Finding the Right People: Key to Success in Real Estate Investing with Ace Hagerty

Real Estate Investing with the REI Mastermind Network

Aug 31 2023 • 47 mins

Welcome back to another episode of the REI Mastermind Network! I'm your host, Jack Hoss, and today we have a fantastic guest joining us - the incredible Ace Hagerty. This episode is filled with wisdom and insights about the power of finding the right people for your real estate team.

Ace shares their journey of building a successful real estate business, emphasizing the importance of having the right individuals in the right roles. From an amazing assistant who keeps their life organized to skilled project managers who ensure everything runs smoothly, Ace knows the value of a strong team.

We dive deep into Ace's experiences in flipping houses, turnkey rentals, and ground-up developments. They share inspiring stories of turning run-down properties into beautiful units, increasing cash flow, and achieving substantial profits. But it's not all smooth sailing - Ace also reveals the mistakes they've made and the lessons they've learned along the way.

Plus, Ace opens up about their personal transformation during a 100-day challenge, which led to the creation of an empowering book. We'll discuss the importance of maximizing our skills, setting clear goals, and focusing on specific niches. And let's not forget, Ace is also committed to making a difference in the world by supporting a nonprofit organization, Operation Rescue Children.

Get ready for a jam-packed episode filled with real estate insights, personal growth inspiration, and valuable advice on building the right team. So, grab your notepad, sit back, and let's dive right into today's episode with the incredible Ace Hagerty!

Connect with Ace Hagerty:

Key Topics and Bullets:

Importance of Finding the Right People for Your Team

  • Role of an amazing assistant in organizing life and handling bookkeeping
  • Importance of having the right people in the right positions
  • Negative impact of a project manager who wasn't a good fit

Book Recommendation - "Who Not How"

  • The book emphasizes the importance of finding the right people for success

Real Estate Investing Journey

  • Success and profit from a quick rehab on a property
  • Exploration of different real estate strategies
  • Turning a run-down property into beautiful units for increased cash flow
  • Transition to a turnkey rental business and ground-up development

Learning from Failures and Mistakes

  • Mistakes made when flipping houses in Nashville
  • Loss of significant money on a flip due to wrong contractor and lack of oversight
  • Realization of the importance of sticking to prices and effective communication

Overcoming Challenges in Real Estate Investments

  • Challenges posed by COVID-19
  • Current success despite difficult times
  • Smart pricing strategies in the face of a high-interest loan market
  • Comparison with a nearby developer who had to drop prices and lose money

Focus and Setting Clear Goals

  • Importance of focus in achieving financial freedom
  • Determining a niche and type of real estate investing
  • Need for creativity and standing out from the mainstream
  • Achieving goals faster through specific targeting

Real Estate Investing Journey - Finding Strengths and Partnering

  • Finding strengths in construction and fixing issues in the field
  • Need to find people who are proficient in sales and marketing
  • Development partner focused on finding deals and selling
  • Speaker focuses on their strengths and responsibilities