Episode 131: Financial struggles & the keys to success in real estate with Steven Pesavento
The Profit First REI Podcast
November 21, 2022
David Richter
Summary:
Today’s guest is Steven Pesavento. He is a real estate investor, a high-performance coach, and an expert in mindset and marketing. He hosts the Investor Mindset podcast and is the President of VonFinch Capital, an investment firm focusing on Multifamily Real Estate for executives and entrepreneurs.
Steven joins us to share his thoughts on anything between mindset, money management, multifamily real estate, and his personal journey starting in the investment space.
He’s got a ton of amazing nuggets of knowledge for investing veterans and newcomers alike! Catch all of it on this episode of Profit First for REI!
Key Takeaways:
[00:58] Steven Pesavento and Real Estate Investing
[07:14] On Financial Struggles in the Real Estate Investing
[14:40] Why It’s Necessary to Have a Business Plan
[17:34] On Multifamily Real Estate and Syndications
[25:12] Steven Pesavento’s Keys to Success and the Importance of Mindset
[30:00] Connect and Engage With Steven
Quotes:
[02:27] “What excites me about real estate investing is that it can unlock so many doors for people…My belief is that everyone, what they’re really looking for when they get into real estate is they’re looking for more freedom, flexibility, all with the purpose of having more fun. And I think there’s no better path or no better vehicle to get in than real estate in order to help do that.”
[07:34] “I feel like one of the big things that happen in real estate is you always hear this old adage that real estate investors are extremely wealthy on paper, but they’re broke in their bank account.”
[21:55] “My success has really come down to mindset. [I] define mindset [as] the thoughts and beliefs that directly lead to the actions you take and therefore the outcomes you experience.”
Connect with Steven:
Investor Mindset Podcast:
https://podcasts.apple.com/us/podcast/id1459472778
Free Playbook:
https://www.vonfinch.com/playbook
Website:
https://www.stevenpesavento.com/
Instagram:
https://www.instagram.com/steven.pesavento
Tired of living deal to deal?
If you are a real estate investor or business owner who is tired of living deal to deal, and want to double your profits, head over here to book your no-obligation discovery call with me. Either myself or someone from my team will hop on a short call with you to get clear on your business goals, remove any obstacles holding you back, and map out a game plan to help you finally start keeping more of the money you work so hard to make. – David
Transcription :
Steven Pesavento:
It was a little bit overwhelming having many different bank accounts and not having somebody to help facilitate that for us. And so when I heard about what you do, David, it just makes so much sense because you really want somebody, a coach, a consultant who’s gonna be there to help you make those intelligent, strategic financial decisions. Because most of us are entrepreneurs, we’re hustlers, we’re operators, we’re good at doing one thing. And unless that one thing is specifically the numbers side of the business, then that might end up being a whole for us.
Outro:
If you’re a real estate investor who’s sick and tired of living deal to deal, then welcome home. Hear from everyday real estate investors just like you, and discover how they’ve completely transformed their business by taking a profit First approach. This is the Profit first for REI podcast where we believe revenue is vanity, profit is sanity. It’s time to start making profit a habit in your business. So here’s your host, David Richter.
David Richter:
We have a treat for you. On this episode. We have Stephen Veto, who has done nine figures in real estate investing, meaning over a hundred million, it’s actually 200 million, which is incredible. He’s done over 200 deals in the single family space. So no matter which side of the fence you’re on, single family, multi-family, no fence, and you haven’t done a deal yet, you’re going to learn something. He gets really raw near the end of the episode of how he didn’t feel worthy to be where he is now. How he didn’t feel like he emotionally, he wasn’t ready to jump into it, but he still took that leap of faith on himself and I think there’s a lot of good encouragement for you there. He talks about how people, a lot of people live deal to deal because they don’t have a plan. And he talks about that plan and then he also talks about his core beliefs of like what, what real estate investing does, no matter on the short or long term, the multifamily single family side, which I know will be a treat for you as well too.
But thank you so much for listening and I hope you enjoyed this next episode with Stephen Veto. Hey everyone, thanks so much for listening to this episode where we have Stephen Veto here today and we are going to dive into it. We’re just gonna get right into it because he’s been around the block, he’s probably doing or has done exactly where you have been or where you want to be cuz he’s been on a single family side, the multi-family side syndication, like he does awesome stuff. So Steven, I want to ask you before we get into anything about your background, what excites you about real estate investing in general?
Steven Pesavento:
Well, I think what excites me about real estate investing is that it can unlock so many doors for people because at the core of my belief is that everyone, what they’re really looking for when they get into real estate is they’re looking for more freedom, flexibility, all with the purpose of having more fun. And I think there’s no better path or no better vehicle to get in than real estate in order to help do that. And there’s a couple reasons for that. It’s because there’s a low buried entry towards getting involved, whether you’re gonna go start flipping houses or buying a couple rentals or whether you’re gonna do what we do and invest passively in large syndicated real estate deals, which is what the wealthiest have done for, for decades and decades. And now majority of people have the option to do that. And so once you start taking that money that you’ve earned and you actually start investing it, you start using some of those principles that we always hear about.
Uh, but you actually start taking those dollars and putting ’em to work in hard assets. You can really start to see yourself have that work optionality so that your work optional. So you don’t have to work if you don’t want to, but if you’re like me or probably like you David, you love what you do. And so there’s probably not a retirement in my near future. Uh, I have no interest of retiring. Sure. Uh, from an fi movement perspective, I could be financially independent, I could stop doing everything that I’m doing. But what I really believe is that people can find something that they absolutely love. They can put passion and all of their energy into it, and on the back end they can get some major fulfillment, uh, which is what I love about real estate. Plus, it attracts a lot of people who are really, really focused on growth, growth personally, professionally. They believe that they can live and have a better life. And that’s attractive to me. It’s one of the reasons why I was really attracted to the high growth startup space after leaving corporate America. And it’s one of the reasons why real estate’s really hooked me for the long term.
David Richter:
Oh man. There’s a lot to impact there because there was some really good stuff I do. You have that trademarked freedom, flexibility, and fun. I I love that you said, my core belief is that everyone wants these three things and you know, real estate’s the best vehicle for that. And that was awesome. And I think that is what everyone’s looking for is those three things, which I love that you said too, that it’s the best vehicle. And I love that you said that, uh, people in real estate, it is, right? I mean if you’re listening to this now, you could be listened to any podcast, but you’re listening to not only a real estate investing podcast, but like profit first for real estate investing. So the financial side of real estate investing, that’s just, that’s a different human being than a typical normal nine to five. Let’s get up, let’s go to work and let’s just repeat it all over again. I that was some really good stuff. Go ahead.
Steven Pesavento:
I, I, I agree. And you know, I’ve been, I host the Investor Mindset podcast, which I’m excited for your episode to come out, uh, here shortly. But I, I’ve been hosting this podcast for a couple years, 300 plus episodes, 800,000 downloads or views. And in that time, what I’ve been able to do is really dive in and start understanding how successful people think. And most importantly, how can you apply those thoughts and beliefs directly to investing? Whether you want to go and be an active investor and be in control directly and turn this into your business like I did, I, I flipped over 200 houses in two and a half years before we started buying very large, uh, syndicated multi-family deals in, you know, in the last 18 months we’ve bought over 200 million of real estate. And so we’ve grown a ton. But what I also love about it is that for all of those people who don’t meet, that they don’t want another career, they don’t want another job, they’ve already earned great money or they already are doing something and they have a skill that they’re really good at, that there’s another path for them.
And, and that’s what I think is so cool is when you start diving into what do people really care about? What do they really want and why do they want it? That’s how we could actually start to create a better life. And again, if we don’t create it with intention, then, you know, what are we doing here? So right back to you.
David Richter:
No, that, that was, that’s so good. And that’s why I love having people like you on because it is like, this is the group that we wanna be associated with. That’s why if you’re listening now to this podcast, you wanna be associated with people like Steven, which I wanna get into that, cuz you said multi-family syndications or, you know, large deals and now it’s more accessible to more people. Uh, before we get into that though, let’s dive a little bit on the financial side. You’ve done a lot in real estate. You said 200 houses, you’ve all done 200 million in real estate deals, which is awesome. Have you, during your real estate career, ever struggled with the money side of business? How it flowed or like cash flow crunches or anything like a lot of entrepreneurs and real estate investors do?
Steven Pesavento:
Yeah, I mean, absolutely. If, if somebody hasn’t experienced that, I would be quite surprised because I feel like one of the big things that happens in real estate is you always hear this old adage that real estate investors are extremely wealthy on paper, but they’re broke in their bank account. Yeah. They don’t have the cash, right? So that is a problem that we dealt with in the flipping business. I mean, in the first year that I was flipping houses, you know, we were going direct to seller, we had a direct marketing business, you know, we were, we bought 75 houses that first year and we started that business. I had no personal capital of my own. I put 25, $30,000 on a credit card, spent that money on direct mail and hustled in order to get those first couple deals to start that flywheel moving.
And, you know, we created over a million dollars in revenue off of wholesale and, and fees from flips. But at the end of the year, you know, we didn’t have a huge chunk of, of cash in the bank account, right. We kept reinvesting that money. And this is the problem a lot of business owners get into, and this is exactly why I think the profit first model makes so much sense, especially when you have somebody who can facilitate it for you so that you’re actually using it the right way. Is that after a few years of doing that, you’ve built this machine, you’ve made a lot of money, you’re living this lifestyle, but where is it, where did it all go? And it’s not until you either A, liquidate the portfolio or b cut half of your staff for your margin to go up that you then start actually cashing in on it.
And so, you know, the first year, the second year, absolutely we’re dealing with some of those problems. We started implementing some of the things that we learn in that system and it was absolutely helpful. Now, for us it was a little bit overwhelming having many different bank accounts and not having somebody to help facilitate that for us. And so when I heard about what you do, David, it just makes so much sense because you really want somebody, a coach, a consultant who’s gonna be there to help you make those intelligent strategic financial decisions. Because most of us, you know, are, are entrepreneurs, we’re hustlers, we’re operators, we’re good at doing one thing. And unless that one thing is specifically the numbers side of the business, then that might end up being a whole for us.
David Richter:
Yeah. Which I like asking this question a lot and this one you, you te me up for a, without even knowing it this, why in your opinion, do you think a lot of investors live deal to deal? Like why do they live on the edge all the time in the, in the re especially in that world? You were talking about the fix and flip residential, you know, or wholesale world. A lot of people are living like that. Why do you think that’s the case?
Steven Pesavento:
Well, I think it’s because it’s, there’s a low bear to entry. When you get into large syndicated multifamily deals and you’re competing against institutional investors, people who went to Harvard and uh, UCLA and you know, Wharton, they went to these big schools, they’re extremely experienced. They’ve got access to billions of dollars of capital. They operate on a different level, you know? Yeah. What I call the junior leagues. When people are coming up and you’re getting started, you’re hustling, even moving from flipping over to this space, I still bring that same mentality, but had to learn a whole new way of thinking. And so while you’re in kind of hustler mode, you can go and find a deal, right? And that deal’s gonna put some food on your plate or cash in your bank account. But you know, you’ve also gotta go and spend that additional money to go get another deal.
So this is the problem that people get into when they’re in that single family space is they’re not really allocating, or the deals are not profitable enough to allocate enough money to set aside and plan for the future. So people don’t, and the old adage of, you know, if, if most of us start behind the eight ball, we’re borrowing money to get started, then we’re, we’re constantly working to catch up. And by the time we’ve caught up, we’ve also got a habit of not setting that money aside. When it came to the syndication space, it’s actually very similar, especially when you’re kind of in the junior leagues and you’re not working for some big institutional firm, is that when you’re talking about large syndicated multi-family, like a lot of your listeners, they should be taking money out of those flips where they’re paying the highest tax bracket and they should be putting it into account and they should be investing it into deals that create depreciation.
And so, you know, in most of the deals we do, you invest a hundred thousand dollars, you’re gonna get $70,000 back as a passive loss. And if you’re a real estate professional, that’s 70,000, that’s gonna, that’s huge. Gonna write off against the money that you’re earning. So a lot of people aren’t thinking about that they’re paying those taxes, they don’t know that there’s some of these strategies out there. But in the syndication business, you know, our investors are receiving 60 to 80% or more of the profit. It’s quite the reverse of what’s happening in the fix and flip space. And the reason why is because the people who are investing in our deals are typically more sophisticated, right? Mm-hmm. So they expect more profit, right? And so this is where there’s kind of a little bit of a change. And so when, when I stepped into the syndication space, we actually dealt with a lot of the similar type of problems because 90% or more of our profit of our compensation comes from a success fee, comes from a profit share, comes from something they call promote in the business, it’s your promoted interest, right?
It’s that profit share at the end. So I don’t actually get paid as a syndicate, as a sponsor of multifamily. I get paid some fees and maybe that pays for some staff, but when you’re first getting started, you don’t have enough fees to pay for that staff. So you’re really kind of going into the hole. And it’s not until three to five years after you buy that deal or you have an exit that you have this big chunk of money. So it’s actually similar to flipping a house where you’re kind of going into the hole, but instead of over three to six months, you’re going into the hole over three to five years, right? Yeah. And so you can have some bad financial habits that can end up being built in that business because all of a sudden you have a half a million or $2 million that come into your bank account at once, and you’re not thinking through the fact that you’re gonna need that $2 million to survive the next five years until that next big check comes. And so that’s why I think people can end up getting caught up on the wrong side of things financially.
David Richter:
You uh, you touched on one of my favorite words in the English language habit, and it is, it’s, it’s one of those things where no matter what level you are, you probably have some bad habits either personally with your finances or you know, like wherever it is, but it shows up. If you have bad personal finance habits, it’s gonna probably show up in your business as well too. And that’s where I feel like we preach on here. You know, like it’s more about the habit, that’s what Profit First is all about. So if you’re good at the mil, the single family and you get the good habits in place, you should be able to graduate to the multifamily and like you’re saying, in $2 million and not be able to touch that money and like just go out there and blow it all, you know, on like whatever it is that you could in that space.
So I absolutely love that. And then I also made an observation where you said when you first started in real estate, you borrowed money up front, you know, like from credit cards, like you didn’t, it didn’t sound like you had a ton of money to get into real estate and that’s, you know, like that’s one of the most common objections you hear about getting into real estate. Oh, you need money in order to get into it. And I feel like with what you just said there, and I wanna see if you agree, you don’t need the money, but you need to have a payback plan. You said most people borrow the money, but then they never catch up, you know, and like they, that’s the big thing that I think most people don’t realize is, yeah, you can have this on your credit card and buy it, but then you have to have that plan to catch it up or you’re always gonna be in that rat race looking for the next deal.
Steven Pesavento:
Yeah. If you don’t know where that profit is gonna come from, that’s gonna end up paying back the interest and principle that you’re getting from folks when you’re borrowing it as debt. It doesn’t work, but it especially doesn’t work if you’re syndicating and you’re investing into the kind of deals we do because you’re actually bringing on equity partners, right? And the only way that those folks end up making a profit is if first off that equity in that is being invested because they’re partners in the deal. So it has to come full cycle. You have to have a business plan, you have to be able to conservatively project. And that’s what’s very different about large deals versus small deals is that I thought I came out a single family, we’re buying 75 houses a year, we’re kicking butt taking names, and I believed that, oh, well I’m at the top of this mountain in my industry, I can simply jump over and use those same skills.
They’re not applicable. It’s to two totally different businesses. They happen to be in real estate. The benefit is that once you’ve done, uh, you know, single family deals, you understand construction, you understand, um, real estate, you have experience buying, managing and taking risk with your own money. And so then you can go off and do that with, uh, with other folks and by partnering to bring on that. But it is, it’s a totally different world. And sometimes people can think that, oh, well great, I’ll use opm, I’ll use other people’s money. But it, you have to make sure that you’re actually gonna end up leading to a profit. And that’s where a lot of newbies in my space end up kind of like really kind of hitting the wall head on, is they think, oh, well if I just get the deal, great. If I can just get the money together, great. But it’s not about that in the big leagues. It’s all about the ability to actually execute, operate, and be super conservative in your projections so that you know that you can hit them no matter what happens in the market.
David Richter:
Oh, that’s really good. I feel like you just gave, there’s the secret there to the big leagues of, you know, between the single family and multifamily, which I want to go to that now. From what you said up front, like a lot of syndications you said like multifamily and syndications can be for more, for more real estate investors that than they realize. So can you talk a little bit about that? You talked about it a little bit where they can take, you know, portions of money and put it into a syndication, but, you know, do they have to be accredited? Do they, you know, like a lot of the questions that you probably get from people, you know, like just talk about that process so people know what’s out there.
Steven Pesavento:
Well, I wanna make sure that if you guys are interested in diving deeper, we talk a lot about this on the Investor Mindset podcast and we put together a great resource called the Passive Investor Playbook. It’s a 52 page guide on passive investing, talks about a credit investor, talks about some of the big tax advantages that you can take advantage of, which I’m gonna, I’ll kind of hint to here, but I want you to grab the playbook, you can grab that at von finch.com/playbook, download it instantly, you know, super easy. And, uh, you can dive into that. But when it comes to getting involved in these deals, there’s a couple different, uh, terms that aren’t really popular in the single family space. Um, and folks don’t really totally understand them. I have people who come to me who have $10 million of net worth and they say, I don’t know if I’m accredited or I’m not accredited.
So a credit investor is a really simple term that actually comes from the S e C, right? The Security and Exchange Commission because when somebody invests in the type of deals we do at Von Finch Capital, the type of deals where there’s a manager who’s gonna go and make the decisions, buy the property, and then there’s the passive investors who are limited in their liability and limited in the day to day decision making. There’s kind of this separation between power, right? And so because of that, we’re actually creating what’s called a security. So just the same as when you go and buy a share of Apple stock, you’re actually gonna buy a share of this entity, this project, von Finch Capital, MEA Verde, for example, where we’re gonna go and buy this 300 unit property. And as a result of that, you’re actually owning a prorata share of that building the same as if you’re buying a publicly traded company.
So the SCC created this, this designation and a credit investor because they wanna protect those who are not educated or the government deems not qualified to make their own investment decisions. Now, believe me, I don’t totally agree with this, I think there might be some changes. The big Wall Street guys wanna limit people’s ability to participate in private deals like the deals that we do because it forces people into more basic ways of working in the stock market versus having the ability to control their own future. But a credit investor simply comes down to this, it’s either a single person who makes over $200,000 a year, a married person who makes over $300,000 per year and has done so for the last two years, or somebody who has more than a million dollars of net worth excluding their primary residents. So that’s what’s considered an a credit investor.
So if you fall into one of those buckets, great, because then you’re accredited and the pool of deals that you’re able to invest in, it grows. And the only difference between a deal available to an accredited investor versus a non-accredited investor is the sponsor, AKA von Finch Capital is the sponsor. Steven Veto is the sponsor because I have a podcast and because I’m talking about things publicly, I have to promote my deals if I speak about it in any kind of public form only to accredit investors. However, 5 0 6 B deals, which are available to both accredited and non-accredited, the best way to think about it, 5 0 6 B Brotherhood people that I know. Um, so if you’re not accredited, you need to get to know von Finch capital and sponsors like us so that when we have a deal that’s available to non-accredited investors, you’re already in the Insiders Club. We already have a relationship because essentially what the SCC is saying is, we want you to know this individual, we want you to be part of this Insider’s club so that you can make the decision because you guys know each other, because you’ve done some research versus when I’m pitching a deal to accredit investors, they could come off the street and invest in my deal today. Yeah. So it’s kind of like a cooling off period that they’ve created.
David Richter:
Okay, well that makes a lot of sense. That’s, that’s pretty cool. So anyone on this podcast then that’s listening could potentially invest with you if they’re accredited or non-accredited, they would just first have to have that, that time period of getting to know you and being a part of your circle. And they, and how long is that period of time that they need to know you or like that would make it kosher with all the different authorities?
Steven Pesavento:
There’s a lot of different viewpoints on this because the way they write laws is they make it as broad as possible. So you can argue it from a lot of perspectives. What I recommend is if you’re listing this show and you think to yourself at some point in the future, I might want to do what Steven’s talking about, I might want to save on taxes, I might want to create cash, I might want to double my money every two to five years, then I encourage you to go toon finch.com/playbook, download the playbook, and then there’ll be a link for you to schedule a call with a member of our team. If you’re not accredited, schedule that call, be a quick 15 minute call. You have an opportunity to talk with me or someone else from the team, and then that’ll get you into the pipeline so you can see deals. If you’re accredited, I still encourage you to schedule the call because it’s all about relationships, but you’re not required to in advance. So you can pretty much get access to a deal immediately, but I can’t tell you that there’s a deal available until after you’ve established that relationship.
David Richter:
No, that makes sense. Okay, cool. Well that’s why, why, that’s why it’s so good to listen to podcasts and just get this information of where could you not only find someone who’s going to help you with these deals and make money, but who’s also gonna help you be, you know, like do it in the right way as well too. And how can we establish that relationship accredited, non-accredited. This is, this is some great information because on the Profit Firsti podcast, we wanna make sure you’re not just always making money, but that you’re keeping it too. This is a great solution if you wanna keep more money in your pocket, if you’re an active real estate investor is well he linking up with someone like Steven to get that depreciation and those types of things as that investor. And if you’re just getting started in real estate investing, but you come from a, a background, a finance or W2 job, and you’re like, which way should I go?
I’d schedule a call with Steven, you know, and like with his team just to start that relationship because then now your options are open. Do you want active? Do you want passive, do you want syndications? You know, like where are you, where are you headed? So that was some good info. Thanks for sharing that, Steven. That was, that was some really, really good stuff. I only have a few last questions here on the show, uh, before we end our time together, but you, I believe I would say that you’ve been successful in your career, you’ve done deals in the real estate and single family, you’ve done it in the multi-family on the, on the nine figure scale, you know, so it’s been, uh, pretty awesome on that side. What would you say is some of the keys to your success during this time in real estate investing?
Steven Pesavento:
Well, I think the key to the, my success has really come down to mindset. And I really define mindset very simply. It’s the thoughts and beliefs that directly lead to the actions you take and therefore the outcomes you experience. And what’s wonderful about that is that by changing those thoughts, by changing what you believe, by adopting and adapting the way that you think, you can actually change how you’re showing up in the world and therefore, uh, what you’re actually experiencing. So by first understanding, hey, this is how I’m thinking, having some self-awareness, understanding what might be holding you back, and then getting on and finding some great digital mentors, listening to podcasts, uh, reading books and kind of diving in, and then pairing that by working with great coaches and mentors who can kind of help you change those beliefs to yourself, uh, or kind of adapting.
What are some of the beliefs that others have that I could use and would be valuable to me is the way that I’ve been successful, like David, just in the short time that I’ve known you and kind of known what you’re about. When I think to, from a financial standpoint, I could ask myself this simple question when I’m looking at my books or I’m looking at how I’m gonna manage my finances, I could ask myself, well, what would David do? How would he handle this situation? What would be the actions that he’d take? What would he think? And by going through that, I can actually take those beliefs that you espouse and I can start applying them in my life and I can borrow those beliefs from you and then I can actually start running with them myself.
David Richter:
Uh, that’s really good. And I know that that’s the core, that’s the start. You know, you have to believe, you have to believe in yourself and you have to have other people that believe in you. And then you have to sometimes borrow that belief from other people when you don’t feel like getting started or you don’t know the answer to the question. So I absolutely, absolutely agree with that a hundred percent.
Steven Pesavento:
I I think there’s one other thing I wanna mention too Yeah. Is that when you hear my story, when you hear that I left corporate America and you know, I ended up starting this real estate business and I flipped 75 houses my first year and I started with no money and we flipped over 200 houses, we renovated over a hundred properties that we’ve bought 200 million of real estate, that we’ve raised all this capital, you might hear this and you might think, well that’s great that he can do that. I don’t know if I can do that. Or you might be intimidated at the thought or you might feel like I’ve felt when I’ve heard about other people’s success, you might think to yourself, well I’m, I’m not sure that I can do that. Well, the big thing that I want to share, the reason why I’ve been able to be successful is because for a long time I couldn’t do that either.
I didn’t believe that I could do that. I didn’t believe that I was worthy of it. I didn’t believe that I was capable of it. I didn’t believe that I had the connections or the family background or the intelligence or any of those things. And thank god I was wrong. But what it really came down to was going and trying, right? Failing, you know, losing money on a flip, making a mistake, not being able to hit, you know, some projection that we planned early in my career, not being able to raise enough capital to get the deal closed on time, right? These are challenges and problems that we all deal with. Like I’m, I’m not some superhero out here who’s like got it all figured out. I’m constantly on this path of continuing to grow. I might be really good at what we do and we might be able to save a lot of people on taxes and make people a lot of money and have a lot of fun doing it and really kind of drive home that whole belief system about freedom, flexibility, and fun. But at the core of it, like I’m not perfect. So that’s the other piece of it is that I used to believe that I needed to be perfect. And what I’ve come to find is that the more that I accept that I’m not, the more willing I am to take the steps necessary. Even if I might trip and fall that I’m gonna get back up and keep going.
David Richter:
Yeah, man, that is so good man. There’s so many nuggets from this whole episode that was just another one where if you’re feeling unworthy, if you’re feeling like you can’t do it like that is the first step is getting over those hurdles and getting around good people like Steven who have overcome those hurdles themselves as well too. And like he said, we’re not these superheroes up here, we’re the ones on on this podcast, but like we’re still learning. You know, like he said, things today that I’m still learning and that I’m still diving into, you know, it’s like we can all be learning together. Just don’t discredit yourself. Don’t use that an excuse to be lazy and not do something. So here you go. Just one final question, which I think you’ve already answered it cuz it was right there at the middle. But how, since you’ve provided a ton of value, how can they provide value back to you? I think one way is by going to vaughn finch.com/playbook, you know, and like getting that and, you know, becoming a part of your world. But is there any other way or like handles like Instagram handle or Facebook connecting there? Anything else?
Steven Pesavento:
Well, first off, you’re listening to a podcast, so I encourage you to click back into Spotify or Apple or Google podcast and go over search investor mindset show. We’re a top 1000 podcasts. We’ve been on the top rank list for a long time and there’s a lot of great content. So go and subscribe to the Investor Mindset Show on YouTube or podcast the other places. Go to Instagram, uh, at Steven dot veto. We’re putting out new content all the time. Send me a dm, let me know that you listen to me on David’s show. Um, and let me know a little bit about what you’re up to, what you’re doing. You know, if I’m not able to respond right away, someone from my team will and we’ll connect you with some really great, uh, resources that can help you kind of wherever, whatever direction you’re going.
You know, I’ve been on the same path that you’re on right now, and we’re all just navigating this journey. So, you know, the biggest ask that I’d have is obviously, let’s get engaged, let’s have a conversation, let’s connect. Even if we can’t jump on a phone call, you’re not ready to invest. You don’t have 50,000 to invest into a deal, no problem. Register, you know, start following along with what we’re doing. But what I really want you to do is I want you to ask yourself, what did I learn today? What’s something that I can actually apply right now and pull over the car or make a little note to yourself and commit to doing it? Because by, by actually making that commitment, by putting some money to work by, you know, putting some money aside, by making that commitment to yourself, you can actually kind of get on that path towards living a better life through real estate.
David Richter:
Right? That’s really good because sometimes beliefs fall actions too. Sometimes you have to take the action without even fully believing it, and then your belief catches up. So you gotta make sure go out there. I love that. Do that. One thing from this episode, which there was a ton of great stuff here. I mean, he talks about the core belief, like everyone wants that freedom, flexibility, and fun. You know, like another big, big success about real estate is the successful people that you get to be around or the people that think like you, that you’re not the weirdo. You know, like in this circle of like you love real estate or you love that freedom, you want that and you crave that. I love that you talked about too, about the borrowing the money and like having the plan to pay it back, but you don’t have to have money to get into real estate.
You just have to have access to what you do have and then make sure that you have a plan on the back end. I did love too that you got really raw at there at the end of like, you didn’t feel like you were worthy, that you were ready for this or anything, you know, like that. And then taking those actions and believing in yourself, getting around the right people and doing the things that would help you become that person. Whether it’s reading, mentorship, whatever it might be, you know, getting into that, in to that place. So this was awesome. Thank you so much for being on Steven. It was incredible to have you here today. I also wanted to say too, to, if you’re a real estate investor listing right now and you’ve been in Steven’s place where he was like, Hey, I don’t know, like we tried for implementing Profit First.
I’m not sure what’s going on. If you need help with that and knowing where your money’s going and knowing getting that plan in place, go and head over to simple CFO solutions.com. Click the schedule call button. We’d love to schedule a call with you even if we’re not the right fit. I promise we have someone in our network that is going to be the right fit for you. So there’s no reason for you to be sticking your head in the sand when it comes to your finances, and so you can actually start making and keeping more money. Steven, thank you so much again for being on here today. It was really awesome to have you here and then sharing your wisdom, especially on the multi-family side.
Steven Pesavento:
Super great you guys. I, I look forward to more, uh, more episodes in the future and, and staying in touch.
David Richter:
Awesome. And remember, if you’re listening to this, start Making a profit, a Habit in your Business.
Outro:
This episode of the Profit First for REI podcast is over, but there are plenty more where that came from. Are you ready to learn how David and his team can help implement the Profit First system in your business? Schedule a discovery call at simplecfo.com right now. We’ll see you next time on The Profit First for REI podcast with David Richter.
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