This time last year Brian Pownall knew absolutely nothing about real estate, and a few weeks ago he just closed his first deal; a 138 unit property in Austin, Texas! Brian works by day as a reservoir engineer, and 2020 was a tumultuous year for his industry, as it was for so many others. Brian chose to use this time to do some soul searching, which led him to discover the enormous potential of the real estate industry as a form of alternative income. He has learned a huge amount in the past year, and in today’s episode we gain some key insights into how he thinks about and approaches investing. It took him about 100 underwriting attempts to land a syndication, and today’s episode will give you all the motivation you need to keep pushing through if you haven’t yet managed to land your own. Brian attributes his success to the thing that we are most passionate about on this podcast; mindset, so be sure to tune in today for some invaluable advice!
Key Points From This Episode:
- A rundown of Brian’s background, and what drove his recent entry into the real estate industry.
- Brian’s misconception about real estate before he became a syndicator.
- Where Brian’s focus lies within the real estate sector.
- The first deal that Brian closed a few weeks ago.
- How cap rates have changed since Brian started underwriting deals.
- Challenges that Brian has gone through during his time working in real estate.
- The mindset that you need to adopt in order to avoid burnout.
- Benefits of starting with a small market pool.
- Data that Brian looks for prior to underwriting a deal.
- Brian’s rule of thumb for cap rates, and why they aren’t as important as some people think.
- The importance of finding partners who complement your skill set.
- Three elements that make up Brian’s morning routine.
- Books that have inspired Brian.
- Brian shares his opinion on getting a coach.
- An example of a time when Brian’s coach provided him with invaluable advice.
- A mistake Brian made which taught him the importance of being organized.
- The power of mindset, according to Brian.
Links Mentioned in Today’s Episode: