Erik just came back from a three-day training session at the real estate summit by Grant Cardone. In this episode, Erik shares the two big things that happened in the event.
Erik J. Olson (00:01):
Everything you ever wanted to know about real estate investing? What is happening? I am Erik J. Olson. I just came back from the real estate summit that is put on by the one and only Grant Cardone. It’s a three-day training session down in Aventura, Florida, which is just outside of Miami. This is the second time that I’ve been the first time was a year ago. And I think he does it twice a year. So, m, I went in August of 2021 with Kevin. I came back, I was talking about real estate nonstop. My wife was like, I don’t understand really what you’re talking about. So I kind of like introduced her to some of the topics, had her watch the video. She started to get more into it and I wanted to bring her down to Miami so that she could hear it firsthand.
Erik J. Olson (00:54):
And there were a tremendous number of takeaways from that. And I went in thinking I’m not really gonna learn a lot. Cause I already spent three days learning this last year. But you know, like there was a lot that, that either he didn’t cover or I didn’t pick up on or just didn’t understand, but certainly there were a lot of gaps that got filled in one of the most meaningful thing. Well, there, there were two big things that happened there. One is my wife heard a firsthand and she’s like all into real estate investing now, which is awesome because now we’re doing it as a team. It’s not just me like talking about it. And her kind of like, however, she felt about me just talking about it without really understanding it much. So she understands it a lot more. And then two it did, it filled in a lot of gaps in my knowledge.
Erik J. Olson (01:39):
And the last day that I was there, I put together a spreadsheet so that I can very quickly evaluate a deal. And there’s really only a couple pieces of information that I need to know about a deal at this point. There’s pieces about financial there’s pieces about the market, but really when it comes to a deal valuation, I can get the bulk of what I need now from two pieces of information, the average rent per unit and the number of units. And from there, I can do like some guessing and some real, like I can, I can get pretty close to underwriting these deals with just those two pieces of information and the spreadsheet that I have, the spreadsheet has been invaluable. And I don’t know if other people have a spreadsheet like this or not, but if you want one of these spreadsheets email me at erik@thisisarray.Com. I’ll send it to you. But yeah, I put in those two pieces information does a ton of calculations, how much debt the property can support,uwhat cap rates,uyou may wanna offer,uprovide an offer at the amount of money, the amount of offer, the amount of debt that, that you’re going to carry the amount of equity that you need, the cash on cash return, how evaluates based on the 1% rule there’s there’s. But it, I didn’t have
Erik J. Olson (02:58):
This before I went down the second time. So I, I, I feel like I, I really, at this point with about two years of studying real estate, investing commercial, real estate investing, I have a really good grasp on it. And I’m, like I said, I’m able to evaluate a deal very, very quick now, and I’ve been doing that. And so when we came back, we started looking at more deals and you know, maybe, maybe I’ll come on the podcast soon and tell you that I got another deal under contract, but I’m all in for real estate investing. As a matter of fact, we’ll probably be cashing out some of our investments, mutual funds, stuff like that. I, I think real estate’s the way to go. So between my day job Array Digital and my passive income real estate, that’s my plan. That’s my plan. That’s my plan to get ahead in this world. So I hope you have a plan as well. If you do hit me up on Instagram, I hang out there @erik.j.olson. That’s E R I K dot J dot O L S O N.