Keys to a Profitable Real Estate Business in an Extremely Competitive Market with Forrest McGhee

Passive Wealth Strategy Show - Real Estate for Busy Pros

Join us as we talk to Forrest McGhee, a successful real estate investor who has been self-employed for 16 years and investing in real estate for the past nine years. Forrest shares his strategies for doing deals, focusing on what matters most to the other party in the transactions and how to benefit them while growing his reputation as a well-regarded real estate investor. He discusses the importance of having a professional team and systems in place to remain competitive in today's highly competitive market, effective marketing that can be converted into workable deals, being involved with masterminds and communities that can help to strengthen a business, and the importance of having a lawyer on their side.

Tune in now to learn valuable insights from Forrest's experience as an experienced real estate investor.

[00:01 - 07:31] Opening Segment

• Introducing Forrest to the show
• He shares his experience of operating a profitable real estate transaction business in today's highly competitive market
• His company CVA Homes LLC has been doing real estate since 2014, and they are a direct-to-seller home solution provider

[07:32 - 13:28] How to Stand Out in a Highly Competitive Real Estate Market

• The importance of focusing on benefiting the sellers and solving their problem
• Higher level of professionalism in the business
• Getting better with marketing and training the sales team

[13:29 - 24:39] Forrest's First Deal and Lessons Learned

• How delegating tasks to others can save time
• Business is like a sports team: they need to be willing to upgrade
• The importance of understanding dollars and cents when investing in real estate
• Holding costs, bad decision costs, and acquisition costs all need to be taken into account

[24:40 - 31:43] Closing Segment

• Best investment: investment of time with Forrest's wife
• Worst investment: buying his primary residence in Woodbridge
• The most important lesson learned: don't stop

Quotes:

"Business is to win. And if that person isn't performing, it's your duty. It's your business to find somebody that will." - Forrest McGhee

"As a contractor, you don't have one boss. You have 20 bosses or 30 bosses." - Forrest McGhee

"You're either going to learn with your money, or you're going learn with your time." - Forrest McGhee

Connect with Forrest!

Website: www.ForrestMcGhee.com

Invest passively in multiple commercial real estate assets such as apartments, self-storage, medical facilities, hotels, and more through https://www.passivewealthstrategy.com/crowdstreet/

Track your rental property's finances with Stessa. Go to www.escapingwallstreet.com.

Join our Passive Investor Club to access passive commercial real estate investment opportunities.

LEAVE A REVIEW + help someone who wants to explode their business growth by sharing this episode or clicking here to listen to our previous episodes.