Make Money TODAY!!! Flipping Properties with Les Hamilton

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Summary

In this episode, Les Hamilton shares his journey into real estate and the influence of mentors in the Navy. He explains why he chose Philadelphia as his real estate market and the importance of evaluating potential investments. Les discusses the benefits of using other people's money and the need for ethical business practices. He emphasizes the importance of mental preparation and continuous learning in the real estate industry. Les also shares his future plans, including syndication and expanding his business. In this conversation, the guest discusses various aspects of real estate investing and provides valuable insights and advice. The conversation covers topics such as contractual agreements and syndications, community outreach and networking, starting in real estate at a young age, the importance of financial literacy, advice for upcoming developers, utilizing the 203K strategy, finding strategies in a challenging market, advice for a younger self, the importance of reading and basic math skills, minimizing distractions and chasing success, and leveraging other people's money.

Takeaways

• Having mentors and learning from experienced individuals is crucial in real estate.
• Evaluate potential investments based on market trends and property condition.
• Utilize other people's money while maintaining ethical business practices.
• Mental preparation and continuous learning are essential for success in real estate. Ensure that contractual agreements are ironclad and reviewed by a lawyer to protect both parties involved in syndications.
• Engage in community outreach and networking to connect with like-minded individuals and collaborate on projects.
• Start learning about real estate and financial literacy at a young age to build a strong foundation for future success.
• Develop discipline and financial management skills before handling large sums of money.
• Read books on various topics related to real estate, self-improvement, and investment strategies to gain knowledge and insights.
• Consider utilizing the 203K strategy for buying properties below market value and increasing equity through renovations.
• Adapt to the challenges of a competitive market by exploring alternative strategies and focusing on properties that need work.
• Reflect on the importance of time management, sacrifices, and being intentional in pursuing personal and professional goals.
• Emphasize the value of reading and basic math skills in understanding real estate concepts and making informed decisions.
• Minimize distractions and prioritize long-term success over short-term gratification.
• Learn to leverage other people's money, such as loans, investments, or partnerships, to fund real estate ventures.

Chapters

00:00
Introduction and Background

03:00
Getting Into Real Estate and Mentors

06:44
Choosing Philadelphia as a Real Estate Market

09:37
Licensing and Certifications in Real Estate

12:05
Evaluating Potential Real Estate Investments

14:40
Using Your Own Money vs. Bank's Money

19:32
Raising Capital and Building Trust

25:32
Rehabbing Properties and Dealing with Unexpected Issues

37:51
Future Plans and Syndication

40:42
Contractual Agreements and Syndications

41:50
Community Outreach and Networking

43:34
Starting in Real Estate at a Young Age

44:20
Importance of Financial Literacy

45:25
Advice for Upcoming Developers

46:05
Utilizing the 203K Strategy

48:36
Finding Strategies in a Challenging Market

50:33
Advice for Younger Self

53:13
Importance of Reading and Basi