In this episode, we welcome our incredible guest Adam La Barr speaking in getting into syndication with the right mindset. We talked about his inspirations and unique challenges encountered, how to get started and understanding the knowledge of real estate investing. Stay tuned!
In this episode, We explore:
- Challenges of being in JAPAN while dealing with other brokers investors
- Unique Challenges in investing
- Importance of having a right partner or team
- Benefits of getting into a mentorship group
- Problems encountered in managing a property
- Joint Venture vs. Syndication
- How to deal with Syndication
- Investor Relations Skills
- How to get started in real estate
- Mobile Home Park vs. Multi-family
About Adam La Barr
Adam is an Air Force veteran. He got into real estate because of his wife. He bought his first apartment building from Japan as a 62 unit. Got into a mentorship program and went to a couple different education conferences, and since then got into 132 units syndication while also living overseas and now owns over 340 doors and is climbing. He helps people build financial future through real estate and provide solid investment returns for passive investors. Adam also brings fellow and future investors to the next level with one-on-one coaching.
What is your number one failure?
- I would say my number one failure by far was not doing a proper amount of due diligence on my first deal. But it's hard to call it a failure because I have learned so much that is going to help me beyond belief on all of my other deals.
What is the number one thing that has contributed to your success?
- I would say team, right, building teams around me that have helped keep me on track helped get me on board. Military folks train around a specific group that they're involved in,.So we'll just mention navy seals, right. So navy seals, trained with other navy seals, obviously, they go outside of that as well. But they're training with their team, because that team is what gets you through the objective, And it's the same thing in a corporate building, we have to have a good team around us that is going to get us through the objective. So building that team around you and staying tight with a team, keeping that open communication is definitely I would say one of the biggest things that contributed to my success.
What is the one nugget of investing knowledge you want to give us?
- I would say mindset I'm a huge proponent of mindset and getting your mindset right. My one failure wasn't a failure, Well, it wasn't a failure because I didn't let it become a failure, right. And because we have the right mindset for it, I have to focus on where I need me to focus my energy, put my time and focus and focus like four times.
- You need to have the right mindset. fixing your mindset, helps you to understand how to strive through difficult times, because you're going to have them, you're going to trip and fall and fall hard. But be ready for it. Have the right mindset and you're going to learn from it.
What is your dream?
- My dream is I am obsessed with being a dad. I love it with everything that I am. I've wanted to be a dad since literally I was like 13 or 14 years old, I've always just wanted to be a dad. And now that I am I want to spend as much time with them as humanly possible, and raise my boys to be way better men than me. And I think the best way for me to do that is to have the time freedom to be able to dedicate whatever I need for them. So my dream is to be able to have all the free time I need with my boys and with my wife to be able to raise them to be proper men, and focus their energy and attention in the right spots, to again be better men than I am. So that is by far my dream and apartments are, multifamily investing is by far the best tool that I found that's going to get me there. Be able to get me the proper income that I need and the time freedom that I need to be able to spend that time with my family and do whatever, whenever I would like to. Yes, there should be work involved. Because I love doing this apartment stuff. So I'll be doing that forever. But that's also what builds that freedom with my family.
- “It doesn't fall on anybody's lap.You have done all of these things to get to a point to where you are, that the deal fell in your lap. Now like you, you played all of these things out and that is why you were able to find a deal.”
- “Go and start to do something”
- “Get together with like minded folks, you are the five people you hang out with most and if you're not improving those five people, then you're not going to improve yourself either.”
- “Learn, Get education, do as much as you can to build your knowledge and then join some sort of mastermind network, whatever that happens to be for you”
- “Fail and fail often. As long as you fail forward. It's only a failure if you didn't learn something”
- “You need to have the right mindset. fixing your mindset, helps you to understand how to strive through difficult times, because you're going to have them, you're going to trip and fall and fall hard. But be ready for it. Have the right mindset and you're going to learn from it”
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