Business
Eric Bowlin is a 31-year-old real estate professional and founder of IdealREI. He has been investing in real estate for almost 10 years. Eric currently owns over 470 units of rental property in two states. He started investing at the age of 24 and was able to achieve the goal of financial independence by the age of 30. TIPS: (10:46) Key tip is knowing your local market well (11:05) Find a system that works for you and take advantage of that my replicating it (12:30) Working with local banks can allow for different loan options; especially if you build a personal relationship with the bank (13:38) The faster you can get over to commercial financing the faster you will be able to grow when it comes to your investments (18:00) Find the right partners; partnering can increase the level at which you are investing (20:05) Start the syndication process in advance by building your list based on your network and connections (23:32) Teamwork often plays an integral role in making a deal go through (25:07) Closing deals help to increase your reputation in the marketplace making future deals easier (25:59) Adding value and refinancing is a great way to get cash out of deals and keep producing as well (26:40) Sharing knowledge and networking helps build your business; real estate is about cooperating and building a team (28:30) Try to keep business and personal separate (29:38) One tip from Psychology of Selling by Brian Tracy - “A salesperson, generally earns plus or minus ten percent than they think they’re worth.” (30:31) If you want to grow you have to change your self-perception (31:57) Don’t just do a deal because it kind of makes sense, it really needs to stand on its own to be worthwhile (35:15) Stay focused on what you are good at and know Be sure to check out Eric’s website idealrei.com and use his contact form there to reach out.