Consistency Mindset: From Delivering Pizzas To A 9-Figure Real Estate Career With Pamela Bardhi
Real estate is the industry that creates the most millionaires. But in order to break into the industry, you need the right mindset. You need consistency. Real estate markets are changing constantly, so you need to be prepared to pivot and you need to be consistent at that. That is why it’s important to start at your niche, and then you can build from there. Join Tim Herriage as he talks to real estate and life coach, Pamela Bardhi about how she went from delivering pizzas to creating a 9-figure real estate career. She was also featured in Forbes and Time Magazine at 27 years old. Discover how she made it in this industry by having the right mindset. Find out why real estate is really just a numbers game and how you can really know your math. Also, learn why you need to focus on your niche first before you branch out to other markets. So what are you waiting for? Go out there and start hustling. — Watch the episode here Listen to the podcast here Consistency Mindset: From Delivering Pizzas To A 9-Figure Real Estate Career With Pamela Bardhi A member of my family is here, Pam Bardhi. Thank you for stopping by. Thank you so much for having me, Tim. I have known you for several months now. I have been following you online. I’m glad you were able to swing to Dallas. Why don’t you take a minute and tell the audience a little bit about yourself? I am the real estate underdog. If you notice on my title, it says, “Real estate underdog.” I went from delivering pizzas to a nine-figure real estate career. People are like, “Pam, how the hell did you do that?” There is a whole backstory to all of that, which I can get into. It’s totally up to you, but that is what happened. I made it through flipping properties in the Boston, Massachusetts market, but it didn’t start that way. I like to start each episode with what I call the bluff, the bottom line up front. When I was in the Marine Corps, they always told us, “Don’t bury the lead. The general has got to know the most important thing in case he has to get up,” or something like that. What I want you to do is take two minutes, pour into the audience, and talk about the most important things that you see in today’s economy, real estate market, and society in general. Things you think people should be doing or maybe staying away from at this phase in the market. The most important thing for you to know and understand when it comes to this is to know your numbers. Please never fall in love with the deal and the property. Fall in love with the numbers. One of the most critical things that I have learned throughout my real estate development career has been to know your numbers and analyze them properly. Leave a lot of buffer room and contingency for that construction budget because we all know what can happen. For example, I had budgeted a 20% contingency in every single one of my deals before COVID hit. Thank God I did because I needed that for my construction material. Otherwise, these are the types of things that people lose their shirts. As the market is shifting, make sure that you know your numbers like the back of your hand, and be conservative. I can’t stress how important that is. Not only that, but also focus on multiple exit strategies. You look at a property. If something comes across my desk, I need to look at it as a short-term rental, a long-term rental or if I can flip it, and all the different avenues that I can take with it before I do the deal. The second most important piece to that is before you ever put an offer on a property, you need to know roughly what your property margin is going to be in each of those exit strategies. If you know your numbers and you have multiple exit strategies, you cannot lose. The third thing that I would mention to you guys, especially in this market, because we came off of the summer season. Everyone is making money. Everyone is happy and driving. That’s great. Now you got to prepare for winter. What are you going to do about that? What comes next? Make sure that you have these multiple exit strategies, you have everything in place, and you know your numbers and profit margin in advance because it’s going to be very cool. There is this thing called math. They used to teach it in school, but they haven’t taught it in real estate in the last couple of years because you could say, “We will sell the house for $1 million.” It would sell, and if it didn’t, wait a month and it would. I was at a mastermind and somebody said, “These houses, I’m reducing the price three times in the first two weeks.” I was like, “Are you bad at math?” He was like, “What do you mean?” I was like, “Aren’t you running the average of the last three sold comps in the last 90 days, pricing it at that, and seeing that it’s going to take 25 days on the market?” He was like, “I hadn’t thought about that.” These people don’t have that experience and skillset. I know you’re a real estate agent as well. Talk about how people can maybe hone those skills that they need to be better at in this stage of the market. I come from three different angles of the real estate development game. I’m a licensed general contractor. I’m a real estate developer. I also have my real estate license. What’s interesting for me is I become a triple threat on a project because I can look at it
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