If you’re in the business of real estate investing, then I know why you’re listening to this podcast. But my guest today is here to talk about how you can balance your own business and use real estate as a sort of passive income that can build your wealth and, eventually, give you more free time to spend on the things that truly matter to you!
Dr. David Phelps is my guest today. You’d never guess it, but he transitioned from dentistry to real estate quite easily. Because that’s the thing about this business, isn’t it? You can bounce around until your find your niche. The business of real estate investment is very simple, but most of us complicate it by thinking too hard or trying too hard. I know I’m guilty of it, even David’s guilty of it, but he’s talking today about how you can balance the simple stuff with the hard stuff and still come out ahead. And you come out ahead when you focus on maintaining your entrepreneurial spirit.
Consider this – instead of investing just money, ask yourself what kind of people you are investing in. David’s biggest takeaway from this episode is how to invest in the right people who have the integrity, the track record, and the critical thinking necessary to be successful in real estate. It’s much easier to invest through people and work together than it is to keep your investments as a one-man show.
While we all may like to think we can do it alone, there is absolutely no reason you have to. So tune in now to hear how David broke through dentistry and keeps himself a team of amazing people that support and work together with him to keep business booming.
MINUTE MARKERS
5:40 - Dr. David Phelps joins me from Dallas!
6:20 - How did David break out of dentistry and into real estate?
8:18 - David and his dad became a real estate venture team
12:34 - Why fix-and-flips and rentals work better than wholesale if you already have a business
13:40 - David breaks down his big breaking point with his daughter and his family
20:47 - David’ biggest mistake in real estate investing
23:12 - What happened when David didn’t do a title check?
26:40 - David and Freedom Founders big real estate investment strategy
30:52 - The greatest lesson David’s learned in real estate
33:05 - David and I break down our working relationship and philosophies over the years
36:28 - What would David do all over again if he could?
39:07 - David’s favorite motivational quote
40:00 - David has way too many books to recommend
43:04 - Uber is David’s favorite app (he’s always on the go apparently!)
44:24 - David breaks down his morning routine
47:16 - What is David most grateful for?
49:30 - How does David define a good mentor?
51:13 - What kind of impact does David want to make on this world?
55:00 - If you’re a dentist, shoot David’s assistant an email lindsey@freedomfounders.com
Links and Resources:
How I Turned $1000 into $5 Million, William Nickerson
The E-Myth, Michael Gerber
QUOTES/Tweets
If you buy real estate right, and you always have a plan B, that’s really what matters.” David
If your life is not moving in the direction you want it to, look around and see who you're hanging around with. - David
