerPockets Forums Finance Review Guest Onboarding Scott's Instagram Mindy's Twitter Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Subscribe to The “On The Market” YouTube Channel Listen to The “On The Market” Podcast: Spotify, Apple Podcasts, BiggerPockets Check Out Mindy’s 2022 Live Spending Tracker and Budget On The Market Financial Freedom Through Small Life Changes and a Modest Real Estate Portfolio How to Become an “Overnight” Success in 10 Short Years with David Greene Click here to check the full show notes: https://www.biggerpockets.com/blog/money-384 Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page! Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	Welcome to the Bigger Pockets Money Podcast where we interview Red Robbins employee of the year James Daynerd
0:06.4	and talk about entrepreneurship, scaling of business, and making tough decisions during economic shifts.
0:12.0	We look at what is our client need that will help them grow,
0:16.6	and then we add in that service into the mix at that point,
0:20.3	and that's how we've exponentially grown our brokerage.
0:24.0	Because once we started offering that service as a part of a listing service,
0:28.2	which again is way more than a normal broker will do, we caught fire.
0:33.1	And we went from doing like one to two listings, like every couple of months,
0:36.8	to where we had a pipeline of over 200 listings in a 24-month period.
0:41.3	Hello, hello, hello, my name is Mindy Jensen,
0:43.2	and with me as always is my fellow finance fanatic co-host, Scott Treck.
0:47.4	Great to be here with my magic money maven, Mindy Jensen.
0:51.3	Wow, I had to look up the alliteration on mine. You just come up with it.
0:56.0	You're so good, Scott.
0:57.9	Scott and I are here to make financial independence less scary,
1:00.8	less just for somebody else, to introduce you to every money story
1:04.1	because we truly believe financial freedom is attainable for everyone,
1:07.2	no matter when or where you're starting.
1:08.8	That's right, whether you want to retire early and travel the world,
1:11.0	go on to make big-time investments and assets like real estate,
1:13.4	or start your own businesses.
1:15.9	We'll help you reach your financial goals and get money out of the ways
	...

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