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Multifamily Live
Episode 79: Rick Doherty and Chris Cieslak: Making Millions from Shiny Objects
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The term “Shiny Object Syndrome” is SPOT ON when describing these two AMAZING INVESTORS. These two bulldog their way into investments AND THEY MAKE GOLD while others twittle their thumbs in fear. These guys DO NOT HESITATE!!! (Disclaimer: All this is done after they run their numbers and they make sure the investment is sound and cash flowing… most of the time.) RICK: “We met at a local bank… we started working at the same bank the same week about five or six years ago. Met at a local REIA group again… unexpectedly… we walked in at opposite ends of the room… After about a year in to that we started buying and we haven't stopped.” KEY TAKE AWAY: Your future partner… the person that will help you take your business to the NEXT LEVEL… might be at your next REIA MEETING!!! Go to your local REIA meetings!!! CHRIS on their first deal and First Mistake: “We talked about it for awhile through our cubicles at work. He (Rick) had a deal that he was trying to wholesale… I didn’t even know what wholesaling was… it was foreign to me… It was a good deal… I said “We should buy it.” and Rick said, “I want to Wholesale it. I don’t think it is a good deal.” And … we ended up leaving about 200K on the table. We were very green at the time…” THEY TOOK ACTION and created the beginnings of their partnership based on conversations about real estate and deals. For Rick and Chris’ FONDEST MEMORY of their first deal… LISTEN IN!!! (A bit r-rated…) Continued to buy one property after another. Had a portfolio of 30 rentals that FIRST YEAR! Wholesaled 40-50 deals the second and third year. FOR NEW INVESTORS: “Try to have 2-3 outs with something… you can wholesale, flip it, or rent it!” HOW DOES RICK AND CHRIS FIND DEALS??? They NETWORK. People BRING THEM DEALS!!! SOME CASHFLOWING SHINY OBJECTS THAT RICK AND CHRIS OWN: Rentals Commercial Buildings Storgage Units Car Wash and… an OIL WELL!!! ON DOING ALL THE WORK: CHRIS: “We’re not handy.” RICK: “Still not Handy.” ON GROWTH: “We don't have good systems… we are the system right now…. We are working on that.” ACTIONABLE STEP FOR YOU: “Get in front of Like minded people. Reaching out to people like us. Sit down and buy them a cup of coffee.”
WORDS TO LIVE BY: RICK: “I should have invited my wife…” “Just go out and do SOMETHING!” CHRIS: “Help your brothers out and Do onto others as you would have done to yourself.” HOW TO FIND RICK AND CHRIS: https://www.facebook.com/JettisonCorp/ https://www.facebook.com/chris.cieslak.5 https://www.facebook.com/rick.doherty.5
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