Mon, 13 August 2018
‘The cost of my self-education was six figures in mistakes and seven [or] eight figures in lost opportunity.’
If you have a poverty mindset, investing money in a mentor or spending more for a qualified contractor seems like a burden. But if you have an abundance mentality, it becomes obvious that spending a little more up front for coaching and devoting your time to the activities that will grow your multifamily business result in higher revenue long-term.
Jack Petrick is the owner of Petrick Property Group, a real estate firm that specializes in multifamily acquisitions and improvements. He spent 15 years working as a firefighter in the Cleveland suburb of Strongsville, Ohio, before leaving to pursue real estate full-time. Jack’s team focuses on on- and off-market multifamily assets, and to date, he has 100-plus rental units in Ohio and Florida.
Today, Jack joins me to discuss his initial experience as a self-taught custom home builder. He shares the major shift that took him from a poverty mindset to an abundance mentality and describes how he would use his time differently if he could go back to those early days. Jack explains the importance of mentoring and masterminds, the concept of forced appreciation, and the decision to hire an assistant that doubled his revenue. Listen in to understand what inspired Jack’s shift to multifamily investing and learn how to follow in his footsteps—by way of a laser focus on raising capital, finding deals and improving processes.
Jack’s introduction to real estate
Jack’s major mindset shift
How Jack would use his time differently
What stopped Jack from leaving his job sooner
How Jack got clear on what’s important
Jack’s insight around mindset
Jack’s transition to multifamily
The concept of forced appreciation
Jack’s first multifamily deal
The value of hiring an assistant
What’s next for Jack
Connect with Jack
Go for No! Yes is the Destination, No is How You Get There by Richard Fenton and Andrea Waltz
Free eBook: The Secret to Raising Money to Buy Your First Apartment Building