A client recently asked me to meet with his friend to talk about commercial real estate brokerage. This friend was interested in making a career change and wanted to talk with someone in the real estate business. He was trying to decide between the residential and commercial sectors.
Ethan (not his real name), is 30 years-old and was being laid-off by his current employer. He started working immediately out of high school and had a good job. Unfortunately, as with most people, he was at the mercy of his employer. They could no longer afford his salary and gave him notice that they were letting him go. Ethan is married with three kids and a fourth on the way. His face lit up when talking about his family.
Ethan is a Dave Ramsey follower, having brought EntreLeadership with him to our meeting. He’s also read the various investing books such as Rich Dad, Poor Dad. He was very bright and I enjoyed talking with him.
Ethan’s in-laws were selling him and his wife a rental home under market value. He was very excited about this opportunity and said he would flip it once the repairs were done. I asked him questions about retaining the property for cash flow versus flipping it, but it was clear he had a vision of a single paycheck in his eyes. Everyone has a different journey regarding real estate and mine wasn’t the same as his which is okay.
What gave me pause, though, was a statement he made because it was something I’ve said before and I’m sure countless others have said as well. At one point, Ethan shook his head and muttered, “I’m tired of just scraping by.”Read More