Episode #169 Start Building Wealth (and Minimize Your Risk) with Noah Ostroff

During the HyperFast “Hangover” Event, host Keri Shull speaks with Noah Ostroff about how real estate agents can start building wealth. This episode is perfect for anyone who wants to start investing in real estate. 

 

Episode Highlights: 

  • Noah Ostroff likes to travel, have fun, and figure out how the different aspects of real estate tie into each other.
  • Noah’s long-term strategy is wealth-building.
  • Keri has known Noah for many years. They traveled around the world together. They’ve collaborated in their businesses many times.
  • Ask what happens if you stop selling houses tomorrow. How much money would you have coming in to cover your expenses?
  • Many people think about retiring at 65. Noah shares interesting statistics about the reality of retirement.
  • Unless you have a proper plan and path to retirement, you’re never actually going to get there.
  • It’s never too late to start building passive income.
  • Figure out your endgame. Take your job and add a revenue stream based on your access to information. 
  • Figure out what avenue you want to invest in.
  • Consider doing 1-2 flips per year. Then move that into long-term passive income streams like rental properties.
  • Always be looking at deals as a shopper. Then when a good deal comes up and the timing is right, become a buyer.
  • There’s always risk associated with being an investor.
  • If you understand the market and become a student of investments, that mitigates some risk.
  • Once you learn to minimize your risk you can greatly increase your returns.
  • Investing requires action.
  • Keri asks Noah how to learn about the construction piece so listeners can take action as investors with confidence.
  • Understanding construction budgets comes from experience.
  • If you don’t have experience, attach yourself to someone with experience or hire someone with experience.
  • Ask your resources how to find a reputable builder you can run numbers by.
  • You really only know what things are going to cost from doing the same product type over and over again.
  • Being able to find good deals is the biggest value that you can bring investors.
  • There are many different ways that you can structure deals.
  • The key is to find someone who has the money you need for the deal.
  • You might roll your commission into the deal as your cash contribution.
  • Dividing up the roles and responsibilities throughout the deal is another approach.
  • Figure out how to make money while you sleep.
  • Come up with a goal and keep chipping away at it.
  • Wealth-building is the business you’re building for the future.

 

3 Key Points:

  1. It’s never too late to start investing. Begin making your plan today. 
  2. Become a student of the market and a student of investments. This will minimize your risk as an investor. 
  3. As a real estate agent, you can provide value by bringing good deals to investors.

 

Tweetable Quotes:

  • Wealth is about having one dollar more of passive income than you have in personal expenses.” – Noah Ostroff
  • “Start to think of yourself as an investor.” – Noah Ostroff
  • “Just because there’s risk doesn’t mean it has to be risky.” – Noah Ostroff
  • You have to be willing to take action when a good deal comes along.” – Noah Ostroff
  • “People are looking for another solution outside of the stock market for sure.” – Keri Shull

 

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