Episode #10 : Want More Money? An Engineer's Story on Real Estate Investing with Dave Schmid
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In this episode of The Richer Geek podcast, I’m talking with Dave Schmid – software engineer, real estate investor, and multipassionate whose philosophy includes simplifying the complex and eliciting value from every opportunity so he can focus on creating, experiencing, sharing, and doing.
If you’ve been considering getting involved in real estate investing, Dave is here to share with you that initial beginning experience.
In this episode, we’re discussing…
Why it’s important to find a mentor who can help you understand how to get started (without getting into trouble!)
How an intentional buy-and-hold strategy can raise the standard of living for an entire neighborhood
When you should start upgrading the tools you’re using to manage your business finances and operations
The role of knowing your financials in giving you a roadmap for the direction you want your business to take
Dave’s Top Tips
Start small – be patient as you learn and gain the experience that will guide you forward. There owill be times when you can jump in and run, but there are also times when it’s important to take your time and learn from other people’s experiences.
Be intentional and give back – be cognizant of the needs of your tenants and the benefits you can provide. Understanding the bigger picture in your business will help you cultivate good personal and business relationships.
Be mentally prepared – things will happen; being mentally prepared for that will help you take care of your tenants.
ABOUT DAVE SCHMID
Dave Schmid lives in Saint Louis, Missouri and has experience working in corporate IT and sales engineering for more than the last 20 years. With a philosophy of simplifying the complex and eliciting value from every opportunity, he focuses on creating, experiencing, sharing, and doing. An avid lifelong musician and composer, travel enthusiast, personal finance geek, and amateur life hack, Dave also tries to balance the benefits of chasing new experiences against the pull of his restless technology gadget obsession.
You can find out more details about Dave at his Web site: daveschmid.com/therichergeek.