What's The Best Strategy For Real Estate in 2023? Recession Talk w/ Henry Washington | Subto Breakout
Wholesale Hotline | Brent Daniels
Wholesale Hotline
4.9 β’ 586 Ratings
ποΈ 24 February 2023
β±οΈ 20 minutes
ποΈ Recording | iTunes | RSS
π§ΎοΈ Download transcript
Summary
On today's Wholesale Hotline Podcast (Subto Edition), Pace Morby is joined by Henry Washington in an ongoing series where they chat about Henry's background, the importance of goal setting and becoming recession proof.
Show notes:
- Henry Washington discusses his end goals in the real estate business and how he aims to leave things better than he found them.
- Henry emphasizes the importance of protecting one's assets and becoming recession-proof, and suggests paying off a majority of one's portfolio to attain generational wealth.
- The importance of learning, scaling, and protecting one's real estate pursuits over time.
- Why you should always revise your goals based on proof of concept and not on what they know now (avoid shooting too small).
- Henry's advice: write down goals, breaking them down into different categories, and updating them every 60 days.
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Transcript
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| 0:00.0 | You're listening to the sub two breakhouse with place more beyond the wholesale hotline podcast. |
| 0:11.9 | Guys, we've got Henry Washington in this in the studio today sitting here chatting it up. |
| 0:16.4 | I've got a handful of questions we're going to go through today. |
| 0:18.6 | First question, okay, non-market specific. Yep. What is your end goal, right? So like a high performer, high performer, we always want to look at each other and go, okay, I want to take game for me. I want to take notes down. What do you think like is your, I'm writing off in the sunset? What does that business look like? Is it somebody comes in and takes |
| 0:39.5 | everything over? Your business continues to make money, but you're involved 10 hours a week. |
| 0:43.5 | Is it you sell everything and you go, I'm all cash. I'm going to become a lender now. |
| 0:47.7 | What do you think is like Henry Washington's, I'm trailing off into the sun. I'm done type of |
| 0:53.4 | moment. Yeah, man. You know, I hear this question sometimes and I feel like I'm trailing off into the sun set I'm done type of moment. Yeah man. You know, you know, I hear this question sometimes and I feel like I'm supposed to have this super sexy answer. I don't think there is one and I and I don't. I love this business so much. I love that I get to leave things better than I found them. I get to leave physical assets better than I found them by improving them. I get to leave relationships better than I found them. I get to leave sellers better than I found them, right? It's such a contractors too. Absolutely, right? Contractors, you make their life easier if you can give them steady work. I did the equation. So I used to be a contractor for a long time for 10 years. and I did the equation of how many people make money off a wholesale transaction to an end buyer. |
| 1:31.3 | And it's 51 people. |
| 1:33.3 | 51 people make money when a wholesaler assigns a deal to a fix and flipper. |
| 1:37.3 | Fix and flippers and flips the property, sells it to an end buyer. |
| 1:40.3 | There's home warranty companies,aries agents contractors carpet guy tile guy |
| 1:46.0 | concrete guy electrician plumber all these people their helpers etc then |
| 1:50.8 | you've got the appraisers you've got the agents on on this side the title and |
| 1:54.4 | escrow company I mean it's 51 people get paid on one deal every deal is like |
| 2:00.0 | its own little economy man it is crazy so when you |
| 2:03.1 | say that you leave the the world a better place you genuinely genuinely very literal very very |
| 2:09.4 | literal and I love everything about it so I always tell people I'm going to keep my own property |
| 2:14.6 | until God or my wife tells me not to. So there's |
| 2:17.8 | that. But there's some strategy, some strategy, if you will, within that. And so for me, like, |
| 2:23.1 | there's a, there's a part of like, you have to learn and then you execute, right? And then you |
| 2:29.0 | grow and scale. And then at some point, you've got to protect, right? So for me now, we're working on that protection set. |
... |
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