March 10, 2021

Mistakes New Investors Make (and How to Avoid Them), with Andrew Schlag & Steve Szumigale

Episode 104:

Andrew Schlag’s Bio:

Andrew Schlag is an entrepreneur whose first business venture was raising feeder calves and selling to local individuals at a profit. As a boy, he learned the value and pleasure of hard work and leverage to obtain money while providing an item people wanted/needed. He and his brother went on to work in their Dad’s construction company throughout high school.

In his early 20’s, Andrew and his brother Aaron amassed several million dollars of real estate within a 2 year period. With their combined abilities, they have completed over $10,000,000 of real estate transactions since starting at 21 and 24 years old. They have bought over 300 houses, and are currently doing 4-6 house deals per month. Currently, Andrew is focusing on growing his real estate portfolio and coaching students on how to create wealth in real estate.

Andrew has a heart for people and loves to see them succeed.

Steve Szumigale’s Bio:

Steve Szumigale is an entrepreneur, real estate investor, and real estate agent. He is founder of Freedom Sky Real Estate. (2016- Current) A 2nd generation licensed real estate agent and a National Sales Excellence® award winner (Awarded to Top 5% of Realtors® USA 2014, 2015, 2016, 2017) 250+ Transactions Closed (2010- Current), Steve has a master’s degree in real estate investing: a graduate of real estate legend & guru, Ron LeGrand’s Master’s Program & Personal Mentorship (2017-2019).

What you’ll learn about in this episode:

  • What big deals Steve and Andrew were able to complete in the month of January, and why both have had successful months with their investments
  • Steve shares the biggest mistakes he sees in new investors, and he explains why believing in yourself and having the right mindset is key
  • Andrew explains why too many new investors go into a deal with only one strategy and box themselves in, and why multiple strategies and being flexible are powerful assets
  • Why delegation is important for maximizing the amount of deals you can do, and why following up on your leads is critical
  • Why it is important to avoid taking too low of a non-refundable option deposit, and why you should set aside money from the deals you do for when you have to make a payment
  • Why taking massive, intentional action is the only way to move the needle, and why paying too much is a painful pitfall to avoid
  • Why Andrew regrets cashing out of too many deals and wishes he had stayed in some of his past deals
  • Why there’s a major difference between a tenant and a lease optioned tenant-buyer, and why lease option is always the preferable solution
  • Why many new investors give up too soon rather than sticking with the system, and why lack of money should never be an obstacle
  • Why being too focused on cost control is a bad idea, and why spending a little money to make a lot of money is always worthwhile

Additional resources:

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