July 05, 2021

644: Bill Ham | How to Make Money on Your First Deal

49 minutes

Education and preparation is key, but when the opportunity arises to put it to action, don’t hesitate, just go for it! Bill Ham is the Chief Operating Officer and the driving force behind Broadwell Property Group.

He has more than 20 years’ experience in Real Estate with a proven track record of identifying, acquiring, operating, and divesting of large footprint Multifamily Housing. Bill educates others by taking his skills as a Real Estate Entrepreneur and sharing them through speaking, and his latest book, Creative Cash.

Let’s dive into Bill’s expertise and learn how to make money on your first deal in whatever market you choose.

Things you will learn in this episode:

[00:01 - 04:08] Opening Segment

I introduce today’s guest, Bill Ham

Bill gives a bit of his background

Difficulty with social interactions

Coming from a family of physicians

Bit by the aviation bug

Became a corporate pilot first

Seeing that there was real money in real estate

[04:09 - 20:50] Preparation, Education, Execution

Bill talks about getting his first deal

It took one year to land a deal

Starting off with education

Preparation vs. action

There is no true balance

When the opportunity arises, just take it

Early missteps no one prepares you for

Analyzing deals in a narrow way

Paying twice more for a building then he should have

Having no exit strategy

Making money on a deal

Create value with the buy

Make money with the sell

Example through aviation

Bill talks about his experience starting out in real estate

Reiterating the importance of an exit strategy

Bill’s advice for people who want to get into the real estate market

Get started with education

Practice as soon as possible

Information not motivation

A word from our Sponsor

[20:51 - 41:53] How to Make Money on Your First Deal

Where to get started with your education

Start with the low price and work your way up

Throw everything at the wall and choose what sticks

Practice is an important part of the process

Learn through failure

Advice from Bill on finding the right people onto a deal

Be careful when you pick your LP

Vet the underwriting

Who you know or what you know

Knowing someone vs. bringing value

Bringing the what as value to the who

How to audit your value as a newcomer

Can you be outsourced?

What education do you bring?

What do you have that no one else does?

When a relationship led to success for Bill

Helping high net worth people build a coaching business

Making good partnerships

Don’t just hire yes-men

Seats in the bus analogy

[41:54 - 48:27] Closing Segment

ThE RaNdOm RoUnD

How to engage with Bill

Links below

Final words

Tweetable Quotes:

“There’s right now and there’s yesterday and that’s about it… there’s never going to be that perfect time. If you want to prepare as much as you can then educate yourself as much as you can.” - Bill Ham

“You create value when you buy, you make money when you sell.” - Bill Ham

“Spend your hustle before you spend your dollars… Go and get out there…” - Bill Ham

Resources Mentioned:

Creative Cash - by Bill Ham

Rich Dad, Poor Dad

Connect and engage with Bill on LinkedIn. Check out https://broadwellpropertygroup.com/ to learn more.

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