“If you don’t have the willingness to pull in those after-hours work hours and put in the work to make this business successful, you are probably not made for entrepreneurship”
In this REI Uncovered podcast episode, Ed will share…
- Getting to know your strengths
- Ed’s journey
- Wholesaling during COVID-19
- The truth behind wholesaling
Inside Ed’s Life
Ed has 3 kids and a wife, he loves his family more than anything. His net worth is over $8M. He’s not one to give up easily. In fact, he defines himself as stubborn because of the fierce loyalty and work ethic it takes for him to stay on task in spiteful conditions or those that seem impossible at first glance.
“If you know what you are good at, know your weaknesses, know your strengths, build your business or investment career around it “
For the past decade, Ed has been funneling countless hours into building up his family’s wholesaling company. In 2008 when the market crashed and caused his father to lose everything they had worked so hard, he started from scratch answering calls, putting bandit signs, doors hangers.
He forced himself to live below his means and use the principle of inflation. He predicted that a coming rise in prices was inevitable, so he invested all assets possible before its effects were too great for him.
In 2021, he is still struggling to get back on the regular market. In 2019, just like last year and many before it, Ed has been making a majority of his deals at or below 120.
2020 was a hard year…
During COVID-19, he signed 37 deals with six-month gaps in between. Ed did a lot of soul searching and forced himself and his business into a “profit first” mentality.
Being an entrepreneur is like being tested in fire. It’s not easy, but the challenge results in success for those who manage to keep their cool and overcome these obstacles on this path of entrepreneurship
The truth behind wholesaling
95% of the people that flip houses lose money, and they all lie about it. For example, you see a lot of people posting checks on social media for $50k or more, but you don’t know how a) many payments they have made b) how much they have paid in utilities c) how much they paid their contractors d) how much they put down when they bought the property. So, they can show a check for $50K but actual the net income could be $2K.