Ryan “Rotty” Garcilazo has been a rehabber for the last 15 years and has a construction consulting business to help seasoned investors better understand the rehabbing side of the business. So many investors get burned by bad contractors because they don’t know what they’re doing. Before you step foot into the rehab game, get educated! Ryan shares what you need to look out for in this week’s episode.
Key Takeaways:
- How did Ryan first get started in real estate?
- What did Ryan wish he knew about sooner when he started rehabbing?
- What mistakes do investors make when trying to get into construction?
- There are three pillars to the game: real estate, investing, and construction.
- You always have to self-educate yourself about the business side of things while running your own business.
- At the end of the day, you’re running a business!
- How does Ryan find the right, reliable contractors?
- You can’t hire contractors if you don’t know what you’re trying to hire for.
- You have to learn the industry because if you don’t know what your general contractor is supposed to be doing, how much and how long it could take, you don’t know if you’ve got a good guy or not until it’s too late.
- Before you hire anybody, understand what they do.
- How can you keep your contractor fed enough so that they don’t go elsewhere?
- It’s about having honest conversations with the contractor, but you can’t do that if you don’t know what you’re talking about.
- Construction is going to hurt for a while right now. If you have a contractor you like, have an open conversation with them about the uncertain future.
- Ryan shares his thoughts on how to future-proof yourself during the coronavirus pandemic.
- Materials are going to go up in price — Ryan outlines what you should do!
- How should investors be looking at acquisitions?
- Make sure you’re operating out of a place of faith, not a place of fear.
- Interested in getting into rehabbing? Ryan has a boot camp for you!
- When you’re an entrepreneur, you have to figure it out when times are tough.
- What’s one piece of advice Ryan would give his younger self?
Mentioned in This Episode:
How To Grow Your Business, Expand Your Impact, and Experience Your Perfect Life: Don’t Wait To Enjoy Your Life Tomorrow, Live It Today!
Let Alex know what you’d like to hear: flipempire.com/feedback
Connect with Ryan: Therehabdepot.com
Email: Ryan@therehabdepot.com
Text: 847-899-5713
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Tweetables:
“It takes time. It takes losing a million to make a million. Nowadays you have to be prepared for that.”
“Investors need to learn, at some level, they have to participate in their rehab, whether you like it or not. And at some level, you become a project manager, whether you like it or not.”
“You are your own worst enemy, it’s a fact. The devil is going to get in your head and you have to fight that.”
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