28-11-2022
Conversation with Luke Andrews about real estate, taking big leaps and planning before execution.
Escaping the rat race of corporate lifeLuke Andrews escaped the rat race of corporate life by working part-time in real estate. With his wife's encouragement, he got his license and immediately fell in love with it. They created a plan to quit his secure job in two years and transition into owning their own business. He was determined to make it work and make the necessary sacrifices to follow his dreams. He was able to be successful in his endeavor and now lives a more independent life.Mental health during instabilityLuke Andrews experienced a difficult transition from a stable job to starting his own business. He found the first six months relatively easy, running off of adrenaline. The period from six to 24 months was difficult, as the adrenaline wore off and it became a grind. Andrews recommends having faith in the plan and a light at the end of the tunnel to keep going. He found the period from 21 to 22 especially difficult, but things turned around in month 23 and he was able to make more than he was before. With the stars aligning, Andrews and his team were able to get back into the black and grow the business.40 properties by 40 years oldLuke Andrews recently achieved a milestone of purchasing 40 investment properties before turning 40. He originally set the goal several years ago when he became interested in real estate investment. He closed on his 40th property about 90 days before his 40th birthday. He now wishes he had set a more ambitious goal of 400 properties to see how far he could have gone.How to get started in real estate investingLuke Andrews and Amin Ahmed discuss their journey of getting into the real estate business. Starting with the purchase of their first property in 2006, Luke and his wife were able to upgrade their home and keep their existing one as a rental. When serendipity struck, they were offered a package of 13 properties, but needed money for the down payment. After asking around and coming up with an outside of the box solution, they were able to close the deal and manage the properties for free until the money was paid back. Ultimately, the deal was paid back in eight months and they used the equity to purchase new properties.4 C's by Dan Sullivan BookAmin Ahmed is discussing Dan Sullivan's book, The Four Cs. The book outlines four steps: commitment, courage, capability, and confidence. Ahmed believes that the right sequence is to start with commitment, which allows you to take the leap and do something that you may not be entirely prepared for. Luke Andrews agrees and compares it to having children, in that you will never be fully ready, but if it is what you want, you must take the leap and go after it.Kids and entrepreneurshipLuke Andrews wants his children to understand the family business and how they use money to pay for everyday items. He takes them with him to his investment properties to show them the work involved and to collect rent. He also wants them to understand that not everyone lives the same way. To emphasize this, he and his children donate 10% of their allowance to a fund of their choosing. This helps to ensure that the family gives back to those less fortunate.Hard work growing upLuke Andrews and Amin Ahmed discussed the importance of instilling values and lessons in children early, and how it can provide them with an understanding of the struggles of life. Luke explains how his parents taught him the value of hard work and that it is important to keep pushing and grinding, even when it gets hard. They both agree that children should be encouraged to pursue their dreams, no matter the difficulties they may face.What to do when motivation is lowLuke Andrews provides advice on how to handle days when you don't feel like doing anything. He suggests breaking the task into three simple steps and then once you get started, momentum will help you...
