Alex Olson is a senior real estate broker. In this episode, he shares his insights on real estate as a wealth-building tool. He explains that when you look at your taxes after you've taken depreciation into account, real estate can be a very effective way to lower your tax burden. Alex also discusses the importance of networking and how it can help you become successful in the real estate business.
[00:01 – 03:28] Opening Segment
- Alex shares his background in real estate and how he has been helping people find properties.
- The importance of working with a knowledgeable real estate agent to help buyers find properties
[03:29 – 14:08] The Key is Preparedness and Setting Up the Plan B
- Be prepared for a lot of stress and have a plan for what to do if things don't go as planned.
- Everybody starts off with what they want, which is often unrealistic and not in line with what the market is providing.
- Besides cap rates, factors such as cash flow, purchase price, and how much money will be put down should also be considered.
[14:09 – 22:59] Optimizing Real Estate as a Wealth-Building Tool
- Like-minded individuals can successfully invest in real estate together.
- To find properties that are good investments, it is important to have a clear understanding of the local market and what type of property is being sought.
- Alex shares the joy of seeing property progress over time and how it can build wealth without the buyer even knowing.
[23:00 – 31:16] THE FINAL FOUR
- What is the worst job you ever had?
- Castrating hogs
- What’s a book that you’ve read that’s given you a paradigm shift?
- What’s a skill or talent that you would like to learn?
- How to become a movie scriptwriter
- What does success mean to you?
- Independence from taking risks
Connect with Alex
Linkedin: www.linkedin.com/in/aolson
Website: https://www.biggerpockets.com/users/hardworkinvesto
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Tweetable Quotes:
“Our main focus, of course, is multifamily. Why? Because that's what everybody wants and everybody knows it does well in the market.” – Alex Olson
“It all starts with the idea, and that's it. Once you have the idea, you figure out ways to get to it.” – Yonah Weiss
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