Learn from Failures and Pivot in Your Business
Wealthy Way
Ryan Pineda
4.9 • 2.2K Ratings
🗓️ 19 September 2023
⏱️ 8 minutes
🧾️ Download transcript
Summary
The real estate market shifted and forced investors to change their strategies...
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About Ryan Pineda:
Ryan Pineda has been in the real estate industry since 2010 and has invested in over $100,000,000 of real estate. He has completed over 700 flips and wholesales, and he owns over 650 rental units. As an entrepreneur, he has founded seven different businesses that have generated 7-8 figures of revenue.
Ryan has amassed over 2 million followers on social media and has generated over 1 billion views online. Starting as a minor league baseball player making less than $2,000 a month, Ryan is now worth over $100 million. He shares his experiences in building wealth and believes that anyone can change their life with real estate investing.
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Transcript
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| 0:00.0 | And I know you're you're not expecting your business to lose money like we don't go into deals thinking |
| 0:06.0 | Oh, yeah, we're gonna lose money on this deal, right? |
| 0:08.2 | It's always unexpected and so for me anytime I've ever had like a crunch like that |
| 0:12.9 | I'm like dude, where the heck am I gonna get this cash from you know because I'm not you just don't expect it |
| 0:18.1 | And so you're allocating your cash elsewhere and to new deals and to in my case different businesses and |
| 0:24.2 | Whatever so what was it like going through that? |
| 0:27.2 | It was stressful, right, but whenever I get in those type of situations |
| 0:32.2 | I just think you know what's the worst case scenario here, right? |
| 0:35.0 | I'm coming to closing with 220,000, but we have you know 800 grand in the business bank account. Yeah, you know |
| 0:42.2 | Yes, this sucks. Yes. I want to learn from this |
| 0:44.8 | But what's the worst case scenario? I got 800 grand in the bank still. We're fine operating |
| 0:48.9 | I don't have to fire all you know layoff people. I don't have to do anything |
| 0:51.8 | So it was stressful, right? Like I'm not gonna lie. I was you know |
| 0:55.1 | I was in a very much put my head down put the blinders on figure this stuff out |
| 0:59.2 | And that's when we really shifted to wholesale when the market shifted last year |
| 1:02.8 | We had already been preparing for it before I was like I like wholesale bet much better |
| 1:06.9 | The cash conversion cycle is so much quicker |
| 1:09.1 | We were learning how to list our wholesale deals on the MLS and I was like let's do this |
| 1:13.5 | This is way better in flipping way less complicated |
| 1:15.4 | We don't have to set up utilities. We don't have to go raise the money |
| 1:17.5 | Yes, we can probably make a little bit bigger rip on the wholesale |
| 1:20.3 | But the same time if we're listing them on the MLS |
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