384: How Red Robin’s Waiter of the Year Built MULTIPLE 9-Figure Businesses
BiggerPockets Money Podcast
BiggerPockets
4.6 • 2.9K Ratings
🗓️ 13 February 2023
⏱️ 66 minutes
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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!
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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
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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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