How To Go From 100k To 1 Million
How To Go From 100k To 1 Million
Why is personal branding important for building client trust?
I started flipping houses, aspiring to be like the top real estate agents on "Million Dollar Listing," such as Josh Altman and Ryan Serhant. I envisioned myself wearing suits, selling houses, driving cool cars, making a lot of money, and building a team. Wearing suits was crucial because, at 18, I looked very young; without a suit, I looked about 12. Dressing well was essential to gaining the trust of clients who were making the most significant purchase of their lives. In our market, where the norm was baggy khakis and polos worn by older white men, I needed to stand out. It wasn’t enough to tell clients they were my only focus; I had to make them feel like they were my only client without explicitly stating it. Dressing to impress was key to differentiating myself and making a strong impression.
What steps should business owners take to properly vet contractors before hiring?
The biggest financial mistake I made was hiring my first contractor, who happened to be a friend. He ended up taking all the money I had. At the time, there were no apparent red flags; he was part of my social circle, and nobody warned me against him. It was only later that I discovered I wasn't his first victim, but no one in our group was involved in real estate, so they wouldn't have known. The primary issue was my failure to vet him properly. Driven by ego, I didn't want to ask others for their opinions or insights about his reliability. For example, if I had consulted our flooring supplier, I would have learned about his $102,000 outstanding collections account, which had been unpaid for six years. This information alone would have been a strong indicator to steer clear, but I didn't inquire. I thought, since he was my friend and seemed to be successfully running his construction business, what could possibly go wrong? As it turned out, everything could.
How can having a clear vision for the future guide daily business decisions?
I plan to be involved in real estate for the rest of my life, hopefully not always chasing the next house flip every month. In 20 years, I envision deals coming to me involving office parks or apartment complexes—investments that are slower and longer-term. Until then, it's about making hay while the sun shines and keeping pace. If, hypothetically, everything collapsed tomorrow and I lost everything, by Wednesday, I'd be ready to start over and get back to business, knowing exactly what to do.
*This interview has been edited and condensed for clarity.*
