Karma & Chaos with Kail Lowry & Becky Hayter
PodcastOne
Episode: FOR THE HAYTERS S2E3 - Heroin Addict to Self-Made Millionaire
Release Date: January 27, 2025
Introduction
In this compelling episode of Karma & Chaos, hosts Kail Lowry and Becky Hayter welcome special guest Josh Axe. The episode delves deep into Josh's transformative journey from battling addiction to becoming a self-made millionaire through real estate investment. The conversation is rich with insights, personal anecdotes, and actionable advice for listeners navigating their own life challenges.
Guest Introduction: Josh Axe’s Journey
Becky Hayter (B) opens the episode by introducing Josh Axe, highlighting his impressive achievements in the real estate sector.
"My name is Josh Axe. I currently live in Pennsylvania, northeastern PA... I have a flipping business where we flip houses. Past 18 months, we've probably done about 30."
[01:08]
Josh details his extensive portfolio, managing around 52 rental units, underscoring his success and dedication to real estate investment.
Transition from Real Estate Agent to Investor
Josh recounts his early career as a real estate agent in Phoenix, where he gained invaluable experience in property management and investment.
"I realized that these guys were collecting rent, the managers were managing the property and they were just getting paid. I'm like, that's brilliant."
[01:45]
His keen observation of the industry's dynamics inspired him to transition from being an agent to a full-time investor, leveraging his skills to maximize profits and expand his investment portfolio.
Overcoming Challenges in New Markets
After relocating to Kingston, northeastern Pennsylvania, Josh faced the harsh realities of a different real estate market. He discusses the initial struggles and the lessons learned from adapting to new economic conditions.
"In Kingston, the median house price is 100 grand. So you immediately make half as much money... I was thinking, this is going to be so easy because when we moved, no one would return my phone calls."
[04:00]
Josh emphasizes the importance of understanding local market conditions and adapting strategies accordingly, highlighting the complexities of property management and brokerage structures in less lucrative markets.
Key Real Estate Strategies and Success
Josh shares a pivotal moment when he and his business partner identified a lucrative investment opportunity in a mismanaged 35-unit complex. Their strategic negotiation and innovative seller financing approach were instrumental in securing the deal.
"We structured a way... he became the bank for us. So ended up getting this deal. And it was phenomenal."
[06:15]
He explains the significance of improving Net Operating Income (NOI) and how minor adjustments, like reducing insurance costs, can significantly enhance property value.
"We cut the insurance from $16,000 per year to $8,000 per year. So our NOI increased $8,000... that's what's really cool, right?"
[08:05]
Influence of Real Estate Literature and Mentors
Josh credits his success to his relentless pursuit of knowledge through real estate podcasts, books, and mentors. He specifically mentions the profound impact of Grant Cardone’s teachings.
"Every single day I was listening to podcasts about real estate... like, you know, there's so much potential in this."
[09:06]
Becky echoes this sentiment, sharing her admiration for Grant Cardone and the insights he provides on sustainable real estate investments and economic resilience.
"He has a phenomenal book called the 10x Rule. If you haven't read it yet."
[11:38]
The Importance of Sales in Real Estate
Josh elaborates on the critical role of sales skills in real estate and beyond, emphasizing that every interaction involves some form of selling or being sold.
"Everything in life requires sales... So you have to sell yourself."
[12:00]
He highlights how mastering sales techniques can lead to success across various industries, not just in real estate, making it a fundamental skill for personal and professional growth.
Josh's Early Life and Struggles
Delving into his personal history, Josh opens up about his challenging upbringing in Salt Lake City and West Valley City. He shares the impact of his parents' divorce and the influences that led him down a tumultuous path before finding his footing in real estate.
"When I was in high school... my parents got divorced... I had just broken up with a girlfriend who I thought was the one."
[13:57]
Josh's candid recounting of his past struggles provides a powerful narrative of resilience and transformation, illustrating how personal adversities can fuel professional success.
Conclusion and Future Insights
As the episode wraps up, Becky encourages listeners to subscribe and stay tuned for more in-depth conversations in future episodes.
"For the Haters is where we dive even deeper to hear the rest of this episode. Make sure to subscribe to for the Haters."
[14:51]
Key Takeaways
- Adaptability: Josh’s ability to pivot from real estate agent to investor showcases the importance of adaptability in achieving success.
- Strategic Negotiation: Innovative financing and strategic property management can significantly enhance investment outcomes.
- Continuous Learning: Constantly educating oneself through books and podcasts is crucial for sustained growth.
- Sales Skills: Mastery of sales is essential across all facets of life and business.
- Resilience: Overcoming personal adversities can lead to remarkable professional achievements.
Notable Quotes
-
"If you don't have enough money to invest in real estate, invest in yourself until you have enough money to invest into real estate."
— Josh Axe [11:32] -
"Everything in life requires sales... So you have to sell yourself."
— Josh Axe [12:00] -
"We cut the insurance from $16,000 per year to $8,000 per year. So our NOI increased $8,000... that's what's really cool, right?"
— Josh Axe [08:05]
This episode of Karma & Chaos offers a profound look into Josh Axe’s journey from overcoming personal struggles to building a successful real estate empire. His insights on adaptability, strategic investment, continuous learning, and the fundamental role of sales provide valuable lessons for listeners striving to navigate their own karma and chaos in modern adulthood.