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E258: How to Go From Middle Class to Millionaire with David Vernich
How do you get to the next level when you lack the capital, the skills, and the network? In today’s conversation, Erik Cabral speaks with David Vernich, a commercial lender with more than three decades of experience in the banking industry. David shares some real estate investing strategies to get you from middle class to millionaire.
Here are some power takeaways from today’s conversation:
Episode Highlights:
[09:29] How to Raise Capital for Deals Without Putting In Your Money
If you don’t have the capital to do deals, leverage your network and use their ability to borrow money to take down the house and renovate it. If you have contacts in the banking industry, use that to help them put up a permanent loan on the property. And so, the investor essentially just puts up the capital while you do the rest of the work. You get a percentage of the property without having to put any personal money into it. The key is building that network and a community that trusts you.
[15:31] How to Start Building a Network
Everyone has a network even if they might not think of it as a network. But you are talking to people all day long and it's not hard for them to give you an opening. Whether it’s about inflation, the stock market, or anything that has to do with money and finances or their future, you can always find a topic that opens up a conversation and opportunity.
[27:13] The Avenue to a Passive Income
When you invest or put your own capital and hard work into something try to minimize the amount of time you have to spend or it defeats the purpose of trying to have passive income. Secondly, it has to be scalable, which means you could make more money by just doing more of what's working.
Resources Mentioned:
Middle Class To Millionaire: Making The Leap To The Next Level
Entrepreneurs Circle podcast is an On Air Brands production.
On Air Brands is one of the leaders for launch, production, and promotion of top-rated business and real estate investing podcasts. Reach out to On Air Brands here ---> [email protected]
Learn more at: www.onairbrands.com
Find and follow find Erik at: www.erikcabral.co
Download Erik's FREE GUIDE to podcasting at: www.erikcabral.co/guide
Check out this show and previous inspiring guests at Entrepreneurs Circle in Apple Podcasts.
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By Erik Cabral
5
5151 ratings
How do you get to the next level when you lack the capital, the skills, and the network? In today’s conversation, Erik Cabral speaks with David Vernich, a commercial lender with more than three decades of experience in the banking industry. David shares some real estate investing strategies to get you from middle class to millionaire.
Here are some power takeaways from today’s conversation:
Episode Highlights:
[09:29] How to Raise Capital for Deals Without Putting In Your Money
If you don’t have the capital to do deals, leverage your network and use their ability to borrow money to take down the house and renovate it. If you have contacts in the banking industry, use that to help them put up a permanent loan on the property. And so, the investor essentially just puts up the capital while you do the rest of the work. You get a percentage of the property without having to put any personal money into it. The key is building that network and a community that trusts you.
[15:31] How to Start Building a Network
Everyone has a network even if they might not think of it as a network. But you are talking to people all day long and it's not hard for them to give you an opening. Whether it’s about inflation, the stock market, or anything that has to do with money and finances or their future, you can always find a topic that opens up a conversation and opportunity.
[27:13] The Avenue to a Passive Income
When you invest or put your own capital and hard work into something try to minimize the amount of time you have to spend or it defeats the purpose of trying to have passive income. Secondly, it has to be scalable, which means you could make more money by just doing more of what's working.
Resources Mentioned:
Middle Class To Millionaire: Making The Leap To The Next Level
Entrepreneurs Circle podcast is an On Air Brands production.
On Air Brands is one of the leaders for launch, production, and promotion of top-rated business and real estate investing podcasts. Reach out to On Air Brands here ---> [email protected]
Learn more at: www.onairbrands.com
Find and follow find Erik at: www.erikcabral.co
Download Erik's FREE GUIDE to podcasting at: www.erikcabral.co/guide
Check out this show and previous inspiring guests at Entrepreneurs Circle in Apple Podcasts.