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007: Investing for Cash Flow with Dave Zook

Dave Zook

Dave Zook is a successful business owner and experienced real estate investor active in the multi-family space and resort community development. He has real estate holdings in several states and several countries.
Dave has purchased over $60 Million worth of real estate since 2009 and has over 2300 Multi-Family Apartments in his portfolio.
Dave, along with his development partners, is actively involved in the early stage planning and development of the largest real estate development on the Island of Ambergris Caye, Belize, which has been rated “The #1 Island in the World” two years in a row (2013-2014) by Trip Advisor.
He is a published author and has been a guest speaker at the International Business Conference, The Jason Hartman Real Estate Mastermind, and on the Real Estate Guys Radio Show.
Dave, his Wife Susan, and their four children live in Lancaster County, PA.
Lightning Round
1. What was your biggest hurdle getting started in real estate investing, and how did you overcome it?
No experience in real estate, with no reputation as a real estate professional. The psychology and self-limiting beliefs. Dave was able to overcome those things with great partners.
2. If you were starting over with no education or capital, how would you start investing in real estate?

Get around the right people.
3. Do you have a personal habit that contributes to your success?
Discipline to not chase the shiny objects and stay focused on his goal. Dave says “Sometimes you have to say no to the good to say yes to the great.”
4. Do you have an online resource that you find valuable?
Real estate podcasts.
5. What book would you recommend to the listeners and why?
Rich Dad Poor Dad by Robert Kiyosaki

Key Points
1. Dave got started in multifamily investing from the need to diversify from his seasonal sales and marketing company and the need for a tax protection vehicle.
2. Getting around the right people. The team is more important than the asset.
3. ATM machines – tax free income.
4. Overcoming $200,000 on your first deal.

Dave’s Reasons Why
Dave strives to provide value to the people in his network, by providing opportunities to invest in cash flowing residential properties. He loves doing deals, and is an investor at heart. As long as he can create value to his investors and have fun by adding value to his community by giving them access to deals they normally wouldn’t have.
Visit Audible for a free trail, and a free audio book download.
Interview Links

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006: Why Real Estate – Fundamental Friday


Why Real Estate?
Many people ask Why Real estate? Everyone has a unique answer, and here is mine.
Real Estate is a tangible asset, and to me it is easily understood. I can wrap my head around rent, mortgages, insurance, repairs, etc. I can look at a property and ballpark estimate what it’s worth, and what it will rent for. I understand the transaction process – from renting to buying or selling. Real Estate is a relatively simple subject. There are no complex schemes, trades, or transactions. It’s up front and widely understood, at least to some extent, by almost everyone.
Real estate investing has always appealed to me for several reasons.
1. You have direct control over the asset. If you want to increase the property value with renovations or upgrades, you have the ability to do that. In multifamily properties, if you want to force appreciation by increasing income or lowering expenses, you can.
2. The property value will never go to 0. While you’re property value may depreciate over time, you’ll likely never see that property value be worth nothing.
3. Your financial investment is secured by an asset.
4. While certain types of real estate, like commercial or retail, may not be in demand forever due to changing consumer trends, residential real estate will always be in demand. People might be able to do away with brick and mortar stores, and order all of their products online, or work from home, rather than going into an office, but at the end of the day, everyone needs a place to live.
5. The power of leverage. The true power of real estate lies in the debt that can be placed on real estate. By using other people’s money, like a bank, you can put a small down payment on a property and then control it.
Real estate investing provides multiple income streams
1. The most obvious one is rental income. The cash flow you see each month is the rental income minus your expenses. Your expenses include the Principal, Interest, taxes, insurance, vacancy, and management.
2. Appreciation of the property. Historically, property values have increased 6%.
3. Loan pay down. My favorite kind of debt, is the debit that someone else pays for you. That’s exactly what residential real estate debt is. The tenant pays rent, and part of that goes towards paying down your principal.
4. Tax benefits. The tax benefits of real estate can prove to be the most valuable. The IRS will allow you to depreciate your asset over time, regardless of the market value. This is a phantom deduction that is extremely valuable to real estate investors. We’ll have an entire show or two dedicated to the tax advantages of real estate by someone much more knowledgeable than I am.
5. Hedging against inflation. In an inflationary economy, locking in a long term, low interest loan will hedge against inflation. Think of it this way, your $500 mortgage payment will be worth more today, than it is next year. That is to say that $1 today is more valuable than $1 in the future. While inflation will erode the purchasing power of your dollar, it will not erode the value of your mortgage payment. That mortgage payment will remain the same.

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005: The Power Partnerships with Joe Fairless


Joe Fairless is a full time real estate investor and Host of the world’s longest running daily real estate podcast, Best Real Estate Investing Advice Ever. His career began in New York City as the youngest vice president of an advertising agency, to creating a company that now controls over $135,000,000 worth of real estate.
Joe’s, Best Ever Podcast, hosts distinguished real estate investors and entrepreneurs to share their advice and success stories. Past interview guests include Barbara Corcoran and Robert Kiyosaki.
Joe’s is the Author of the Best Real Estate Investing Advice Ever, Volume 1 & 2, which has been personally endorsed by Barbara Corcoran, and all profits are being donated to Junior Achievement of Cincinnati.

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004: Expanding Your Network – Fundamental Friday

This a short episode that will air every week, in addition to our weekly guest interviews.
Here we’ll talk about a quick real estate investing topic and provide resources and actionable content for you to implement every week.
For those that have been listening since Episode 001, we’ve covered the psychology of success with Rod Khleif, Finding your Niche with Paul Moore, and touched on commercial lending with Michael Becker.
These three episodes have provided tremendous value from equally impressive guests, and I look forward to continuing with more great content from our upcoming guests. Stay tuned or next week, where we’ll discuss multifamily investing, and raising money with Dave Zook.
For those of you that haven’t listened to all three previous episodes, I encourage you to go back and listen and pick up on the valuable content there!
This week’s Friday Fundamental
Surround yourself with like-minded people.
Jim Rohn famously said that we are the average of the five people we spend the most time with.
By surrounding yourself with people who share your same interests and goals, you’ll become more like those people.
It’s said that your net worth is measured by your network. Yes, your net worth is measured by your network. So choose wisely who you spend your time with.
By surrounding yourself with like-minded people, you begin to expand your network to other similar people. These connections can help open doors you never thought possible.
So if all you do is one thing starting out, I highly suggest you start building your network and surround yourself with people that will bring you up.
Go to your local Real Estate Investment clubs, real estate meetups, or start your own networking event. Consume relevant material, and follow those people who are where you want to be or doing what you want to do.
And remember, don’t always focus on climbing the ladder for your own interest. Look around and see who you can help, and offer support. Remember, you were just starting out at one point too.
I’ll leave with this aphorism – “A rising tide lifts all boats.”

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003: Commercial Lending with Michael Becker

Michael Becker

Michael is a 15 year veteran Commercial Real Estate Banker and has originated and managed numerous portfolios of permanent and bridge loans in all major asset classes. Over the last 5 years of his banking tenure, Michael focused exclusively on multi-family properties.
As a Portfolio Manager, Michael directly oversaw the management and financial performance of the countless C & B class Multi-Family properties he originated loans for. As a result, Michael has developed a keen sense of the multifamily arena, and has since started building his own portfolio of multifamily properties.
Michael brings a unique perspective and fundamental understanding of the banking side of the business.

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