Ep 115: Why Your Community is One of Your Greatest Assets with Jim Pfeifer
Like many real estate investors, Jim Pfeifer got into the industry by accident. Now he runs Left Field Investors, a group dedicated to educating and assisting like-minded investors to negotiate the nuances of the passive investing landscape. Today we speak with Jim about his real estate journey and how he’s found success by pooling the knowledge of our community. After chatting about his background in the stock market, we talk about Jim’s early real estate mistakes. We then dive into how he formed a mastermind group to expand his expertise — the same group that would form the basis of Left Field Investors. Jim shares the benefits of working in a community, touching on the tools that they’ve co-created and their ability to review sponsors. Later, we discuss the importance of getting to know your sponsor, what you need to look for in deals, and why building multiple income streams is the key to unlocking financial freedom. Jim’s story shows that we can all benefit from the wisdom of the crowd. Tune in to hear how you can turn your community into one of your greatest business assets.
Key Points From This Episode:
Introducing today’s guest, Left Field Investors Founder, Jim Pfeifer.
Jim shares how he got his start in real estate.
Overcoming shiny object syndrome and other first-time investor challenges.
How Jim formed a real estate company based on his mastermind group.
Hear why Jim so appreciates the real estate community.
Creating tools using the input of your investing group.
Reviewing sponsors through your investing network.
Understanding how little control you have when you invest in syndicated deals.
Comparing real estate with stock market investing.
Why it’s so important to get to know your sponsor.
Top tips on what you need to look for in each deal.
The importance of diverse income streams to achieve financial freedom.
Ways to think of risk according to your investing needs.
“With the real estate experience, many investors started out accidentally. They try it and fail and succeed. And everyone in the community is willing to help and share their information.” — Jim Pfeifer [0:11:45]
“All most people learn about finance is to max out your 401(k). But that’s different from sending money and hoping that the people will do what they said that they’ll do. Starting out is terrifying.” — Jim Pfeifer [0:26:23]
“A lot of passive income earners only have one income stream. But I can’t stress enough that you need multiple income streams.” — Jim Pfeifer [0:46:45]
Links Mentioned in Today’s Episode:
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