Rich Dad Radio Show: "The Fastest Way to Get Rich in Real Estate!"
Release Date: January 24, 2025
In this compelling episode of The Rich Dad Radio Show: In-Your-Face Advice on Investing, Personal Finance, & Starting a Business, hosted by Brent Daniels from The Rich Dad Media Network, listeners are treated to an inspiring conversation with Ty Downey, a burgeoning real estate investor from Wichita, Kansas. The episode delves deep into Ty's journey from having no initial capital to successfully closing multiple real estate deals within a short span, offering actionable insights for aspiring investors.
1. Introduction to Ty Downey's Real Estate Journey
[01:01]
Brent Daniels opens the episode by introducing Ty Downey, highlighting Ty’s unique approach to real estate investing. Unlike many polished podcast guests, Ty brings authenticity by being relatively new to the interviewing scene, embodying the spirit of taking "massive imperfect action."
Brent Daniels:
"I want to bring on the people that are just getting started. I want to bring on the people that have closed a deal and they've never been interviewed in their life because you know it's authentic."
[01:01]
2. Balancing a Full-Time Job with Real Estate Aspirations
Ty shares his rigorous schedule, balancing a demanding full-time job with his real estate ambitions. Working from 5 am to 2:30 pm on weekdays and dedicating the remainder of his time to real estate, Ty exemplifies dedication and relentless work ethic.
Brent Daniels:
"You Have a full time job. You work full time. You're putting in, I assume an 8 to 5, is that right?"
[02:21]
Ty Downey:
"I am full, all gas and no break on the real estate and the wholesaling till I go to bed every day, seven days a week. I spent 17 hours."
[02:58]
3. The Spark: Why Real Estate?
Ty recounts his early inspiration for real estate, influenced by key figures in his life, notably his godfather who owned multiple rental properties. This exposure ignited his desire to build long-term wealth through real estate.
Ty Downey:
"Growing up, I always wanted to do real estate in some form. A lot of the key people in my life had some kind of action going with the real estate."
[04:30]
4. Building a Network and Securing Private Money
The turning point in Ty’s journey was his proactive engagement in local real estate groups and his strategic use of online platforms to find private money. By posting in the ICT Real Estate Investors Facebook group, Ty connected with Amanda Jolly, a realtor, who introduced him to a network of contractors, lenders, and investors, rapidly expanding his connections from a handful to over 150 contacts within weeks.
Brent Daniels:
"Ty has this all written out. He prepared for this with all of his timelines and his story."
[14:29]
Ty Downey:
"Within two or three weeks, I had 150 people on my spreadsheet of contractors, hard money, realtors, flippers, investors, all of it."
[03:24]
5. Leveraging Tools and Mentorship
Ty discusses the critical tools and mentorship that accelerated his progress. Utilizing Mojo Dialer and DealMachine, along with mentorship from Brent Daniels' team, enabled Ty to streamline his lead generation and deal negotiation processes.
Ty Downey:
"Mojo dialer was a game changer... I use Follow Up Boss."
[18:46]
Brent Daniels:
"There is more money than there are deals... If you can find discounted properties on a consistent basis, you win."
[23:41]
6. Early Successes: Closing Deals Quickly
Remarkably, Ty secured his first flip under contract within 29 days of connecting with Amanda Jolly. Despite setbacks, such as a property tied up in probate, Ty’s persistence paid off as he closed his second deal just 64 days after joining the program.
Ty Downey:
"I had my first flip under contract in 29 days... my second deal closed 64 days after meeting you."
[14:05]
7. Deal Breakdown and Financial Insights
Ty provides a detailed breakdown of his first two deals, illustrating his negotiation skills and strategic partnerships that facilitated profitable outcomes. He highlights the importance of transparency with sellers and leveraging a robust buyers' list to ensure swift disposals.
Brent Daniels:
"There is a beautiful middle ground... you need to take the reps to be able to discover the potential of properties."
[17:45]
Ty Downey:
"I got the first deal locked up for $20,000... another deal at $15,000."
[28:26]
8. Overcoming Financial Barriers
Addressing common fears, Ty emphasizes that lack of initial capital is not a barrier. Through strategic borrowing and relationship-building with private money lenders, he demonstrates that financial constraints can be navigated effectively.
Ty Downey:
"I started with zero dollars and a dream and a work ethic."
[23:56]
Brent Daniels:
"Money has never been the obstacle. It's only made up. The first step is have a quality conversation with a property owner and make an offer."
[24:28]
9. Scaling the Business and Future Goals
Looking ahead, Ty aims to scale his operations by hiring virtual assistants and refining his systems to handle more deals efficiently. His goal is to transition to real estate full-time by July 2025, leveraging the momentum built through his initial successes.
Ty Downey:
"My hard goal is December 2025. Soft goal is July 2025."
[35:27]
Brent Daniels:
"Once your lead generation is down, you can build the momentum and do amazing things... You have enough income to then go buy assets."
[35:40]
10. Final Advice and Encouragement
Ty offers heartfelt advice to newcomers, stressing the importance of networking, surrounding oneself with successful individuals, and adopting a "give-first" mentality. His encouragement revolves around taking action, building genuine relationships, and maintaining a resilient mindset.
Ty Downey:
"Whatever you think is stopping you, go ask three or four people in the business... Surround yourself with people that are where you want to be."
[37:54]
Brent Daniels:
"Once you cross that bridge and receive your first check, you realize it's real... it's progress, not perfection."
[34:05]
Key Takeaways:
- Persistence Pays Off: Ty's journey underscores the importance of relentless effort and consistency in real estate investing.
- Networking is Crucial: Building a robust network of professionals can open doors to opportunities and resources.
- Leverage Technology: Utilizing tools like Mojo Dialer and DealMachine can enhance efficiency and lead generation.
- Mentorship Matters: Guidance from experienced mentors accelerates learning and mitigates common pitfalls.
- Action Over Perfection: Embracing imperfect action leads to tangible progress and success.
- Financial Creativity: Overcoming initial capital barriers through strategic borrowing and partnerships is attainable.
- Scaling Thoughtfully: As success is achieved, scaling operations with the right systems and team is essential for sustainable growth.
Notable Quotes:
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Brent Daniels:
- "Progress, not perfection."
[26:04]
- "Progress, not perfection."
-
Ty Downey:
- "I started with zero dollars and a dream and a work ethic."
[23:56]
- "I started with zero dollars and a dream and a work ethic."
-
Brent Daniels:
- "Money has never been the obstacle. It's only made up."
[24:28]
- "Money has never been the obstacle. It's only made up."
Conclusion
This episode serves as a beacon for aspiring real estate investors, illustrating that with determination, strategic networking, and the right tools, significant financial milestones are achievable even for those starting with minimal resources. Ty Downey's story is a testament to the transformative power of taking bold, imperfect actions and the limitless potential that lies within the real estate market.
For more insights and to join a community of like-minded investors, visit richdadpro.com. Don’t miss out on future episodes where experts like Ty share their real-life experiences and strategies for financial freedom through real estate.