Being in the real estate business is not all sunshine and rainbows. Often, massive shifts in the market hit when we least expect it. But with the right mindset, knowledge, and innovation, it’s possible to get back in the game stronger than ever.
In this episode, Donnie Jarreau of Jarreau Real Estate joined me to talk about his journey of overcoming a market recession and onward to managing over $200 million worth of properties. Donnie and I will discuss how to guard your mindset during tough times and find leads beyond your market.
Here are some power takeaways from today’s conversation:
- Understand why real estate is a numbers game
- Determine the mindset it takes to overcome a market collapse
- Find out the importance of knowing market trends
- Discover the secret behind thriving with a large portfolio
Episode Highlights:
[07:05] Doing Real Estate Amidst a Market Collapse
The more calls and leads you have, the more deals you’ll get. You need to understand the continuously changing market trends. Delve into the market and know the returns. You must know what to do with your assets in different situations. It’s also critical to have the right team and partnerships.
[23:02] Guarding Your Mindset
Stop worrying. If there’s something you’re worried about, what can you do about it? Don’t let your worries emotionally drain you. Be transparent and truthful.
[34:42] Finding Leads Beyond Your Market
It comes down to your portfolio. It’ll also come naturally when you’ve been in the industry for years. But the most important thing to look at is the location. Then, you’ll need an underwriting team and process set in place. It’s a combination of work, numbers, and reputation.
[38:18] Managing Deals with a Large Portfolio
It involves a lot of emails and phone calls. Asset management involves insurance and tax assessment. It’s beneficial to acquire long-tenant properties and hire third-party contractors.
[42:18] The Power of Relationships and Passion in Real Estate
Building relationships is fun. It’s also about being able to come to work and loving what you do. Age is irrelevant; it’s never too late or too early to get into the game.
Notable quotes from the Episode:
[10:00] “Real estate is a numbers game. The more time, more calls, more leads, the more you’re going to be dealt with. So where others were working 30-40 hours a week , I was working 50 to 60, 70.”
[24:42] “Be transparent and truthful. They’ll take you so far”
[43:06] “If you are called, money will take care of itself. Find your passion. Find something you can’t wait to get to work. And if that’s not happening, you need to seriously look around and go do something else.”
Resources Mentioned:
Trump: The Art of the Deal by Donald J. Trump
Outliers by Malcolm Gladwell
