Real estate investing is so exciting because there are a million paths to success. Well, maybe not a million, but it is a diverse investment area with a variety of opportunity. That’s one of the things we love so much about real estate investing: there is always something to learn and experience and each person takes their own path to success.
To hear more about his unique path towards real estate investing success, we had a conversation with Esteban Andrade on episode 34 of The Executive REI Show. Esteban’s story teaches us a lot about how to hustle—the correct way—and some unique ways to invest in real estate.
It’s always interesting to hear someone’s story, because it reminds us that real estate investing can be for anyone!
Esteban’s story is unique and inspiring. He was born in Colombia but moved to Canada for higher education. There, he worked in the automotive industry, working for Chrysler. He later moved to the United States to pursue his entrepreneurial dreams.
It was through his experience in the automotive industry that Esteban became interested in fix and flips. He learned about how Detroit was once the center of the auto industry, making it a vibrant economic engine of the country. As the automotive industry left Detroit, the city experience economic difficulties and now has many abandoned and run-down buildings and homes.
This presents an opportunity for some investors and Esteban became intrigued with the opportunities in Detroit. He connected with international investors who were putting money into improving properties and fixing them up.
From there, Esteban realized the opportunity to build a business and wealth through fix and flips. The pandemic was a catalyst for jumping full-time into entrepreneurship and he started building his own business. His media company, Hesel Media, helps investors and wholesalers build wealth through real estate investing.
How to Hustle
One feature of Esteban’s story is his hustle. Inspired by people like Gary Vee, Esteban learned the importance of hustling—but hustling the right way!—in order to grow a business.
The “hustle” is a hot buzzword these days, with people talking about their side hustles or projects that compliment a 9-5. And then there are some people who can turn that side hustle into a full-time gig, earning more money and gaining greater experience than they could in a “regular” job.
But how does someone “hustle”? Here are a few things to keep in mind:
- It’s all about mindset. Why are you doing this? What are you goals? The right mindset will help you stay positive amid challenges.
- Exercise your mind. Invest in learning and education through reading, courses, or podcasts. Just as it is important to exercise our bodies, it’s equally important to exercise the mind.
- Start by acquiring a specific skillset. You can’t learn or do everything at once. So, start by becoming an expert in one area so that you have a skillset that can be monetized. From there, continue to learn and grow into different areas.
How to Grow
And just as hustling is important to achieve entrepreneurial goals, it’s equally important to hustle the right way. A lot of people will burn out or become discouraged by putting in tons of hours without seeing any results. It can be exhausting to work your “day job” and then come home and work on a side hustle!
For this reason, growth can only come through careful and considered hustling. You must be smart about your goals and careful about how you go about them. Here are some ways to grow a side hustle into a sustainable business:
- Let go. Don’t obsess over every single little thing or the bottom line. You need to relax about things that are out of your control. As your company grows, you will also need to delegate responsibilities to other people; it’s impossible to be successful while micromanaging a team!
- Figure out your systems. You cannot grow without creating system and processes to maximize time and efficiency. Put effort into developing the right systems to help you grow.
- Work with a team. Surround yourself with people who can help you grow. Focus on learning a skill and then quickly delegating that responsibility to someone else so that you can move on to the next thing.
Creative Real Estate Investing
Esteban’s primary interests in real estate investing are in the fix and flip markets. The dramatic transformation of a home is appealing to him, as well as the opportunity for high financial returns.
And while fix and flips are common in the real estate world, Esteban’s experience is slightly different because he works with a lot of international investors. He is also working on leveraging the tax benefits for real estate to his advantage by working with his CPA to identify creative opportunities. For example, charitable foundations have some tax benefits, and so creating one to support low-income families find housing is a way to both help and serve the community but also have some tax benefits.
There are a few things we can learn from Esteban’s real estate journey:
- You don’t have to follow the crowd. Look for unique opportunities that appeal to you and pursue them.
- Collaborate with professionals. Whether it’s a CPA or someone else with specialized knowledge, you need them on your team! Professionals can help see opportunities that you may not be familiar with.
- Real estate investing is not a linear path. Anyone, no matter their background or skillset, can get involved in real estate investing. A diverse background is often an asset, too. If not for Esteban’s experience in the automotive industry, he may not have been exposed to the opportunities available in the fix and flip sector.
Real estate investing is an exciting field with tons of creative opportunities. And, if you’re willing to hustle, you can reap the many benefits! Hustling the right way involves seeking out creative opportunities, continuing to learn and grow, and to create systems and processes to help you grow.