644: Bill Ham | How to Make Money on Your First Deal

Education and preparation is key, but when the opportunity arises to put it to action, don’t hesitate, just go for it! Bill Ham is the Chief Operating Officer and the driving force behind Broadwell Property Group.

He has more than 20 years’ experience in Real Estate with a proven track record of identifying, acquiring, operating, and divesting of large footprint Multifamily Housing. Bill educates others by taking his skills as a Real Estate Entrepreneur and sharing them through speaking, and his latest book, Creative Cash. 

Let’s dive into Bill’s expertise and learn how to make money on your first deal in whatever market you choose.

Things you will learn in this episode: 

[00:01 - 04:08] Opening Segment  

I introduce today’s guest, Bill HamBill gives a bit of his background Difficulty with social interactions Coming from a family of physicians Bit by the aviation bug Became a corporate pilot firstSeeing that there was real money in real estate

[04:09 - 20:50] Preparation, Education, Execution 

Bill talks about getting his first deal It took one year to land a deal Starting off with education Preparation vs. actionThere is no true balanceWhen the opportunity arises, just take itEarly missteps no one prepares you forAnalyzing deals in a narrow way Paying twice more for a building then he should haveHaving no exit strategy Making money on a dealCreate value with the buyMake money with the sellExample through aviation Bill talks about his experience starting out in real estateReiterating the importance of an exit strategy Bill’s advice for people who want to get into the real estate market Get started with education Practice as soon as possible Information not motivation A word from our Sponsor 

[20:51 - 41:53] How to Make Money on Your First Deal

Where to get started with your educationStart with the low price and work your way upThrow everything at the wall and choose what sticks Practice is an important part of the processLearn through failure Advice from Bill on finding the right people onto a dealBe careful when you pick your LP Vet the underwritingWho you know or what you know Knowing someone vs. bringing value Bringing the what as value to the whoHow to audit your value as a newcomerCan you be outsourced?What education do you bring?What do you have that no one else does?When a relationship led to success for BillHelping high net worth people build a coaching businessMaking good partnershipsDon’t just hire yes-menSeats in the bus analogy 

[41:54 - 48:27] Closing Segment

ThE RaNdOm RoUnDHow to engage with BillLinks below Final words 

Tweetable Quotes: 

“There’s right now and there’s yesterday and that’s about it… there’s never going to be that perfect time. If you want to prepare as much as you can then educate yourself as much as you can.” - Bill Ham

“You create value when you buy, you make money when you sell.” - Bill Ham

“Spend your hustle before you spend your dollars… Go and get out there…” - Bill Ham

Resources Mentioned: 

Creative Cash - by Bill HamRich Dad, Poor Dad

Connect and engage with Bill on LinkedIn. Check out https://broadwellpropertygroup.com/ to learn more.

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