644: Bill Ham | How to Make Money on Your First Deal

Education and preparation is key, but when the opportunity arises to put it to action, don’t hesitate, just go for it! Bill Ham is the Chief Operating Officer and the driving force behind Broadwell Property Group.
He has more than 20 years’ experience in Real Estate with a proven track record of identifying, acquiring, operating, and divesting of large footprint Multifamily Housing. Bill educates others by taking his skills as a Real Estate Entrepreneur and sharing them through speaking, and his latest book, Creative Cash. 
Let’s dive into Bill’s expertise and learn how to make money on your first deal in whatever market you choose.
Things you will learn in this episode: 
[00:01 - 04:08] Opening Segment  

I introduce today’s guest, Bill Ham

Bill gives a bit of his background 

Difficulty with social interactions 

Coming from a family of physicians 

Bit by the aviation bug 

Became a corporate pilot first

Seeing that there was real money in real estate

[04:09 - 20:50] Preparation, Education, Execution 

Bill talks about getting his first deal 

It took one year to land a deal 

Starting off with education 

Preparation vs. action

There is no true balance

When the opportunity arises, just take it

Early missteps no one prepares you for

Analyzing deals in a narrow way 

Paying twice more for a building then he should have

Having no exit strategy 

Making money on a deal

Create value with the buy

Make money with the sell

Example through aviation 

Bill talks about his experience starting out in real estate

Reiterating the importance of an exit strategy 

Bill’s advice for people who want to get into the real estate market 

Get started with education 

Practice as soon as possible 

Information not motivation 

A word from our Sponsor 

[20:51 - 41:53] How to Make Money on Your First Deal

Where to get started with your education

Start with the low price and work your way up

Throw everything at the wall and choose what sticks 

Practice is an important part of the process

Learn through failure 

Advice from Bill on finding the right people onto a deal

Be careful when you pick your LP 

Vet the underwriting

Who you know or what you know 

Knowing someone vs. bringing value 

Bringing the what as value to the who

How to audit your value as a newcomer

Can you be outsourced?

What education do you bring?

What do you have that no one else does?

When a relationship led to success for Bill

Helping high net worth people build a coaching business

Making good partnerships

Don’t just hire yes-men

Seats in the bus analogy 

[41:54 - 48:27] Closing Segment

ThE RaNdOm RoUnD

How to engage with Bill

Links below 

Final words 

Tweetable Quotes: 
“There’s right now and there’s yesterday and that’s about it… there’s never going to be that perfect time. If you want to prepare as much as you can then educate yourself as much as you can.” - Bill Ham
“You create value when you buy, you make money when you sell.” - Bill Ham
“Spend your hustle before you spend your dollars… Go and get out there…” - Bill Ham
Resources Mentioned: 

Creative Cash - by Bill Ham

Rich Dad, Poor Dad

Connect and engage with Bill on LinkedIn. Check out https://broadwellpropertygroup.com/ to learn more.

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