During this HyperFast Wealth segment, host Dan Lesniak speaks with real estate investor Reed Goossens about how he built a massive business in under a decade. Reed shares how he found his first deal and the amazing path that led from it. You’ll be inspired to eliminate your limiting beliefs to take daily action towards your big goals.
Episode Highlights:
- Reed Goossens grew up in Australia and moved to the U.S. in 2012. Prior to that, his experience was in structural engineering. He didn't want to spend his life in a cubicle so he became an entrepreneur.
- He went to his first REIA event within weeks of moving to America and was blown away by the information available there at a low cost.
- The barriers to entry here are low. Within six months, Reed bought his first triplex in upstate New York. He found this deal through small broker relationships.
- He didn't know anything but went out and gave it a try. He was sick of reading about investing and needed to go out and do it.
- The first deal got him going. His second deal involved a flip, and that flip helped him up his game. That's when he got into real estate syndication.
- They now control over a quarter billion dollars of multi-family real estate in Texas.
- Reed had an impactful conversation with a successful friend about the value of finding a mentor.
- Finding a mentor helped him to double down on where he was going. Through that, he built his own podcast and his own brand and co-syndicated on bigger deals.
- They buy between 15-30 million-dollar properties in Austin and San Antonio. They use third-party property management and their own asset management and construction management. They buy between 150-300 units at a time.
- Build up an investor pool so when you do have a deal you launch to that pool.
- They raise between 10-15 million dollars per deal, around 30-40%.
- The key is to have a mentor. Surround yourself with people you aspire to be.
- Know that it will take time to build your portfolio.
- Reed talks about key mentors during his journey.
- Be willing to face uncertainty as you pursue new opportunities.
- Taking action is at the forefront of his mind.
- Over time you'll be able to take bigger and bigger steps. Challenge yourself.
- Getting rid of your limiting beliefs can take work, but it can be done when you take action consistently day after day.
- Reed shares about his experience writing two books.
- Reed offers his advice to a new investor.
- A mistake he made at one point in his investment journey was trusting others too easily.
- The best real estate investment he ever made was the first one because it got him started.
- If Reed had to start again he would do it all again. He'd build a personal brand, build a thought leadership platform, and grow his business from there.
3 Key Points:
1. If you’re still in the research phase, go out and find your first deal. It can start you on an amazing path of growth.
2. Finding a mentor can help you double down on your goals to accelerate your growth.
3. Keep challenging yourself and be willing to fail.
Tweetable Quotes:
- “You don't get to deal number ten without doing deal number one.” – Reed Goossens
- “We control over a quarter billion dollars of multi-family real estate in Texas and I've done it in less than ten years of being in the United States.” – Reed Goossens
- “You start getting known as a name and investors start coming to you and you build up an investor pool.” – Reed Goossens
- “Anything that is worth building will take time. It doesn't just happen overnight.” – Reed Goossens
- “Walk through the door that opens in front of you today.” – Reed Goossens
Resources Mentioned:
10,000 Miles to the American Dream (book)
