Navigating Through Business Competition and How to Stay Ahead of the Game
Wealthy Way
Ryan Pineda
4.9 • 2.2K Ratings
🗓️ 1 February 2024
⏱️ 7 minutes
🧾️ Download transcript
Summary
What do you do to stay on top?
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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 | How do you deal with competition, right? |
| 0:03.6 | Because you found something successful, |
| 0:06.4 | and then you started getting copied by people outside of your network |
| 0:09.6 | where you guys are helping each other. |
| 0:10.7 | Well, you gotta be better than everybody. |
| 0:11.9 | You know, you gotta stand next, you gotta have the better than everybody you know you got to stand |
| 0:12.6 | nice you got to have the best location you got to have the best marketing you got to |
| 0:15.5 | have your marketing is everything but what I really you know one of the big things that I've done |
| 0:20.4 | over my life is buy lots of businesses. So my favorite business to buy by far are my competitors. |
| 0:27.8 | Literally, first of all you get rid of the competitors. I mean there's so many upsides from doing that you know now you could there's a |
| 0:34.1 | million things we probably don't have time to get into but I have bought my first |
| 0:37.8 | competitor in the baseball cards I would buy other people out but my first really big competitor I bought was when I was |
| 0:43.9 | in Beanie Babies I had one of the best websites top five websites in the country |
| 0:47.9 | and I bought the you know two of the other top five websites if that sold Beanie Babies and we sold Beanie Babies |
| 0:54.2 | Pokemon Cars Magic the Gathering all these kind of kind of collectibles that were you |
| 0:58.2 | know kid collectibles and stuff and I bought my I bought this this competitor and I remember I paid him it was a |
| 1:05.6 | creative deal it was like a six hundred thousand dollar deal I was in my early |
| 1:08.1 | 20s so it was a decent amount of money I had it but I didn't want to spend it all |
| 1:11.5 | yeah I like you know same so I worked a creative deal with him I gave him like you know around 10% percent down and the rest over you know five years and I was literally paying him a few thousand a month but I was making ten thousand a month |
| 1:23.8 | on what I paid him so I had that seven thousand a month cash flow and it was really good so I got hooked |
| 1:28.8 | on buying competitors after that and I just realized how beneficial it is besides getting rid of my biggest |
| 1:34.2 | competitors I was able to grow my own business infinitely overnight instead of |
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